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 Quarter Ended March 31, 1999            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 1621, 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, 1999, 3,547,765 shares of Common Stock, par value $.10 per 
share, were issued and outstanding.



PART I:  FINANCIAL INFORMATION

                        Original Sixteen To One Mine, Inc.
                              Condensed Balance Sheet
                       March 31, 1999 and December 31, 1998

                                        March 31, 1999     December 31, 1998
ASSETS

Current Assets

Cash                                     $   26,312             $   25,338
Accounts receivable                          38,136                 49,913
Inventory                                   467,841                414,246
Other current assets                         14,002                 14,677
                                         ----------             ----------
     Total current assets                   546,291                504,174
                                         ----------             ----------

Mining Property

Real estate and property rights
   net of depletion of $524,145             182,091                182,091
Mineral property                            415,263                415,263
Development costs, net of amortization
   of $101,107 and $81,965 in 1999 and
   1998, respectively                       799,144                799,144
                                         ----------             ----------
                                          1,396,498              1,396,498
                                         ----------             ----------
Fixed Assets at Cost

Equipment                                   861,657                861,857
Buildings                                   170,721                170,721
Vehicles                                    188,540                188,540
                                         ----------             ----------
                                          1,221,118              1,221,118
Less accumulated depreciation              (943,229)              (916,229)
                                         ----------             ----------
     Net fixed assets                       277,889                304,889
                                         ----------             ----------
Other Assets

Net of accumulated amortization of
   $50,611 and $49,163 in 1999 and
   1998, respectively                        20,209                 21,657
                                         ----------             ----------

     Total Assets                        $2,240,887             $2,227,218
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities

Accounts payable & accrued compensation  $  234,297             $  201,206
Related party advances                      302,600                302,600
Notes payable, due within one year          203,982                294,027
Accrued expenses                             17,084                      -
Deferred income taxes                             -                      -
                                         ----------             ----------
     Total Current Liabilities                                     797,833
                                         ----------             ----------
Notes payable, due after one year            87,799                  2,501
                                         ----------             ----------

     Total Liabilities                      845,762                800,334
                                         ----------             ----------

Stockholers' Equity

Capital stock, par value $.10 -
  10,000,000 shares authorized:
  3,547,765 and 3,544,065 shares
  issued and outstanding as of 
  March 31, 1999 and December 31,
  1998, respectively                        354,777                354,407
Additional paid-in capital                1,373,170              1,373,540
Notes receivable from employees             (26,000)               (26,000)
Retained earnings                          (309,822)              (275,063)
                                         ----------             ----------
     Total Stockholders' Equity           1,395,125              1,426,884
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $2,240,887             $2,227,218
                                         ==========             ==========

                              See Accompanying Notes

<PAGE>

                  Original Sixteen to One Mine, Inc.
              Statement of Operations and Retained Earnings
          For the Three Months Ended March 31, 1999 and 1998

                                  Three Months Ended March 31,
                                    1999                1998
Revenues:
  Gold & jewelry sales          $ 420,209             $ 362,435
  
Operating expenses:
  Salaries and wages              211,457               426,243
  Depreciation & amortization      28,448                24,750
  Amortization of
    development costs                   -                10,992
  Contract labor                   35,332                 2,762
  Telephone & utilities            26,931                32,179
  Taxes - property & payroll       36,349                12,862
  Insurance                        34,568                12,766
  Supplies                         18,929                54,098
  Drayage                           6,351                16,071
  Promotion                           514                 1,370
  Office expenses                   6,462                 2,790
  Legal and accounting             10,446                19,503
  Other expenses                   20,660                20,249
                               ----------           -----------
  Total operating expenses        436,447               636,635
                               ----------           -----------
    Income (loss)
      from operations             (17,038)             (274,200)

Other Income & (Expense):
  Other Income                       4,505               23,080
  Other Expenses                   (19,226)              (1,380)
                                ----------          -----------
     Total Other Income
       (Expense)                   (14,721)              21,700
                                ----------          -----------
Loss before taxes                  (30,959)            (252,500)

Provision for income taxes            (800)                (500)
                                 ----------         -----------
   Net Loss                         (31,759)         $ (253,000)
                                                     ==========
Retained earnings
  (December 31, 1998)              (275,063)
                                 ----------
Retained earnings
  (March 31, 1999)               $ (306,822)
                                 ==========

Loss per share of common stock       ($0.01)             ($0.07)
                                     ------              ------


                              See Accompanying Notes
                                   
<PAGE>

PART I:  FINANCIAL INFORMATION

                        Original Sixteen to One Mine, Inc.

                           Notes to Financial Statements


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


NATURE OF BUSINESS

Original Sixteen to One Mine, Inc., owns and operates mining claims in Sierra 
and Trinity Counties located in Northern California.

REVENUE

Revenue primarily consists of gold and silver mined during the reporting 
period without regard to what was sold or held in inventory.  They are 
recorded at the spot price per ounce on the statement date.  Revenue does not 
include unprocessed high-grade ore mined during the reporting period.  
(Jewelry and gold specimen sales may include a premium over the quoted market 
price of gold.  Such premiums are recognized at the date of sale.)

INVENTORY

Inventory consists of gold and silver bullion, dore, specimens and jewelry.  
Inventory is recorded at the spot price per ounce on the balance sheet date.

FIXED ASSETS

Fixed assets are stated at historical cost.  Depreciation is being calculated 
using straight-line and accelerated methods over the following estimated 
useful lives:
                             Vehicles        3 to 5 years
                             Equipment       5 to 7 years
                             Buildings       18 to 31.5 years

DEPLETION POLICY

The Company has established a depletion policy for its mineral and mining 
properties.  Because of the geological formation in the Alleghany Mining 
District, estimates of ore reserves cannot be calculated; therefore, a cost 
per unit depletion factor cannot be determined.  Management has determined 
that a straight-line method of depletion over a 25 year period would most 
accurately match the estimated production of the mining properties (see Note 
2).  If estimates of ore reserves become available, the units of production 
method of depletion will be used.

DEVELOPMENT

In February 1994, the Company began development of the 2483 winze into 
unexplored ground.  Costs associated with the development have been 
capitalized.  Development was complete at December 1996.  Based upon previous 
mine experience, management estimates that gold production from the new winze 
will approximate 50,000 ounces.  Accordingly, capitalized development costs 
are being amortized using the units of production method.

INCOME TAXES

Differences exist between the amount of income or loss reported for financial 
statements and income tax reporting purposes.  These differences are 
attributable to the use of the cash basis reporting of ore revenues and 
accelerated depreciation and depletion methods for income tax purposes.  No 
provision for income taxes, with the exception of state minimum income tax, 
has been made in the current year due to the uncertainty of revenues for the 
remainder of the year.

NET INCOME OR LOSS PER SHARE

Net gain or loss per share has been computed using the common shares 
outstanding at end of reporting period.  The Company's stock equivalents have 
been excluded from the calculation of shares outstanding.

NOTE 2 - MINING PROPERTY

The Company's original mining property is carried on the books at its March 1, 
1913, value of $379,000 as determined for depletion purposes in connection 
with Federal income taxes.  This value together with the cost of mining 
properties acquired in 1920 and 1924 for the aggregated sum of $145,145 has 
been fully amortized through depletion charges.  During 1994, the Company 
purchased mining properties at a cost of $300,000, and capitalized $86,633 in 
legal costs incurred in defense of certain mining claims.

NOTE 3 - INCOME TAXES

For Federal income tax purposes, the Company has operating loss carryforwards 
which may provide future tax benefits, expiring as follows:

                                           Year of Expiration

                                2006            $345,753
                                2007              48,562
                                                --------
                                                $394,315

For California State income taxes, the Company has no operating loss 
carryforwards.

NOTE 4 - NOTES PAYABLE

The Company has a note payable to the bank amounting to $5,588, bearing 
interest at 9.95% and secured by a vehicle.  The note is payable in 60 monthly 
installment of $442.

At March 31, 1999, the Company has a fully extended revolving lines of credit 
with a bank in the amount of $200,000, expiring July 1, 1999.  The Company 
also has a note payable to a bank with a variable interest rate currently at 
11.5%.  The note is due in 60 monthly installments of $2,089 through August 
2003.


 
PART II:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
                              RESULTS OF OPERATION

BALANCE SHEET COMPARISONS:  FIRST THREE MONTHS OF 1999 WITH YEAR-END 1998




STATEMENT OF INCOME AND RETAINED EARNINGS

The Company's revenues increased $57,774 (15.94%) the first three months of 
1999 compared with the same period of 1998.  Although gold production 
decreased 364 troy ounces during the first quarter of 1999, sale of slab 
increased to show an overall increase in revenues of $57,774.  The spot price 
of gold has continued to decline from $301.30 per troy ounce on March 31, 
1998, to $279.45 per troy ounce on March 31, 1999 which has a direct impact on 
the ratio of gold to revenue and inventory.

Gold is measured in fine troy ounces and production is categorized as high 
grade ore from the mine or mill rock (low grade ore).  The first quarter 
production totaled 686.73 troy ounces as followings:

                      MINE           MILL            TOTAL
                     ------         ------           -----
     January          22.76         160.98          183.74
     February        188.18         104.65          292.83
     March           149.93          60.23          210.16
                     ------         ------          ------
     Total: 
     First Qtr      360.87          325.86          686.73
                    ======          ======          ======

Comparatively, the first three months of 1998, production from the mine 
totaled 1,050.57 troy ounces as follows:

                      MINE           MILL            TOTAL
                     ------         ------           -----
     January         402.98         201.52          604.50
     February         60.54          46.79          107.33
     March            36.68         302.06          338.74
                     ------         ------          ------
     Total: 
     First Qtr      500.20          550.37        1,050.57
                    ======          ======        ========

The Company's compensation expenses decreased $214,786 (50.39%) for the period 
ending March 31, 1999 compared with the same period in 1998.  Contract labor 
increased $32,570 ( ) for the first three months of 1999 compared with the 
first three months of 1998.  On February 12, 1999, all miners were laid off.  
A group of miners entered into a contractual labor agreement and continued to 
work the mine focusing on immediate gold production.  As of March 31, 1999, 
ten miners continued to mine the Sixteen to One vein.

The $9,057 (46.34%) decrease in legal and accounting expenses for the three 
months ended March 31, 1999, compared with the same period in 1998, is 
primarily attributed to the use of in-house employees rather than an outside 
accounting firm.

Telephone and utilities expense decreased $5,248 (16.31%) for the three month 
period ending March 31, 1999 compared with the same period for 1998.  Supplies 
decreased $35,169 (169.90%) from $54,098 for the three month period ending 
March 31, 1998 to $18,929 for the period ending March 31, 1999.  These 
decreases are due to the reduction of mining associated with the lay-off of 
February 12, 1999.

Other expenses increased or decreased only modestly and were not material.



BALANCE SHEET

The Company's current assets increased $42,117 (8.36%) at March 31, 1999 
compared with December 31, 1998.  The Company has stockpiled sixty tons of 
gold bearing concentrates from its mill.  Approximately forty tons were 
sampled and assayed by an independent assayer.  These estimated minimum net 
recovery from these concentrates has been included in the 1999 operations.

The Company's current liabilities increased $45,428 (5.68%).  The primary 
increase is due to an increase in accounts payable and accrued compensation.


LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity (i.e., its ability to generate adequate amounts of 
cash to meet its needs for cash) is substantially dependent upon the results 
of its operations.  While the Company does maintain a gold inventory which it 
can liquidate from time to time to satisfy its 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 mining 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 mined and sales of gold 
from inventory to meets its cash needs.  Although the Company has historically 
located at least $1.2 million of gold in each of the last five years, there 
can be no assurance that the Company's efforts in any particular period will 
provide sufficient funding for the Company to continue operations.  The 
Company has a fully extended line of credit with a bank.  If the Company's 
cash resources are inadequate and its gold inventory is depleted, the Company 
may seek debt of equity financing on the most reasonable terms available or 
may terminate its operation.


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
     -  The failure of equipment of processes to operate in accordance
        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 17, 1999