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 September 30, 2001         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, 2001, 12,746,046 shares of Common Stock, par value $.0333
per share, were issued and outstanding.

<page>
PART I

Item 1.  FINANCIAL INFORMATION

                        Original Sixteen to One Mine, Inc.
                                   Balance Sheet
                       September 30, 2001 and December 31, 2000


                                     September 30, 2001   December 31, 2000
                                     ------------------   -----------------
ASSETS

Current Assets

Current Assets
   Cash                                  $        -             $   37,912
   Accounts receivable: trade                 7,744                 45,905
   Accounts receivable: employees             2,925                  5,582
   Accounts receivable: shareholders          8,100                  8,100
   Inventory                                632,135                704,522
   Other current assets                       6,342                 10,295
                                         ----------             ----------
     Total current assets                   657,246                812,316
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          181,091                181,171
   Mineral property                         473,403                473,323
   Development costs, net of amortization
      of $99,841 at June 30, 2001 and
      December 31, 2000                     799,144                799,144
                                         ----------             ----------
                                          1,453,638              1,453,638
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                901,048                893,754
   Buildings                                159,487                159,487
   Vehicles                                 252,128                193,243
                                         ----------             ----------
                                          1,312,663              1,246,484
Less accumulated depreciation            (1,094,844)            (1,043,352)
                                         ----------             ----------
     Net fixed assets                       217,819                203,132
                                         ----------             ----------
Other assets, net of
   accumulated amortization                  14,900                 14,900
                                         ----------             ----------

     Total Assets                        $2,343,603             $2,483,986
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
   Bank overdraft                        $    5,327
   Accounts payable &
      accrued expenses                      321,465             $  159,001
   Due to related party                      51,619                  6,060
   Notes payable due within one year         46,056                 24,947
                                         ----------             ----------
     Total Current Liabilities              424,467                190,008
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year         205,857                 68,760
                                         ----------             ----------
     Total Liabilities                      630,324                258,768
                                         ----------             ----------

Stockholders' Equity
   Capital stock, par value $.0333
     30,000,000 shares authorized:
     12,746,046 issued and outstanding
     as of September 30, 2001;
     and 12,734,795 shares issued
     and outstanding as of
     December 31, 2000                      424,868                424,493
   Additional paid-in capital             1,803,091              1,799,716
   (Accumulated deficit)
      retained earnings                    (514,680)                 1,009
                                         ----------             ----------
     Total Stockholders' Equity           1,713,279              2,225,218
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $2,343,603             $2,483,986
                                         ==========             ==========


                              See Accompanying Notes

<page>

PART I:  FINANCIAL INFORMATION

                       Original Sixteen to One Mine, Inc.
                             Statement of Operations

                            Three Months Ending         Nine Months Ending
                            9/30/01     9/30/00         9/30/01    9/30/00
                           --------    --------         -------    -------
Revenue:
Gold & jewelry sales      $  170,324  $  554,766    $  458,266  $  997,878
Timber sales                       0     355,731             0     428,457
                           ---------- ----------     ---------- ----------
  Total revenue           $  170,324  $  910,497    $  458,266  $1,426,345
                           ---------- ----------     ---------- ----------

Expenses:
Salaries and wages           179,460     155,321       579,531     471,471
Depreciation & amortization   13,492      18,661        51,492      57,161
Contract labor                 1,922       3,533        27,676       1,576
Telephone and utilities       34,464       9,490        87,037      47,561
Property taxes & permit
  fees                        15,642      14,708        43,650      42,971
Insurance                      7,550       4,927        24,094      23,212
Supplies                      16,015      13,566        53,859      56,160
Drayage                        4,590       9,238        20,838      26,756
Small equipment & repairs      3,637      13,263        21,759      16,363
Office expenses                    0       3,101        12,993      22,061
Accounting, legal
  and compliance               8,489       7,672        50,035      39,110
Other expenses                 4,779       4,752        18,935      15,088
                            --------     -------      --------    --------
     Total expenses          290,040     258,232       991,899     819,490
                            --------     -------      --------    --------

(Loss) gain from operations (119,716)    652,265      (533,633)    606,855
                            --------     -------      --------    --------

Other income                  29,793       1,400        18,745      18,032
                            --------    --------      --------    --------
(Loss) gain before taxes     (89,923)    653,665      (514,888)    624,887

Provision for income tax           0           0           800         800
                            --------     -------       -------    --------
Net (loss) gain            $ (89,923)  $ 653,665     $(515,688)  $ 624,087
                            ========== =========      =========  =========

Basic and diluted
  (loss)gain per share         $(0.01)    $ 0.05         $(0.04)    $ 0.05
                                -----      -----          -----      -----

                                September 30, 2001         September 30, 2000
                                ------------------         ------------------
Weighted average
  shares outstanding                  12,746,046                 12,463,020

                              See Accompanying Notes

<page>

                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
           Nine Months Ended September 30, 2001 and September 30, 2000

                                     Nine Months Ended      Nine Months Ended
                                          9/30/01                9/30/00
                                     ----------------       ----------------
Cash Flows From Operating Activities:

Net loss                               $    (515,688)       $      624,087
Adjustments to reconcile net (loss)
  profit to net cash provided by
  operating activities:
     Depreciation and amortization            51,492                 50,853
     Decrease (Increase)in
        accounts receivable                   40,818                (63,747)
     Decrease (Increase)in inventory          72,387               (387,694)
     Decrease in other current assets          3,953                  6,941
     Increase in accounts payable
       and accrued compensation              162,464                 13,736
                                        ------------             ----------
  Net cash (used) provided by
    operating activities                    (184,574)               244,176
                                        ------------            -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                   (66,179)               (62,490)
  Proceeds from sale of land                       -                    920
                                       -------------            -----------

  Net cash used in investing
    activities                               (66,179)               (61,570)
                                        ------------            -----------

Cash Flows From Financing Activities

  Bank overdraft                               5,327
  Payments made on notes payable                   -                (76,944)
  Advances (to) from related parties, net     45,559                 (1,712)
  Proceeds from additional borrowings        158,206                      -
  Proceeds from sale of common stock           3,749                      -
                                        ------------           ------------
  Net cash (used) provided by
    financing activities                     212,841                (78,656)
                                        ------------           ------------
  (Decrease (Increase)in Cash                (37,912)               103,950

Cash, beginning of year                       37,912                    680
                                        ------------           ------------
Cash, end of period                     $          -           $    104,630
                                        ============           ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                    $     17,456           $     16,786
                                        ============           ============
    Income taxes                        $        800           $        800
                                        ============           ============

                              See Accompanying Notes
<page>

                        NOTES TO THE FINANCIAL STATEMENTS

1.  The information furnished in these interim statements reflects all
adjustments that are, in the opinion of management, necessary for a fair
statement of the results for such periods.  Such adjustments are of a normal
recurring nature,unless otherwise disclosed in this Form 10QSB.

2.  Certain information and footnote disclosures normally presented in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted.  These interim financial statements should be
read in conjunction with the financial statements and notes thereto included
in the Company's 2000 Form 10-KSB.  The results in the interim statements may
not necessarily be indicative of the operating results for the full year.

3.  In preparing financial statements, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities as of
the date of the balance sheet and revenues and expenses for the period.
Actual results could differ significantly from those estimates.  Material
estimates that are particularly susceptible to significant changes in the near
term related to the ability of the Company to recover capitalized development
costs.  In the event the capitalized 2283 winze area is abandoned, recovering
the capitalized development cost may not be possible.


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

BALANCE SHEET COMPARISONS
The Company's decrease in total assets of $140,383 (5.65%) is primarily
attributed to a decrease in inventory.  The Company does maintain a gold
inventory which it can liquidate from time to time to satisfy its working
capital needs.  Accounts receivable decreased a total of $40,818 (68.50%) by
the end of the third quarter compared to December 31, 2000, further reducing
assets.

Fixed assets increased as the Company purchased through financing two vehicles
to be utilized in its mining operations.

The lack of gold production for the period ending September 30, 2001,
continues to create cash flow difficulties, resulting in a decrease in cash
and an increase in accounts payable.

The Company's total liabilities increased $371,556 (143.59%) for the period,
reflecting the long-term obligation of the Company's vehicle purchase and
approximately $88,000 of debt funding secured by the Company. (See Subsequent
Events)

On September 4, 2001, the Company filed an amendment to its Articles of
Incorporation to increase the authorized shares of the Company's common stock
from ten million to thirty million shares. The Company declared a three for
one stock split on September 14, 2001.  All per share data presented in this
report has been adjusted to reflect the stock split as if it had occurred at
the beginning of the periods presented.


STATEMENT OF OPERATIONS
Revenues from gold production and sales for the three-month period ending
September 30, 2001, declined sharply compared to the three-month period ending
September 30, 2000.  Additionally, the Company did not actively harvesting
timber under its timber harvest plan.  This rationale continues to be
representative of the nine-month comparisons for 2001 and 2000.

Salaries and wages for the three-month period ending September 30, 2001
increased $24,139 (15.54%) compared to the same three-month period in 2000.
For the nine-month period ending September 30, 2001, salaries and wages
increased $108,060 (22.92%).  This increase is due to a larger workforce,
increased insurance and worker compensation costs associated with salaries and
wages.  There were 19 full-time employees and one permanent part-time employee
on September 30, 2001.  The energy situation in California has increased the
Company's utility rates thereby generating an increase of $24,974 (263.16%)
for the three-month period ending September 30, 2001 compared with the same
three-month period ending September 30, 2000.  The increase in accounting,
legal and compliance in the three-month period ending September 30, 2001,
compared with the same period ending September 30, 2000, is minimal.  However,
the increase of $10,925 (27.93%) for the nine-month period ending September
30, 2001, compared with the same nine-month period in 2000, is attributed to
compliance matters as the Company challenged the position of Mining Safety and
Health Administration (MSHA) at a hearing earlier in the year.  The result of
the hearing vacated several of the issues and reduced fees on the remainder of
the matters.

The Company's net loss for the three and nine-month periods ended September
30, 2001 totaled $89,923 and $515,688.


SUBSEQUENT EVENTS
Management negotiated debt funding in the amount of $400,000.  Approximately
eighty-eight thousand of the line of credit was advanced in September.  The
debt funding was finalized in October 2001.  The term of the funding is for
one (1) year at a rate of 12% per annum.  A portion of the funds were used to
pay-down the Company's accounts payable.  The balance is being used to execute
the Company's mining plan of developing the Tightner shaft, de-watering the
lower levels of the mine and to begin development of the Plumbago mine as an
active heading.


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, CEO and Director

Dated:  October 20, 2001