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 June 30, 2002       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:  X                      No:



As of June 30, 2002, 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.
                                   Balance Sheet
                       June 30, 2002 and December 31, 2001

                                        June 30, 2002     December 31, 2001
ASSETS

Current Assets
   Cash                                  $    9,274             $   23,469
   Accounts receivable                       13,569                 19,956
   Inventory                                560,399                706,633
   Prepaid expense: shareholder                   0                  3,038
   Other current assets                       8,206                 10,301
                                         ----------             ----------
     Total current assets                   591,448                763,397
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          181,171                181,171
   Real estate and mineral property         473,323                473,323
                                         ----------             ----------
                                            654,494                654,494
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                909,983                898,048
   Buildings                                159,487                159,487
   Vehicles                                 252,128                252,128
                                         ----------             ----------
                                          1,321,598              1,309,663
Less accumulated depreciation            (1,150,843)            (1,114,013)
                                         ----------             ----------
     Net fixed assets                       170,755                195,650
                                         ----------             ----------
Other Assets
   Bonds and misc. deposits                  16,185                      -
                                         ----------             ----------

     Total Assets                        $1,432,882             $1,613,541
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
Bank Overdraft                                                  $   12,430
   Accounts payable &
      accrued expenses                   $  300,936                206,673
Due to related party                         90,085                 36,205
Notes payable due within one year           473,000                469,425
                                         ----------             ----------
     Total Current Liabilities              864,021                724,733
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year          54,470                103,147
                                         ----------             ----------
     Total Liabilities                      918,491                827,880
                                         ----------             ----------

Stockholders' Equity
   Capital stock, par value $.03:
     30,000,000 shares authorized:
     12,749,046 shares issued and
     outstanding as of June 30, 2002 and
     December 31, 2001                      424,868                424,868
   Additional paid-in capital             1,804,100              1,809,876
   (Accumulated deficit)
      retained earnings                  (1,714,577)           (1,449,083)
                                         ----------             ----------
     Total Stockholders' Equity             514,391                785,661
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $1,432,882             $1,613,541
                                         ==========             ==========

                              See Accompanying Notes

<page>

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


                      Three Months Ending June 30,    Six Months Ending June 30,
                             2002            2001           2002            2001
                           ------          ------          ------          -----
Revenues:
  Gold & jewelry sales  $   103,536   $   135,105      $   261,003   $   287,942
                        -----------   -----------         --------      --------
     Total revenues         103,536       135,105          261,003       287,942
                        -----------   -----------         --------      --------
Operating expenses:
  Salaries and wages        161,492       230,632          303,869       393,665
  Telephone & utilities      37,136        36,958           68,463        52,572
  Taxes - property & payroll 17,534        20,057           38,076        60,169
  Insurance                   1,442         8,995            1,692        16,545
  Supplies                   27,053        13,297           46,876        36,769
  Small equipment & repairs  10,109         6,235            13,518       18,122
  Drayage                     3,821         6,543           11,115        16,248
  Corporate expenses          4,371        12,832            3,859        13,115
  Legal and accounting        4,293        21,936           27,826        41,546
  Depreciation & amortization 18,415       19,000           36,830        38,000
  Other expenses              3,020         7,909            7,167        15,108
                          ----------   ----------          -------       -------
  Total operating expenses  288,686       384,394          559,291       701,859
                         ----------    ----------         --------      --------
    Loss from operations  (185,150)     (249,289)         (298,288)    (413,917)

Other Income & (Expense):
  Other income (expense)     (2,773)       24,169         33,594        (11,048)
                         ----------    -----------        -------       --------
Loss before taxes          (187,923)     (225,120)      (264,694)      (424,965)
                         ----------    -----------      ---------     ----------
Income tax benefit (expense)   800             800           800             800
                         ----------    -----------      ---------     ----------
Net loss              $    (188,723) $   (225,920) $    (265,494)  $   (425,765)
                       ============    ===========      ==========    ==========

Basic and diluted loss
   per share          $       (.01)  $       (.02) $         (.02)  $      (.03)
                      ============    ============       =========     =========
Shares used in the
   calculation of net
   loss income per share 12,744,046    12,744,046        12,744,046   12,744,046
                       ============    ===========       ==========  ===========


                              See Accompanying Notes

<page>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
            Three Months Ended June 30, 2002 and June 30, 2001

                                               Six Months Ended June 30,
                                               2002                   2001
                                         --------------         --------------
Cash Flows From Operating Activities:

Net loss                               $      (265,494)        $    (425,766)
  operating activities:
     Depreciation and amortization               36,830                38,000
     (Increase)Decrease in
        accounts receivable                       6,387              (10,241)
     Decrease(Increase) in inventory            146,234               128,003
     (Increase)Decrease in other
       current assets                            5,133                  3,074
     (Decrease) increase in accounts payable
       and accrued expenses                      94,263               148,845
    (Decrease) increase in short term notes      57,455                37,740

                                            ------------           ----------
  Net cash (used)provided by
     operating activities                        80,808              (80,345)
                                           ------------           -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                     (11,935)              (28,866)
  Other assets bonds misc. deposits            (16,185)
                                            -------------         -----------

  Net cash used by
    investing activities                       (28,120)              (28,866)
                                            -------------         -----------

Cash Flows From Financing Activities

  Bank overdraft                                 (12,430)              (19,155)
  Increase (decrease) notes payable              (48,677)                86,704
  Proceeds from sale of common stock               -                      3,750
  Additional paid-in capital                      (5,776)
                                               ------------        ------------
  Net cash provided (used) by
    financing activities                          (66,883)               71,299
                                               ------------        ------------

  Decrease (increase) in cash                      (14,195)            (37,912)

Cash, beginning of period                            23,469              37,912
                                                ------------         ----------
Cash, end of period                            $      9,274        $          0
                                             ============          ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                     $     38,875          $      6,200
                                         ============          ============
    Income taxes                         $          -          $          -
                                         ============          ============

                              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.  Original Sixteen to One Mine, Inc., is a distinct company in that it is
the only operating SEC reporting company of its kind remaining in the United
States.  While the reporting standards are in compliance with the SEC
requirements, management believes that the assets of the Company are
understated.  As an example, in 2001, the Company incurred a loss of
approximately $800,000 in the writing down of development costs of the 2283
Winze.  The development costs were capitalized based on gold production.  Due
to more favorable locations for short-term gold production, the Company made
changes in its plan of operation.  While the immediate future holds no promise
for operation in this area of the mine, the development still proves to be a
valuable asset to the infrastructure of the property.

3.  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 June 30, 2002 and December
31, 2001, the results of operations and cash flows for the three-month periods
ended June 30, 2002 and 2001.  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 remains insufficient to offset quarterly expenses.
Two exploration crews worked favorable areas throughout the second
quarter. Production has been disappointing in light of the positive
geological environment for gold deposition.

Two-thirds of the crew worked in the renovation of the Tightner shaft.  The
goal is to expose the 2400 foot level for exploration.  While this project
should have been completed by the end of the second quarter, mechanical
problems with the pumps and the pumping system have slowed the process.
No gold production was anticipated from the "dead" work (renovation) and
no significant gold was produced.

Because of the disappointments and lack of gold production in the Compromise
Raise area and the dead work in the Tightner shaft, the Company finds itself
short on cash.  A favorable non-monetary asset near completion during the
Present calendar year is the transformation of an antiquated pumping
system into a modern system.  Electrical consumption is anticipated to be
reduced by 50% when the new system is operating.  All pumps, pipes,
electrical wire and other supplies were purchased during the first quarter;
however utility costs remain high and will do so until the de-watering
program is replaced with a maintenance program.  Due to the very nature of
deep vein mining and the disappointing results this year, no estimates are
offered regarding the date of accessing the 2400 level.  The water level at
the Tightner Winze appears to be about three feet to four feet above the
roof of the 2400 foot level.  The rate of change has been between one to two
inches per day.  Normal hydrology of the actual circumstances of the mine
would indicate that the rate of change would increase as the northern and
southern extremities of the level are drained.


BALANCE SHEET COMPARISONS
The Company's decrease in assets of $171,909 (23%)was attributed to
minimal gold production which necessitated liquidating a portion of its
inventory to satisfy working capital needs.


STATEMENT OF OPERATIONS
There was minimal change in revenues for the three-month and six-month periods
ended June 30, 2002, compared with the same periods for 2001.

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

1.  Salaries and wages, and contract labor decreased a total of $69,140 (30%).
2.  The number of employees decreased for the three-month period ended June 30,
2002 by four.  The Company employed 16 persons at June 30, 2002,(one permanent
part-time).  The President received no salary during the second quarter for
2002.

3.  Insurance decreased $7,553 (84%) for the three-month period ended June 30,
2002,compared with the same period for 2001, as the Company restructured and
reduced coverages.

4.  Small equipment and repairs increased for the three-month period ended
June 30, 2002, compared with the same period in 2001, by $3,874 (48%) as the new
pumping system required unforeseen repairs and maintenance.

Legal and accounting reflects a decrease of $17,643 (80%) for the
three-month period ended June 30, 2002, compared with the same period ended
 2001.

Management represents the Company in compliance matters without engaging the
aid of outside counsel and therefore has incurred no legal expense.

For the three-month period ended June 30, 2002, the Company recorded a loss
of $187,923 (before taxes) compared to a loss $225,120 for the same period in
2001.


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.

CHANGES IN SECURITIES
Due to the low price per share of the Company's stock, (OAU) was suspended
from trading on March 21, 2002 by the Pacific Exchange.


OTHER INFORMATION
The Directors accepted with regret the resignation of Sandor Holly
effective June 30, 2002.  Mr. Holly served the Corporation since 1997.

SUBSEQUENT EVENTS
The Company experienced significant interference from one federal agency, Mine
Safety Health Administration (MSHA) between 1998 - 2001.  During the last year
and for the last four inspections, the Company recognized a positive change in
MSHA attitude and approach to safety.  Of the last four quarterly inspections,
two were citation free, while two resulted in five minor non-serious and
insignificant violations of rules and standards.

On July 9, 2002, Michael M. Miller, president, and Jonathan T. Farrell, mine
manager, were charged with violation of 6425(a) of the California Labor Code,
violation of Occupation Safety or Health Standard, order or special order
causing death or permanent or prolonged impairment.  Management believes the
accusations are groundless; however because the instigating prosecutors are
private non-governmental lawyers outside the standard criminal system, a
vigorous and time demanding defense and offense are necessary to protect the
beneficiaries' interests.  Even unfounded criminal accusations are mentally
debilitating and time consuming.  Because Miller and Farrell hold key
management positions, the company may suffer substantial and significant
damages due to the distraction caused by the prosecutors.

The unaudited interim consolidated financial statements of Original Sixteen to
One Mine, Inc. (the Company) have been prepared 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.  These interim
financial statements should be read in conjunction with the consolidated
financial statements of the company included in its 2001 Annual Report on Form
10-K.

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 June
30, 2002.


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 19, 2002