SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.  20549


                                    FORM 10-QSB



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



   For Quarter Ended March 31, 1998            Commission File No. 001-10156



                            ORIGINAL SIXTEEN TO ONE MINE, INC.
                  (Exact name of registrant as specified in its charter)



                   CALIFORNIA                            94-0735390
      (State or other jurisdiction of     (I.R.S. Employer Identification No.)
        incorporated or organization 

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


                                     (530) 287-3223
                            (Registrant's telephone number)
                                (including area code)

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the past 12 months (or for such shorter period that the Registrant 
was required to file such reports), and (2) has been subject to such filing 
requirement for the past 90 days.

                        Yes:  X                      No:                 



As of March 31, 1998, 3,534,065 shares of Common Stock, par value $.10 per 
share, were issued and outstanding.

<PAGE>

PART I:  FINANCIAL INFORMATION

                  Original Sixteen to One Mine, Inc.
              Statement of Operations and Retained Earnings
          For the Three Months Ended March 31, 1998 and 1997

                                  Three Months Ended March 31,
                                    1998                1997
                                  --------            --------
Revenues:
  Gold & jewelry sales          $ 362,435           $ 445,230
  
Operating expenses:
  Salaries and wages              426,243             417,219
  Depreciation & amortization      24,750              35,637
  Amortization of
    development costs              10,992                   -
  Contract labor                    2,762               8,243
  Telephone & utilities            32,179              29,015
  Taxes - property & payroll       12,862              12,201
  Insurance                        12,766              12,866
  Supplies                         54,098              63,535
  Drayage                          16,071              17,429
  Promotion                         1,370               1,783
  Office expenses                   2,790               8,261
  Legal and accounting             19,503              31,426
  Other expenses                   20,249               4,048
                              -----------         -----------
  Total operating expenses        636,635             641,663
                              -----------         -----------
    Income (loss)
      from operations            (274,200)           (196,433)

Other Income & (Expense):
  Other Income                     23,080               7,704
  Other Expenses                   (1,382)            (21,358)
                              -----------         -----------
     Total Other Income
       (Expense)                   21,698             (13,654)
                              -----------         -----------
Income (loss) before taxes       (252,502)           (210,087)

Provision for income taxes           (500)             (1,000)
                              -----------         -----------
     Net income (loss)           (253,002)           (211,087)
                                                  ===========
Retained earnings (12/31/97)      391,846
                              -----------
Retained earnings (03/31/98)  $   138,844
                              ===========
Earnings (loss) per share
     of common stock               ($0.07)             ($0.06)
                              -----------        ------------

                        See Accompanying Notes
                                   
<PAGE>

PART I:  FINANCIAL INFORMATION

                    Original Sixteen to One Mine, Inc.
                          Condensed Balance Sheet
                   March 31, 1998 and December 31, 1997

ASSETS
                                     March 31, 1998       December 31, 1997

Current Assets

Cash                                  $    20,203            $    64,452
Accounts receivable                        62,192                 97,098
Inventory                                 536,823                632,676
Other current assets                       42,639                 22,581
                                      -----------            -----------
     Total current assets                 661,857                816,807
                                      -----------            -----------


Mining Property

Real estate and property rights
  net of depletion of $523,145            182,091                182,091
Mineral Property                          415,263                415,263
Development costs, net amortization
  of $91,520 and $81,965 in 1998 and
  1997, respectively                      807,465                817,020
                                      -----------            -----------
                                        1,404,819              1,414,374
                                      -----------            -----------


Fixed Assets at Cost

Equipment                                 859,864                859,864
Building and Mill                         164,546                164,546
Vehicles                                  188,541                188,541
                                      -----------            -----------
                                        1,212,951              1,212,951
Less accumulated depreciation            (824,352)              (799,601)
                                      -----------            -----------
     Net fixed assets                     388,599                413,350
                                      -----------            -----------
Other assets, net of accumulated
  amortization of $48,198 and
  $46,760 in 1998 and 1997, respectively   22,622                 24,060
                                      -----------            -----------

          Total Assets                $ 2,477,897            $ 2,668,591
                                      ===========            ===========


                               See Accompanying Notes

<PAGE>

PART I:  FINANCIAL INFORMATION

                    Original Sixteen to One Mine, Inc.
                          Condensed Balance Sheet
                   March 31, 1998 and December 31, 1997

LIABILITIES & STOCKHOLDERS' EQUITY
                                     March 31, 1998       December 31, 1997

Current Liabilities

Accounts payable and
  accrued compensation                $   195,554            $   168,782
Related party advances                          -                 23,000
Notes payable due within one year         358,412                298,931
Deferred income taxes                      94,000                 94,000
                                      -----------            -----------
     Total Current Liabilities            647,966                584,713
                                      -----------            -----------

Noted payable due after one year            6,476                  7,421
                                      -----------            -----------

     Total Liabilities                    654,442                592,134


Stockholders' Equity

Capital Stock, par value $.10 - 
  10,000,000 shares authorized:
  3,534,065 and 3,534,065 shares issued 
  and outstanding as of March 31, 1998 
  and December 31, 1997, respectively     353,407                353,407
Additional paid-in capital              1,357,204              1,357,204
Notes receivable from employees           (26,000)               (26,000)
Retained earnings                         138,844                391,846
                                      -----------            -----------
     Total Stockholders' Equity         1,823,455              2,076,457
                                      -----------            -----------

Total Liabilities and
  Stockholders' Equity                $ 2,477,897            $ 2,668,591
                                      ===========            ===========


                                See Accompanying Notes

<PAGE>

PART I:  FINANCIAL INFORMATION

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

                                               Three Months Ended
                                        March 31, 1998    March 31, 1997
                                        --------------    --------------
Cash Flows From Operating Activities:

Net loss                                $    (253,002)    $    (211,087)
Adjustments to reconcile net loss
  to net cash provided by operating
  activities:
     Depreciation and amortization             35,745            29,840
     Decrease (Increase)in accounts 
       receivable                              34,906           (32,410)
     Decrease in inventory                     95,853           196,832
     Increase in other current assets         (20,058)           (1,165)
     Increase (Decrease) in accounts payable
       and accrued compensation                11,076           (32,658)
     Increase in accrued expenses              15,696            14,021
                                         ------------      ------------
  Net cash provided (used) by 
    operating activities                      (79,784)          (36,627)
                                         ------------      ------------

Cash Flows From Investing Activities:

  Proceeds from sale of fixed assets               -             28,987
  Purchase of fixed assets                         -               (255)
                                         -----------        -----------
  Net cash provided by 
    investing activities                           -             28,732
                                         -----------        -----------

Cash Flows From Financing Activities:

  Payments made on notes payable               (945)                  -
  Payments received on notes receivable
    from employees                               -              (20,427)
  Payments made to employees for advances
    made to the Company                     (23,000)                  -
  Proceeds from additional borrowings        59,480              15,698
                                        -----------         -----------
  Net cash provided (used) by
    financing activities                     35,535              (4,729)
                                        -----------         -----------
  Decrease in Cash                          (44,249)            (12,624)

Cash, beginning of year                      64,452              31,640
                                        -----------         -----------
Cash, end of period                     $    20,203         $    19,016
                                        ===========         ===========
Supplemental schedule of other cash flows:

  Cash paid during the period for:
    Interest expense                    $     6,538         $     7,056
                                        ===========         ===========

                         See Accompanying Notes
<PAGE>
PART I:  FINANCIAL INFORMATION

                        Original Sixteen to One Mine, Inc.

                           Notes to Financial Statements


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


NATURE OF BUSINESS

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

REVENUE

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

INVENTORY

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

FIXED ASSETS

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

DEPLETION POLICY

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

DEVELOPMENT

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

INCOME TAXES

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

NET INCOME OR LOSS PER SHARE

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

NOTE 2 - MINING PROPERTY

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

NOTE 3 - INCOME TAXES

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

                                           Year of Expiration

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

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

NOTE 4 - NOTES PAYABLE

The Company has a note payable to the bank amounting to $12,235, bearing 
interest at 9.95% and secured by a vehicle.  The note is payable in 60 monthly 
installment of $442.

At March 31, 1998, the Company has two fully extended revolving lines of 
credit with a bank in the amount of $275,000, expiring June 30, 1998.


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

               Comparison of First Three Months of 1998 with 1997


STATEMENT OF INCOME AND RETAINED EARNINGS

The Company's revenues decreased $61,859 (13.89%) the first three months of 
1998 compared with the same period of 1997 although gold production increased 
170 troy ounces during the first quarter of 1998.  The spot price of gold has 
continued to decline from $369.60 per troy ounce on January 1, 1997 to $350.50 
by the end of the first quarter of 1997 compared with the price per troy ounce 
of $301.30 on March 31, 1998, which had a direct impact on the ratio of gold 
to revenue and inventory.

Gold production is measured in fine troy ounces.  During the first three 
months of 1998, production from the mine totaled 1,050.57 troy ounces as 
follows:

                      MINE           MILL         TROMMEL*         TOTAL
                     ------         ------        -------          -----
     January         402.98         201.52           0.00         604.50
     February         60.54          46.79           0.00         107.33
     March            36.68         302.06           0.00         338.74
                     ------         ------         ------         ------
     Total: 
     First Qtr       500.20         550.37           0.00       1,050.57
                     ======         ======         ======       ========

The Company continues to identify mine production into three categories:  Mine 
mill and trommel. During the first three months of 1997, production totaled 
881.11 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          163.75	          133.93          48.60         346.28
                    ------          ------         ------         ------
     Total: 
     First Qtr      250.60          432.78         197.73         881.11
                    ======          ======         ======         ======

 * Note:  A trommel is a perforated cylinder used to screen ore.  As 
production from the mine increased in May 1997, the trommel operation was 
suspended.

Mill tonnage for the first quarter totaled 3,542.29 ton as follows:

     January  1,333.26     February    491.17     March    1,717.86

The Company's compensation expenses increased $9,024 (2.16%) the first three 
months of 1998 compared with the same period in 1997 which reflects merit pay 
increases among the miners. 

Contract labor decreased $2,762 (66.49%) as the Company utilized more of its 
own work force.  The $11,923 (37.97) decrease in legal and accounting expenses 
for the three months ended March 31, 1998, compared with the same period in 
1997, is primarily attributed to the use of in-house employees rather than an 
outside accounting firm.

Depreciation and amortization of fixed assets decreased $10,887 in the first 
quarter of 1998 versus the first quarter of 1997 as costs associated with 
exploration and development have been reclassified for 1998 as amortization of 
development costs.

The Company continued to conserve working capital on discretionary expenses, 
thereby reflecting a decrease in Office expense of $5,471 (66.23%) and 
Supplies in the amount of $9,437 (14.85%).

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

BALANCE SHEET

Inventory decreased $95,853 (15.15%) from December 31, 1997 to March 31, 1998.  
Gold specimens and gold and quartz slab were sold to provide for operating 
capital.  Accounts receivable decreased $34,906 (35.95%) as debt due the 
Company is paid.

Total current liabilities increased $62,308 (10.52%) from December 31, 1997 as 
the Company chose to borrow money to satisfy its cash flow rather than 
liquidate inventory.


LIQUIDITY AND CAPITAL RESOURCES

The Company's liquidity (i.e., its ability to generate adequate amounts of 
cash to meet its needs for cash) is substantially dependent upon the results 
of its operations.  While the Company does maintain a gold inventory which it 
can liquidate from time to time to satisfy its working capital needs, there 
can be no assurance that such inventory will be adequate to sustain operations 
if the Company's gold mining activities are not successful.  Because of the 
unpredictable nature of the gold mining business, the Company cannot provide 
any assurance with respect to long-term liquidity.  In addition, if the 
Company's mining operation does not produce meaningful additions to inventory, 
the Company may determine it is necessary to satisfy its working capital needs 
by selling gold in bullion form.

The Company is dependent on continued recovery of gold mined and sales of gold 
from inventory to meets its cash needs.  Although the Company has historically 
located at least $1.2 million of gold in each of the last five years, there 
can be no assurance that the Company's efforts in any particular period will 
provide sufficient funding for the Company to continue operations.  The 
Company has a fully extended line of credit with a bank.  If the Company's 
cash resources are inadequate and its gold inventory is depleted, the Company 
may seek debt of equity financing on the most reasonable terms available or 
may terminate its operation.


CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE 
PRIVATE 
                    SECURITIES LITIGATION REFORM ACT OF 1995

From time to time the Original Sixteen to One Mine, Inc. (the Company), will 
make written and oral forward-looking statements about matters that involve 
risks and uncertainties that could cause actual results to differ materially 
from projected results.  Important factors that could cause actual results to 
differ materially include, among others:

     -  Fluctuations in the market prices of gold
     -  General domestic and international economic and political
        conditions
     -  Unexpected geological conditions or rock stability conditions
        resulting in cave-ins, flooding, rock-bursts or rock slides
     -  Difficulties associated with managing complex operations in remote
        areas
     -  Unanticipated milling and other processing problems
     -  The speculative nature of mineral exploration
     -  Environmental risks
     -  Changes in laws and government regulations, including those
        relating to taxes and the environment
     -  The availability and timing of receipt of necessary governmental
        permits and approval relating to operations, expansion of
        operations, and financing of operations
     -  Fluctuations in interest rates and other adverse financial market
        conditions
     -  Other unanticipated difficulties in obtaining necessary financing
     -  The failure of equipment of processes to operate in accordance
        with specifications or expectations
     -  Labor relations
     -  Accidents
     -  Unusual weather or operating conditions
     -  Force majeure events
     -  Other risk factors described from time to time in the Original
        Sixteen to One Mine, Inc., filings with the Securities and
        Exchange Commission

Many of these factors are beyond the Company's ability to control or predict.  
Investors are cautioned not to place undue reliance on forward-looking 
statements.  The Company disclaims any intent or obligation to update its 
forward-looking statements, whether as a result of receiving new information, 
the occurrence of future events or otherwise.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.


ORIGINAL SIXTEEN TO ONE MINE, INC.
(Registrant)

/s/Michael M. Miller
President and Director

Dated:  May 15, 1998