FORM 10-QSB
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549


             QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
              OF THE SECURITIIES EXCHANGE ACT OF 1934 



For Quarter Ended March 31, 1997    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
incorporation or organization)                Identification No.)


              Post Office Box 1621, Alleghany, CA  95910
               (Address of principal executive offices)


                             (916) 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, 1997, 3,504,065 shares of Common Stock, par value 
$.10 per share, were issued and outstanding.







<PAGE>



PART I:  FINANCIAL INFORMATION

                    Original Sixteen to One Mine, Inc.
                         Condensed Balance Sheet
                   March 31, 1997 and December 31, 1996


ASSETS
                             March 31, 1997     December 31, 1996
                             --------------     -----------------
Current Assets:

Cash                          $     19,016         $    31,640
Accounts receivable                 52,981              20,571
Inventory                          941,209           1,138,041
Other current assets                26,221              25,056
                              ------------         -----------
     Total current assets        1,039,427           1,215,308
                              ------------         -----------


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                  898,984             898,985
                               -----------         -----------
                                 1,496,338           1,496,339
                               -----------         -----------

Fixed Assets at Cost:

Equipment                          822,621             822,620
Building & Mill                    144,717             144,462
Vehicles                           147,099             176,086
                               -----------         -----------
                                 1,114,437           1,143,168
Less: Accumulated Depreciation    (693,985)           (665,583)
                               -----------         -----------
     Net Fixed Assets              420,452             477,585
                               -----------         -----------
Other assets, net accumulation
  $42,445 & $41,007 in 1997 &
  1996, respectively                27,055              28,493
                               -----------         -----------

     TOTAL ASSETS              $ 2,983,272         $ 3,217,725
                               ===========         ===========

                          See Accompanying Notes
                                     
                                     2
<PAGE>
PART I:  FINANCIAL INFORMATION

                Original Sixteen to One Mine, Inc.
                      Condensed Balance Sheet



LIABILITIES & STOCKHOLDERS' EQUITY

                             March 31, 1997     December 31, 1996
                             --------------     -----------------

Current Liabilities:

Accounts payable and
  accrued compensation        $   135,911           $   151,734
Related party advances             33,573                54,000
Notes payable due within 
  one year                        267,826               267,793
Accrued expenses                   14,021                     -
Deferred income taxes             375,000               375,000
                              -----------            ----------
   Total Current 
    Liabilities                   826,131               848,527
                              -----------            ----------
Notes payable after one year       10,954                11,924
                              -----------            ----------

   Total Liabilities              837,085               860,451


Stockholders' Equity:

Capital Stock, par value $.10
  10,000 shares authorized;
  3,504,065 shares issued and
  outstanding as of 03/31/97
  and 12/31/96                    350,407              350,407
Additional paid-in-capital      1,321,204            1,321,204
Notes receivable from employees   (26,000)             (26,000)
Retained earnings                 500,576              711,663
                             ------------          -----------
   Total Stockholders' Equity   2,146,187            2,357,274
                             -----------           -----------

Total Liabilities and
  Stockholders' Equity        $ 2,983,272          $ 3,217,725
                              ===========          ===========


                     See Accompanying Notes

                                3
<PAGE>
PART I:  FINANCIAL INFORMATION

                  Original Sixteen to One Mine, Inc.
              Statement of Income and Retained Earnings
          For the Three Months Ended March 31, 1997 and 1996

                                  Three Months Ended March 31,
                                    1997                1996
Revenues:
  Gold & jewelry sales        $   445,230         $   665,597
  
Operating expenses:
  Salaries and wages              417,219             319,690
  Depreciation & amortization      35,637              29,215
  Contract labor                    8,243              24,062
  Telephone & utilities            29,015              31,367
  Taxes - property & payroll       12,201              11,115
  Insurance                        12,866              17,922
  Supplies                         63,535              88,262
  Drayage                          17,429              14,822
  Promotion                         1,783              11,197
  Office expenses                   8,261              11,557
  Legal and accounting             31,426              38,680
  Other expenses                    4,028              13,422
                              -----------         -----------
  Total operating expenses        641,663             611,311
                              -----------         -----------
    Income (loss)
      from operations            (196,433)             54,286

Other Income & (Expense):
  Other Income                      7,704               7,034
  Other Expenses                  (21,385)             (8,077)
                              -----------         -----------
     Total Other Income
       (Expense)                  (13,654)             (1,043)
                              -----------         -----------
Income (loss) before taxes       (210,087)             53,243

Provision for income taxes         (1,000)             (1,000)
                              -----------         -----------
     Net income (loss)           (211,087)        $    52,243
                                                  ===========
Retained earnings (12/31/96)      711,663
                              -----------
Retained earnings (03/31/97)  $   500,576
                              ===========
Earnings (loss) per share
     of common stock          $     (0.06)       $      (0.01)
                              -----------        ------------

                        See Accompanying Notes
                                   4
<PAGE>
PART I:  FINANCIAL INFORMATION

                Original Sixteen to One Mine, Inc.
                    Statement of Cash Flows

                                     Three Months Ended March 31,
                                        1997             1996
                                     ---------        ----------
Cash Flows From Operating 
      Activities:

Net Loss                           $  (211,087)     $     52,243
Adjustments to reconcile net
  loss to net cash Provided by
  operating activities:
    Depreciation & amortization         29,840            29,215
    (Increase) decrease in
      accounts receivable              (32,410)            2,144
    Decrease in inventory              196,832            38,818
    Increase in other current assets    (1,165)           (5,911)
    Increase (decrease) in accounts
      payable & accrued compensation   (32,658)           80,485
    Increase in accrued expenses        14,021            16,043
    Decrease in corporate income
      taxes payable                          -           (83,000)
                                   -----------       ----------- 
Net cash provided (used) by
  operating activities                 (36,627)          130,037
                                   -----------       -----------

Cash Flows From Inventing Activities:

  Bond Deposit                               -            (5,000)
  Proceeds from sales of fixed assets   28,987                 -
  Purchase of fixed assets                (255)         (108,389)
  Payments Made for Development              -           (86,533)
                                   -----------       -----------
Net cash provided (used) by
  investing activities                  28,732          (199,922)
                                   -----------       -----------

Cash Flows From Financing Activities:

  Payments Made On Notes Payable            -               (850)
  Principle payments on related
    party advances                    (20,427)                 -
  Proceeds from additional borrowings  15,698                  -
  Repurchase & Retirement of Common
    Stock                                   -            (15,742)
                                  -----------        -----------


                                5  
<PAGE>
PART I:  FINANCIAL INFORMATION

                Original Sixteen to One Mine, Inc.
                     Statement of Cash Flows
                           (continued)


                                    Three Months Ended March 31,
                                        1997             1996
                                     ---------        ----------

  Net cash used by financing
    activities                         (4,729)           (16,592)
                                  -----------        -----------

  Decrease in Cash                    (12,624)           (86,477)

Cash, beginning of year                31,640            180,618
                                  -----------        -----------

Cash, end of period              $     19,016       $     94,141
                                  ===========        ===========


Supplemental schedule of 
  other cash flows:

  Cash paid during the period 
  for:
    Interest expense            $       7,056       $      7,187
                                 ============        ===========
    Income taxes                $           -       $     84,000
                                 ============        ===========



                     See Accompanying Notes















                               6
<PAGE>
PART I:  FINANCIAL INFORMATION

                   Original Sixteen to One Mine, Inc.
            Supplemental Schedule of Operations by Division
               For the Three Months Ended March 31, 1997

                               Mine      Gold Sales    Combined
                             Division     Division     Divisions
                             --------     --------     ---------
Revenues:
  Gold & Silver Production  $  310,618   $       --   $  310,618
  Finished jewelry sales            --       23,363       23,363
  Fine gold specimen sales                   34,628       34,628
  Gold slab & cabochon sales        --      107,101      107,101
    Less: Cost of sales             --      (30,480)     (30,480)
                            ----------   ----------   ----------
                               310,618      134,612      445,230

Operating expenses:
  Salaries & wages             391,227       25,992      417,219
  Depreciation & amortization   35,637           --       35,637
  Contract labor                 6,669        1,574        8,243
  Telephone & utilities         28,050          965       29,015
  Taxes: Property & payroll     12,200           --       12,200
  Insurance                     12,866           --       12,866
  Supplies                      60,901        2,620       63,521
  Drayage                       16,844           --       16,844
  Promotion                      1,377          405        1,782
  Office expenses                7,614          662        8,276
  Legal & accounting            31,426           --       31,426
  Other expenses                 4,048          586        4,634
  Operations allocation         (3,000)       3,000           --
                            ----------   ----------   ----------
Total Operating Expenses       605,859       35,804      641,663
                            ----------   ----------   ----------
     Income (loss) from
         operations           (295,241)      98,808     (196,433)

Other Income & (Expense):    
  Other income                   7,494          210        7,704
  Other expenses               (19,831)      (1,527)     (21,358)
                            ----------   ----------   ----------
Total Other Income (Expense)   (12,337)      (1,317)     (13,654)
                            ----------   ----------   ----------

Net Income (Loss)
   Before Taxes                (307,578)     97,491     (210,087)
                             ==========   =========   ==========

            
                       See Accompanying Notes

                                   7
<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., was incorporated October 9, 
1911, as a California corporation.  It owns and operates mining 
claims in both Sierra and Trinity Counties located in Northern 
California.


                            Revenue

Revenue from the mining division consists of gold and silver 
mined during the reporting period, either sold during the period 
or held in inventory.  It is recorded at the spot price per ounce 
on the date of sale.  Revenue does not include unprocessed high-
grade ore mined during the reporting period.  Gold and silver 
held in inventory is recorded at the spot price per ounce on the 
balance sheet date.

Revenue from the gold sales division consists of wholesale and 
retail sales of jewelry and unique high-grade gold and quartz 
slab and specimens.  It is recorded at the wholesale or retail 
price on the date of sale.  Jewelry held in inventory is recorded 
at manufactured cost, and gold slab and specimens are recorded at 
the spot price per ounce on the balance sheet date.


                           Inventory

Inventory consists of gold bullion, dore, specimens and jewelry.  
Inventory is recorded at the spot price per ounce on the balance 
sheet date, except for jewelry, which is recorded at manufactured 
cost.


                          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 
are being capitalized.


                          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 tax expense or deferred taxes has been made in the current 
year because of the uncertainty of revenues for the remainder of 
the year.


                  Net Income or Loss Per Share

Net income 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 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 fees.



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                $345,800
                         2007                  27,200
                                             --------
                                             $373,000
                                             ========

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 $14,885, 
bearing interest at 9.95% and secured by a Chevrolet Astro Van.  
The note is payable in 60 monthly installments of $442, including 
interest.

At March 31, 1997, the Company has revolving lines of credit.  
The credit lines expire June 30, 1997.  The borrowing under these 
lines of credit at March 31, 1997, are $68,672 and $195,224.
<PAGE>




                  Original Sixteen to One Mine, Inc.


PART II:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS

              COMPARISON OF FIRST QUARTER 1997 WITH 1996



STATEMENT OF INCOME AND RETAINED EARNINGS


The Company's revenues decreased $220,367 (33%) the first quarter 
of 1997 compared with the first quarter 1996.  The primary reason 
for the decline in revenue for 1997 was the reduction of gold 
mined during the quarter.  The spot price of gold also declined 
from $395.55 on March 31, 1996 to $350.50 on March 31, 1997, 
which decreased revenue values.

Gold production is measured in fine troy ounces.  During the  
first quarter of 1996, production from the mine totaled 1,413.70 
troy ounces as follows:

                    January           849.33 ounces
                    February          483.37 ounces
                    March              81.00 ounces

In 1997, the Company identified new mine production into three 
new categories: mine, mill and trommel.  During the first quarter 
of 1997, production from the mine totaled 878.75 troy ounces as 
follows:
                      Mine        Mill      Trommel      Total
      January         46.44      93.12        0.00      139.56
      February        40.41     205.73      149.13      395.27
      March          161.39     133.93       48.60      343.92

The mill was inactive during the first quarter of 1996, so there 
are no comparisons with 1997.  The trommel (a perforated cylinder 
used to screen ore) began operating in February, 1997, so there 
are no comparisons with 1996.

The Company's compensation expenses in 1997 increased by $97,529 
(31%) from the $319,690 incurred in 1996, primarily because the 
Company's payroll expanded from 37 full time employees to 46 full 
time employees through the course of the 1996 year.

Promotion expenses decreased $9,414 (84%) due to the need to 
conserve working capital.  Contract labor decreased particularly 
within the gold sales division because jewelry was manufactured 
in-house by employees.  Other operating expenses increased or 
decreased modestly and were not material.


BALANCE SHEET

Inventory decreased $196,832 (17%) from December 31, 1996 to 
March 31, 1997.  Gold specimens were crushed and sold as bullion.  
The spot price of gold declined from $370 at the end of 1996 to 
$350.50 on March 31, 1997, thereby decreasing the value of the 
remaining inventory.

Total current liabilities decreased $23,366 (03%) since December 
31, 1996, as accounts payable were reduced during the first 
quarter.


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 and sales 
of gold from inventory to meet 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.



                           SIGNATURES

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


By:/s/Michael M. Miller
Michael M. Miller
President and Director


Dated:  May 14, 1997