SECURITIES AND EXCHANGE COMMISSION
                                 WASHINGTON, D.C.  20549


                                     FORM 10-QSB



                      QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                        OF THE SECURITIES EXCHANGE ACT OF 1934



   For the Quarter Ended March 31, 2003       Commission File No. 001-10156



                          ORIGINAL SIXTEEN TO ONE MINE, INC.
                (Exact name of registrant as specified in its charter)



                   CALIFORNIA                            94-0735390
      (State or other jurisdiction of     (I.R.S. Employer Identification No.)
        incorporated or organization

                     Post Office Box 909, Alleghany, CA  95910
                      (Address of principal executive offices)


                                    (530) 287-3223
                            (Registrant's telephone number)
                                (including area code)

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 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
requirement for the past 90 days.

                        Yes:                        No: x



As of March 31, 2003, 12,746,046 shares of Common Stock, par value $.03 per
share, were issued and outstanding.

<page>


                                   PART I

1.  FINANCIAL INFORMATION

                        Original Sixteen to One Mine, Inc.
                              Condensed Balance Sheet
                     March 31, 2003 and December 31, 2002

                                  March 31, 2003     December 31, 2002
ASSETS

Current Assets
   Cash                                  $    7,432             $        0
   Accounts receivable                       12,334                  7,321
   Inventory                                579,358                605,050
   Other current assets                       6,511                  7,238
                                         ----------             ----------
     Total current assets                   605,635                619,609
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          181,091                181,171
   Real estate and mineral property         473,403                473,323
                                         ----------             ----------
                                            654,494                654,494
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                909,983                909,983
   Buildings                                159,487                159,487
   Vehicles                                 252,128                252,128
                                         ----------             ----------
                                          1,321,598              1,321,598
Less accumulated depreciation            (1,193,630)            (1,187,673)
                                         ----------             ----------
     Net fixed assets                       127,968                133,925
                                         ----------             ----------
Other Assets
   Bonds and misc. deposits                  16,185                 16,185
                                         ----------             ----------

     Total Assets                        $1,404,282             $1,424,213
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
Bank Overdraft                                                  $       81
   Accounts payable &
      accrued expenses                   $  325,174                322,307
Due to related party                         96,656                 93,720
Notes payable due within one year           439,272                444,646
                                         ----------             ----------
     Total Current Liabilities              861,102                860,754
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year          50,901                 57,883
                                         ----------             ----------
     Total Liabilities                      912,003                918,637
                                         ----------             ----------

Stockholders' Equity
   Capital stock, par value $.03:
     30,000,000 shares authorized:
     12,749,046 shares issued and
     outstanding as of March 31, 2003 and
     December 31, 2002                      424,868                424,868
   Additional paid-in capital             1,809,876              1,809,876
   (Accumulated deficit)
      retained earnings                  (1,742,465)           (1,729,168)
                                         ----------             ----------
     Total Stockholders' Equity             492,279                505,576
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $1,404,282             $1,424,213
                                         ==========             ==========

                              See Accompanying Notes

<page>

                         Original Sixteen to One Mine, Inc.
                     Statement of Operations and Retained Earnings


                             Three Months Ending March 31,
                                      2003            2002
                                    ------          ------
Revenues:
  Gold & jewelry sales           $   122,014   $   206,079
                                 -----------   -----------
     Total revenues                  122,014       206,079
                                 -----------   -----------
Operating expenses:
  Salaries and wages                  17,342       122,129
  Contract Labor                      34,414         2,710
  Telephone & utilities               31,216        31,326
  Taxes - property & payroll           8,256        20,542
  Insurance                            1,655        18,725
  Supplies                             6,707        19,824
  Small equipment & repairs            1,633         3,409
  Drayage                                978         7,295
  Corporate expenses                   4,102         1,188
  Legal and accounting                 3,059        23,533
  Depreciation & amortization           5,956       18,415
  Other expenses                        3,239        4,146
                                   ----------   ----------
  Total operating expenses           118,557       273,242
                                 ----------    ----------
  Profit (Loss) from operations       3,457       (67,163)

Other Income & (Expense):
  Other income (expense)           (16,754)       (16,577)
                                 ----------    -----------
Loss before taxes                   (13,297)      (83,740)
                                 ----------    -----------
Net loss                      $     (13,297) $    (83,740)
                               ============    ===========

Basic and diluted loss
   per share                 $       (.001)  $       (.01)
                              ============    ============
Shares used in the
   calculation of net
   loss income per share          12,744,046    12,744,046
                               ============    ===========


                              See Accompanying Notes

<page>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
         Three Months Ended March 31, 2003  and March 31, 2002

                                              Three Months Ended March 31,
                                               2003                   2002
                                         --------------         --------------
Cash Flows From Operating Activities:

Net loss                               $       (13,297)         $    (83,740)
  operating activities:
     Adj. to reconcile difference between
  net loss 2002 and change in retained earnings                           283
     Depreciation and amortization                5,956                18,415
     (Increase)Decrease in
        accounts receivable                     (5,014)                 6,415
     Decrease(Increase) in inventory             25,692               101,702
     (Increase)Decrease in other
       current assets                              728                  2,861
     (Decrease) increase in accounts payable
       and accrued expenses                       2,867               (2,583)
    (Decrease) increase in short term notes      (2,438)                8,814

                                            ------------           ----------
  Net cash (used) provided by
     operating activities                        14,494                52,167
                                           ------------           -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                                           (11,935)
  Other assets bonds misc. deposits                                  (16,185)
                                             -------------         -----------

  Net cash (used) provided by
    investing activities                                             (28,120)
                                            -------------         -----------

Cash Flows From Financing Activities

  Increase (decrease) Bank overdraft                 (81)              (12,430)
  Increase (decrease) notes payable               (6,981)              (32,429)
  Proceeds from sale of common stock               -                       -
  Additional paid-in capital                       -
                                               ------------        ------------
  Net cash provided (used) by
    financing activities                          (7,062))             (44,859)
                                               ------------        ------------

  Decrease (increase) in cash                        7,432             (20,812)

Cash, beginning of period                                 0              23,469
                                                ------------         ----------
Cash, end of period                            $      7,432        $      2,657
                                             ============          ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                         $     14,990          $     17,162
                                             ============          ============

                              See Accompanying Notes
<page>

                        NOTES TO THE FINANCIAL STATEMENTS

I.  GENERAL NOTES

1.  In accordance with directive from the Securities and Exchange Commission
(SEC)and Industry Guide 7, reference for all intent and purposes to the
Company's employees as miners, its properties as mines or its operation as
mining does not diminish the fact that the Company has no proven reserves and
is in the "exploration state" as defined in Guide 7(a)(4)(iii).


2. In the opinion of management, the financial statements contain all
adjustments (consisting only of normal recurring accruals) necessary to present
fairly the Company's financial position at March 31, 2003 and
December 31, 2002,the results of operations and cash flows for the three-month
periods ended March 31, 2003 and 2002.  The unaudited financial statements
have been prepared in accordance with Generally Accepted Accounting Principles
for interim financial information and with the instructions to Form 10-QSB
and Item 310(b) of Regulation S-B.

II.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION

Gold production during the first quarter was insufficient to offset quarterly
expenses.  Since the Sixteen to One Mine is well known for over one hundred
years as a unique gold deposit, predicting gold production is more speculative
than provable.  Independent crews have access to company maps and records which
allow them to select and explore for gold in areas favorable for short term
goals. Liberating the flooded levels of the mine remains a goal.  Difficulties
continue due primarily to a lack of investment capital adequate to improve the
efficiency of pumping.  An improved system has significantly reduced dewatering
costs.  Due to the very nature of deep vein mining and the disappointing
results recently, no estimates are offered regarding the date of accessing the
2400 foot level.  New mine production was also disappointing.  Gold inventory
at December 31, 2002 ($605,050) decreased $25,692 to $579,358 on
March 31, 2003.  Demand for the Company's primary product, gold laced quartz,
remains higher than available supply.  While the daily price of gold bullion
impacts revenue, gold laced quartz is sold for many times its crush or spot
bullion price.

BALANCE SHEET COMPARISONS

Assets decreased by $19,932  which primarily represents the decrease in
inventory of  $25,692 as the Company sold inventory to maintain
operations.  Liabilities decreased by $6,633 as the Company continued to pay
down its loans.

STATEMENT OF OPERATIONS
Revenues for the three-month period decreased by $84,065 (41%) compared with
the same period for 2002 as a result of a scaled down operation resulting in
lower production.

Changes in the Company's operating expenses are reflected as follows:

1.  Salaries and wages, and contract labor decreased a total of $73,083 (59%)

2. Insurance decreased $17,070 (91%) for the three-month period ended March 31,
2003, compared with the same period for 2002, due primarily to a significant
decrease in Worker's Compensation insurance.

3. Legal and accounting reflects a decrease of $20,474 (87%) for the
three-month period ended March 31, 2003, compared with the same period ended
2002.  This decrease is mainly the result of the Company not engaging
Independent Auditors to review the 2002 year-end financial statements.

4.  Depreciation expense decreased $12,459 (68%) due to the prior write-off of
development costs.

5.  For the three-month period ended March 31, 2003, the Company recorded a
loss of $13,298 (before taxes) compared to a loss $83,740 (before taxes) for
the same period in 2002.  The $70,443 (84%) difference is attributed to a
scaled down operation and no mid-range or long-range exploration being
conducted.

LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity is substantially dependent upon the results of its
operations.  While the Company does maintain a gold inventory which it can
liquidate to satisfy working capital needs, there can be no assurance that such
inventory will be adequate to sustain operations if the Company's gold mining
activities are not successful.  Because of the unpredictable nature of the gold
mining business, the Company cannot provide any assurance with respect to
long-term liquidity.  In addition, if the Company's operation does not produce
meaningful additions to inventory, the Company may determine it is necessary to
satisfy its working capital needs by selling gold in bullion form.

The Company is dependent on continued recovery of gold and sales of gold from
inventory to meet its cash needs.  Although the Company has historically
located an annual average of $848,000 of gold over a five year period, there
can be no assurance that the Company's efforts in any particular period will
provide sufficient funding for the Company to continue operations.

If the Company's cash resources are inadequate and its gold inventory is
depleted, the Company may seek debt or equity financing on the most reasonable
terms available.

PART II

LEGAL PROCEEDINGS

The Company disagrees with citations issued by the Federal Mine Safety and
Health Administration (MSHA) and California Occupational Safety and Health
Administration (CalOSHA).  These matters are at the administrative level and
are being addressed by the Company's management.

On February 13, 2003, Sierra County Superior Court Judge Stanley Young
dismissed all charges against the company and its employees in the parties'
motion to set aside.  The charges were filed by and prosecuted by the
California District Attorney Association, (CDAA) a non-government, non-profit
corporation.  CDAA received a grant from the California Department of
Industrial Relations to assist the District Attorney in rural counties in cases
where the District Attorney sought assistance  The Company is reviewing the
prospects of recovering damages from the private association.

OTHER INFORMATION

The unaudited interim consolidated financial statements of Original Sixteen to
One Mine, Inc. (the Company) have been prepared by management in accordance
with generally accepted accounting practices.  Such rules allow the omission of
certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted audited accounting
principles as long as the statements are not misleading.

In the opinion of management, verified by signature below, all adjustments
necessary for a fair presentation of these interim statements have been
included.  These adjustments are of a normal recurring nature.

The preparation of the Company's financial statements in conformity with
accounting principles accepted in the United States requires management to make
estimates and assumptions.  These estimates and assumptions affect the reported
amounts of assets and liabilities and disclosure of contingent liabilities at
the date of the financial statements, as well as the reported amount of
revenues and expenses during the reporting period.  On an ongoing basis,
management evaluates its estimates and assumptions; however, actual amounts
could differ from those based on such estimates and assumptions.  No accounting
principle upon which the Company's financial status depends, requires estimates
of proven and probable reserves and/or assumptions of future gold prices.
Commodity prices may significantly affect the company's profitability and cash
flow.  No independent accounting firm or auditors have any responsibility for
the accounting and written statements of the Form 10-QSB.

The Company and its president assume responsibility for the accuracy of this
filing and certify the financial statements present fairly in all material
respects, the financial position of Original Sixteen to One Mine, Inc at March
31, 2003.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

ORIGINAL SIXTEEN TO ONE MINE, INC.
(Registrant)

/s/Michael M. Miller
President and Director
Dated:  May 3, 2003