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, 1995      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
       incorporated 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 month (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, 1995, 3,517,262 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
                           
                            
                             
                             
                             
ASSETS
                                           Sep. 30, 1995    
Dec. 31, 1994
                             
                             
Current Assets:                              
                             
Cash & Cash Equivalents                        280,018        
146,713
Accounts Receivable                            10,013         
17,060
Other Current Assets                           23,314         
27,783
Inventory                                      2,601,691      
1,767,572
Total Current Assets                           2,915,036      
1,959,128  

                                                         
    Mining Property:                            
                             
Real Estate & Property Rights                    
   (at March 1, 1913, cost plus
   subsequent additions, net of
   depletion of $524,145)                       105,517        
105,517
Mineral Property                                415,263        
415,263
Development                                     665,743        
366,189   

                          
     Total Mining Property                      1,186,523      
886,969   

                          
                             
Fixed Assets:                          
                             
Building & Mill                                 143,250        
143,250
Vehicles                                        118,011        
77,272
Equipment                                       687,272        
545,440   

                          
                                                948,533        
765,962
Accumulated Depreciation                        (532,597)      
(451,156) 

                          
     Net Fixed Assets                           415,936        
314,806   

                         
                             
Other Assets (Net of Amortization)              35,683         
39,996    

                         
Total Assets                                $   4,553,178      
$3,200,899

                             
                             
See Accompanying Notes  
                             
 <PAGE>                       
                        PART I: FINANCIAL INFORMATION
                       Original Sixteen to One Mine, Inc.
                            Condensed Balance Sheet
            
                              
                            
LIABILITIES & STOCKHOLDERS' EQUITY                    
                             
                                              Sep. 30, 1995 
Dec. 31, 1994

                             
                             
Current Liabilities:                              
                             
Accounts Payable                             $    137,455   $  
63,735
Income Taxes Payable                              0            
28,200
Deferred Income Taxes                             753,000      
524,000
Accrued Expenses                                  47,759       
1,747
Line of Credit                                    264,858      
0 

Note Payable                                      0            
150,000
Current Maturities of Long-Term Debt              3,444        
0         

                    
     Total Current Liabilities                    1,206,516    
767,682   

                          
Long-Term Liabilities:                           
                             
Note Payable - GMAC                               20,184       
0
Less Current Maturities                           (3,444)      
0         

                    
     Total Long-Term Liabilities                   16,740      
0        


                    
Deferred Income Taxes                             124,000      
0         

                    
Stockholders' Equity:                            
                             
Capital Stock, par value $.10 - 10,000,000 shares                

authorized;    3,529,362  and  3,507,994  shares
issued & outstanding as of September 30, 1995
and  December 31, 1994,  respectively             352,936      
350,799
Paid-In-Capital                                   1,422,874    
1,325,011
Notes Receivable-Employees                        (52,000)     
(52,000)
Treasury Stock at cost-
   (12,100 shares of common stock)                (38,111)     
0
 Retained Earnings                                1,520,223    
809,407
                          
     Total Stockholders' Equity                   3,205,922    
2,433,217
                            
Total Liabilities and                             
  Stockholders Equity                        $    4,553,178    
$3,200,899
                                                                 
        

                                                                 
        

                                                                 
        

                                          
See Accompanying Notes                           
                                
<PAGE>
                        PART I: FINANCIAL INFORMATION
                      Original Sixteen to One Mine, Inc.
                   Statement of Income and Retained Earnings

                    3 Months Ended Sep. 30,         9 Months
Ended Sep. 30,
                                 1995        1994        1995    
 1994
                                                              
                                                           
Revenues:                                                        
   
                                                           
Gold & Silver Production       2,041,856   177,522    2,424,669 
755,322
Jewelry Sales                  16,696      0          106,237   
0
Miscellaneous                  0           0          0         
40,000
Estimated Production (Adjusted)0           (124,406)  0         
0
                               ---------   --------   ----------
-------
 Total Revenues                2,058,552   53,116     2,530,906 
795,322
                                                               
                                                           
Expenses:                                                        
 
                                                           
Salaries, Officers            36,976       29,074     105,647   
99,402
Wages & Related               343,315      132,692    631,755   
392,919
Contract Labor                29,341       14,540     60,994    
30,987
Insurance                     19,312       708        79,961    
2,658
Professional Fees             8,141        16,642     45,326    
86,722
Supplies                      13,429       39,050     126,101   
107,789
Taxes                         23,384       14,239     81,826    
41,099
Utilities                     27,829       20,360     88,151    
66,400
Drayage                       9,606        4,573      29,648    
17,714
Office                        8,873        3,032      14,58     
14,501
Advertising & Marketing       5,593        8,605      17,554    
21,054
Lawsuit And Related Expenses  0            39,084     0         
58,392
Depreciation & Amortization   28,585       25,728     85,755    
77,182
                              --------     --------   --------- 
---------
     Total Expenses           554,384      348,327    1,367,298 
1,016,819
                              --------     --------   --------- 
---------
Gain (Loss) From Operations   1,504,168    (295,211)  1,163,608 
(221,497)
                           
Other Income & (Expense):                         
                           
Other Income                  91,397       32,860     166,144   
47,183
Other Expenses                (55,482)     (23,690)   (89,736)  
(62,298)
                              ---------    ---------  --------- 
---------
Income (Loss) Before Taxes    1,540,083    (286,041)  1,240,016 
(236,612)
                           
Provision for Income Tax      (353,800)    0          (353,800) 
(800)
                              ---------    ---------  --------- 
---------
Income(loss) before
   Extraordinary Item         1,186,283    (286,041)  886,216   
(237,412)
                           
Extraordinary item -
   Tax benefit arising from
   utilization of net operating
   loss carryforwards        (135,597)     0          0         
0
                                                           
Net Income                   1,050,686     (286,041)  886,216   
(237,412)
                             =========     =========  ========= 
=========

                             
Retained Earnings (December 31, 1994)                 809,407
                           
Dividends Paid                                        (175,400)  
        

                                                      ---------
                                                           
Retained Earnings (September 30, 1995)                1,520,223
                                                      =========
Gain (Loss) Per Share                                 0.25      
(0.07)
                                                      ========= 
=========

                                         
                                                           
See Accompanying Notes                                           
        

    
 <PAGE>                                                  
                         PART I: FINANCIAL INFORMATION
                       Original Sixteen to One Mine, Inc.
                            Statement of Cash Flows
                                                   
                             
                             
                                       Nine Months Ended  Nine
Months Ended
                                          Sep. 30, 1995     Sep.
30, 1994
Cash Flows From Operating Activities: 
                                                    
Cash Received                           $    1,696,787      $  
661,835
Cash Received From Other Sources             166,144           
47,184
Cash Paid to Suppliers & Employees           (1,223,086)       
(524,232)
Interest Received                            6,720             
3,333
Interest Paid                                (24,464)          
0
Taxes Paid In Cash                           (28,200)          
0
                                             ---------         
---------

     Cash Provided By Operations             593,901           
188,120
                                             ---------         
---------
                             
Cash Flows From Investing Activities:
             
Purchase Of Equipment                        (162,389)         
(105,576)
Payments Made For Development                (299,554)         
(196,185)
                                             ---------         
---------
     Cash Used In Investing Activities       (461,943)         
(301,761)
                                             ---------         
---------
                             
Cash Flows From Financing Activities:               
Payments Made On Notes Payable               (50,000)          
(110,000)
Net Proceeds From Borrowing
   on Line of Credit                         264,858           
70,000
Dividends Paid                               (175,400)         
0
Treasury Stock Purchases                     (38,111)          
0
                                             ---------         
---------
     Cash Used in Financing Activities       1,347             
(40,000)
                                             ---------         
---------
Net Increase (Decrease) in Cash              133,305           
(153,641)
                             
Cash, Beginning                              146,713           
187,011
                                             ---------         
---------
Cash, Ending                                 280,018           
33,370
                                             =========         
=========
                             
Reconciliation of Net Income to Cash Provided by Operating
Activities:


Net Income (Loss)                            886,216           
(376,836)
Changes in Operating Assets & Liabilities:
   Decrease in Accounts Receivable           7,047             
5,937
   (Increase) Decrease in Inventory          (834,119)         
544,398
   Decrease in Other Current Assets          4,471             
6,360
   Increase in Accounts Payable              73,720            
5,470
   Increase (Decrease) in Accrued Expenses   46,012            
(74,392)
   Decrease in Income Tax Payable            (28,200)          
0
   Increase in Deferred Income taxes         353,000           
0
   Depreciation                              81,441            
72,869
   Amortization                              4,313             
4,314
                                             ---------         
---------
Cash Provided By Operations             $    593,901        $  
188,120
                                             =========         
=========
                             
Supplemental Schedule of Non-Cash Investing and Financing
Activities:
                                    
    Retirement of Note Payable
    by Issuance of Common Stock              100,000  
                                             =========
    Acquisition of Vehicle
    by Financing
                                             20,184
                                             =========
                                                       
See Accompanying Notes                                    
<PAGE>
                       PART I - FINANCIAL INFORMATION




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 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 statement date.  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. 

Inventory

Inventory consists of gold 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.

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 and
accelerated
depreciation and depletion methods for income tax purposes.   

Net Gain 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 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.  These legal costs were incurred in defense of
certain
mining claims which is currently under appeal.

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
                         2004         $ 82,956
                         2005           51,037
                         2006           427,513
                         2007           48,562
                                        ----------
                                        $610,068
                                        =========
For California state income taxes, the Company has operating
carryforwards
which may provide future tax benefits, expiring as follows:
                  Year of expiration
                          1997          4,248
                                        =========

Note 4: Notes Payable

At September 30, 1995, the Company has a $20,184, 6 year secured
9.95% note
payable in connection with the acquisition of a Chevrolet Astro
Van.  The
note is payable in 60 monthly installments of $442.

At September 30, 1995, the Company has revolving lines of credit.
The
credit lines expire June 30, 1996.  The borrowing under these
lines of
credit at September 30, 1995 are $69,126 and $195,732.
            
        
                             
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND
RESULTS OF OPERATIONS

The Company's mining activities for the nine months ended
September 30,
1995, produced 6,187 ounces of gold as the Company intensified
its small
block mining in areas identified as favorable for gold
deposition.  The
primary objective of the underground activities is to sink a four
hundred
foot winze below the 2400 foot level and extend new levels at the
2600 foot
mark and the 2800 foot mark.  As of September 30, 1995, the winze
extends
230 feet below the 2400 foot level.  The new 2600 foot level has
been
extended about twenty feet southward and five feet northward from
the
winze.  Gold was encountered in the vein above the winze.  About
six ounces
were removed and no further mining took place due to the
sensitive nature
of the ground around the winze.  Locating this gold in the
previously
undeveloped vein is very positive and encouraging.

     Because of the successful production of 5,208 ounces in
July, the
Company elected to undertake a variety of activities to improve
or upgrade
existing facilities above and below ground.  During the third
quarter
extensive work was done to prepare for the winter season.  The
Company also
purchased $143,203 of new equipment during the quarter.  As of
September
30, 1995, the Company employed 30 full time people and 2
permanent part
time people. 

Comparison of Nine Months Ended September 30, 1995 to Nine Months
Ended
September 30, 1994.

For nine months ended September 30, 1995, revenues increased by
$1,735,584
from the comparable nine months ended September 30, 1994.
Production for
the first nine months was $2,424,669.  The reader is reminded
that Original
Sixteen to One is a high grade underground gold mine.  While the
vein
system is proven and has produced over 1 million ounces, it is
unthinkable
to state our reserves as "proven" according to standards
recognized in the
open pit gold mining industry or in low grade underground mines.
During
the past four years a significant percentage of annual production
has been
mined during a short period of time.  For example, in 1993, over
$1 million
was mined in a single day.  During this quarter over $2 million
was mined
in ten days.  This quarterly report is an excellent example of
the
difficulty of using quarterly periods for comparisons.

Total current assets increased by $955,908 as accumulated gold
inventory
was hoarded.  Current liabilities increased by $438,834 (deferred
income
tax increases by $229,000) as lines of credit were used as cash
flow tools
to minimize the amount of gold to be crushed in order to provide
the bank
credits necessary to meet monthly overhead.  The reason for
implementing
these tools was to conserve the valuable quartz and gold
inventory used to
supply the growing jewelry and specimen sales division
established by the
Company in 1994.


While revenue increased $1,735,584 for the first nine months of
1995, it
should not be magnified into a significant sign or trend.  As
stated many
times before, the Company owns and operates an unpredictable gold
deposit.
It is not particularly useful to compare quarters for gold
production
analysis and assign relevance into the projection. 


Liquidity And Capital Resources as of September 30, 1995

Gold production and accumulated inventory were the sources of
cash during
the quarter.  In order to finance the Company, inventory is sold.
In the
event that gold production ceases and inventory is consumed,
other
financing alternatives will be implemented to maintain the
current level of
activity.

The Company throughout its 84 year history has never experienced
steady or
regular gold production when measured on a monthly, quarterly,
semi-annually or annual basis.  This situation is due to the
high-grade
nature of the gold deposit in Alleghany, California.  The
situation is
further stressed because of the wide choices in areas to develop
the mine
for future production and the many choices to conduct small block
mining
for gold.  Considerations for determining mining priorities
include:
potential ounces of each target, set up costs, on going costs,
time, impact
on the mine's infrastructure (hoisting capacity, haulage, water)
and the
likelihood of little or no gold production.

Currently, miners are breaking rock in one heading that shows
speckled
gold.  Speckled gold ore is suitable for milling.  While it does
not
provide the high grade common to the mine, it is a very strong
indicator
that the crew is mining in a favorable area for high grade.
Another
heading also has positive indications for the recovery of high
grade gold.
Management represents that these current headings may continue
their
advancement as is, break into wired high grade gold or bust and
be
abandoned.  No other assurances or representations can be
confidently
offered.

The primary target of the Company is the 2483 winze, which
extends the
workings into the projected ore zone of the heart of the Sixteen
to One
Mine.  The projected total depth is 400 feet.  At 200 feet a
level was
established to open the vein along its strike. No production is
anticipated
from this level until the level is extended at least two hundred
feet to
the south or north and there are no assurances of when or how
much
production will be derived.

Events That May Have A Material Effect On Future Operations,
Liquidity and
Capital Resources.

TECHNOLOGY
The Company continues to test various technologies for
underground gold
location.  Should one of the technologies prove to more
effectively detect
high- grade pockets beyond the Company's current capabilities,
the
Company's ability to produce gold at a low cost would be
enhanced.   

PRICE OF GOLD
Of material effect on the Company's financial operations is the
price of
gold.  The Company's primary income is based upon current and
future prices
of gold.  A decrease in the spot price of gold per ounce will
decrease
income.  Conversely, an increase in the spot price per ounce
increases the
Company's income.  The September 30, 1995, spot price for gold
was $393 per
troy ounce.  The Company makes no projections on either the
future price of
gold, deflation or inflation.  While any decrease of the spot
price of gold
is definitely a negative factor, deflation and inflation can
arguably be
positive occurrences for the Company.

WORKING CAPITAL
The Company may seek to supplement its internally generated funds
with
funds raised externally through a proposed registered public
offering of
its common stock.  Although the Company is currently in the
registration
process, there is no assurance that such registration will be
successfully
completed or to what extent, if any, the Company may choose to
utilize such
registration.   

TIMBER

In 1994, the Company filed a Timber Harvest Plan and harvested
trees in
Sierra County.  Receipts in 1994, were $145,000.  Logging
operations were
suspended due to early snow storms.  The remaining acreage under
the timber
harvest plan was logged in 1995.  Revenue from timber sales in
1995 is
$108,304.

LACK OF PROVEN OR PROBABLE RESERVES OF COMMERCIAL ORE

The Company is engaged in production of gold, and continues to
explore and
develop ore zones in the mine.  While over 21,000 ounces of fine
gold have
been recovered since January 1992, there are no assurances that
the Company
will continue to find gold, or that if gold is found that it can
be mined
at a profit.  The Company has no proven (measured) reserves or
probable
(indicated) reserves of gold at the mine as those terms are
defined under
Federal securities regulations.  However, the vein system owned
and
operated by the Company has yielded over 1 million ounces of
gold, thereby
establishing it as a proven gold deposit.

GOVERNMENTAL REGULATION

All mining operations are subject to substantial governmental
regulation,
including Federal, state and local regulations concerning mine
safety and
environmental protection.  Compliance with these regulations may
cause
significant delays in the operations of the Company and
substantial capital
expense.  The Company believes it is currently operating in
compliance with
all known safety and environmental standards and regulations.
However,
amendments or additions to or future interpretations of current
regulations
could have an adverse effect on the Company's mining operations. 

DIVIDENDS

On August 7, 1995, the board of directors declared a special
dividend of
$.05 per share to shareholders of record August 7, 1995, payable
on
September 10.  The common stock was ex-dividend on August 11,
1995, on the
Pacific Stock Exchange.  The Company released this news on August
9, 1995.
This was the first dividend in 41 years.  While the Company has a
long
history of issuing dividends, the board of directors will
evaluate its cash
demands, accumulated inventory and its mining activities to
determine if
and when the next special dividend will be issued.

LIQUIDITY

The Company has, in the past, experienced a lack of liquidity and
working
capital.  Although the Company held gold inventory of over $1.7
million and
had no long term debt as of December 31, 1994, there can be no
assurance
that current gold production or gold inventory can be maintained
or that
the costs of mine exploration and development will not exceed
revenues and
deplete current assets of the Company.  Management believes that
the
liquidity needs of the Company in the near term will be met from
the sale
of existing inventory and the production of gold. 


PROPOSED CHANGES TO MINING LAWS

Congress is currently reviewing the 1872 Mining Law which
controls
unpatented mining claims.  One proposal would replace the current
annual
assessment work requirement ($100 per claim) with an undetermined
royalty
payment.  Although the Company's current production comes from
patented
(rather than unpatented) claims, any future production from the
Company's
unpatented mining claims may be subject to an additional royalty
payment or
other costs, if revisions to the 1872 Mining Law are implemented.


PART II OTHER INFORMATION 


ITEM 1 - LEGAL PROCEEDINGS
    
An appeal was filed by the Company in the Court of Appeal of the
State of
California, Third Appellate District (case number C017890).  The
decision
filed on August 25, 1995, reversed the ownership of Lot 32 and
reversed the
trial courts decision as it purported to declare the mining
claims null and
void in their entirety.

ITEM 2 - CHANGES IN SECURITIES
     None

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
     None

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS     


ITEM 5 - OTHER INFORMATION
     None

ITEM 6 - EXHIBITS & REPORTS ON FORM 8-K


<PAGE>
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,
Incorporated        

                               (Registrant)



Date:  November 8, 1995                                          
        


 
                              Michael M. Miller, President