SECURITIES AND EXCHANGE COMMISSION
                                 WASHINGTON, D.C.  20549


                                     FORM 10-QSB



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



   For the Quarter Ended March 31, 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 March 31, 2001, 4,248,682 shares of Common Stock, par value $.10 per
share, were issued and outstanding.

<PAGE>

                                   PART I

1.  FINANCIAL INFORMATION

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

                                        March 31, 2001     December 31, 2000
ASSETS

Current Assets
   Cash                                  $    1,089             $   37,912
   Accounts receivable                       74,196                 59,587
   Inventory                                590,555                704,522
   Other current assets                      11,701                 10,295
                                         ----------             ----------
     Total current assets                   677,541                812,316
                                         ----------             ----------

Mining Property
   Real estate and property rights
      net of depletion of $524,145          181,171                181,171
   Mineral property                         473,323                473,323
   Development costs, net of amortization
      of $99,841 at March 31, 2001 and
      December 31, 2000                     799,144                799,144
                                         ----------             ----------
                                          1,453,638              1,453,638
                                         ----------             ----------
Fixed Assets at Cost
   Equipment                                892,054                893,754
   Buildings                                162,487                159,487
   Vehicles                                 219,592                193,243
                                         ----------             ----------
                                          1,274,133              1,246,484
Less accumulated depreciation            (1,062,352)            (1,043,352)
                                         ----------             ----------
     Net fixed assets                       211,781                203,132
                                         ----------             ----------
Other assets, net of
   accumulated amortization                  14,900                 14,900
                                         ----------             ----------

     Total Assets                        $2,357,860             $2,483,986
                                         ==========             ==========

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
   Accounts payable &
      accrued expenses                   $  211,763             $  159,001
Due to related party                          5,000                  6,060
Notes payable due within one year            28,739                 24,947
                                         ----------             ----------
     Total Current Liabilities              245,502                190,008
                                         ----------             ----------
Long Term Liabilities
   Notes payable due after one year          83,236                 68,760
                                         ---------              ----------
     Total Liabilities                      328,738                258,768
                                         ----------             ----------

Stockholers' Equity
   Capital stock, par value $.10 -
     10,000,000 shares authorized:
     4,248,682 and 4,244,932 shares
     issued and outstanding as of
     March 31, 2001 and
     December 31, 2000, respectively        424,868                424,493
   Additional paid-in capital             1,803,090              1,799,716
   (Accumulated deficit)
      retained earnings                    (198,836)                 1,009
                                         ----------             ----------
     Total Stockholders' Equity           2,029,122              2,225,218
                                         ----------             ----------
Total Liabilities and
  Stockholders' Equity                   $2,357,860             $2,483,986
                                         ==========             ==========

                              See Accompanying Notes

<PAGE>

                  Original Sixteen to One Mine, Inc.
             Statement of Operations and Retained Earnings
          For the Three Months Ended March 31, 2001 and 2000

                                  Three Months Ended March 31,
                                    2001                2000
                                   ------              ------
Revenues:
  Gold & jewelry sales        $   152,838          $   304,163
  Timber sales                          -                8,138
                              -----------          -----------
     Total revenues               152,838              312,301
                              -----------          -----------
Operating expenses:
  Salaries and wages              180,122              140,489
  Contract labor                    9,029                1,087
  Telephone & utilities            15,615               15,574
  Taxes - property & payroll       13,994               14,249
  Insurance                         7,550               10,891
  Supplies                         23,472               20,892
  Small equipment & repairs        11,887                1,056
  Drayage                           9,705                5,003
  Office expenses                     283                7,498
  Legal and accounting             19,610               27,120
  Depreciation & amortization      19,000               50,765
  Other expenses                    7,199                6,722
                               ----------          -----------
  Total operating expenses        317,466              301,346
                               ----------          -----------
    (Loss) Income
      from operations            (164,628)              10,955

Other Income & (Expense):
  Other income (expense)          (35,217)              (4,737)
                               ----------          -----------
(Loss) profit before taxes       (199,845)               6,218
                               ----------          -----------
Income tax benefit (expense)            -                    -
                               ----------          -----------
Net (loss) income            $   (199,845)        $      6,218
                             ============         ============

Basic and diluted (loss)
   profit per share          $       (.05)                   -
                             ============         ============
Shares used in the
   calculation of net
   (loss) income per share      4,248,682            4,244,932
                             ============         ============


                              See Accompanying Notes

<PAGE>


                      Original Sixteen to One Mine, Inc.
                           Statement of Cash Flows
            Three Months Ended March 31, 2001 and March 31, 2000

                                            Three Months Ended March 31,
                                            2001                   2000
                                       --------------         --------------
Cash Flows From Operating Activities:

Net (loss) profit                      $     (199,845)        $       6,218
Adjustments to reconcile net (loss)
  profit to net cash provided by
  operating activities:
     Depreciation and amortization             19,000                50,767
     (Increase)Decrease in
        accounts receivable                   (14,609)                8,787
     Decrease(Increase) in inventory          113,967              (132,570)
     (Increase)Decrease in other
       current assets                          (1,406)                  452
     Increase in accounts payable
       and accrued expenses                    52,751               117,018
                                         ------------            ----------
  Net cash (used)provided by
     operating activities                     (30,142)               50,672
                                         ------------           -----------

Cash Flows From Investing Activities:

  Purchase of fixed assets                    (27,649)              (42,994)
  Proceeds from sale of land                        -                   920
                                        -------------           -----------

  Net cash used by
    investing activities                      (27,649)              (42,074)
                                        -------------           -----------

Cash Flows From Financing Activities

  Payments made on notes payable              (27,936)                    -
  Payments made on notes payable
    To related parties                         (1,060)                    -
  Payments made to employees for advances
    made to the Company                             -               (50,710)
  Proceeds from additional borrowings          43,214                41,506
  Proceeds from sale of common stock            3,750                     -
                                         ------------          ------------
  Net cash provided (used) by
    financing activities                       20,968                (9,204)
                                         ------------          ------------
  Decrease in cash                            (36,823)                 (606)

Cash, beginning of year                        37,912                   680
                                         ------------          ------------
Cash, end of period                      $      1,089          $         74
                                         ============          ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                     $      3,487          $          -
                                         ============          ============
    Income taxes                         $        800          $        800
                                         ============          ============

                              See Accompanying Notes
<PAGE>

                        NOTES TO THE FINANCIAL STATEMENTS

1.  In the opinion of management, the financial statements contain all
adjustments (consisting only of normal recurring accruals) necessary to
present fairly the Company's financial position at March 31, 2001 and December
31, 2000, the results of operations and cash flows for the three month periods
ended March 31, 2001 and 2000.  The unaudited financial statements have been
prepared in accordance with Generally Accepted Accounting Principles for
interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B.

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 10KSB.  The results of operations for the three
month period ended March 31, 2001 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.


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

BALANCE SHEET COMPARISONS
The Company's decrease in assets of $126,126 (5.1%) was attributed to minimal
gold production which necessitated liquidating a portion of its inventory to
satisfy working capital needs.

The Company's total liabilities increased from $258,769 to $328,738 reflects a
loan for the purchase of a vehicle and increases in accounts payable.


STATEMENT OF OPERATIONS
The three month period ended March 31, 2001 compared with the same three month
period in 2000 reflects a decrease of $159,463 (51.1%) in revenue resulting
from:  (1) a 78% decrease in gold production from the mine and (2) timber not
being harvested during the three month period in 2001.

Operating expenses increased to $317,466 for the three-month period ended
March 31, 2001 compared to $301,346 for the three-month period ended March 31,
2000.  The increase is primarily attributable to increased salaries and wages
related to the employment of 3.5 additional full time equivalent employees and
to annual compensation adjustments for other employees.  The increase in
salaries and wages are offset by a decrease in depreciation expense
attributable to a number of items becoming fully depreciated after the first
quarter of 2000.  The increase in small equipment and repairs expense reflects
maintenance and repair of existing pumps utilized in de-watering of the mine.

Other expenses totaled $35,217 for the three-month period ended March 31, 2001
compared to $4,737 for the three-month period ended March 31, 2000.  The
increase relates to inventory valuation adjustments due to the fluctuation in
the spot price of gold and the gain on the sale of mill equipment.

For the period ended March 31, 2001, the Company recorded a loss of $199,845
(before taxes) compared to a profit of $6,218 for the same period in 2000.


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
for extended periods 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 2000