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, 2006       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 March 31, 2006, 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, 2006 and December 31, 2005

                                    March 31, 2006       December 31, 2005
ASSETS

Current Assets
   Cash                                  $   14,868              $    -
   Accounts receivable                        1,936                    247
   Inventory                                696,740                626,649
   Other current assets                         984                  1,476
                                         ----------             ----------
     Total current assets                   714,528                628,372
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          216,895                217,591
   Real estate and mineral property         502,099                501,403
                                         ----------             ----------
                                            718,994                718,994
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                982,515                982,515
   Buildings                                209,487                209,487
   Vehicles                                 253,128                253,128
                                         ----------             ----------
                                          1,445,130              1,445,130
Less accumulated depreciation            (1,283,132)            (1,272,241)
                                         ----------             ----------
     Net fixed assets                       161,998                172,889
                                         ----------             ----------
Other Assets
   Bonds and misc. deposits                  16,185                 16,185
                                         ----------             ----------

     Total Assets                        $1,611,705             $1,536,440
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
   Bank Overdraft                          $                         $ 200
   Accounts payable &
      accrued expenses                      264,827                270,435
Due to related party                        310,529                235,614
Notes payable due within one year           432,890                435,366
                                         ----------             ----------
     Total Current Liabilities            1,008,246                941,615
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year         103,177                107,952
                                         ----------             ----------
     Total Liabilities                    1,111,423              1,049,567
                                         ----------             ----------

Stockholders' Equity
   Capital stock, par value $.03:
     30,000,000 shares authorized:
     12,867,250 shares issued and
     outstanding as of March 31, 2005 and
     December 31, 2004                      428,869                428,869
   Additional paid-in capital             1,875,888              1,875,888
   (Accumulated deficit)
      retained earnings                  (1,804,475)           (1,817,884)
                                         ----------             ----------
     Total Stockholders' Equity             500,282                486,873
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $1,611,705             $1,536,440
                                         ==========             ==========

                              See Accompanying Notes

<page>

                         Original Sixteen to One Mine, Inc.
                     Statement of Operations and Retained Earnings
                Three Months Ended March 31, 2006 and March 31, 2005

                             Three Months Ending March 31,
                                      2006            2005
                                    ------          ------
Revenues:
  Gold & jewelry sales            $  175,840  $     85,408
                                   -----------   -----------
     Total revenues                  175,840        85,408
                                 -----------   -----------
Operating expenses:
  Salaries and wages                  17,957        44,213
  Contract Labor                      75,914       151,989
  Telephone & utilities                8,858        27,129
  Taxes - property & payroll           8,004        10,292
  Insurance                              492           387
  Supplies                             3,911         9,306
  Small equipment & repairs              428        11,898
  Drayage                             12,426         6,365
  Corporate expenses                   1,000         1,000
  Compliance/safety                    2,485         1,531
  Legal and accounting                 2,080         3,551
  Depreciation & amortization         10,890         6,899
  Other expenses                       3,419         6,609
                                   ----------   ----------
  Total operating expenses           147,864       281,169
                                 ----------    ----------
  Profit (Loss) from operations       27,976     (195,761)

Other Income & (Expense):
  Other Income (expense)            (14,567)      (15,765)
                                 ----------    -----------
Profit (Loss) before taxes            13,409     (211,526)
                                 ----------    -----------
Net Profit (Loss)             $       13,409  $  (211,526)
                               ============    ===========

Basic and diluted (Loss)
   Gain per share            $         .001  $    (.016)
                                 ============    ============
Shares used in the
   calculation of net
   loss income per share           12,867,250    12,867,250
                                 ============    ===========


                              See Accompanying Notes

<page>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
         Three Months Ended March 31, 2006 and March 31, 2005

                                              Three Months Ended March 31,
                                               2006                   2005
                                         --------------         --------------
Cash Flows From Operating Activities:

Net profit (loss)                       $           13,409        $  (211,525)
  operating activities:
     Depreciation and amortization                  10,890               6,899
     (Increase)Decrease in
        accounts receivable                         (1,689)                461
     Decrease(Increase) in inventory               (70,091)            203,284
     (Increase)Decrease in other
       current assets                                  492                 387
     (Decrease) increase in accounts payable
       and accrued expenses                         (5,608)            (5,791)
    (Decrease) increase in short term notes         72,440              17,675

                                            ------------            ----------
  Net cash (used) provided by
     operating activities                           19,843              11,390
                                             ------------           -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                            -                -
  Other assets bonds misc. deposits                  -                 -
                                             -------------         -----------

  Net cash (used) provided by
    investing activities                           -                   -
                                            -------------          -----------

Cash Flows From Financing Activities

  Increase (decrease) bank overdraft                 (200)             -
  Increase (decrease) notes payable                (4,775)               (727)
  Proceeds from sale of common stock               -                       -
  Additional paid-in capital                       -                       -
                                               ------------       ------------
  Net cash provided (used) by
    financing activities                           (4,975)               (727)
                                               ------------        ------------

  (Decrease) increase in cash                       14,868              10,663

Cash, beginning of period                              0                 9,857
                                                ------------         ----------
Cash, end of period                            $    14,868        $     20,520
                                               ============        ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                         $      15,490         $     17,326
                                             ============          ============

                              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, 2006 and December 31,
2005, the results of operations and cash flows for the three-month periods
ended March 31, 2006 and 2005.  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

The Sixteen to One mine in the Alleghany Mining District is a unique mine and
requires a unique operation, which has been recognized by its owners, its
miners, geologists, engineers, and some public agencies during the last decade
of the twentieth century and to the present.  It is a traditional high-grade,
hard rock, underground gold mine.  According to statement by the federal Mines
Safety Health Administration, it is the only underground single product (gold)
mine operating in the United States today.  The same company owns and operates
the mine.  Original Sixteen to One Mine Inc, (owner) was incorporated in
California in 1911.  Experts estimate that less than twenty percent of the
proven and probable ore deposit has been mined.  Production is approximately
1,500,000 ounces of gold.

There are over twenty-eight miles of horizontal workings and millions of cubic
feet of vertical excavations called stopes.  The entire grounds are not
maintained for mining.  Once an area is targeted for mining, travel ways and
escape routes are brought into safety compliance.  Production miners set up a
heading (face) and begin a drill-blast-muck sequence into the quartz.  Gold is
hosted in the quartz vein in exceedingly rich concentrations called "pockets".
Metal detectors are regularly used underground as a tool for guiding the
direction of the work.  Metal detectors are also used as a tool to separate the
ore underground.  This has the positive affect of reducing the volume of shot
rock from the mine, thereby reducing cost.    In 1992, the company initiated a
gold marketing plan of selling gold in quartz as a gemstone.  This produces
revenue significantly greater than selling gold into the spot market.  Demand
for the Sixteen to One gold-in-quartz gemstone exceeds supply.

Production has been termed a "feast or famine" situation for over 100 years.
Reserves in a high-grade gold mine cannot be termed as "proven".  The company
hoards gold and sells it according to short-term cash needs.  This fact
requires an operator to manage its cash flow to operate between pockets.  It is
difficult to undertake major expansion plans with an uncertain supply of
capital.  The Company has announced general plans to build a new shaft in the
northern section of its patented claims.

During the first quarter of 2006 the price of gold increased by $69.00 per
ounce to $582 per ounce (P.M. London fix) on March 31, 2006.

BALANCE SHEET COMPARISONS

For the three-month period ending March 31, 2006  current assets increased by
$86,156 (14%) due primarily to an increase in the value of our gold inventory.

Total assets increased by $75,265 (5%) for the same reason listed above.

Notes due to related parties increased by $74,915 (32%) as a result of money
loaned to the Company by Michael Miller in the form of unpaid wages and cash.

Total liabilities increased by $61,856 (6%) for the same reason listed above.

STATEMENT OF OPERATIONS

Revenues for the three-month period ending March 31, 2006 increased by $90,432
(106%) compared with the same period for 2005 due to increased slab sales and
and an increase the gold price during the quarter.

Changes in the Company's operating expenses for the three-month period ended
March 31, 2006 compared to the same period in 2005 are reflected as follows:


1.  Salaries and wages decreased by $26,256 (59%) as the entire workforce
with the exception of the President of the Company was contracted out.

2.  Contract labor decreased by $76,075 (50%) due to an overall downsizing of
the operation.

3.  Telephone and utilities decreased by $18,271 (67%) as the pumps were turned
off during the quarter.

4.  Supplies decreased by $5,395 (58%) due to a downsized operation.

5. Small equipment and repairs decreased by $11,470 (96%) due to the
downsized operation.

6. Drayage increased by $6,061 (95%) due primarily to required vehicle repairs.

7. Compliance and Safety increased by $954 (62%).

8. Legal and accounting decreased by $1,471 (41%) as less time was spent on
lawsuits.

9. Depreciation & amortization increased by $3,991 (58%) as the result of an
adjustment done in accordance with direction from the C.P.A. who oversees our
depreciation schedule as well as increased depreciation expense due to the
purchase of the Gold Crown Property which included equipment.

10. Other expenses decreased by $3,190 (48%) primarily due to a downsized
operation.

11. Total operating expenses decreased by $133,305 (47%) due to a downsized
operation.

12.  For the three-month period ended March 31, 2006, the Company recorded a
profit of $13,409 (before taxes) compared to a loss of $211,526 (before taxes)
for the same period in 2005.  The $224,935 (106%) difference is attributed
to a decrease in expenses as well as an increase in gold sales and the price
of gold.

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.  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. Oral arguments were presented on March 15, 2006.  On March 30, 2006 a
decision was rendered ruling in favor of Original Sixteen to One Mine, Inc.
nullifying all citations issued by MSHA related to the fatal accident that
occurred in November of 2000.

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).

SUBSEQUENT EVENTS

On May 11, 2006 the price of gold reached $715.50 per troy ounce(P.M. London
Fix).  This results in an increase in inventory value of roughly $136,000.


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, 2005.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

From time to time the Original Sixteen to One Mine, Inc.  (the Company), will
make written and oral forward-looking statements about matters that involve
risks and uncertainties that could cause actual results to differ materially
from projected results.  Important factors that could cause actual results to
differ materially include, among others:

- Fluctuations in the market prices of gold
- General domestic and international economic and political
  conditions
- Unexpected geological conditions or rock stability conditions
  resulting in cave-ins, flooding, rock-bursts or rock slides
- Difficulties associated with managing complex operations in remote areas
- Unanticipated milling and other processing problems
- The speculative nature of mineral exploration
- Environmental risks
- Changes in laws and government regulations, including those
  relating to taxes and the environment
- The availability and timing of receipt of necessary governmental
  permits and approval relating to operations, expansion of operations,
  and financing of operations
- Fluctuations in interest rates and other adverse financial market conditions
- Other unanticipated difficulties in obtaining necessary financing with
  specifications or expectations
- Labor relations
- Accidents
- Unusual weather or operating conditions
- Force majeure events
- Other risk factors described from time to time in the Original Sixteen to One
Mine, Inc., filings with the Securities and Exchange Commission

Many of these factors are beyond the Company's ability to control or predict.
Investors are cautioned not to place undue reliance on forward-looking
statements.  The Company disclaims any intent or obligation to update its
forward-looking statements, whether as a result of receiving new information,
the occurrence of future events or otherwise.

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 12, 2006