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, 2004       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, 2004, 12,867,250 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, 2004 and December 31, 2003

                                    March 31, 2004       December 31, 2003
ASSETS

Current Assets
   Cash                                  $   40,795             $       40
   Accounts receivable                       14,664                  3,204
   Inventory                                609,725                620,778
   Other current assets                       4,650                  5,775
                                         ----------             ----------
     Total current assets                   669,834                629,797
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          181,091                181,091
   Real estate and mineral property         473,403                473,403
                                         ----------             ----------
                                            654,494                654,494
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                947,648                909,983
   Buildings                                159,487                159,487
   Vehicles                                 252,128                252,128
                                         ----------             ----------
                                          1,359,263              1,321,598
Less accumulated depreciation            (1,219,464)            (1,211,496)
                                         ----------             ----------
     Net fixed assets                       139,799                110,102
                                         ----------             ----------
Other Assets
   Bonds and misc. deposits                  16,185                 16,185
                                         ----------             ----------

     Total Assets                        $1,480,312             $1,410,578
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts payable &
      accrued expenses                   $  378,017                352,797
Due to related party                         72,163                101,397
Notes payable due within one year           433,746                434,013
                                         ----------             ----------
     Total Current Liabilities              883,926                888,207
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year          19,695                 27,597
                                         ----------             ----------
     Total Liabilities                      903,621                915,804
                                         ----------             ----------

Stockholders' Equity
   Capital stock, par value $.03:
     30,000,000 shares authorized:
     12,867,250 shares issued and
     outstanding as of March 31, 2004 and
     December 31, 2003                      428,869                428,869
   Additional paid-in capital             1,875,888              1,875,888
   (Accumulated deficit)
      retained earnings                  (1,728,066)           (1,809,983)
                                         ----------             ----------
     Total Stockholders' Equity             576,691                494,774
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $1,480,312             $1,410,578
                                         ==========             ==========

                              See Accompanying Notes

<page>

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


                             Three Months Ending March 31,
                                      2004            2003
                                    ------          ------
Revenues:
  Gold & jewelry sales           $   246,285   $   140,187
  Inventory valuation adjustment
  for the price of gold              (1,107)      (18,173)
                                 -----------   -----------
     Total revenues                  245,178       122,014
                                 -----------   -----------
Operating expenses:
  Salaries and wages                  32,197        17,342
  Contract Labor                      28,227        34,414
  Telephone & utilities               31,601        31,216
  Taxes - property & payroll           8,650        8,256
  Insurance                            1,925         1,655
  Supplies                            10,766         6,707
  Small equipment & repairs            3,658         1,633
  Drayage                              3,581           978
  Corporate expenses                   2,600         4,102
  Legal and accounting                10,378         3,059
  Depreciation & amortization          7,968         5,956
  Other expenses                      17,278         3,239
                                   ----------   ----------
  Total operating expenses           158,829       118,557
                                 ----------    ----------
  Profit (Loss) from operations       86,349         3,457

Other Income & (Expense):
  Other income (expense)             (4,432)      (16,754)
                                 ----------    -----------
Loss before taxes                     81,917     (13,297)
                                 ----------    -----------
Net loss                      $       81,917 $    (13,297)
                               ============    ===========

Basic and diluted (loss)
   gain per share            $          .006  $      (.001)
                                 ============    ============
Shares used in the
   calculation of net
   loss income per share           12,867,250    12,744,046
                                 ============    ===========


                              See Accompanying Notes

<page>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
         Three Months Ended March 31, 2004  and March 31, 2003

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

Net profit (loss)                       $         81,917         $    (13,297)
  operating activities:
     Depreciation and amortization                 7,968                 5,956
     (Increase)Decrease in
        accounts receivable                     (11,460)               (5,014)
     Decrease(Increase) in inventory              11,053                25,692
     (Increase)Decrease in other
       current assets                              1,125                   728
     (Decrease) increase in accounts payable
       and accrued expenses                       25,220                 2,867
    (Decrease) increase in short term notes     (29,501)               (2,438)

                                            ------------            ----------
  Net cash (used) provided by
     operating activities                         86,322                14,494
                                            ------------            -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                      (37,665)                -
  Other assets bonds misc. deposits                                    -
                                             -------------         -----------

  Net cash (used) provided by
    investing activities                        (37,665)              -
                                            -------------          -----------

Cash Flows From Financing Activities

  Increase (decrease) Bank overdraft                -                     (81)
  Increase (decrease) notes payable              (7,902)               (6,981)
  Proceeds from sale of common stock               -                       -
  Additional paid-in capital                       -
                                               ------------       ------------
  Net cash provided (used) by
    financing activities                         (7,902)               (7,062)
                                               ------------        ------------

  Decrease (increase) in cash                      40,755               7,432

Cash, beginning of period                              40                  -
                                                ------------         ----------
Cash, end of period                            $    40,795        $      7,432
                                               ============        ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                         $     14,922          $     14,990
                                             ============          ============

                              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, 2004 and
December 31, 2003,the results of operations and cash flows for the three-month
periods ended March 31, 2004 and 2003.  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

 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 no estimates are offered
regarding the date of accessing the 2400 foot level.  The Company has announced
 its plans to construct a new shaft in the central area of its property.
Construction is dependent on available capital for the expansion.  New mine
production was disappointing.  Gold inventory at December 31, 2003 ($620,778)
decreased $11,053 to $609,725 on  March 31, 2004.  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 increased by $69,734 during the three month period which primarily
represents the increase in cash of $40,755 in addition to equipment purchased.
  Liabilities decreased by $12,183 as the Company continued to pay
down its loans.

STATEMENT OF OPERATIONS

Revenues for the three-month period increased by $123,164 (101%) compared with
the same period for 2003 mainly as a result of mill sulfides which were
processed to extract the gold.  Gross revenue from the sulfides was $102,714.
These sulfides were never booked as gold inventory due to the difficulty in
determining their exact gold content.

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

1.  Salaries and wages increased by $14,855 (85%) primarily due to wages of
$5,000 per month being booked to wage expense and wage liability for Michael
Miller as approved by the Board of Directors.  Miller waved his salary for
2003.

2. Drayage increased by $2,603 (266%) for the three-month period ended March 31,
2004, compared with the same period for 2003, due primarily to vehicle repairs
that were required.

3. Legal and accounting reflects an increase of $7,319 (42%) for the
three-month period ended March 31, 2004, compared with the same period ended
March 31 2003.  This increase is mainly the result of a Petition filed in
United States Court of appeals for the Ninth Circuit, March 23, 2004 contesting
MSHA's interpretation of its standard.  Docket Number 04-71301, as well as
Complaint for Damages (Malicious Prosecution, Intentional Infliction of
Emotional Distress, Intentional Interference with Perspective Advantage) filed
in Superior Court of the State of California, County of Sierra against private
lawyers and their employer.  Case filed February 13, 2004.  Case No. 6293. Both
cases are ongoing.

4.  Other expenses increased by $14,039 (89%) primarily due to an increase
in advertising and promotion as the company stepped up its effort to find
investors.

5.  For the three-month period ended March 31, 2004, the Company recorded a
profit of $81,917 (before taxes) compared to a loss of $13,298 (before taxes)
for the same period in 2003.  The $95,211 (716%) difference is attributed
primarily to revenue from mill concentrates as noted above.

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

1.Petition in United States Court of appeals for the Ninth Circuit, filed March
 23, 2004 contesting MSHA's interpretation of its standard.  Docket Number
04-71301.

2. Plaintiff in Superior Court of the State of California, County of Sierra
against private lawyers and their employer.  Case filed February 13, 2004.
Case No. 6293, Complaint for Damages (Malicious Prosecution, Intentional
Infliction of Emotional Distress, Intentional Interference with Perspective
Advantage)

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, 2004.

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:  June 3, 2004