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 September 30, 2008       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 September 30, 2008, 12,905,505 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
                 September 30, 2008 and December 31, 2007


                                September 30, 2008        December 31, 2007
ASSETS

Current Assets
   Cash                                  $      382               $    642
   Accounts receivable                        3,741                  3,134
   Inventory                                652,896                714,120
   Other current assets                         -                      625
                                         ----------             ----------
     Total current assets                   657,019                718,521
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          218,287                218,287
   Real estate and mineral property         500,707                500,707
                                         ----------             ----------
                                            718,994                718,994
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                925,243                925,243
   Buildings                                209,487                209,487
   Vehicles                                 255,128                255,128
                                         ----------             ----------
                                          1,389,858              1,389,858
Less accumulated depreciation            (1,279,373)            (1,264,666)
                                         ----------             ----------
     Net fixed assets                       110,485                125,192
                                         ----------             ----------
Other Assets
   Bonds and misc. deposits                  16,185                 16,185
                                         ----------             ----------

     Total Assets                        $1,502,683             $1,578,892
                                         ==========             ==========
LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts payable &
      accrued expenses                   $  489,483                308,454
Due to related party                        706,111                677,598
Notes payable due within one year           434,000                431,000
                                         ----------             ----------
     Total Current Liabilities            1,629,594              1,417,052
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year          64,421                 58,478
                                         ----------             ----------
     Total Liabilities                    1,694,015              1,475,530
                                         ----------             ----------

Stockholders' Equity
  Capital stock, par value $.03:
  30,000,000 shares authorized:
  12,905,505 shares issued and
  outstanding as of Sept. 30, 2008 and
  12,867,250 shares issued and outstanding
  as of December 31, 2007                   425,836                425,377
   Additional paid-in capital             1,911,322              1,898,317
   (Accumulated deficit)
      retained earnings                  (2,528,490)           (2,220,332)
                                         ----------             ----------
     Total Stockholders' Equity           (191,332)                103,362
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $1,502,683             $1,578,892
                                         ==========             ==========


                              See Accompanying Notes

<page>

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


                  Three Months Ending Sept. 30,    Nine Months Ending Sept. 30,
                             2008            2007           2008           2007
                           ------          ------          ------         -----
Revenues:
  Gold & jewelry sales     $   11,435   $  207,857   $    111,448   $   500,860
  Inventory Valuation Adj.    (32,642)      50,495        (12,235)       21,467
                           -----------   -----------      --------     --------
     Total revenues           (21,207)     258,352         99,213       522,327
                            -----------   -----------    --------      --------
Operating expenses:
  Salaries and wages            21,827     17,831          69,794        56,564
  Contract Labor                 7,065    154,802          18,710       439,960
  Telephone & utilities         12,503     17,092          35,341        52,438
  Taxes - property & payroll    10,201      8,235          29,020        25,377
  Insurance                        191        492           1,228         1,476
  Supplies                       7,984     11,043          19,858        39,187
  Small equipment & repairs      3,341      5,121           9,479        40,578
  Drayage                        3,750      8,644          16,364        26,170
  Corporate expenses             1,050      1,385          10,895        13,113
  Legal and accounting              60      9,969          88,632        12,074
  Compliance/Safety                327      1,273             473         5,734
  Depreciation & amortization    4,902      5,324          14,706        15,971
  Other expenses                 1,911      2,125           6,858         6,854
                           ----------   ----------        -------       -------
  Total operating expenses      75,112     243,336         321,358       735,496
                          ----------    ----------       --------      --------
Profit (Loss) from operations  (96,319)     15,016       (222,145)    (213,169)

Other Income & (Expense):
  Other income (expense)     (31,985)      17,239       (85,212)      (27,897)
                         ----------    -----------       -------       --------
Profit (Loss) before taxes  (128,304)      32,255     (307,357)     (241,066)
                         ----------    -----------     ---------     ----------
Income tax benefit (expense)                              (800)        (800)
                         ----------    -----------     ---------     ----------
Net profit (loss)      $   (128,304) $    32,255 $    (308,157)   $ (241,866)
                       ============    ===========     ==========    ==========

Basic and diluted (loss)
 earning per share     $       (.01)   $      .003  $      (.02) $       (.06 )
                      ============    ============      =========     =========
Shares used in the
calculation of net
(loss) income per share  12,905,505    12,890,204       12,905,505   12,890,204
                       ============    ===========      ==========  ===========


                              See Accompanying Notes

<page>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
         Nine Months Ended Sept. 30, 2008 and Sept. 30, 2007

                                             Nine Months Ended Sept. 30,
                                               2008                   2007
                                         --------------         --------------
Cash Flows From Operating Activities:

Net profit (loss)
  Operating activities:                       $  (308,157)          $ (241,866)
     Depreciation and amortization                  14,706               15,971
     Gain on sale of asset                            -                (39,930)
     (Increase)Decrease in
        accounts receivable                           (607)             (9,376)
     Decrease(Increase) in inventory                 61,224              72,396
     (Increase)Decrease in other
       current assets                                   625                (15)
     (Decrease) increase in accounts payable
       and accrued expenses                         181,029            (28,169)
    (Decrease) increase in short term notes          31,513             216,013

                                              ------------          ----------
  Net cash (used) provided by
     operating activities                          (19,667)            (14,976)
                                              ------------          -----------

Cash Flows From Investing Activities:

  Purchase of mining property                           -               -
  Proceed from sale of fixed asset                     -                 39,930
  Other assets bonds misc. deposits                    -                -
                                              -----------        -----------
  Net cash (used) provided by
    investing activities                            -                    39,930
                                                -----------         -----------

Cash Flows From Financing Activities

   Increase (decrease) notes payable                  5,943            (19,779)
  Proceeds from sale of common stock                    459                 -
  Additional paid-in capital                         13,005                 -
                                                -----------        ------------
  Net cash provided (used) provided by
    financing activities                             19,407            (19,779)
                                                ------------     ------------

  (Decrease) increase in cash                         (260)               5,175

Cash, beginning of period                               642               1,222
                                                ------------       ----------
Cash, end of period                              $      382    $          6,397
                                               ============        ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                         $       93,549        $     74,872
                                               ============        ============
    Income taxes                             $          800         $       800
                                               ============        ============

                              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 September 30, 2008 and December 31,
2007, the results of operations and cash flows for the three-month & nine-month
periods ended Sept. 30, 2008 and 2007.  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.  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.

General accounting principles do not allow the Company to adjust its real estate
to reflect market value, which has increased substantially.  Standing timber
values are not included as assets on the balance sheet.  These unreported
assets will significantly increase the Companies net worth.

There are over thirty 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 Alleghany patented claims.  It announced specific data
including a Vision Statement, Executive Summary, Use of Proceeds, Performa
Statement and critical review of the Company's strengths, weaknesses,
opportunities and threats.  This is available upon request.

In December of 2007, management elected to discontinue its exploration program
at the Sixteen to One Mine in favor of focusing its attention on surface and
underground repairs and maintenance.

BALANCE SHEET COMPARISONS

For the nine month period ended September 30, 2008:

Total assets decreased by $76,209 (5%) mainly due to a decrease in inventory as
a result of a decrease in the price of gold.

Accounts payable & accrued expenses increased by $181,029 (59%) primarily due
to the booking of legal fees see # 7 below as well as increased reliance on
creditors.

Long-term liabilities increased by $5,943 (10%) due to the booking of accrued
interest.


STATEMENT OF OPERATIONS

Gold & jewelry sales for the three-month period ended Sept. 30, 2008 decreased
by $279,559 (108%) compared to the same period in 2007 due to decreased sales
as well as a lack of production in 2008.

For the three-month period ended Sept. 30, 2008, the change in the value of
the gold inventory based on the spot price of gold at the end of the quarter
(PM London Fix) exceeded the amount of revenue for the quarter (gold price
down) resulting in negative net revenue.  Due to this unusual circumstance the
valuation adjustment which is normally included in "Total Revenue" has been
broken out for both the three and nine-month periods.  The valuation adjustment
serves the dual purpose of correcting the booked value of our inventory as well
as adjusting the cost of goods sold to reflect actual gold prices.

For the nine-month period ended Sept. 30, 2008 Gold & Jewelry Sales decreased
by $389,412 (77%) compared to the same period in 2007 due to decreased sales
and no production in 2008.

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

1.  For the three and nine-month period ended Sept. 30 2008, salaries and wages
increased by $3,996 (22%) and 13,230 (23%) respectively compared the same period
in 2007 due to the transfer of part-time administrative staff from
subcontractor Morning Glory Gold Mines to Original Sixteen to One.

2.  For the three and nine-month period ended Sept. 30 2008, contract labor
decreased by $147,737 (95%) and 421,250 (96%) respectively compared the same
period in.  This is a result of management's decision to forgo underground
development and concentrate on mine maintenance.

3. For the three and nine-month periods ended Sept. 30, 2008, utilities expense
decreased by $4,589 (27%) and $17,097 (32%) respectively compared to the
same periods in 2007 due to the mine switching to maintenance-only status
at the end of 2007.

4.  For the three and nine-month periods ended Sept. 30, 2008, supplies
decreased by $3,059 (28%) and $19,329 (49%) respectively compared to the same
periods in 2007 due to the mine switching to a maintenance-only status at the
end of 2007.

5. For the three and nine-month periods ended Sept. 30, 2008, small equipment
and repairs decreased by  $1,780 (35%) and $31,099 (77%) respectively due to
the mine switching to a maintenance-only status at the end of 2007

6.  For the nine-month period ended Sept. 30, 2008, drayage decreased $4,894
(56%) and $9,806 (37%) respectively compared to the same periods in 2007 due
to the mine switching to a maintenance-only status at the end of 2007.

7.  For the three-month period ended Sept. 30, 2008, legal & accounting
decreased by $9,909 (99%) compared to the same period in 2007 due to
the termination of the pending lawsuit against the California District
Attorney's association.  For the nine-month period ended Sept. 30, 2008, legal
and accounting increased by $76,558 (634%) due to the issuance of an order on
January 7, 2008 for plaintiff Original Sixteen to One Mine, Inc. to reimburse
defendants CDAA et al $88,376 for attorneys fees.  See legal proceedings.

8.  For the three and nine-month periods ended Sept. 30, 2008, compliance &
safety decreased by $946 (74%) and $5,261 (92%) respectively compared to
the same periods in 2007 due to the mine going onto a maintenance-only status
at the end of 2007.

9.  For the three-month period ended Sept. 30, 2008, the Company recorded a loss
of $128,304 compared to a profit of $32,255 for same period in 2007.  The
$160,559 (497%)difference is due primarily to an increase in the price of gold
and the sale of a fixed asset in 2007 compared to a decrease in the price of
gold in 2008.  For the nine-month period ended September 30, 2008 the company
recorded a loss of $308,157 compared to a loss of $241,866 for the same period
in 2007, the $66,291 (27%) difference is due to the combined factors of rising
gold prices and higher operating expenses in 2007 compared to falling gold
prices combined with lower operating expenses and no production in 2008.

SUBSEQUENT EVENTS

LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity is substantially dependent upon the results of its
operations.  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. 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).  Defendants appealed their loss of an anti-slap motion to the
California Appeals Court, Third District which overturned the Superior Court
decision on May 8, 2007.  The Company filed a Petition for Review with the
California Supreme Court on June 18, 2007, which was denied.  On January 7,
2008 Superior Court visiting Judge R. Michael Smith issued an order for
plaintiff Original Sixteen to One Mine, Inc. to reimburse defendants CDAA et al
$88,376 for attorneys fees.  This case is now closed.


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
September 30, 2008.


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: November 12, 2008