SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                   FORM 10-QSB

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

                           COMMISSION FILE NO. 0-31159

                              TREND MINING COMPANY

        (Exact Name of Small Business Issuer as Specified in its Charter)

  DELAWARE                                             81-0304651
  State or other jurisdiction of                I.R.S. Employer I.D. No.)
  incorporation or organization)


                                401 FRONT AVENUE
                              SUITE 1, SECOND FLOOR
                              COEUR D'ALENE, IDAHO
                                      83814
                    (Address of principal executive offices)

                                 (208) 664-8095
                           (Issuer's telephone number)

Check  whether  the  issuer  (1)  has  filed all reports required to be filed by
Section  13  or 15(d) of the Exchange Act during the past 12 months (or for such
shorter  period  that the registrant was required to file such reports), and (2)
has  been  subject  to  such  filing  requirements  for  the  past  90  days.

Yes  /X/          No  / /

Transitional  Small  Business  Disclosure:  Yes  / /  No  /X/

There  were  20,055,935  shares  of the Registrant's $.01 par value common stock
outstanding  as  of  March  31,  2002.


<PAGE>
================================================================================





                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                              FINANCIAL STATEMENTS
                                 MARCH 31, 2002











                            WILLIAMS & WEBSTER, P.S.
                          CERTIFIED PUBLIC ACCOUNTANTS
                        BANK OF AMERICA FINANCIAL CENTER
                          601 W RIVERSIDE - SUITE 1940
                           SPOKANE, WASHINGTON  99201
                                 (509) 838-5111




================================================================================


<PAGE>
                              TREND MINING COMPANY




ACCOUNTANT'S REVIEW REPORT                                           1


FINANCIAL STATEMENTS

     Balance Sheets                                                  2

     Statements of Operations and Comprehensive Loss                 3

     Statement of Stockholders' Deficit                              4

     Statements of Cash Flows                                        6


NOTES  TO  THE  FINANCIAL  STATEMENTS                                7


<PAGE>
Board of Directors
Trend Mining Company
Coeur d'Alene, Idaho

                           ACCOUNTANT'S REVIEW REPORT
                           --------------------------

We  have  reviewed  the  accompanying  balance  sheet  of  Trend  Mining Company
(formerly  Silver  Trend  Mining  Company)  (an exploration stage company) as of
March 31, 2002, and the related statements of operations and comprehensive loss,
stockholders'  equity  (deficit),  and  cash  flows for the three and six months
ended March 31, 2002 and 2001 and for the period from October 1, 1996 (inception
of  exploration  stage)  to  March  31, 2002.  All information included in these
financial  statements  is  the  representation of the management of Trend Mining
Company.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A  review  of  interim financial
information  consists principally of applying analytical procedures to financial
data  and  making  inquiries of persons responsible for financial and accounting
matters.  It  is  substantially  less  in scope than an audit in accordance with
auditing  standards  generally  accepted  in  the  United States of America, the
objective  of  which  is  the  expression  of an opinion regarding the financial
statements  taken  as  a whole.  Accordingly, we do not express such an opinion.

Based  on our review, we are not aware of any material modifications that should
be  made  to  the  accompanying  financial statements in order for them to be in
conformity with accounting principles generally accepted in the United States of
America.

The  financial  statements for the year ended September 30, 2001 were audited by
us  and we expressed an unqualified opinion on them in our report dated December
19, 2001, except for Note 12, as to which the date is February 1, 2002.  We have
not  performed  any  auditing  procedures  since  those  dates.

The  accompanying  financial  statements  have  been  prepared assuming that the
Company  will  continue  as  a  going  concern.  As  discussed  in Note 2 to the
financial  statements,  the  Company's  significant  operating  losses  raise
substantial  doubt  about  its  ability  to  continue  as  a  going  concern.
Management's  plans regarding the resolution of this issue are also discussed in
Note  2.  The  financial  statements  do  not include any adjustments that might
result  from  the  outcome  of  this  uncertainty.



Williams  &  Webster,  P.S.
Certified  Public  Accountants
Spokane,  Washington
May  9,  2002


<PAGE>
<TABLE>
<CAPTION>
                                  TREND MINING COMPANY
                              (AN EXPLORATION STAGE COMPANY)
                                      BALANCE SHEETS


                                                               March 31,
                                                                 2002       September 30,
                                                              (unaudited)       2001
                                                             ------------  ---------------
<S>                                                          <C>           <C>
ASSETS

CURRENT ASSETS
  Cash                                                       $     7,830   $       24,954
  Equipment held for resale                                        4,000            4,000
                                                             ------------  ---------------
       Total Current Assets                                       11,830           28,954
                                                             ------------  ---------------
MINERAL PROPERTIES                                                     -                -
                                                             ------------  ---------------
PROPERTY AND EQUIPMENT, net of depreciation                       19,332           22,362
                                                             ------------  ---------------
OTHER ASSETS
  Investments                                                        500                -
                                                             ------------  ---------------

TOTAL ASSETS                                                 $    31,662   $       51,316
                                                             ============  ===============

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Accounts payable                                           $ 1,151,105   $    1,125,646
  Accounts payable to directors and officers                           -            8,122
  Accrued expenses                                                     -            5,312
  Interest payable                                                 7,625           29,143
  Notes payable to stockholders                                  953,445          669,000
  Current portion of long-term debt                                2,996            3,564
                                                             ------------  ---------------
       Total Current Liabilities                               2,115,171        1,840,787
                                                             ------------  ---------------
LONG-TERM DEBT, net of current portion                             6,315            7,072
                                                             ------------  ---------------
COMMITMENTS AND CONTINGENCIES                                          -                -
                                                             ------------  ---------------
STOCKHOLDERS' DEFICIT
  Preferred stock,  $0.01 par value, 20,000,000
    shares authorized; 1 share issued and outstanding                  -                -
  Common stock,  $0.01 par value, 100,000,000
    shares authorized; 20,055,935 and
    18,755,970 shares issued and outstanding, respectively       200,559          187,559
  Additional paid-in capital                                   4,734,708        3,772,857
  Stock options and warrants                                   1,389,227        1,389,976
  Pre-exploration stage accumulated deficit                     (558,504)        (558,504)
  Accumulated deficit during exploration stage                (7,855,814)      (6,588,431)
                                                             ------------  ---------------
       TOTAL STOCKHOLDERS' DEFICIT                            (2,089,824)      (1,796,543)
                                                             ------------  ---------------
TOTAL LIABILITIES AND
  STOCKHOLDERS' DEFICIT                                      $    31,662   $       51,316
                                                             ============  ===============
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>
                                                       TREND MINING COMPANY
                                                  (AN EXPLORATION STAGE COMPANY)
                                         STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


                                                                                                                   Period from
                                                                                                                 October 1, 1996
                                                                                                                  (Inception of
                                                                                                                 Exploration Stage)
                                                             Three Months Ended            Six Months Ended             to
                                                        ----------------------------  ----------------------------
                                                          March 31,      March 31,      March 31,      March 31,      March 31,
                                                            2002           2001           2002           2001           2002
                                                         (unaudited     (unaudited     (unaudited     (unaudited     (unaudited)
                                                        -------------  -------------  -------------  -------------  -------------
<S>                                                     <C>            <C>            <C>            <C>            <C>
REVENUES                                                $          -   $          -   $          -   $          -   $          -
                                                        -------------  -------------  -------------  -------------  -------------
EXPENSES
  Exploration expense                                        778,883        118,106        782,953        222,150      2,673,320
  General and administrative                                 145,431        220,950        280,368        687,065      1,705,791
  Officers and directors compensation                         37,157        527,774         59,407        600,794      1,193,512
  Legal and professional                                       6,117        197,591         28,001        355,266      1,044,582
  Depreciation                                                 2,419          4,487          3,030          8,974         31,956
                                                        -------------  -------------  -------------  -------------  -------------
    Total Expenses                                           970,007      1,068,908      1,153,759      1,874,249      6,649,161
                                                        -------------  -------------  -------------  -------------  -------------

OPERATING LOSS                                              (970,007)    (1,068,908)    (1,153,759)    (1,874,249)    (6,649,161)
                                                        -------------  -------------  -------------  -------------  -------------
OTHER INCOME (EXPENSE)
  Dividend and interest income                                     -            120              -            228          6,398
  Gain (loss) on disposition and impairment of assets              -              -            500              -       (187,726)
  Loss on investment sales                                         -        (74,533)             -        (78,033)       (53,772)
  Financing expense                                          (57,853)      (698,039)       (67,729)      (698,039)      (887,698)
  Interest expense                                           (12,442)        (5,770)       (48,411)        (7,728)       (95,130)
  Miscellaneous income                                         2,016              -          2,016              -         11,275
                                                        -------------  -------------  -------------  -------------  -------------
    Total Other Income (Expense)                             (68,279)      (778,222)      (113,624)      (783,572)    (1,206,653)
                                                        -------------  -------------  -------------  -------------  -------------

LOSS BEFORE INCOME TAXES                                  (1,038,286)    (1,847,130)    (1,267,383)    (2,657,821)    (7,855,814)

INCOME TAXES                                                       -              -              -              -              -

NET LOSS                                                  (1,038,286)    (1,847,130)    (1,267,383)    (2,657,821)    (7,855,814)
                                                        -------------  -------------  -------------  -------------  -------------

OTHER COMPREHENSIVE LOSS
  Change in market value of investments                            -         10,688              -            413              -
                                                        -------------  -------------  -------------  -------------  -------------

NET COMPREHENSIVE LOSS                                  $ (1,038,286)  $ (1,836,442)  $ (1,267,383)  $ (2,657,408)  $ (7,855,814)
                                                        =============  =============  =============  =============  =============


BASIC AND DILUTED NET LOSS PER SHARE                    $          -   $          -   $          -   $          -
                                                        =============  =============  =============  =============

WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                               19,045,473     18,501,226     18,882,276     18,394,823
                                                        =============  =============  =============  =============
</TABLE>


             See accompanying notes and accountant's review report.
                                        3
<PAGE>
<TABLE>
<CAPTION>
                                                       TREND MINING COMPANY
                                                  (AN EXPLORATION STAGE COMPANY)
                                              STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)


                                            Common Stock
                                       ---------------------   Additional       Stock                        Other
                                         Number                 Paid-in      Options and    Accumulated  Comprehensive
                                        of Shares    Amount     Capital        Warrants        Deficit       Income       Total
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------
<S>                                    <C>          <C>       <C>           <C>            <C>             <C>        <C>
Balance, October 1, 1996                1,754,242   $ 17,542  $    663,218  $          -    $   (558,504)  $      -   $   122,256

Common stock issuances as follows:
  - for cash at $0.50 per share           200,000      2,000        98,000             -               -          -       100,000
  - for payment of liabilities and
    expenses  at $0.50  per share          45,511        455        22,301             -               -          -        22,756

Net loss for the year ended
  September 30, 1997                            -          -             -             -        (128,614)         -      (128,614)
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------
Balance, September 30, 1997             1,999,753     19,997       783,519             -        (687,118)         -       116,398

Issuance of common stock as follows:
  - for mineral property at
    '$0.50 per share                      150,000      1,500        73,500             -               -          -        75,000
  - for lease termination at
    $0.50 per share                        12,000        120         5,880             -               -          -         6,000
  - for debt at $0.50 per share            80,000        800        39,200             -               -          -        40,000
  - for cash at $0.20 per share             7,500         75         1,425             -               -          -         1,500
  - for compensation at
    $0.50 per share                         9,000         90         4,410             -               -          -         4,500

Issuance of stock options for
  financing activities                          -          -             -         2,659               -          -         2,659
Net loss for the year ended
  September 30, 1998                            -          -             -             -        (119,163)         -      (119,163)
Change in market value
  of investments                                -          -             -             -               -    117,080       117,080
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------

Balance, September 30, 1998             2,258,253     22,582       907,934         2,659        (806,281)   117,080       243,974

Common stock issuances as follows:
  - for cash at an average of             555,000      5,550        35,450             -               -          -        41,000
    $0.07 per share
  - for prepaid expenses at                50,000        500        16,000             -               -          -        16,500
    $0.33 per share
  - for consulting services at an
    average of $0.20 per share            839,122      8,391       158,761             -               -          -       167,152
  - for mineral property at               715,996      7,160        82,470             -               -          -        89,630
    $0.13 per share
  - for officers' compensation at
    an average of $0.24 per share         300,430      3,004        70,522             -               -          -        73,526
  - for debt,  investment and
    expenses at $0.30 per share             9,210         92         2,671             -               -          -         2,763
  - for directors' compensation at
    an average of $0.25 per share          16,500        165         3,960             -               -          -         4,125
  - for rent at $0.25 per share             1,000         10           240             -               -          -           250
  - for equipment at $0.30 per share      600,000      6,000       174,000             -               -          -       180,000

Net loss for the year ended
  September 30, 1999                            -          -             -             -        (716,759)         -      (716,759)
Other comprehensive loss                        -          -             -             -               -    (79,179)      (79,179)
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------

Balance, September 30, 1999             5,345,511     53,454     1,452,007         2,659      (1,523,040)    37,901        22,982

Common stock and option issuances
as follows:
  - for employee, officer and
    director compensation at an
    average of $0.61 per share            231,361      2,314       140,446        15,820               -          -       158,580
  - for officers' and directors'
    compensation at an average
    of $1.19 per share                     11,500        115        13,615             -               -          -        13,730
  - for services at an average of
    $0.47 per share                       530,177      5,302       246,333             -               -          -       251,635
  - for mineral property at
    $0.89 per share                     1,000,000      1,000        88,000             -               -          -        89,000
  - for investments at
    $0.33 per share                       200,000      2,000        64,000             -               -          -        66,000
  - for cash at $0.08 per share           456,247      4,562        28,969        33,531
  - for cash, options and warrants        100,000     10,000         2,414        87,586         100,000
  - for incentive fees at
    $0.33 per share                        65,285        653        20,891             -               -          -        21,544
  - for deferred mineral property
    acquisition costs at
    $0.13 per share                       129,938      1,299        14,943             -               -          -        16,242
  - for modification of stockholder
    agreement at $0.60 per share          200,000      2,000       118,000        30,000               -          -       150,000
  - for modification of stockholder
    agreement                                   -          -         4,262        10,379               -          -        14,641
  -from exercise of options at
    $0.12 per share                     9,962,762     99,628     1,103,016       (37,524)              -          -     1,165,120

Cash received for the issuance of
   common stock warrants for
   7,979,761 shares of stock                    -          -             -        10,000               -          -        10,000
Miscellaneous common stock
   adjustments                                 (5)         -             -             -               -          -             -
Net loss for the year ended
   September 30, 2000                           -          -             -             -      (2,186,541)         -    (2,186,541)
Other comprehensive income (loss)               -          -             -             -               -    (38,314)      (38,314)
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------
Balance, September 30, 2000            18,232,776   $182,327  $  3,296,896  $    118,920   $  (3,709,581)  $   (413)  $  (111,850)
                                       -----------  --------  ------------  -------------  --------------  ---------  ------------
</TABLE>


             See accompanying notes and accountant's review report.
                                        4
<PAGE>
<TABLE>
<CAPTION>
                                                     TREND MINING COMPANY
                                                (AN EXPLORATION STAGE COMPANY)
                                    STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (CONTINUED)


                                                       Common Stock
                                                    --------------------   Additional      Stock                       Other
                                                      Number                Paid-in     Options and    Accumulated Comprehensive
                                                    of Shares    Amount     Capital       Warrants        Deficit      Income
                                                    ----------  --------  ------------  -------------  --------------  --------
<S>                                                 <C>         <C>       <C>           <C>            <C>             <C>
Balance, September 30, 2000                         18,232,776  $182,327  $  3,296,897  $    118,920    $ (3,709,581)  $  (413)

Common stock and option issuances as follows:
  - for cash of $1.00 per share                        192,000     1,920       190,080             -               -         -
  - for cash and consulting services from
    options for $0.39 per share                         33,333       333        12,737        (3,070)              -         -
  - for services at an average
    of $0.92 per share                                  13,700       137        12,463             -               -         -
  - for officer and employee compensation at
    $1.13 per share                                      5,200        52         5,828             -               -         -
  - for payment of accrued officer's
    compensation at $1.35 per share                     10,000       100        13,400             -               -         -
  - for consulting services at an
    average of $0.77 per share                          45,461       455        34,247             -               -         -
  - for directors' compensation
    at $0.85 per share                                  75,000       750        63,000             -               -         -
  - for modification of contract
    at $0.78 per share                                   3,000        30         2,310             -               -         -
  - for interest payment on contract
    at an average of $0.80 per share                    10,000       100         7,900             -               -         -
  - for mineral property expenses
    at $0.85 per share                                   1,000        10           840             -               -         -
  - for debt at $1.00 per share                        134,500     1,345       133,155             -               -         -

Options issued to officers, directors and
  employees for services                                     -         -             -       354,000               -         -

Warrants issued as follows:
  - for consulting services                                  -         -             -       170,521               -         -
  - for loan agreements                                      -         -             -       141,547               -         -
  - for extension of exercise period
    on outstanding warrants                                  -         -             -       608,058               -         -

Net loss for the year ended
  September 30, 2001 (restated)                              -         -             -             -      (3,437,354)        -

Other comprehensive income                                   -         -             -             -               -       413
                                                    ----------  --------  ------------  -------------  --------------  --------

Balance, September 30, 2001 (restated)              18,755,970   187,559     3,772,857     1,389,976      (7,146,935)        -

Common stock and option issuances as follows:
  - for a note payable at $1.00 per share               25,000       250        24,750             -               -         -
  - for consuting fees payable at $0.55 per share
    at $0.55 per share                                  12,536       126         6,769             -               -         -
  - for mineral properties at $0.70 per share        1,100,000    11,000       759,000             -               -         -
  - for services at $0.40 per share                     80,000       800        31,200             -               -         -
  - for financing expense at an
    average of $0.44 per share                          82,429       824        35,369             -               -         -

Options issued to officers, directors
  and employees for services                                 -         -             -        29,528               -         -

Warrants issued as follows:                                  -
  - for loan agreements                                      -         -             -        31,536               -         -

Expiration of stock options and warrants                     -         -        61,813       (61,813)              -         -
Interest expense forgiven by shareholders                    -         -        42,950             -               -         -

Net loss for the six months
  ended March 31, 2002                                       -         -             -             -      (1,267,383)        -
                                                    ----------  --------  ------------  -------------  --------------  --------

Balance, March 31, 2002 (unaudited)                 20,055,935  $200,559  $  4,734,708  $  1,389,227   $  (8,414,318)  $     -
                                                    ==========  ========  ============  =============  ==============  ========



                                                       Total
                                                    ------------
<S>                                                 <C>
Balance, September 30, 2000                          $ (111,850)

Common stock and option issuances as follows:
  - for cash of $1.00 per share                         192,000
  - for cash and consulting services from
    options for $0.39 per share                          10,000
  - for services at an average
     of $0.92 per share                                  12,600
  - for officer and employee compensation at
    $1.13 per share                                       5,880
  - for payment of accrued officer's
    compensation at $1.35 per share                      13,500
  - for consulting services at an
    average of $0.77 per share                           34,702
  - for directors' compensation
     at $0.85 per share                                  63,750
  - for modification of contract
    at $0.78 per share                                    2,340
  - for interest payment on contract
    at an average of $0.80 per share                      8,000
  - for mineral property expenses
    at $0.85 per share                                      850
  - for debt at $1.00 per share                         134,500

Options issued to officers, directors and
  employees for services                                354,000
Warrants issued as follows:
  - for consulting services                             170,521
  - for loan agreements                                 141,547
  - for extension of exercise period
    on outstanding warrants                             608,058

Net loss for the year ended
  September 30, 2001 (restated)                      (3,437,354)

Other comprehensive income                                  413
                                                    ------------

Balance, September 30, 2001 (restated)               (1,796,543)

Common stock and option issuances as follows:
  - for a note payable at $1.00 per share                25,000
  - for consuting fees payable at $0.55 per share
    at $0.55 per share                                    6,895
  - for mineral properties at $0.70 per share           770,000
  - for services at $0.40 per share                      32,000
  - for financing expense at an
    average of $0.44 per share                           36,193
Options issued to officers, directors
  and employees for services                             29,528

Warrants issued as follows:
  - for loan agreements                                  31,536

Expiration of stock options and warrants                      -
Interest expense forgiven by shareholders                42,950

Net loss for the six months
  ended March 31, 2002                               (1,267,383)
                                                    ------------

Balance, March 31, 2002 (unaudited)                 ($2,089,824)
                                                    ============
</TABLE>


             See accompanying notes and accountant's review report.
                                        5
<PAGE>
<TABLE>
<CAPTION>
                                                   TREND MINING COMPANY
                                              (AN EXPLORATION STAGE COMPANY)
                                                 STATEMENTS OF CASH FLOWS


                                                                                                            Period from
                                                                                                              October
                                                                                                           (Inception of
                                                                                                         Exploration Stage)
                                                                                    Six Months Ended             to
                                                                               ---------------------------
                                                                                 March 31,      March 31,      March 31,
                                                                                   2002           2001           2002
                                                                                (unaudited     (unaudited     (unaudited)
                                                                               -------------  -------------  -------------
<S>                                                                            <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                      $(1,267,383)   $(2,657,821)   $(7,855,814)
  Adjustments to reconcile net loss to net cash used by operating activities:
      Depreciation                                                                    3,030          8,974         31,956
      Loss on investment sales                                                            -         78,033         58,928
      Loss on disposition and impairment of assets                                        -              -        188,226
      Gain on sale of mineral property claims for securities                           (500)             -           (500)
      Interest expense forgiven by shareholders                                      13,807              -         13,807
      Common stock issued for services
       and expenses                                                                  68,193         13,840        610,799
      Common stock issued for payables                                               31,895              -         31,895
      Common stock and options issued as compensation                                29,528        429,884        721,119
      Stock options and warrants issued for financing activities                     31,536        698,039        798,441
      Common stock and warrants issued to acquire mineral
       property options                                                             770,000              -      1,114,873
      Warrants issued for consulting fees                                                 -        170,521        170,521
      Common stock issued for incentive fees                                              -              -         21,544
      Investment traded for services                                                      -              -         22,539
  Changes in assets and liabilities:
    Inventory                                                                             -              -          3,805
    Prepaid expenses                                                                      -          1,725              -
    Accounts payable                                                                 17,337        545,664      1,140,842
    Accrued expenses                                                                 (5,312)       (11,909)        29,142
    Interest payable                                                                  7,625              -          7,625
                                                                               -------------  -------------  -------------
  Net cash used in operating activities                                            (300,244)      (723,050)    (2,890,252)
                                                                               -------------  -------------  -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Payment of deposit                                                                    -              -         (1,000)
    Return of deposit                                                                     -              -          1,000
    Proceeds from sale of equipment                                                       -              -         33,926
    Proceeds from sale of mineral property                                                -              -         20,000
    Purchase of furniture and equipment                                                   -              -        (37,195)
    Proceeds from investments sold                                                        -         41,420        101,430
                                                                               -------------  -------------  -------------
  Net cash provided by investing activities                                               -         41,420        118,161
                                                                               -------------  -------------  -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Payments on notes payable and short term borrowings                              (1,325)        (1,380)        (6,782)
    Sale of warrants for common stock                                                     -              -         10,000
    Proceeds from short-term borrowings                                             284,445        385,000      1,129,945
    Sale of common stock, subscriptions
     and exercise of options                                                              -        202,000      1,643,151
                                                                               -------------  -------------  -------------
  Net cash provided by financing activities                                         283,120        585,620      2,776,314
                                                                               -------------  -------------  -------------

NET DECREASE IN CASH                                                                (17,124)       (96,010)         4,223

CASH, BEGINNING OF PERIOD                                                            24,954        102,155          3,607
                                                                               -------------  -------------  -------------
CASH, END OF PERIOD                                                            $      7,830   $      6,145   $      7,830
                                                                               =============  =============  =============

SUPPLEMENTAL CASH FLOW INFORMATION:
  Interest paid                                                                $        687   $        559   $      2,897
  Income taxes paid                                                            $          -   $          -   $          -

NON-CASH FINANCING ACTIVITIES:
  Common stock and warrants issued to acquire
   mineral properties                                                          $          -   $          -   $  1,114,873
  Common stock issued to acquire mineral property                              $    770,000   $          -   $    845,000
  Common stock issued for acquisition of
  mining equipment                                                             $          -   $          -   $    180,000
  Common stock issued for services and expenses                                $     68,193   $     13,840   $    611,949
  Common stock issued for investment                                           $          -   $          -   $     67,000
  Common stock issued for debt                                                 $     31,895   $     11,800   $    207,237
  Common stock issued for incentive fees                                       $          -   $          -   $     21,544
  Common stock and options issued as compensation                              $          -   $    429,884   $    691,591
  Options issued to officers, directors and employees for services             $     29,528   $          -   $    383,528
  Stock options  and warrants issued for financing activities                  $     31,536   $    698,039   $    798,441
  Warrants issued for consulting fees                                          $          -   $    170,521   $    170,521
  Deferred acquisition costs on mining property                                $          -   $          -   $     46,242
  Purchase of equipment with financing agreement                               $          -   $          -   $     14,093
  Investments received for mineral property                                    $        500   $          -   $      5,500
  Investments traded for services                                              $          -   $          -   $     22,539
</TABLE>


             See accompanying notes and accountant's review report.
                                        6
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 1  -  ORGANIZATION  AND  DESCRIPTION  OF  BUSINESS

Trend  Mining Company (formerly Silver Trend Mining Company) ("the Company") was
originally  incorporated  on  September  7,  1968 under the laws of the State of
Montana  for  the  purpose  of  acquiring,  exploring  and  developing  mining
properties.  From 1984 to late 1996, the Company was dormant.  In November 1998,
the  Company changed its focus to exploration for platinum and palladium related
metals.  In February 1999, the Company changed its name from Silver Trend Mining
Company  to Trend Mining Company to better reflect the Company's change of focus
to  platinum  group  metals.  The Company conducts operations primarily from its
offices  in Coeur d'Alene, Idaho.  The Company has elected a September 30 fiscal
year-end.

In  March  28,  2001, the Company reincorporated in Delaware.  Under its amended
certificate  of  incorporation, Trend has authorized the issuance of 100,000,000
shares of common stock with a par value of $0.01 per share and 20,000,000 shares
of  authorized  preferred  stock  with  a  par  value  of $0.01, with rights and
preferences  to be determined by the Company's board of directors.  One share of
Series A preferred stock has been created and issued to Mr. Thomas S. Kaplan and
requires  the holder's approval for all stock and equity issuances.  See Note 4.

The  Company  is  actively seeking additional capital.  Management believes that
additional  stock  can  be  sold  to  enable the Company to continue to fund its
property  acquisition and platinum group metals exploration activities, however,
management  is  unable  to  provide  assurances  that  it  will be successful in
obtaining  sufficient  sources  of  capital.

NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

This  summary  of  significant  accounting  policies  is  presented to assist in
understanding  the Company's financial statements.  The financial statements and
notes  rely on the integrity and objectivity of the Company's management.  These
accounting  policies  conform to accounting principles generally accepted in the
United  States  of America and have been consistently applied in the preparation
of  the  financial  statements.

Accounting  Method
------------------
The  Company's  financial  statements  are  prepared using the accrual method of
accounting.

Basic  and  Diluted  Loss  per  Share
-------------------------------------
Basic  and  diluted  loss per share are computed by dividing the net loss by the
weighted  average  number  of shares outstanding during the year or period.  The
weighted  average  number of shares is calculated by taking the number of shares
outstanding and weighting them by the length of time that they were outstanding.

Outstanding  options  and warrants representing 10,339,943 and 10,239,361 shares
as  of  March  31,  2002  and  2000,  respectively,  have been excluded from the
calculation  of  diluted  loss  per  share  as  they  would  be  antidilutive.

Cash  and  Cash  Equivalents
----------------------------
For  purposes  of  the  Statement  of  Cash  Flows,  the  Company  considers all
short-term  debt securities purchased with a maturity of three months or less to
be  cash  equivalents.


                                        7
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Compensated  Absences
---------------------
The  Company's  employees  are  entitled  to  paid  vacation, paid sick days and
personal  days  off depending on job classification, length of service and other
factors.  The  Company  estimates  that  the  amount  of compensation for future
absences  is  minimal  and  immaterial  for the periods ended March 31, 2002 and
2000.  Accordingly,  no liability has been recorded in the financial statements.
The  Company's  policy  is  to  recognize  the cost of compensated absences when
compensation  is  actually  paid  to  employees.

Comprehensive  Income  (Loss)
-----------------------------
The  Company reports comprehensive income (loss) in accordance with Statement of
Financial  Accounting  Standards  ("SFAS")  No.  130,  "Reporting  Comprehensive
Income."  Accordingly,  accumulated  other  comprehensive  income  or  loss  is
included in the stockholders' equity section of the balance sheets.  Amounts are
reported net of tax and include unrealized gains or losses on available for sale
securities.

Derivative  Instruments
-----------------------
The  Financial  Accounting  Standards Board issued SFAS No. 133, "Accounting for
Derivative  Instruments  and  Hedging  Activities" in June 1998 and SFAS No. 138
"Accounting  for  Derivative Instruments and Certain Hedging Activities" in June
2000.  This  standard  establishes  accounting  and  reporting  standards  for
derivative  instruments,  including  certain  derivative instruments embedded in
other  contracts,  and  for  hedging  activities.  It  requires  that  an entity
recognize  all  derivatives as either assets or liabilities on the balance sheet
and  measure  those  instruments  at  fair  value,  at  the  appropriate  date.

At March 31, 2002, the Company had not engaged in any transactions that would be
considered  derivative  instruments  or  hedging  activities.

Estimates
---------
The preparation of financial statements in conformity with accounting principles
generally  accepted  in the United States of America requires management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and  disclosure of contingent assets and liabilities at the date of
the  financial  statements  and  the  reported  amounts of revenues and expenses
during  the reporting period.  Actual results could differ from those estimates.

Employee  and  Non-Employee  Stock  Compensation
------------------------------------------------
The Company values common stock issued to employees and other than employees for
services, property and investments at the fair market value of the common stock,
which  is  the  closing  price  of  Company stock on the day of issuance.  If no
trading  occurred  on  that day, then the fair market value used is the lower of
the  closing  prices  on  the  first previous day and the first following day on
which  the  Company's  stock  was  traded.

Exploration  Costs
------------------
In accordance with accounting principles generally accepted in the United States
of  America,  the  Company  expenses exploration costs as incurred.  Exploration
costs  expensed  during  the periods ended March 31, 2002 and 2001 were $782,953
and  $222,150,  respectively.  As  of  March  31,  2002,  the  exploration costs
expensed  during  the  Company's  exploration  stage  were  $2,673,320.


                                        8
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Exploration  Stage  Activities
------------------------------
The  Company  has  been in the exploration stage since October 1, 1996, when the
Company  emerged from a period of dormancy, and has no revenues from operations.
The  Company  is primarily engaged in the acquisition and exploration of mineral
properties.  Should  the  Company  locate  a  commercially  viable  reserve, the
Company would expect to actively prepare the site for extraction.  The Company's
accumulated  deficit  prior  to  the  exploration  stage  was  $558,504.

Fair  Value  of  Financial  Instruments
---------------------------------------
The  carrying  amounts  for  cash,  accounts  payable, notes payable and accrued
liabilities  approximate  their  fair  value.

Going  Concern
--------------
As  shown in the accompanying financial statements, the Company has no revenues,
has  incurred  a net loss of $1,267,383 for the six month period ended March 31,
2002  and has an accumulated deficit during the exploration stage of $8,414,318.
These  factors  indicate that the Company may be unable to continue in existence
in  the  absence  of  receiving  additional  funding.

The  financial  statements  do  not  include  any  adjustments  related  to  the
recoverability  and  classification  of  recorded  assets,  or  the  amounts and
classification  of  liabilities that might be necessary in the event the Company
cannot  continue  in  existence.

The  Company's  management  believes that it will be able to generate sufficient
cash from public or private debt or equity financing for the Company to continue
to  operate  based  on  current  expense  projections.

Impaired  Asset  Policy
-----------------------
The  Company adopted Financial Accounting Standards Board statement SFAS No. 121
titled "Accounting for Impairment of Long-Lived Assets," which has been replaced
by  SFAS  No. 144, "Accounting for Impairment or Disposal of Long-Lived Assets."
In  complying  with  these  standards, the Company reviews its long-lived assets
quarterly to determine if any events or changes in circumstances have transpired
which  indicate  that  the  carrying value of its assets may not be recoverable.
The  Company  determines  impairment  by  comparing the undiscounted future cash
flows  estimated  to  be  generated  by  its assets to their respective carrying
amounts  whenever  events or changes in circumstances indicate that an asset may
not  be  recoverable.  Properties  are  acquired  and  recorded  at  fair values
negotiated in arm's length transactions.  Although the Company expenses as costs
the  exploration  and  maintenance  of  its properties and claims, if results of
exploration  warrant an assessment of the carrying value of a mineral property's
acquisition  cost,  or  if  the Company has an indication that the recorded fair
value  has  declined,  such  costs  will  be reviewed and any impairment will be
recognized  at  that  time.

Investment  Policies
--------------------
The  Company  uses  the  average  cost  method  to determine the gain or loss on
investment securities held as available-for-sale based upon the accumulated cost
bases  of  specific  investment  accounts.


                                        9
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Mineral  Properties
-------------------
The  Company capitalizes only amounts paid in cash or stock as consideration for
the  acquisition  of  real  property.  See  Note 3.  Properties are acquired and
recorded at fair values negotiated in arm's length transactions.  Costs and fees
paid to locate and maintain mining claims, to acquire options to purchase claims
or  properties,  and  to maintain the mineral rights and leases, are expensed as
incurred.  When a property reaches the production stage, the related capitalized
costs  will  be  amortized, using the units of production method on the basis of
periodic  estimates  of  ore  reserves.

Mineral  properties  are  periodically  assessed for impairment of value and any
diminution  in value is charged to operations at the time of impairment.  Should
a  property  be  abandoned,  its  unamortized  capitalized  costs are charged to
operations.  The  Company  charges  to  operations  the  allocable  portion  of
capitalized  costs  attributable  to  properties  sold.  Capitalized  costs  are
allocated  to  properties  abandoned  or  sold based on the proportion of claims
abandoned  or  sold  to  the  claims  remaining  within  the  project  area.

Option  and  Warrant  Fair  Value  Calculations
-----------------------------------------------
The  Company  utilizes  the  Black-Scholes valuation model to calculate the fair
value  of  options  and warrants issued for financing, acquisition, compensation
and  payment  for  services  purposes.  The  parameters  used in such valuations
include  a  risk  free  rate of 5.5%, the assumption that no dividends are paid,
exercise  periods  ranging from 1 week to 5.5 years, depending upon the terms of
the  instrument  issued,  and  a  volatility factor calculated annually based on
estimates  of  expected  volatility,  as  per  SFAS  123.  The  Company used its
historic  volatility  data  to develop the 1998 estimate of 30%, consistent with
its  limited  public  trading in 1998.  The volatility estimates for calculation
purposes  reflect  an average of Company data and volatility factors reported by
two  other  mining  companies  at  comparable  stages in their respective public
trading  histories, resulting in expected volatilities of 55.12% in 1999, 48.05%
in  2000,  46.4%  in  2001  and  50%  in  2002.

Reclassifications
-----------------
Certain  amounts  from  prior  periods  have been reclassified to conform to the
current  period  presentation.  This reclassification has resulted in no changes
to  the  Company's  total  accumulated  deficit  or  net  losses  presented.

Reverse  Stock  Split
---------------------
The  Company's  board  of directors authorized a 1 for 10 reverse stock split of
its  no par value common stock.  See Note 4.  All references in the accompanying
financial  statements  to  the number of common shares outstanding and per share
amounts  have  been  restated  to  reflect  the  reverse  stock  split.

Segment  Reporting
------------------
The  Company  adopted SFAS No. 131, "Disclosures about Segments of an Enterprise
and Related Information," in the fiscal year ended September 30, 1999.  SFAS No.
131 requires disclosures about products and services, geographic areas and major
customers.  The adoption of SFAS No. 131 did not affect the Company's results of
operations  or  financial  position.  The  Company's  mining properties were not
engaged  in  any  business  activity.  The  Company  had  no segments engaged in
business  activities  at  March 31, 2002 and, therefore, no segment reporting is
required.


                                       10
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Accounting  Pronouncements
--------------------------
In  September  2000,  the FASB issued SFAS No. 140 "Accounting for Transfers and
Servicing  of  Financial  Assets  and  Extinguishment  of  Liabilities."  This
statement  provides  accounting  and  reporting  standards  for  transfers  and
servicing  of  financial  assets  and  extinguishment  of  liabilities  and also
provides  consistent  standards for distinguishing transfers of financial assets
that  are  sales  from  transfers  that are secured borrowings.  SFAS No. 140 is
effective for recognition and reclassification of collateral and for disclosures
relating  to  securitization transactions and collateral for fiscal years ending
after  December  15,  2000,  and  is  effective  for  transfers and servicing of
financial  assets  and  extinguishments of liabilities occurring after March 31,
2001.  The  Company  believes that the adoption of this standard will not have a
material  effect  on  the Company's results of operations or financial position.

In June 2001, the FASB issued SFAS No. 141, "Business Combinations" and SFAS No.
142,  "Goodwill  and  Other  Intangible  Assets".  SFAS No. 141 provides for the
elimination  of  the  pooling-of-interests  method  of  accounting  for business
combinations  with  an  acquisition  date of July 1, 2001 or later. SFAS No. 142
prohibits  the  amortization  of  goodwill  and  other  intangible  assets  with
indefinite  lives  and requires periodic reassessment of the underlying value of
such assets for impairment. SFAS No. 142 is effective for fiscal years beginning
after  December  15, 2001. An early adoption provision exists for companies with
fiscal  years beginning after March 15, 2001.  The Company adopted SFAS No. 142.
Application of the nonamortization provision of SFAS No. 142 will have no effect
on  the  Company's  financial  statements as the Company does not currently have
amortizable  assets.

In  October  2001,  the Financial Accounting Standards Board issued Statement of
Financial  Accounting  Standards  No.  143,  "Accounting  for  Asset  Retirement
Obligations" (SFAS No. 143).  SFAS No. 143 establishes guidelines related to the
retirement  of  tangible  long-lived  assets  of  the Company and the associated
retirement  costs.  This  statement  requires that the fair value of a liability
for  an  asset  retirement obligation be recognized in the period in which it is
incurred  if  a  reasonable  estimate of fair value can be made.  The associated
asset  retirement  costs  are  capitalized as part of the carrying amount of the
long -lived assets.  This statement is effective for financial statements issued
for  the fiscal years beginning after June 15, 2002 and with earlier application
encouraged.  The  Company  adopted  SFAS  No.  143 and does not believe that the
adoption  will have a material impact on the financial statements of the Company
at  March  31,  2002.

In  October  2001,  the Financial Accounting Standards Board issued Statement of
Financial  Accounting  Standards  No.  144,  "Accounting  for  the Impairment or
Disposal  of  Long-Lived  Assets"  (SFAS  No. 144).  SFAS 144 replaces SFAS 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
Be  Disposed  Of."  This  new standard establishes a single accounting model for
long-lived  assets to be disposed of by sale, including discontinued operations.
Statement  144 requires that these long-lived assets be measured at the lower of
carrying  amount or fair value less cost to sell, whether reported in continuing
operations  or  discontinued  operations.  This statement is effective beginning
for  fiscal  years after December 15, 2001, with earlier application encouraged.
The  Company adopted SFAS 144 and does not believe that the adoption will have a
material  impact  on  the financial statements of the Company at March 31, 2002.


                                       11
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 2  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

Provision  for  Taxes
---------------------
Income taxes are provided based upon the liability method of accounting pursuant
to  SFAS  No.  109 "Accounting for Income Taxes."  Under this approach, deferred
income  taxes  are  recorded  to reflect the tax consequences on future years of
differences  between the tax basis of assets and liabilities and their financial
reporting  amounts  at each year end.  A valuation allowance is recorded against
deferred tax assets if management does not believe the Company has met the "more
likely  than  not" standard imposed by SFAS No. 109 to allow recognition of such
an  asset.

At  March  31,  2002,  the  Company had net deferred tax assets of approximately
$1,400,000, principally arising from net operating loss carryforwards for income
tax  purposes.  As  management  of  the Company cannot determine that it is more
likely  than  not  that the Company will realize the benefit of the net deferred
tax  asset,  a  valuation allowance equal to the net deferred tax asset has been
established  at  March  31,  2002.

At  March  31,  2002,  the  Company  has  net  operating  loss  carryforwards of
approximately  $7,000,000, which expire in the years 2001 through 2021.  The net
operating loss carryforwards do not include expenses that are not deductible for
tax  purposes,  such  as  compensation  expense,  in  the  amount  of $1,401,064
attributable  to  options and warrants issued to employees and consultants.  The
Company  also  owes  to  the  Internal  Revenue  Service  employment  taxes  of
approximately  $90,000  as  of  March  31,  2002.

Interim  Financial  Statements
------------------------------
The  interim  financial  statements as of and for the six months ended March 31,
2002  included  herein  have  been prepared for the Company without audit.  They
reflect  all  adjustments  which are, in the opinion of management, necessary to
present  fairly  the  results  of  operations  for  these  periods.  All  such
adjustments are normal recurring adjustments.  The results of operations for the
periods  presented  are not necessarily indicative of the results to be expected
for  the  full  fiscal  year.

NOTE 3  -  MINERAL PROPERTIES

The following describes the Company's significant mineral properties:

Wyoming  Properties
-------------------
During  the  year  ended  September 30, 1999, the Company entered into an option
agreement  with  General  Minerals  Corporation ("GMC") to acquire the Lake Owen
Project  located in Albany County, Wyoming.  The agreement with GMC entitled the
Company  to  receive 104 unpatented mining claims in exchange for 715,996 shares
of  common  stock,  $40,000  in  cash  to  be paid in four quarterly payments of
$10,000  and $750,000 in exploration expenditure commitments to be incurred over
a  three-year  option  period.  In  May  2000,  the Company issued an additional
129,938  shares  of common stock under this agreement for the acquisition of the
Lake  Owen  Project.

The  Company  and  GMC  subsequently  entered into an amendment to the agreement
under  which  (i)  the Company issued 416,961 shares of common stock to GMC upon
GMC's  exercise  of  preemptive  rights,  (ii)  the Company agreed to perform an
additional  $15,000  of  geophysical  work  on  the  Lake  Owen Project prior to
December  31,  2000  (subsequently  modified),  (iii) the Company issued 200,000
additional  shares  and warrants exercisable until June 2002 to purchase 200,000
shares  at  $0.70  per  share,  and  (iv)  GMC


                                       12
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 3  -  MINERAL  PROPERTIES  (CONTINUED)

Wyoming  Properties  (continued)
--------------------------------
agreed  to  terminate  its antidilution and preemptive rights as provided in the
original  agreement.  The Company has expensed $295,873 for cash paid and common
stock  issued  to  acquire  this  project.

The  Company has located an additional 497 unpatented mining claims in an agreed
area  of  interest  near  the  Lake  Owen  Project.

In  March  2002, the Company issued 1,100,000 shares, valued at $770,000 in full
satisfaction  of  cash  commitments  relating  to  exploration  activities.  The
issuance of these shares resulted in the full ownership of the Lake Owen Project
property.

The  Company  also  staked  and  claimed  six claims known as the Albany Project
during  the  year  ended September 30, 1999.  These claims are located in Albany
County,  Wyoming.

The  Company  also  staked  and claimed 42 unpatented mining claims known as the
Spruce  Mountain claims and 159 unpatented mining claims known as the Centennial
West  claims.  These  claims  are  also  located  in  Albany  County,  Wyoming.

As  of  March 31, 2002, the Company has located and staked 155 unpatented mining
claims in Albany County, Wyoming, including 34 and 121 claims, which were staked
at  the  Douglas  Creek  and  Keystone  properties,  respectively.

Montana  Properties
-------------------
In  March 2000, the Company entered into a three-year lease and option agreement
under  which it had the right to acquire a 100% interest in the Intrepid claims.
Upon  entering  into  the agreement, the Company paid the claim owners $5,800 in
cash  and  100,000 shares of common stock.  In the Company's acquisition of this
option,  it  expensed  $97,140  for  cash  paid  and  common  stock  issued.

Under the agreement, the Company was obligated to incur exploration expenditures
of  not  less  than  $10,000 by September 30, 2001, $15,000 by March 4, 2002 and
$15,000  by  March  4, 2003.  In addition, the Company must make advance royalty
payments  of $10,000 by March 4, 2001, $25,000 by March 4, 2002 and $35,000 each
year  thereafter.  In  March  2001,  the Company and the claim holders agreed to
replace  the March $10,000 advance royalty payment with a $9,000 payment due May
11,  2001.  In connection with this agreement, the Company issued to the holders
3,000  shares  of  common  stock  on  March  11, 2001 with an aggregate value of
$2,340.

Following this agreement the Company was unable to make the May 11th payment. On
May  24,  the  claim holders agreed to a modification to continue to extend this
payment  initially to June 5th, but this payment was also not made as scheduled.
The Company issued an additional 1,000 shares with value of $850 and paid $1,000
in  cash per the terms of the modification, which reduced the outstanding $9,000
payment  to  $8,000.  By  September  30,  2001, the Company abandoned all of its
interests  in  the  Intrepid  claims.

Other properties in Montana include the Vanguard Project and the McCormick Creek
Project, which is in Missoula County.  In 2000, the Company staked 121 claims in
regards  to  the  Vanguard  Project  and  explored  and staked 36 claims for the
McCormick  Creek  Project.  By September 30, 2001, the Company had abandoned all
of  its  interests  in  the  Vanguard  Project.


                                       13
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 3  -  MINERAL  PROPERTIES  (CONTINUED)

Montana  Properties  (continued)
--------------------------------
During  the  year  ended  September 30, 2000, the Company located and staked 211
claims  in Stillwater County Montana.  During the year ended September 30, 2001,
172  claims  were  staked  and  added,  and  304  claims  were  abandoned.

Oregon  Property
----------------
During  the year ended September 30, 1999, the Company entered into an agreement
in  which  it  would  explore  and  stake five claims located in Jackson County,
Oregon known as the Shamrock property.  All transactions have been completed and
the  Company  has  acquired  title  to  these  claims.

Nevada  Properties
------------------
During  the year ended September 30, 1999, the Company entered into an agreement
whereby  Mountain  Gold Exploration would explore and stake claims, transferring
title  to  the Company upon completion thereof.  Transactions were finalized for
13  claims  known  as  the  Hardrock  Johnson  Property located in Clark County,
Nevada.  During  March  of  2000,  the  Company located and staked 31 unpatented
claims  known  as  the  Willow  Springs Claims.  These claims are located in Nye
County,  Nevada.

In  1979,  the  Company  acquired  the  Pyramid  Mine,  which  consists  of five
unpatented  lode  mining claims near Fallon, Nevada.  This property is scheduled
for  disposal  pursuant  to  the  Company's  new focus on platinum and palladium
related  metals exploration. The claims are within the Walker Indian Reservation
and  located  on  the site of a U.S. Department of Defense bombing range.  As of
the  date  of  these  financial  statements,  no clean up has commenced on these
claims.  The  Company  is  not aware of any pending requirements for clean up of
hazardous  materials.  Pursuant  to  an  impairment  analysis  performed  by the
Company,  the  Company  wrote  off  its  $70,333 investment in the Pyramid Mine,
effective  prior  to  the  inception  of  the Company's exploration stage.  This
write-off  resulted  in a corresponding increase in accumulated deficit prior to
the  Company's  entering  the  exploration  stage.

The Pyramid Mine claims were sold by the Company on November 12, 2001 to Calumet
Mining  Company  for  50,000 shares of common stock of Calumet Mining Company, a
related  party.  The  Company  retained  a  1.5%  net  smelter return production
royalty  interest  in  the  Pyramid  Mines.  See  Notes  6  and  8.

California  Properties
----------------------
In  mid-2000, the Company located 79 unpatented mining claims, known as the Pole
Corral  property,  in Tehema County, California.  In September 2000, the Company
located  33 unpatented mining claims known as the Cisco Butte property in Placer
County, California.  By September 30, 2001, the Company had abandoned all of its
interests  in  the  Cisco  Butte  property.

Canadian  Property
------------------
In August 2000, the Company entered into an agreement whereby Spectra Management
Corporation  would explore and stake five claims representing about 67,000 acres
for  the  Company  in  northern Saskatchewan.  This property is now known as the
Peter  Lake  Claims.  The  Company is obligated to complete work requirements of
$212,000  U.S.  by  June  1,  2002.


                                       14
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 3  -  MINERAL  PROPERTIES  (CONTINUED)

Idaho  Property
---------------
The  Company  owned  the Silver Strand Mine in Idaho until it was disposed of in
July  2001.  The  Company  initially  entered  into an agreement with New Jersey
Mining  Company  (New  Jersey) whereby the Company received 50,000 shares of New
Jersey's  restricted  common  stock  in exchange for New Jersey's opportunity to
earn  a  100%  interest  less  a net smelter royalty in the Company's unpatented
claims  in  Kootenai  County,  Idaho.  In July 2001, the Company quitclaimed any
remaining interest in the Silver Strand property to Mine Systems Design, Inc. in
exchange  for  cancellation of $22,539 of outstanding invoices due Mine Systems.
The  Company  also transferred 50,000 shares of New Jersey stock to Mine Systems
Design  as  part  of  this  settlement.

The  Company  wrote off the $104,753 book value of the property, effective prior
to  the  inception  of  its  exploration  stage.  This  write-off  resulted in a
corresponding  increase  in  accumulated deficit prior to the exploration stage.
The  Company  also  expensed  $19,000 in previously capitalized costs as mineral
property  expenses  in  1997.  The  value  of  the  securities  received  upon
disposition  of  the property was $5,000, which the Company recognized as a gain
on  disposition  in  the  year  ended  September  30,  2000.

NOTE 4  -  CAPITAL  STOCK

Common Stock
------------
On March 28, 2001, the Company completed its reincorporation in Delaware.  Under
its  amended  certificate of incorporation, Trend has authorized the issuance of
100,000,000  shares  of  common  stock  with  a  par  value  of $0.01 per share.

On  February  16,  1999,  the Company's board of directors authorized a 1 for 10
reverse  stock split of the Company's no par value common stock.  As a result of
the  split,  26,356,430 shares were retired.  All references in the accompanying
financial  statements  to  the number of common shares and per-share amounts for
the  periods  presented  have  been restated to reflect the reverse stock split.

The  Company  from time to time issues common stock in exchange for services, as
compensation  or  for  the acquisition of assets.  Such stock is recorded at the
fair  market  value  on, or as near as possible to, the date of the transaction.

During  the  period  ended  March  31, 2002, the Company issued 25,000 shares of
common stock valued at $25,000 for a note payable, 12,536 shares of common stock
valued  at  $6,895 for accounts payable, 1,100,000 shares of common stock valued
at  $770,000  for  mineral  property,  80,000  shares  of common stock valued at
$32,000  for  services  and  82,429 shares of common stock valued at $36,193 for
financing  expense.

During  the  year  ended September 30, 2001, the Company issued 69,161 shares of
common stock valued at $60,802 for services, 5,200 shares of common stock valued
at  $5,880 as compensation, 33,333 shares of common stock from options exercised
by an employee for cash of $10,000, 75,000 shares valued at $63,750 to directors
as  compensation,  3,000  shares valued at $2,340 to modify an agreement, 10,000
shares  valued  at  $8,000  in lieu of interest on unpaid invoices, 1,000 shares
valued at $850 for mineral property expenses, 92,000 shares of common stock sold
for  $192,000  cash  as  a  private placement and 134,500 shares of common stock
valued  at  $134,500  for  loans  payable.

See  Note  6  regarding  future  loan  repayments  in units of Trend securities.


                                       15
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 4  -  CAPITAL STOCK (CONTINUED)

Preferred Stock
---------------
Under  its  amended  Delaware certificate of incorporation, Trend has authorized
the  issuance  of 20,000,000 shares of preferred stock with a par value of $0.01
per  share,  with rights and preferences to be determined by the Company's board
of  directors.

One  share of Series A preferred stock has been created and issued to Mr. Thomas
S.  Kaplan under an agreement which requires the holder's approval of all common
and preferred stock and equity issuances until such time as Mr. Kaplan, Electrum
LLC  or Mr. Asher B. Edelman no longer beneficially own more than twenty percent
of  the Company's outstanding stock.  Holders of the Company's common stock will
vote  on  the  continued  existence  of  the  Series  A  preferred stock at each
subsequent  annual  meeting.  If  the Series A preferred stock is not continued,
the  outstanding  share of Series A preferred stock will convert to one share of
common  stock.

The following table discloses the Company's stock and equity transactions during
its  exploration  stage.  This  information meets the disclosure requirements of
SFAS  No.  7  for  development and exploration stage disclosures.  The following
abbreviations  are used in the table:  CS for Common Stock; OPT for Options; and
WAR  for  Warrants.

<TABLE>
<CAPTION>
                                                                              ADDITIONAL             NUMBER    NUMBER   VALUE OF
                                         NUMBER OF  PRICE PER      COMMON       PAID-IN     TOTAL      OF        OF     OPTIONS/
                             ISSUE DATE   SHARES      SHARE     STOCK AMOUNT    CAPITAL    AMOUNT    OPTIONS  WARRANTS  WARRANTS
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
<S>                          <C>         <C>        <C>         <C>            <C>        <C>        <C>      <C>       <C>
BALANCE, OCTOBER 1, 1996                 1,754,242              $      17,542  $ 663,218  $ 680,760
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------

---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
Common stock, options and
warrants activity as
follows:
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Cash                  03/25/1997    200,000  $     0.50          2,000     98,000    100,000
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Payment of
Liabilities and expenses     09/30/1997     45,511        0.50            455     22,301     22,756
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------

---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
BALANCE SEPTEMBER 30, 1997               1,999,753                     19,998    783,518    803,516                             -
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------

---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
Common stock, options and
warrants activity as
follows:
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Mineral property      07/23/1998    150,000  $     0.50          1,500     73,500     75,000
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Cash                  07/23/1998      7,500        0.20             75      1,425      1,500
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Lease termination     07/23/1998     12,000        0.50            120      5,880      6,000
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Debt                  07/23/1998     80,000        0.50            800     39,200     40,000
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
OPT for Financing            09/24/1998                                                              180,000            $   2,659
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
CS for Compensation          09/30/1998      9,000        0.50             90      4,410  $4,500.00
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------

BALANCE SEPTEMBER 30, 1998               2,258,253              $      22,583  $ 907,933  $ 930,516  180,000         -  $   2,659
---------------------------  ----------  ---------  ----------  -------------  ---------  ---------  -------  --------  ---------
</TABLE>


                                       16
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


<TABLE>
<CAPTION>
NOTE 4  -  CAPITAL STOCK (CONTINUED)


                                                                                                                     VALUE
                                            NUMBER    PRICE   COMMON   ADDITIONAL               NUMBER    NUMBER      OF
                                              OF       PER     STOCK     PAID-IN      TOTAL       OF        OF     OPTIONS/
                               ISSUE DATE   SHARES    SHARE   AMOUNT     CAPITAL      AMOUNT    OPTIONS  WARRANTS  WARRANTS
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
<S>                            <C>         <C>        <C>     <C>      <C>          <C>         <C>      <C>       <C>
BALANCE SEPTEMBER 30, 1998                 2,258,253          $22,583  $   907,933  $  930,516  180,000         -  $   2,659
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------

-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
Common stock, options and
warrants activity as follows:
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Debt, investment and
expenses                       10/12/1998      9,210  $ 0.30       92        2,671       2,763
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Equipment               10/30/1998    600,000    0.30    6,000      174,000     180,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    11/28/1998      5,000    0.20       50          950       1,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  12/31/1998     30,858    0.44      309       13,191      13,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Directors'
compensation                   01/25/1999     16,500    0.25      165        3,960       4,125
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  01/31/1999      8,572    0.35       86        2,914       3,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  03/31/1999     24,000    0.25      240        5,760       6,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     03/31/1999      6,000    0.25       60        1,440       1,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     04/30/1999     32,000    0.28      320        8,640       8,960
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  04/30/1999     12,000    0.28      120        3,240       3,360
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     05/31/1999     73,333    0.25      733       17,600      18,333
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     06/30/1999     34,353    0.25      344        8,244       8,588
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  06/30/1999     50,000    0.16      500        7,500       8,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     06/30/1999     95,833    0.16      958       14,375      15,333
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     07/06/1999      5,000    0.25       50        1,200       1,250
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
OPT for Financing activities   07/22/1999                                                        50,000                    -
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Mineral property
option                         07/27/1999    715,996    0.13    7,160       82,471      89,631
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    07/29/1999     33,333    0.15      333        4,667       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     07/30/1999    146,603    0.12    1,466       16,126      17,592
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     07/31/1999    133,697    0.12    1,337       14,707      16,044
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  07/31/1999     41,667    0.12      417        4,583       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    08/04/1999     16,667    0.15      167        2,333       2,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Rent                    08/09/1999      1,000    0.25       10          240         250
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
OPT for Financing activities   08/13/1999                                                       100,000                    -
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    08/15/1999     50,000    0.05      500        2,000       2,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     08/17/1999      5,000    0.25       50        1,200       1,250
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    08/17/1999    100,000    0.05    1,000        4,000       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    08/26/1999    100,000    0.10    1,000        9,000      10,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     08/31/1999    159,750    0.25    1,598       38,341      39,938
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Prepaid expenses        09/10/1999     50,000    0.33      500       16,000      16,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    09/10/1999     50,000    0.10      500        4,500       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Cash                    09/13/1999    200,000    0.05    2,000        8,000      10,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     09/30/1999     80,053    0.26      801       20,013      20,814
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Officers' compensation  09/30/1999    133,333    0.26    1,333       33,334      34,667
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
CS for Consulting services     09/30/1999     67,500    0.26      675       16,875      17,550
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------

BALANCE SEPTEMBER 30, 1999                 5,345,511          $53,455  $ 1,452,009  $1,505,464  300,000         -  $   2,659
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -------  --------  ---------
</TABLE>


                                       17
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


<TABLE>
<CAPTION>
NOTE 4  -  CAPITAL  STOCK  (CONTINUED)



                                            NUMBER    PRICE   COMMON   ADDITIONAL                 NUMBER      NUMBER     VALUE OF
                                 ISSUE        OF       PER     STOCK     PAID-IN      TOTAL         OF          OF       OPTIONS/
                                  DATE      SHARES    SHARE   AMOUNT     CAPITAL      AMOUNT      OPTIONS    WARRANTS    WARRANTS
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
<S>                            <C>         <C>        <C>     <C>      <C>          <C>         <C>          <C>        <C>
BALANCE SEPTEMBER 30, 1999                 5,345,511          $53,455  $ 1,452,009  $1,505,464     330,000           -  $   2,659
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------

-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
Common stock, options and
warrants activity as follows:
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     10/04/1999     50,000  $ 0.26      500       12,500      13,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash                    10/22/1999     25,000    0.20      250        4,750       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     10/31/1999    273,675    0.31    2,737       82,103      84,840
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  11/30/1999     52,694    0.31      527       15,807      16,334
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     11/30/1999      4,327    0.31       43        1,298       1,341
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS, OPT & WAR for Cash         12/31/1999  1,000,000   0.012   10,000        2,414      12,414   8,108,000   6,250,000     87,586
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     12/31/1999      1,200    0.35       12          408         420
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     01/04/2000     15,000    0.28      150        4,050       4,200
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Investments             01/15/2000    200,000    0.33    2,000       64,000      66,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Incentive fees          01/17/2000     65,285    0.33      653       20,891      21,544
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
OPT Expiration                 01/22/2000                                                          (50,000)                     -
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash                    01/25/2000     14,286    0.35      143        4,857       5,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       02/22/2000  1,000,000   0.142   10,000      131,900     141,900  (1,000,000)                (1,900)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS & OPT for Employees'
compensation                   02/25/2000     16,667    0.66      167       10,833      11,000      33,333                  3,070
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     02/29/2000     10,000    0.72      100        7,100       7,200
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Mineral property        03/24/2000     50,000    1.03      500       51,000      51,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       03/27/2000  2,500,000   0.142   25,000      329,750     354,750  (2,500,000)                (4,750)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     03/31/2000     75,000    0.81      750       60,000      60,750
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  03/31/2000      3,000    0.81       30        2,400       2,430
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Mineral property        04/04/2000     50,000    0.75      500       37,000      37,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS & OPT for Directors'
compensation                   04/11/2000    150,000    0.70    1,500      103,500     105,000      67,000                 12,750
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Deferred mineral
property acquisition costs     05/08/2000    129,938   0.125    1,299       14,943      16,242
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     05/15/2000      9,975    0.63      100        6,184       6,284
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash                    06/26/2000    416,961   0.056    4,170       19,361      23,531
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS & WAR for Modification
of stockholder agreement       06/26/2000    200,000    0.60    2,000      118,000     120,000                 200,000     30,000
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
OPT & WAR for
Modification of stockholder
agreement                      06/27/2000                                                        1,729,762   1,729,761     14,641
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       06/29/2000  1,597,588   0.064   15,976       86,740     102,716  (1,597,588)                (2,716)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  06/30/2000      9,000    0.81       90        7,185       7,275
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Consulting services     06/30/2000      1,000    0.70       10          690         700
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
OPT Agreement Modification     07/07/2000                                                         (127,500)                     -
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/14/2000     10,000    0.30      100        2,900       3,000     (10,000)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/21/2000  1,800,000   0.122   18,000      201,060     219,060  (1,800,000)               (12,060)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       07/26/2000    650,000   0.122    6,500       72,605      79,105    (650,000)                (4,355)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  07/31/2000      3,000    1.24       30        3,690       3,720
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/01/2000     50,000    0.15      500        7,000       7,500     (50,000)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/01/2000     50,000    0.30      500       14,500      15,000     (50,000)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/14/2000     90,000   0.122      900       10,053      10,953     (90,000)                  (603)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/24/2000  1,000,000   0.122   10,000      111,700     121,700  (1,000,000)                (6,700)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Directors'
compensation                   08/25/2000      1,500    1.00       15        1,485       1,500
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Cash from options       08/31/2000     15,000    0.30      150        4,350       4,500     (15,000)
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
CS for Officers' compensation  08/31/2000      1,000    1.13       10        1,120       1,130
-----------------------------  ----------  ---------  ------  -------  -----------  ----------  -----------  ---------  ----------
</TABLE>


                                       18
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002

<TABLE>
<CAPTION>
NOTE 4  -  CAPITAL STOCK (CONTINUED)



                                             NUMBER     PRICE    COMMON   ADDITIONAL                 NUMBER       NUMBER
                                 ISSUE         OF        PER     STOCK      PAID-IN      TOTAL         OF           OF
                                  DATE       SHARES      HARE    AMOUNT     CAPITAL      AMOUNT      OPTIONS     WARRANTS
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
<S>                            <C>         <C>          <C>     <C>       <C>          <C>         <C>          <C>
CS for Cash from options       09/22/2000   1,200,174   $0.122  $ 12,002  $   134,720  $  146,722  (1,200,174)
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     09/22/2000      90,000     1.45       900       72,000      72,900
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Officers' compensation  09/30/2000       6,000     1.35        60        8,040       8,100
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
Cash for Warrants              09/30/2000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS/ WAR Adjustment             09/30/2000          (5)
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------

-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
BALANCE SEPTEMBER 30, 2000                 18,232,776            182,328    3,296,897   3,479,225     127,833   8,179,761
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------

-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
Common stock, options and
warrants activity as follows:
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Cash from options       10/10/2000      33,333   $ 0.39       333       12,737      13,070     (33,333)
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     10/15/2000      10,000     1.15       100       11,400      11,500
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Officers' compensation  10/31/2000       3,000     1.30        30        3,870       3,900
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for Consulting services    11/01/2000                                                                         250,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Employees'
compensation                   12/06/2000       2,200     0.90        22        1,958       1,980
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Cash                    12/20/2000     100,000     1.00     1,000       99,000     100,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for Consulting services    12/31/2000                                                                         180,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     01/02/2001      10,000     1.35       100       13,400      13,500
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Cash                    01/11/2001      47,000     1.00       470       46,530      47,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     01/11/2001       3,407     1.00        34        3,373       3,407
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     01/23/2001         604     1.10         6          658         664
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Cash                    01/24/2001      25,000     1.00       250       24,750      25,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for Loan agreements        02/01/2001                                                                         285,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Cash                    02/06/2001      20,000     1.00       200       19,800      20,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting services     02/06/2001         483     1.00         5          478         483
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Directors'
compensation                   02/23/2001      75,000     0.85       750       63,000      63,750
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
OPT for Director, officer and
employee compensation          02/23/2001                                                           1,200,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for Loan agreements        03/12/2001                                                                          50,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR Extension of exercise
period                         03/12/2001
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Modification of
contract                       03/22/2001       3,000     0.78        30        2,310       2,340
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------


CS for Interest payments         04/03/01       5,000     0.83        50        4,100       4,150
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Consulting Services       04/13/01         967     0.98        10          938         948
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for Mineral Property
Expense                          05/11/01       1,000     0.85        10          840         850
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for loan agreement           07/01/01                                                                         185,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for services                  07/31/01      40,000     0.73       400       28,800      29,200
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for interest payments         08/08/01       5,000     0.77        50        3,800       3,850
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR attached to note             08/16/01                                                                          90,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for services                  08/28/01       3,700     0.30        37        1,063       1,100
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for loans payable             08/31/01      92,000     1.00       920       91,080      92,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for loans payable             09/28/01      42,500     1.00       425       42,075      42,500
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
Options expired                                                                                      (319,700)
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
BALANCE SEPTEMBER 30, 2001                 18,755,970            187,559    3,772,857   3,960,416     974,800   9,219,761
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for note payable              10/08/01      25,000     1.00       250       24,750      25,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for payable                   10/24/01      12,536     0.55       126        6,769       6,895
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR for loan agreements          11/01/01                                                                         129,445
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR cancelled                    11/15/01                                       2,750                            (275,000)
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for financing expense          1/25/02      64,429     0.45       644       28,349      28,993
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
Interest expense forgiven by
shareholders                      1/30/02                                      42,950
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
WAR issued                        1/30/02                                                                         180,000
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------
CS for financing expense           2/8/02      18,000     0.40       180        7,020       7,200
-----------------------------  ----------  -----------  ------  --------  -----------  ----------  -----------  ----------


                                VALUE OF
                                OPTIONS/
                                WARRANTS
                               -----------
<S>                            <C>

CS for Cash from options       $   (8,702)
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Officers' compensation
-----------------------------  -----------
Cash for Warrants                  10,000
-----------------------------  -----------
CS/ WAR Adjustment
-----------------------------  -----------

-----------------------------  -----------
BALANCE SEPTEMBER 30, 2000     $  118,920
-----------------------------  -----------

-----------------------------  -----------
Common stock, options and
warrants activity as follows:
-----------------------------  -----------
CS for Cash from options           (3,070)
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Officers' compensation
-----------------------------  -----------
WAR for Consulting services       123,775
-----------------------------  -----------
CS for Employees'
compensation
-----------------------------  -----------
CS for Cash
-----------------------------  -----------
WAR for Consulting services        46,746
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Cash
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Cash
-----------------------------  -----------
WAR for Loan agreements            76,551
-----------------------------  -----------
CS for Cash
-----------------------------  -----------
CS for Consulting services
-----------------------------  -----------
CS for Directors'
compensation
-----------------------------  -----------
OPT for Director, officer and
employee compensation             354,000
-----------------------------  -----------
WAR for Loan agreements            13,430
-----------------------------  -----------
WAR Extension of exercise
period                            608,058
-----------------------------  -----------
CS for Modification of
contract
-----------------------------  -----------
CS for Interest payments
-----------------------------  -----------
CS for Consulting Services
-----------------------------  -----------
CS for Mineral Property
Expense
-----------------------------  -----------
WAR for loan agreement             45,079
-----------------------------  -----------
CS for services
-----------------------------  -----------
CS for interest payments
-----------------------------  -----------
WAR attached to note                6,487
-----------------------------  -----------
CS for services
-----------------------------  -----------
CS for loans payable
-----------------------------  -----------
CS for loans payable
-----------------------------  -----------
Options expired
-----------------------------  -----------
BALANCE SEPTEMBER 30, 2001      1,389,976
-----------------------------  -----------
CS for note payable
-----------------------------  -----------
CS for payable
-----------------------------  -----------
WAR for loan agreements             9,876
-----------------------------  -----------
WAR cancelled                      (2,750)
-----------------------------  -----------
CS for financing expense
-----------------------------  -----------
Interest expense forgiven by
shareholders
-----------------------------  -----------
WAR issued                         21,660
-----------------------------  -----------
CS for financing expense
-----------------------------  -----------
</TABLE>


                                       19
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


<TABLE>
<CAPTION>
NOTE 4  -  CAPITAL STOCK (CONTINUED)


                                          NUMBER    PRICE   COMMON   ADDITIONAL                 NUMBER     NUMBER     VALUE OF
                                ISSUE       OF       PER    STOCK      PAID-IN      TOTAL         OF         OF       OPTIONS/
                                DATE      SHARES    SHARE   AMOUNT     CAPITAL      AMOUNT     OPTIONS    WARRANTS    WARRANTS
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
<S>                            <C>      <C>         <C>    <C>       <C>          <C>         <C>         <C>        <C>

CS for services                 2/8/02      60,000   0.40       600       23,400      24,000
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
CS for services                2/22/02      20,000   0.40       200        7,800       8,000
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
OPT for Director, officer and
employee compensation          3/12/02                                                          307,800                  29,528
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
Options expired                3/12/02                                    59,063               (196,863)                (59,063)
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
CS for mineral properties      3/20/02   1,100,000   0.70    11,000      759,000     770,000
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
BALANCE MARCH 31, 2002                  20,055,935         $200,559  $ 4,734,708  $4,935,267  1,085,737   9,254,206  $1,389,227
-----------------------------  -------  ----------  -----  --------  -----------  ----------  ----------  ---------  -----------
</TABLE>

NOTE 5  -  COMMON  STOCK  OPTIONS  AND  WARRANTS

On  February  23,  2001, the Company's shareholders approved the adoption of the
2000  Equity  Incentive  Plan  and the reservation of 5,000,000 shares of common
stock  for  distribution  under  the  plan.  These shares and options to acquire
those  shares  may  be  granted to the Company's employees (including officers),
directors  and  consultants.  The  plan  will terminate on January 4, 2011.  The
exercise price of options granted under this plan will not be less than the fair
market  price  on  the date of grant and in some cases not less than 110% of the
fair  market  price.  The  term,  vesting  schedule,  transfer  restrictions and
termination  are  to  be  determined  by  the  Company's  board  of  directors.

In  the  Black-Scholes  Option  Price  Calculations  below, the Company used the
following  assumptions  to  estimate fair value: the risk-free interest rate was
5.5%,  volatility  was  30.0%  in 1998, 55.12% in 1999, 48.05% in 2000, 46.4% in
2001  and  50% in 2002, and the expected life of the options and warrants varied
from one week to 5.5 years.  The Company also assumed that no dividends would be
paid  on  common  stock.

During  2002,  the Company granted an officer 107,800 options until February 23,
2004  and  a consultant 200,000 options until March 3, 2006 with exercise prices
of  $0.80  per share as compensation.  The fair value of these options estimated
on  the grant date using the Black-Scholes Option Price Calculation was $29,528.

On  January  8, 2002, a stockholder loaned the Company $30,000.  This loan bears
interest  at  8% per annum and is due upon the Company's completion of a private
equity  placement and concurrently and proportionally with any amounts repaid to
Electrum  LLC  or any others having provided loan facilities of this type to the
Company.  One warrant is attached to each dollar of debt, with a strike price of
$1.50,  exercisable  through  January  9, 2004.  The lender may also elect to be
repaid  partially  or  completely in regards to the total principal and interest
outstanding  under  the  loan in "units" of Trend securities, at the rate of one
unit  per each $1.25 owed.  Each unit would consist of one share of common stock
and  a  warrant  to  purchase  one  share  of  common  stock at $1.50 per share,
originally  exercisable  through  September 30, 2006.  On January 30, 2002, this
stockholder  forgave  interest  due  in  the  amount of $138 in exchange for the
adjustment  to  the  conversion  feature,  such  as  Electrum  was  granted.


                                       20
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 5  -  COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

On February 23, 2001, the Company issued under the plan to its five non-employee
directors  an  aggregate of 75,000 shares of common stock and options to acquire
75,000  shares  with  an  exercise  price  of  $0.80 per share exercisable until
February  23,  2004.  The  Company  also  issued under the plan to its employees
(including  officers) options to acquire 1,125,000 shares with an exercise price
of $0.80 per share exercisable until February 23, 2004.  The total fair value of
the options issued to directors and employees, estimated on the grant date using
the  Black-Scholes  Option  Price Calculation, was $354,000.  The fair value was
charged  as  a  compensation  expense.

In  a note dated August 16, 2001, a stockholder loaned the Company $90,000.  One
warrant  is  attached  to  each  dollar  of  debt, with a strike price of $1.50,
exercisable  through  June 9, 2004.  The fair value of these warrants, estimated
on  the grant date using the Black-Scholes Option Price Calculation, was $6,487.
This  same  stockholder,  on  October  2, 2001, loaned the Company an additional
$10,000  under the same terms as the $90,000 loan.  The warrants attached to the
October  loan  are  exercisable  until January 9, 2004.  The fair value of these
warrants,  estimated  on  the  grant  date  using the Black-Scholes Option Price
Calculation,  was  $840.  See  Note  6.  On  January  30, 2002, this stockholder
forgave  interest due her in the amount of $3,299 in exchange for the adjustment
to  the  conversion  feature,  such  as  Electrum  was  granted.

LCM  Holdings, LLC loaned the Company $119,445 in a note dated October 22, 2001.
One  warrant  is  attached to each dollar of debt, with a strike price of $1.50,
exercisable  through  January  9,  2004.  The  fair  value  of  these  warrants,
estimated  on  the  grant date using the Black-Scholes Option Price Calculation,
was  $9,036.  On January 30, 2002, LCM Holdings, LLC forgave interest due in the
amount  of $2,129 for the adjustment to the conversion feature, such as Electrum
was  granted.

In  February  2000,  the  Company granted an employee options until February 25,
2002  to acquire 33,333 shares of common stock at an exercise price of $0.30 per
share  as  compensation.  The fair value of these options estimated on the grant
date  using the Black-Scholes Option Price Calculation was $3,070.  The employee
exercised  these  options  in  October  2000.

During  the  fiscal  year  ended  September  30,  2000,  the  Company's board of
directors  issued options to purchase 67,000 shares of its common stock at $0.50
per  share  to  six retired directors.  The options issued to each director were
based  on  years of service and are exercisable from April 15, 2000 to April 15,
2003.  The  fair  value  of  these options estimated on the grant date using the
Black-Scholes  Option  Price  Calculation  was  $12,750.

As  partial  consideration  for  an  amendment  to the GMC option agreement, the
Company  granted  to  GMC  in June 2000 a warrant to purchase 200,000 shares for
$0.70 per share exercisable until June 12, 2002.  The fair value of this warrant
estimated  on  the  date  of  issuance  using  the  Black-Scholes  Options Price
Calculation  was  $30,000.

On  November  8,  2000,  effective  November 1, 2000, the Company entered into a
24-month agreement with Eurofinance Inc. under which the entity would assist the
Company with certain investment community matters in return for a monthly fee of
$5,000,  plus  expenses, and warrants to purchase 820,000 shares of common stock
at  $1.50  per  share.  The warrants were exercisable until November 1, 2005. In
early  January  2001,  this agreement was terminated, with the Company no longer
obligated  for  the  remaining  monthly  fees, and only the warrants for 250,000
shares  that vested on November 1, 2000 remained outstanding.  The fair value of
these  warrants  were estimated on the grant date using the Black-Scholes Option
Price  Calculation, which was $123,775.  This amount was included in general and
administrative  expenses  for  the  year  ended  September  30,  2001.


                                       21
<PAGE>
NOTE 5 - COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

On November 17, 2000, the Company entered into a consulting agreement with R. H.
Barsom  Company, Inc., under which the consultant would perform certain services
for  the Company until June 30, 2001, for an advance fee of $100,000 and 180,000
shares  of  common stock.  In early January 2001, the Company and the consultant
agreed  to  terminate  the  agreement.  In  connection with the termination, the
consultant  surrendered the 180,000 shares of common stock and received warrants
to  purchase  180,000  shares  of the Company's common stock at $1.50 per share,
exercisable  until January 12, 2003.  The fair value of these warrants estimated
on  the grant date using the Black-Scholes Option Price Calculation was $46,746,
which  was  included  in  consulting expenses for the quarter ended December 31,
2000.

During 1999, the Company granted various stockholders options to acquire 150,000
shares  of  common  stock  at  prices  varying  from $0.15 to $0.35 per share as
additional  incentives  for  various  stock  purchases.  At the respective grant
dates,  these  options  were  each  determined to have no appreciable fair value
using  the  Black-Scholes  Option  Price  Calculation.

Tigris  Financial  Group  Ltd./Electrum  LLC
--------------------------------------------
On  December  29, 1999, the Company entered into a stock purchase agreement with
Tigris Financial Group Ltd. under which Tigris purchased 1,000,000 shares of the
Company's  common stock for $100,000, was granted an option until March 28, 2000
to  acquire up to an additional 3,500,000 shares of common stock for an exercise
price  of  $0.14  per  share, (or $490,000 in the aggregate), and was granted an
option  to  purchase,  for $10,000, warrants to purchase an additional 6,250,000
shares  of  the  Company's common stock at an exercise price of $0.40 per share.
The  Company used the Black-Scholes Option Price Calculation effective as of the
transaction  date and estimated the fair values to be $37,524 for the option and
$50,062  for  the  warrants.  On March 8, 2000, Tigris assigned its rights under
the  stock  purchase  agreement  to  Electrum  LLC,  ("Electrum")  an affiliate.

Electrum  exercised  its  option  and acquired 3,500,000 shares of the Company's
common  stock in February and March of 2000.  Pursuant to the terms of the stock
purchase  agreement,  upon  exercise  in  full  of this first option, Electrum's
option until September 25, 2000 to purchase up to an additional 4,608,000 shares
of  common  stock  at  an  exercise price of $0.14 per share, or $645,120 in the
aggregate,  became  exercisable.

On  June  27,  2000,  the  Company and Electrum entered into an amendment to the
stock purchase agreement under which the option to purchase 4,608,000 shares was
modified.  As  modified, Electrum had an option until July 5, 2000 to acquire up
to  an  additional  1,597,588  shares  at  $0.062  per  share or $100,000 in the
aggregate  and,  upon  exercise  in  full  of  this  option,  an  option  became
exercisable  until  September  25,  2000 to acquire up to 4,740,174 shares at an
exercise  price of $0.115 per share, or $545,120 in the aggregate.  In addition,
the  option  to purchase warrants was modified and, as modified, Electrum had an
option  to  purchase,  for $10,000, warrants to buy up to 7,979,761 shares at an
exercise  price  of  $0.40  per  share  until  September  20, 2003.  The Company
utilized  the  Black-Scholes Option Price Calculation to estimate the fair value
of  the  modifications  as of the grant date and recorded $4,262 for the options
and  $10,379  for  the  warrants.  The  $14,641  total  amount  was charged as a
financing  expense.

Electrum has exercised all of its options to purchase the Company's common stock
and  its  option to purchase the warrant.  In connection with its acquisition of
those  shares,  Electrum has assigned 5,530,174 shares and 1,000,000 warrants to
third  parties.

Pursuant  to  loan  agreements between the Company and Electrum LLC, the Company
issued  warrants  to acquire 285,000 shares at $1.50 per share in February 2001,
exercisable  through  September  30,  2003, warrants to acquire 50,000 shares at
$1.50  per  share  in  March  2001,  exercisable  through  September  30,


                                       22
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 5  -  COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

Tigris  Financial  Group  Ltd./Electrum  LLC  (continued)
---------------------------------------------------------
2006,  and  warrants  to acquire 185,000 shares at $1.50 per share in July 2001,
exercisable  through  September  30,  2006.  The  Company  also extended through
September  30,  2006 the expiration dates of the 285,000 warrants, together with
the  warrants  to  acquire  7,979,761  shares.  The  fair  values of the 285,000
warrants,  50,000  warrants,  and  the  185,000  warrants  estimated  on  their
respective  grant  dates,  as  modified for the expiration date extension in the
case  of the 285,000 warrants, using the Black-Scholes Option Price Calculation,
were  $76,551,  $13,430  and  $45,079,  respectively.  The  fair  value  of  the
modification  to  extend  the  expiration  date, estimated as of the date of the
modification  for  the  7,979,761 warrants, using the Black-Scholes Option Price
Calculation,  was  $608,058.

Pursuant  to  an agreement to readjust certain terms of loans and warrants dated
January  30, 2002, the Company borrowed an additional $150,000 from Electrum and
Electrum  waived  accrued  interest  owed  by the Company as of January 29, 2002
totaling  $37,384.  In  consideration  of  the  additional  loan and waiver, the
Company  issued  to  Electrum  additional warrants to purchase 150,000 shares of
common stock for $1.00 per share through January 30, 2007.  Electrum may, in its
sole  discretion,  elect to be repaid the $150,000 loan by converting the amount
outstanding  in  units  of the Company's securities, at the rate of one unit per
$0.50  of loans converted.   Each unit consists of one share of common stock and
a  warrant  to purchase one share of common stock at a price of $0.50 per share,
exercisable  though  January  30,  2007.  In  addition, the Company and Electrum
agreed  to  amend the prior loan agreements to reduce the conversion rate of the
existing units, previously at a rate of one unit per $1.25 of loans converted to
a rate of one unit per $0.50 of loans converted and to reduce the exercise price
of  the  warrants  included  in  the  units  from  $1.50 to $1.00 per share.  In
addition,  the  exercise  price  of warrants included in the units to purchase a
total  of  520,000 shares of common stock, owned by Electrum, was reduced from a
price  of  $1.50 per share to $1.00 per share and the exercise term of each such
warrant  was  extended  for  a  period  of  one  year.

As of March 31, 2002, Tigris and Electrum own approximately 30% of the Company's
outstanding  common stock and, assuming that Electrum exercises its warrants and
that  the Company has issued no other shares, would own approximately 50% of the
Company's  then  outstanding  common  stock.

Electrum  had  certain preemptive rights, which were not exercised and have been
subsequently  terminated.  Tigris  and  Electrum  have the right to proportional
representation  on  the Company's board of directors and registration rights for
all  of the Company's common stock acquired through this agreement held by them.

Warrants  for  250,000  shares  of common stock with a strike price of $1.50 and
warrants  for  25,000  shares  of common stock with a strike price of $0.40 were
cancelled in a letter dated November 15, 2001.  Prior to cancellation, these had
been  assigned  by  Electrum  LLC to Eurofinance, who in turn assigned them to a
third  party  who  was  the  holder  at  the  time  of  cancellation.


                                       23
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 5  -  COMMON STOCK OPTIONS AND WARRANTS (CONTINUED)

Following  is  a  summary  of  the  status  of the options during the year ended
September  30,  2001  and  the  period  ended  March  31,  2002:

<TABLE>
<CAPTION>
                                                              Weighted Average
                                           Number of Shares    Exercise Price
                                           -----------------  -----------------
<S>                                        <C>                <C>
Outstanding at October 1, 2000                      127,833   $            0.51
Granted                                           1,200,000                0.80
Exercised                                           (33,333)               0.30
Expired                                            (319,700)               0.79
                                           -----------------  -----------------
Outstanding at September 30, 2001                   974,800   $            0.86
                                           =================  =================
Options exercisable at September 30, 2001           974,800   $            0.86
                                           =================  =================


Outstanding at October 1, 2001                      974,800   $            0.86
Granted                                             307,800                   -
Exercised                                                 -                   -
Expired                                            (196,863)                  -
                                           -----------------  -----------------
Outstanding at March 31, 2002                     1,085,737   $            0.86
                                           =================  =================
Options exercisable at March 31, 2002             1,085,737   $            0.86
                                           =================  =================
Options exercisable:
    -On or before July 19, 2002                      12,500   $            1.00
    -On or before April 15, 2003                     67,000   $            0.50
    -On or before February 23, 2004                 806,237   $            0.80
    -On or before March 3, 2006                     200,000   $            0.80
</TABLE>

NOTE 6  -  RELATED PARTY TRANSACTIONS

The Pyramid Mine claims were sold by the Company on November 12, 2001 to Calumet
Mining  Company  for  50,000 shares of common stock of Calumet Mining Company, a
related  party.  The  CFO  of  the Trend Mining Company is also the president of
Calumet  Mining  Company.  See  Notes  3  and  8.

Related  Party  Loans
---------------------
In  November  2000,  the  Company  borrowed  $135,000  from  Electrum,  LLC,  an
affiliated  company.  The loan bears interest at an annual rate of 5% and is due
upon  the earlier of either the Company's completion of a public or private debt
or  equity  financing  or  December  1,  2005.

In December 2000, the Company entered into an agreement with Electrum to provide
the  right  to borrow additional funds.  The funds obtained under this agreement
bear  interest  at  8%,  and repayment is due upon the Company's completion of a
public  or private debt or equity financing. The Company borrowed $200,000 under
this  agreement,  and  no  additional  funds are available under this agreement.

The  Electrum  loan  agreement  provides  that  if  these  loans are not paid by
February 1, 2001, the Company is required to grant Electrum warrants to purchase
285,000  shares  of  the  Company's  common stock at $1.50 per share exercisable
through  September 30, 2003.  The loans were not repaid by February 1, 2001, and
the  warrants  have been issued.  Electrum may also elect to be repaid partially
or  completely  in regards to the total principal and interest outstanding under
both  loans  in  "units"  of  Trend securities, at the rate of one unit per each
$1.25  owed.  Each unit would consist of one share of common stock and a warrant
to purchase one share of common stock at $1.50 per share, originally exercisable
through


                                       24
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE  6  -  RELATED  PARTY  TRANSACTIONS  (CONTINUED)

Related  Party  Loans  (continued)
----------------------------------
September  30, 2003.  Electrum has agreed that at least $100,000 of the November
2000  loan  will  be repaid in units.  This conversion of debt to equity has not
been accomplished, and was not reflected in the financial statements as of March
31,  2002.

On  March  12,  2001,  the Company entered into an agreement with Electrum under
which the Company borrowed an additional $50,000 to fund its operating costs, on
the  same interest and repayment terms as the loans under the December 2000 loan
agreement.  Under this agreement, in March 2001, the Company granted to Electrum
warrants  to  purchase  an additional 50,000 shares of its common stock at $1.50
per  share,  exercisable through September 30, 2006.  The Company also agreed to
extend  through  September  30,  2006,  the  expiration dates of the warrants to
acquire  7,979,761  shares  issued  under  the  stock purchase agreement and the
warrants  to  acquire  285,000  shares issued under the December 2000 agreement.

In  the quarter ended March 31, 2001, the Company recorded a financing charge of
$608,058  related  to  the extension of the 7,979,761 warrants granted under the
stock  purchase  agreement  and recorded a financing charge totaling $89,981 for
the  grant  and extension of the 285,000 warrants issued under the December 2000
loan  agreement and the grant of the 50,000 warrants issued under the March 2001
loan  agreement.  These  financing  costs represent the fair value of the equity
issuances  under  the  Company's  Black-Scholes  Option  Price  Calculation.

On  April  11,  2001,  the Company entered into an agreement with Electrum under
which  the  Company may borrow additional funds from Electrum under the terms of
December  2000 loan agreement to fund its operating costs if Electrum elects, in
its  sole  discretion, to lend such funds. During the period from April 10, 2001
through  September 30, 2001, the Company borrowed $135,000 under this agreement.
The  funds  borrowed  under this agreement bear interest at 8%, and repayment is
due  upon  the  Company's  completion  of  a  private  or  public debt or equity
financing.  At  Electrum's  option,  the  Company  may  repay part or all of the
principal  and  interest outstanding under the loan in units as described above.

On  July  1, 2001, the Company issued 185,000 warrants to Electrum, strike price
$1.50, exercisable through September 30, 2006.  These were issued per Electrum's
request,  and the board of directors' approval, that Electrum should possess one
warrant  for  every dollar of debt outstanding.  This brought the total warrants
issued related to notes payable to Electrum to 520,000 as of September 30, 2001.
See  Note  12.

Pursuant  to  an agreement to readjust certain terms of loans and warrants dated
January  30, 2002, the Company borrowed an additional $150,000 from Electrum and
Electrum  waived  accrued  interest  owed  by the Company as of January 29, 2002
totaling  $37,384.  In  consideration  of  the  additional  loan and waiver, the
Company  issued  to  Electrum  additional warrants to purchase 150,000 shares of
common stock for $1.00 per share through January 30, 2007.  Electrum may, in its
sole  discretion,  elect to be repaid the $150,000 loan by converting the amount
outstanding  in  units  of the Company's securities, at the rate of one unit per
$0.50  of loans converted.   Each unit consists of one share of common stock and
a  warrant  to purchase one share of common stock at a price of $0.50 per share,
exercisable  though  January  30,  2007.  In  addition, the Company and Electrum
agreed  to  amend the prior loan agreements to reduce the conversion rate of the
existing units, previously at a rate of one unit per $1.25 of loans converted to
a rate of one unit per $0.50 of loans converted and to reduce the exercise price
of  the  warrants  included  in  the  units  from  $1.50 to $1.00 per share.  In
addition,  the  exercise  price  of warrants included in the units to purchase a
total  of  520,000 shares of common stock, owned by Electrum, was reduced from a
price  of


                                       25
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 6  -  RELATED  PARTY  TRANSACTIONS  (CONTINUED)

Related  Party  Loans  (continued)
----------------------------------
$1.50  per  share  to $1.00 per share and the exercise term of each such warrant
was  extended  for  a  period  of  one  year.

A  stockholder loaned the Company $90,000 in a note dated August 16, 2001.  This
loan  bears interest at 8% per annum and is due upon the Company's completion of
a  private equity placement and concurrently and proportionally with any amounts
repaid  to  Electrum  LLC  or any others having provided loan facilities of this
type  to  the  Company.  This  same  stockholder, on October 2, 2001, loaned the
Company  an  additional $10,000 under the same terms as the $90,000 loan.  These
notes  carry  the  same  conversion  feature  as Electrum's, exercisable through
September  30,  2006.  See  Note  5.

On  January  8, 2002, a stockholder loaned the Company $30,000.  This loan bears
interest  at  8% per annum and is due upon the Company's completion of a private
equity  placement and concurrently and proportionally with any amounts repaid to
Electrum  LLC  or any others having provided loan facilities of this type to the
Company.  One warrant is attached to each dollar of debt, with a strike price of
$1.50,  exercisable  through  January  9, 2004.  The lender may also elect to be
repaid  partially  or  completely in regards to the total principal and interest
outstanding  under  the  loan in "units" of Trend securities, at the rate of one
unit  per each $1.25 owed.  Each unit would consist of one share of common stock
and  a  warrant  to  purchase  one  share  of  common  stock at $1.50 per share,
originally  exercisable  through  September 30, 2006.  On January 30, 2002, this
stockholder  forgave  interest  due  in  the  amount of $138 in exchange for the
adjustment  to  the  conversion  feature,  such  as  Electrum  was  granted.

During  the  quarter  ended September 30, 2001, other related parties loaned the
Company  a  total of $193,500.  Of this amount, $134,500 was converted to common
stock  by September 30, 2001 at $1 per share.  See Note 5.  The remaining amount
of  $59,000  has been recorded as short-term, uncollateralized loans, bearing no
interest  and  having no specific due date.  On October 8, 2001,  $25,000 of the
remaining  $59,000  was  converted  to  common  stock  shares  in  the  Company.

LCM  Holdings, LLC loaned the Company $119,390 in a note dated October 22, 2001.
This  loan  bears  interest  at  8%  per  annum  and  is  due upon the Company's
completion  of  a  private  equity placement and concurrently and proportionally
with  any  amounts  repaid  to  Electrum  LLC or any others having provided loan
facilities of this type to the Company.  One warrant is attached to every dollar
of  this  debt, with a strike price of $1.50, exercisable until January 9, 2004.
LCM's  note  carries  the  same  conversion  feature  as Electrum's, exercisable
through  September  30,  2006.

Employment  Agreement
---------------------
In  July  2000, the Company entered into an employment agreement with John Ryan,
then  the chief financial officer, secretary and treasurer of the Company, under
which  Mr.  Ryan  received  3,000  shares  per  month  of  Trend common stock as
compensation  for  his  services.  Mr.  Ryan resigned in December 2000, and this
agreement  was  terminated.  In  July 2001, Mr. Ryan was again designated as the
Company's  chief  financial  officer,  secretary  and  treasurer.  A  revised
employment  agreement was reached under which Mr. Ryan is receiving 7,500 shares
per  month.  As  of  March  31,  2002,  7,500  shares  were  owed  Mr.  Ryan.


                                       26
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 7  -  PROPERTY  AND  EQUIPMENT

Property  and  equipment are recorded at cost.  Major additions and improvements
are  capitalized.  Minor  replacements,  maintenance  and  repairs  that  do not
increase  the useful lives of the assets are expensed as incurred.  Depreciation
of  property  and  equipment,  including vehicles, is being calculated using the
double-declining balance method over the expected useful lives of three to seven
years.  Depreciation  expense for the periods ending March 31, 2002 and 2000 was
$3,030  and  $8,974,  respectively.

The following is a summary of property, equipment, and accumulated depreciation.

                                               March 31,     March 31,
                                                 2002          2001
                                              ----------  ------------
      Furniture, Equipment, and Vehicles      $  51,288   $    51,258
      Less:  Accumulated  Depreciation          (31,956)      (20,055)
                                              ----------  ------------
                                              $  19,332   $    31,203
                                              ==========  ============

NOTE 8  -  INVESTMENTS

The  Company's  securities  investments  are  classified  as  available-for-sale
securities  which  are recorded at fair value in investments and other assets on
the balance sheet, with the change in fair value during the period excluded from
earnings  and  recorded net of tax as a component of other comprehensive income.
The  Company  has  no  securities,  which are classified, as trading securities.

The  Company recognized a charge for other comprehensive loss of $38,314 for the
year  ended  September  30,  2000.  In  the  year  ended September 30, 2001, the
Company  recognized  income  of  $413  for  the  change  in  the market value of
investments.  The  investment in New Jersey Mining Company was liquidated during
the  period  ended  March  31,  2001 and the Company realized a loss of $78,033.

The  Company  disposed  of  its  last 50,000 shares of New Jersey Mining Company
stock  to  Mine  Systems  Design,  Inc. in settlement of a consulting invoice of
$22,539.  The  Company  realized  a  gain  of  $22,539  on  this  transaction.

The  Company sold the Pyramid Mine claims on November 12, 2001 to Calumet Mining
Company,  a  related  party, for 50,000 shares of Calumet Mining Company's $0.01
par value common stock.  These shares are currently being carried at $500.  They
will  be  reevaluated  at each reporting period and adjustments, if appropriate,
will  be  made  to  the  carrying  value  of  these  securities.


                                       27
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 9 - NOTES PAYABLE

Following is a summary of long-term debt as of March 31, 2002 and 2001:

<TABLE>
<CAPTION>
                                                                        March 31,
                                                                    ------------------
                                                                      2002      2001
                                                                    --------  --------
<S>                                                                 <C>       <C>
     Note payable to Wells Fargo
        Interest at 14.99%, secured by vehicle, payable in monthly
        installments of $179 through February 28, 2003              $ 2,221   $ 3,954

     Note payable to Wells Fargo
        Interest at 14.99%, secured by vehicle, payable in monthly
        installments of $231 through April 7, 2005                    7,090     8,683
                                                                    --------  --------

        Total notes payable                                           9,311    12,637

       Less:  Current maturities included in current liabilities    (2,996)   (3,166)
                                                                    --------  --------

                                                                    $ 6,315   $ 9,471
                                                                    ========  ========
</TABLE>

Following  are  the  maturities  of  long-term  debt  for  the next three years:

                2003                     $  2,881
                2004                        2,419
                2005                        1,015
                                         --------
                                         $  6,315
                                         ========

NOTE 10  -  COMMITMENTS AND CONTINGENCIES

Canadian  Property
------------------
In August 2000, the Company entered into an agreement whereby Spectra Management
Corporation  would explore and stake five claims representing about 67,000 acres
for  the  Company  in  northern Saskatchewan.  This property is now known as the
Peter  Lake  Claims.  The  Company is obligated to complete work requirements of
$212,000  U.S.  by  June  1,  2002.

Lease  Agreements
-----------------
During  the period ended December 31, 2000, the Company entered into a lease for
its  executive offices in Coeur d'Alene, Idaho.  The lease has a three-year term
with  monthly  rent  of  $2,656  in  addition to a $2,656 security deposit.  The
Company  has  the  option  to  extend the lease for an additional two years at a
monthly  rent of $2,921.  In January 2002, the Company decreased their occupancy
space  resulting in a new monthly payment of $1,422.  The Company's rent expense
reflects a reduction for payments for improvements that were considered to be in
lieu  of  lease  expense.  Total  rent  expense, relating to this lease, for the
period  ended  March  31,  2002  was  $12,234.

Future minimum lease payments under this operating lease are as follows at March
31,  2002:

            Year  Ending:

            September 30, 2002          $    8,532
            September 30, 2003          $   14,408


                                       28
<PAGE>
                              TREND MINING COMPANY
                         (AN EXPLORATION STAGE COMPANY)
                        NOTES TO THE FINANCIAL STATEMENTS
                                 MARCH 31, 2002


NOTE 10  -  COMMITMENTS AND CONTINGENCIES (CONTINUED)

Lease  Agreements  (continued)
------------------------------
In  July  2000, the Company entered into a lease agreement for additional office
facilities  in  Reno,  Nevada.  The  agreement is a two-year lease and calls for
monthly  payments  of  $1,725 during the first year and $1,775 during the second
year,  in  addition  to  a  $350 security deposit.  Prior to the signing of this
lease,  the  Company  had  occupied the facilities on a month-to-month basis for
$1,714  per  month.  As  of  September  30, 2001, the Company no longer occupied
these  facilities  in  Nevada.  Management is currently carrying on negotiations
with  the  leassor as to whether the Company will be liable for the remainder of
the  lease.

On  August  2,  2001,  the  Company signed a month-to-month rental agreement for
storage  space  in  Coeur d'Alene, ID.  The monthly payment is $425.  Delinquent
rental  payments  are  subject to a 12% per annum interest charge.  The space is
being  used  by  the  Company  to  store  core  from  the  Lake  Owen  property.

Consulting  Agreement
---------------------
On  October 31, 2000, the Company entered into a consulting agreement with Brian
Miller under which Mr. Miller performed certain services for the Company.  Under
this  agreement,  Mr.  Miller  was  to  have  received  cash  for his consulting
services  and  was  granted  10,000  shares of common stock effective January 2,
2001..  On  February 23, 2001, Mr. Miller was also granted an option to purchase
107,800  shares  at  $.80.  On  July  20, 2001, Mr. Miller was informed that the
Company  would  no  longer  require  his  services.  The  Company  is  currently
negotiating  with  Mr.  Miller  regarding  outstanding invoices due to him.  The
107,800  options  have expired because they were not exercised within 90 days of
termination  of  his  consulting  agreement.

Mr.  Sharratt  has an agreement with the Company that compensates him with 5,000
shares  per  month,  as  of  February  1,  2002 in return for executive services
performed.

Mr.  Ryan  also  has  an  agreement  with  the  Company, as discussed in Note 6.


                                       29
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

NOTE  13  -  SUBSEQUENT  EVENT

     On  May  7,  2002,  LCM  Holdings,  LDC,  a stockholder, loaned the Company
$60,000.  This loan bears interest at 8% per annum and is due upon the Company's
completion  of  a  private  equity placement and concurrently and proportionally
with  any  amounts  repaid  to  Electrum  LLC or any others having provided loan
facilities  of  this type to the Company. One warrant is attached to each dollar
of  debt,  with  a  strike  price of $1.00, exercisable through May 7, 2007. The
lender  may  also  elect  to be repaid partially or completely in regards to the
total  principal  and  interest  outstanding  under the loan in "units" of Trend
securities,  at the rate of one unit per each $.50 owed. Each unit would consist
of one share of common stock and a warrant to purchase one share of common stock
at  $1.00  per  share,  exercisable  through  May  7,  2007.


ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

     Our  losses for the six month period ended March 31, 2002, were $1,267,383.
These  losses  increased  our  accumulated  deficit  as  of  March  31,  2002 to
$8,039,832.  Our  third quarter loss is due primarily to exploration expenses of
$782.953  and  general  operating  expenses  of  $280,368.

     Our  operating  cash deficit totaled $2,107,341 during the quarter. We have
inadequate  cash  to fund our planned acquisition and exploration activities and
other  operations  during  the  next  12 months. Such funding uncertainty raises
substantial  doubts  about  our  ability  to continue as a going concern without
raising  significant  additional  capital.

     Since  February  2001,  we  have  borrowed funds principally from the major
shareholder  of the Company to fund the minimum activities of the Company. As of
March  31,  2002, we have borrowed approximately $670,000 from Electrum LLC, our
largest  stockholder  pursuant  to certain financial arrangements. Subsequent to
the  end  of  the  reporting  period  but  prior to the date of this report, LCM
Holdings,  LDC,  a major stockholder of the Company loaned an additional $60,000
to  the  Company.

     The  loans  from  Electrum  LLC  and  several  other major shareholders are
convertible  into  "units" of the Company at $0.50 per unit. A unit is comprised
of  one  share  of our common stock and a warrant to acquire one share of common
stock  at an exercise price of $1.00, exercisable through September 30, 2006. In
connection  with  such  loan  agreements with Electrum, we have granted Electrum
warrants  to purchase 670,000 shares of our common stock at $1.00 per share that
begin to expire September 30, 2006, and we have extended for three years through
September  30,  2006  the  expiration  date  of  additional  warrants to acquire
7,979,761  shares.

     Pursuant to an agreement made as of January 30, 2002, the Company agreed to
adjust  the  conversion  terms  of the loans provided by Electrum and affiliated
parties.  This  adjustment  also  included  redefining the terms of the warrants
previously  granted  to  Electrum  and  others.

     We must seek additional financing from the public or private debt or equity
markets  to  continue our business activities. Under our Delaware certificate of
incorporation,  we  have  100,000,000  authorized shares of common stock and are
authorized  to issue 20,000,000 shares of preferred stock. The holder of the one
issued  share  of  our  Series  A preferred stock, currently Mr. Kaplan, has the
right  to approve or disapprove all issuances of equity securities. There can be
no  assurance  that  Electrum  will  continue to advance funds to us or that our
efforts to obtain additional financing will be successful. Further, there can be
no  assurance that additional financing will be available on terms acceptable to
the  Company  and/or  Mr.  Kaplan.


                                       30
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

     IF WE ARE UNABLE TO RAISE ADDITIONAL CAPITAL, WE MAY  HAVE  TO  SUSPEND  OR
     ---------------------------------------------------------------------------
CEASE  OPERATIONS.
------------------

     During July and August 2001, we implemented plans to close the Reno, Nevada
office  and  reduce  staff. Since then we have continued to review the Company's
mineral  properties  and the expenses associated with holding such properties as
well  as  their  exploration  and development. We have implemented plans towards
further  cost-cutting  and  a  focus  on the mineral properties which we view as
having  the  greatest  potential  to  host  economic  mineralization.

     If we are able to raise additional capital on acceptable terms, our primary
business  objective  for  2002 will be to focus on the evaluation of the mineral
properties  we now control. We have satisfied the work commitments on Lake Owen,
but  it  is highly unlikely that we will be able to satisfy the work commitments
at  Peter  Lake, Saskatchewan due to our current funding constraints. Therefore,
we  may  subsequently  lose control of this property and which represents a very
sizable  portion  of  our  total  acreage.

     During  the remainder of 2002 we plan to spend from $500,000 to $800,000 on
land  payments,  scientific  analyses  of  existing  geologic  data, and general
exploration  activities on the Lake Owen property. In addition, depending on the
timing  of  raising additional funds, we may spend from $50,000 to $100,000 on a
selected  basis  on  our  other existing properties for reconnaissance and other
exploration  work,  which may include geological mapping, geo-chemical sampling,
and/or  geophysical  surveys.  During  the  six months ended March 31, 2002, our
exploration  expenditures  totaled  $782,953.

     As  of  March  31, 2002, we had a net operating loss for federal income tax
purposes  of  approximately  $7,000,000.  A  significant  portion  of  this  net
operating  loss  may  expire  without its being utilized, as we may be unable to
begin  profitable  operations,  which  would  involve  moving  from  being  an
exploration  stage  company  to  a  development  stage  company  and  finally an
operating  entity,  before its expiration. The net operating loss may be further
limited  under  Internal  Revenue  Service  rules  concerning  limitations  from
ownership  changes.  Our  management  believes there is no current basis for the
recognition  of  the  value  of  the  deferred  tax  assets derived from the net
operating  loss.  At  such  time  that  our  management believes that profitable
operations are imminent, the value of any net operating loss then available will
be  used  to  determine  the  net  deferred tax asset, if any, to be recognized.

FORWARD-LOOKING STATEMENTS
--------------------------

     This  Form  10-QSB  contains  forward-looking  statements  that  involve
substantial  risks and uncertainties. Investors and prospective investors in our
common  stock  can  identify  these  statements by forward-looking words such as
"may,"  "will,"  "expect,"  "intend,"  "anticipate,"  believe,"  "estimate,"
"continue"  and  other similar words. Statements that contain these words should
be read carefully because they discuss our future expectations, make projections
of our future results of operations or of our financial condition or state other
"forward-looking"  information.

     We  believe  that it is important to communicate our future expectations to
our  investors.  However, there may be events in the future that we are not able
to  predict  accurately  or control. The factors listed in the section captioned
"Management's  Discussion  and  Analysis  or  Plan of Operation," as well as any
cautionary  language  in  this  Form  10-QSB,  provide  examples  of  risks,
uncertainties  and events that may cause our actual results to differ materially
from  the  expectations we describe in our forward-looking statements. Investors
and  prospective  investors  in  our  common  stock  should  be  aware  that the
occurrence  of the events described in the "Management's Discussion and Analysis
or  Plan  of  Operation"  section and elsewhere in this Form 10-QSB could have a
material  adverse  effect  on  our  business,  operating  results  and financial
condition.


                                       31
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

PART  II

ITEM  1.  LEGAL PROCEEDINGS.

     Several  vendors  of  the  Company  have threatened to take legal action to
recover  sums  owed  to  them.  Additionally,  one  vendor,  Nevada  Southwest
Investments LLC, dba Reno Business Park, has filed an action against the Company
in  the Second Judicial District, Washoe County, Nevada to collect the amount of
$17,608.29 due under a rental lease agreement for office space the Company chose
to  vacate.  The  Company does not intend to contest this action since it has no
basis  to  do  so. A court judgment imposed against the Company, which is highly
likely,  may  result  in  liens  against the Company bank account, other Company
assets,  or  the mineral properties held by the Company. Such liens may have the
impact  of  reducing the capability of the Company to remain as a going concern.

     Additionally, both the State of Idaho and the Internal Revenue Service have
threatened  to  impose  liens against the Company bank account, other assets, or
the  Company mineral properties unless the Company adheres to a rigorous payment
schedule  imposed  by  these  entities  to repay past due withholding taxes. The
Company  may  be unable to comply with this schedule due to funding constraints,
in  which case, actions by these entities may severely hamper the ability of the
Company  to  maintain  itself  as  a  going  concern.

ITEM  2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

RECENT SALES OF UNREGISTERED SECURITIES
---------------------------------------

     We had 20,055,935 shares of common stock issued and outstanding as of March
31,  2002.  The  issuances  discussed  under  this  section  are  exempted  from
registration  under  Rule 506 of the Securities Act ("Rule 504") or Section 4(2)
of  the  Securities  Act  ("Section  4(2)"),  as provided. All purchasers of the
following  securities  acquired  the shares for investment purposes only and all
stock  certificates  reflect  the  appropriate  legends.  No  underwriters  were
involved in connection with the sales of securities referred to in this section.

     In  general,  under  Rule  144,  a person who has beneficially owned shares
privately acquired directly or indirectly from us or from one of our affiliates,
for  at  least one year, or who is an affiliate, is entitled to sell, within any
three-month  period,  a number of shares that do not exceed the greater of 1% of
the  then  outstanding shares or the average weekly trading volume in our shares
during the four calendar weeks immediately preceding such sale. Sales under Rule
144  are  also subject to certain manner of sale provisions, notice requirements
and the availability of current public information about us. A person who is not
deemed  to  have  been  an  affiliate at any time during the 90 days preceding a
sale,  and  who has beneficially owned restricted shares for at least two years,
is  entitled to sell all such shares under Rule 144 without regard to the volume
limitations,  current public information requirements, manner of sale provisions
or  notice  requirements.


     Common Stock
     -------------

     During the six month period ended March 31, 2002, the Company issued 25,000
shares  of  common  stock valued at $25,000 for a note payable, 12,536 shares of
common  stock  valued at $6,895 for accounts payable, 1,100,000 shares valued at
$770,000  in  lieu  of and in satisfaction of mineral property work commitments,
80,000  shares valued at $32,000 for services rendered, and 82,429 shares valued
at  $36,193  for  financing  expenses.


                                       32
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

     Options
     -------

     During  the reporting period the Company granted an officer 107,800 options
until  February  23,  2004  and a consultant 200,000 options until March 3, 2006
with exercise prices of $0.80 per share as compensation. The fair value of these
options  estimated  on  the  grant  date  using  the  Black-Scholes Option Price
Calculation  was  $29,528.

     Warrants
     --------

     On October 2, 2001, a stockholder loaned the Company $10,000 which resulted
in  the  issuance  of an additional 10,000 warrants with a strike price of $1.50
exercisable  until  January 9, 2004. The fair value of these warrants, estimated
on  the  grant  date using the Black-Scholes Option Price Calculation, was $840.
The lender may also elect to be repaid partially or completely in regards to the
total  principal  and  interest  outstanding  under the loan in "units" of Trend
securities, at the rate of one unit per each $1.25 owed. Each unit would consist
of one share of common stock and a warrant to purchase one share of common stock
at  $1.50  per  share,  originally  exercisable  through  September  30,  2006.

     LCM  Holdings,  LLC loaned the Company $119,445 in a note dated October 22,
2001.  One  warrant  is  attached to each dollar of debt, with a strike price of
$1.50,  exercisable  through  January 9, 2004. The fair value of these warrants,
estimated  on  the  grant date using the Black-Scholes Option Price Calculation,
was  $9,036.  The  lender may also elect to be repaid partially or completely in
regards  to  the  total  principal  and  interest  outstanding under the loan in
"units"  of  Trend securities, at the rate of one unit per each $1.25 owed. Each
unit  would  consist  of one share of common stock and a warrant to purchase one
share  of  common  stock  at  $1.50  per  share,  originally exercisable through
September  30,  2006.

     On  January  8, 2002, a stockholder loaned the Company $30,000. One warrant
is  attached  to  each dollar of debt, with a strike price of $1.50, exercisable
through  January  9,  2004.  The lender may also elect to be repaid partially or
completely  in regards to the total principal and interest outstanding under the
loan  in  "units"  of  Trend  securities, at the rate of one unit per each $1.25
owed.  Each  unit  would  consist  of one share of common stock and a warrant to
purchase  one  share  of common stock at $1.50 per share, originally exercisable
through  September  30,  2006.

     Pursuant  to  an agreement to readjust certain loan terms and strike prices
of  certain  warrants dated January 30, 2002, the Company borrowed an additional
$150,000  from Electrum and Electrum waived accrued interest owed by the Company
as of January 29, 2002 totaling $42,950. In consideration of the additional loan
and  waiver,  the  Company  issued  to  Electrum additional warrants to purchase
150,000  shares  of  Common  Stock for $1.00 per share through January 30, 2007.
Electrum  may,  in  its sole discretion, elect to be repaid the $150,000 loan by
converting  the  amount outstanding in Units of the Company's securities, at the
rate  of  one Unit per $0.50 of loans converted. Each Unit consists of one share
of  Common  Stock and a warrant to purchase one share of Common Stock at a price
of  $0.50  per  share,  exercisable  though  January  30, 2007. In addition, the
Company  and  Electrum  agreed  to amend the prior loan agreements to reduce the
conversion  rate  of  the  existing  Units, previously at a rate of one Unit per
$1.25  of loans converted to a rate of one Unit per $0.50 of loans converted and
to reduce the exercise price of the warrants included in the Units from $1.50 to
$1.00  per  share.  In  addition, the exercise price of warrants included in the
Units  to purchase a total of 520,000 shares of Common Stock, owned by Electrum,
was  reduced from a price of $1.50 per share to $1.00 per share and the exercise
term  of  each  such  warrant  was  extended  for  a  period  of  one  year.


                                       33
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

     Subsequent  to  the  end  of  the  reporting  period,  on  May 7, 2002, LCM
Holdings,  LDC,  a  stockholder,  loaned  the  Company  $60,000. This loan bears
interest  at  8% per annum and is due upon the Company's completion of a private
equity  placement and concurrently and proportionally with any amounts repaid to
Electrum  LLC  or any others having provided loan facilities of this type to the
Company.  One warrant is attached to each dollar of debt, with a strike price of
$1.00,  exercisable  through May 7, 2007. The lender may also elect to be repaid
partially  or  completely  in  regards  to  the  total  principal  and  interest
outstanding  under  the  loan in "units" of Trend securities, at the rate of one
unit  per  each  $.50 owed. Each unit would consist of one share of common stock
and  a  warrant  to  purchase  one  share  of  common  stock at $1.00 per share,
exercisable  through  May  7,  2007.

ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES.

          None.

ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS.

          None.

ITEM  5.  OTHER  INFORMATION.

          None.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K.

          (a)     Exhibits

          None.

          -------------

          (b)     Reports on Form 8-K.

          None


                                       34
<PAGE>
                              TREND MINING COMPANY
                          (AN EXPLORATION STAGE COMPANY)
                                 MARCH 31, 2002

SIGNATURES

     In  accordance  with  the  requirements of the Exchange Act, the Registrant
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.

TREND MINING COMPANY

Dated:  May 14, 2002
By:     /s/ Kurt J. Hoffman
        -------------------------
        Kurt  J.  Hoffman
        President and Chief Executive Officer
        (Principal  Executive  Officer)


Dated:  May 14, 2002
By:     /s/ John  P.  Ryan
        -------------------------
        John P.  Ryan
        Chief Financial Officer


                                       35
<PAGE>