Mother Lode Gold Mines Consolidated – ‘10QSB’ for 9/30/01

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Quarterly Report — Small Business   —   Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report -- Small Business                    12±    52K 

Document Table of Contents

UNITED STATES                                                                   
SECURITIES AND EXCHANGE COMMISSION                                              
Washington, D.C. 20549                                                          

FORM 10-QSB                                                                     
(Mark One)                                                                      
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF  
1934 (NO FEE REQUIRED)                                                          
For The Quarter Ended: September 30, 2001                                       

_ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934.    
(NO FEE REQUIRED)                                                               
For the Transition Period from ______________ to _______________.               

Commission File Number: 0-16468                                                 

MOTHER LODE GOLD MINES CONSOLIDATED                                             
(Exact name of Company as specified in its charter)                             

           CALIFORNIA                                                 94-2236016
(State or other jurisdiction of (I.R.S. Employer                                
incorporation or organization)  Identification Number)                          

1440 CONCANNON BOULEVARD                                          
LIVERMORE, CA                                           94550   
(Address of principal executive offices)                              (Zip Code)

Company's telephone number, including area code:                (925) 455-0802  

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:     None            

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Common Stock, No    
Par Value                                                                       

Documents incorporated by reference: Not Applicable                             

Indicate by check mark whether the Company (l) has filed all reports required   
to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the     
preceding 12 months (or for such shorter period that the Company was required   
to file such reports), and (2) has been subject to such filing requirements for 
the past 90 days.                           Yes  X                       No     

State the number of shares outstanding of each of the issuer's classes of       
common equity, as of the latest practicable date.                               

                                Class                                Outstanding

Common Stock,   5,905,012                                       
without par value       as of September 30, 2001                

Total Pages: 13                                               
Exhibit Index on Page: 11                                       

PART I - FINANCIAL INFORMATION                                  

Item 1. Financial information required by Item 310(b) of Regulation S-B and by  
Rule 10.01 of Regulation SX, for the Company's fiscal quarter ended September   
30, 2001. The Company has prepared this information without independent audit.  

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
CONSOLIDATED FINANCIAL STATEMENTS                                               
SEPTEMBER 30, 2001                                                              

TABLE OF CONTENTS                                                               

Consolidated Balance Sheets as of September 30, 2001 and December 31, 2000     3

Consolidated Statement of Operations for the 9-month period ending              
September 30, 2001.                                                            4

Consolidated Statement of Cash Flows for the 9-month period ending              
September 30, 2001                                                             5

Consolidated Statements of Stockholder's Equity from inception on February 8,   
1974 to September 30, 2001.                                                    6

Notes to Consolidated Statements                                               7

(The balance of this page is intentionally left blank)                          

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
BALANCE SHEETS                                                                  
(1990 through 2001 Unaudited)                                                   
ASSETS                                                                          

September 30    December 31                                     
2001    2000                                                    
(Unaudited)     (Unaudited)                                     

Current Assets                                                                  
Cash    $826    $10                                             
Total current assets     826    10                              

Other Assets                                                                    
Property rights 618,332 618,332                                 
Note receivable from                                            
Amador United Gold Mines        89,461  49,418                  
Deposits        0       1,969                                   
Total other assets      707,793 669,719                         
$708,619        $669,729                        

LIABILITIES AND SHAREHOLDERS EQUITY                                             

Current Liabilities                                                             
Accounts payable        $23,914 $16,596                         
California income tax   11,231  12,607                          
Total current liabilities       35,144  29,203                                  

Non-current liabilities                                                         
Notes payable   6,928   381,381                                 
Deferred fees payable   58,303  175,627                         
Deferred officer's salary       182     182                     
Total non-current liabilities   65,413  557,191                                 

Minority interest in equity of subsidiaries     0       238,670                 

Stockholder's equity                                                            
Common stock, without par value,                                
Authorized, 7,500,000 shares:                                   
Issued and outstanding, September 30                            
2001: 5,905,012                                                 
2000: 4,134,995         6,397,125       5,479,502               
Paid-in capital representing rights to                                          
acquire a maximum of 1,218,712 shares                                           
(See Note 3)    963,340 1,132,066                                               
Deficit accumulated during development stage    (6,757,403)     (6,766,903)     
Net stockholder's equity        608,061 (155,335)                               
$708,619        $669,729                        

See accompanying notes                                                          

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
CONSOLIDATED STATEMENTS OF OPERATIONS                                           
(1990 through 2001 Unaudited)                                                   
Three Months Ended      Nine Months Ended                       
Sep 30  Sep 30  Sep 30  Sep 30                                  
2001    2000    2001    2000                                    
Pre-operating revenues:                                                         
Payments received under                                                         
joint venture agreements:       $0      $0      $0      $0      
Interest Income 1,421   9,544   4,210   10,995                  
Sub-total       1,091   9,544   2,788   10,995  

Pre-operating Expenses                                                          
Lease and non-creditable option                                 
     payments on mining properties       0       0       0       0
Evaluation of mining properties 0       0       15,218  (2,000) 
Legal and accounting    220     0       220     0               
Interest expense        2,168   7,207   6,398   21,393          
Administrative compensation     0       0       0       0       
Other administrative expense    0       848     0       2,384   
Depreciation/Amortization        881     0      5,366   0       
California Franchise tax        113     50      113     75      
Other expenses  500     (35)    200,550 10                      
Sub-total       3,882   8,070   227,864 21,862  

Net operating income    (2,461) 1,474   (223,654)       (10,867)                

Minority interest in loss of                                                    
subsidiaries    0       (45)    233,145 (28)                                    

Net gain/(loss) ($2,461)        $1,428  $9,491  ($10,895)                       

Primary gain/(loss) per share   $0.000  $0.000  $0.002  ($0.003)                

Fully diluted gain/(loss) per share     ($0.000)        $0.000  $0.000  ($0.002)

See accompanying notes                                                          

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
CONSOLIDATED STATEMENTS OF CASH FLOW                                            
(1990 through 2001 Unaudited)                                                   

Nine Months Ended                               
Sep 30  Sep 30                                                  
2001    2000                                                    
Cash flows from operating activities:   $9,491  ($10,895)                       
Adjustments to reconcile net loss to net cash                                   
used in operating activities:                                                   
Depreciation and amortization   0       0                       
Salaries and fees       0       0                               
(Increase) Decrease in deposits 1,969   0                       
(Increase) Decrease in pre-paid expenses        0       0       
       (Increase) Decrease in loans receivables        (40,043)        (2,174)
Increase (Decrease) in accounts payables        7,318   (15,118)
Increase (Decrease) in long term loans  (117,324)       0       
Incr (Decr) in deferred officer salaries        0       (18)    
Incr (Decr) in income taxes payable     (1,376) 25              
        Incr (Decr) Minority Interest due to Dissolution        (238,670)      0
Incr (Decr) in property loss from abandonment   0       0       
Gross cash used in operating activities (388,126)       (17,285)                
Cash flow from investing activities:                                            
Minority investment     8       28                              
Purchase of mining property     0       0                       
Net cash provided by (used in) investing        8       28                      
Cash flows from financing activities:                                           
Issuance of Series B Stock      0       0                       
(Inc)Dec Conversion Series A to Common  (163,726)       0       
Proceeds from sale of company stock     917,623 0               
Increase (Decrease) in expiration of:                           
Series A Preferred Stock        0       (8,821)                 
1984 Option Plan        0       0               
Net borrowing from notes payable        (374,454)       34,958                  
Net cash provided by financing activities       379,443 26,137)                 
Net increase (decrease) in cash $815    ($2,016)                
Cash, beginning of period       10      2,062                   
Cash, end of period     $825    $46                             

A. Supplemental disclosures of cash flow information for the 332 month since    
inception to September 30, 2001                                                 
Cash paid for:  Interest        $719,084                        
Income taxes    $37,755                         

B. Supplemental schedule of non-cash investing and financing activities for the 
326 months from inception to September 30, 2001:                                
  The Company has satisfied various liabilities (Note 3) by issuance of stock or
options (Exercise price: $0.0001 per share) to acquire common stock:            
Stock Options   Stock                           
Salaries        $974,510                                        
Equipment           _    0      $5,000                          
Total   $974,510        $5,000                                  
See accompanying notes                                                          

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY                                 
(1990 through 2001 Unaudited)                                                   

Deficit Accumulated                             
Issued and Outstanding  Paid-in Since Inception 
Shares  Amount  Capital February 1974                           

From Inception, February 24, 1974 thru December 31, 1997                        
3,878,780       $4,982,795      $1,702,893      ($6,734,968)    

No shares were sold from Jan thru Dec 1998                                      
Paid-in capital representing options to acquire                                 
a cumulative maximum of 1,531,294 common shares 23,495          
December 31, 1998                                                               
   pre-operating net loss               0               0             0 (70,291)
As of December 31, 1998 3,878,780       4,982,795       1,726,338    (6,805,299)

No shares were sold from Jan thru Dec 1999                                      
Series A Preferred shares converted                                             
to common shares    153,390 278,313 (278,313)                           
Series A Preferred share options expired                        (9,310)         
1984 Stock option Plan Deferred Compensation                                    
Expiration of Options                   (79,433)                
Paid-in capital representing options to acquire                                 
a cumulative maximum of 1,442,544 common shares 0               
December 31, 1999                                                               
   pre-operating net gain               0                0              0 56,758
As of December 31, 1999 4,034,170       $5,261,108      $1,359,282  ($6,748,541)

No shares were sold from Jan thru December 2000                                 
Series A Preferred shares converted                                             
to common shares    143,275 218,394 (218,394)                           
Series A Preferred options expired                      (8,821)                 
Paid-in capital representing options                                            
to acquire a cumulative maximum of                                              
1,402,120 common shares                 0                                       
December 31, 2000                                                               
   pre-operating net loss               0                0            0 (18,362)
As of December 31, 2000 4,177,445       $5,479,502      $1,132,066  ($6,766,903)

No shares were sold from Jan thru Sep 2001                                      
Shares issued to satisfy                                                        
long-term loans 761,171 380,585                                 
long-term obligations   232,006 116,003                         
AUGM debt guaranteed                                            
by MLGM 98,130  49,065                                          
Series A Preferred shares converted                                             
to common shares         219,774        163,728 (163,726)       
Northern Mines Inc. Dissolution                                                 
and issuance of MLGM stock at                                   
$0.50 per share 416,486 208,243                                 
Paid-in capital representing options to acquire                                 
a cumulative maximum of 1,218,712 common shares 0               
September 30, 2001 pre-operating                                                
        net gain (loss)         0                0               0         9,491
As of September 30, 2001        5,905,012       $6,397,125 $968,340 ($6,757,412)

See accompanying notes                                                          

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
NOTES TO FINANCIAL STATEMENTS                                                   
SEPTEMBER 30, 2001                                                              
1.       BASIS OF PRESENTATION                                                  

The accompanying unaudited consolidated financial statements have been prepared 
by the Company in accordance with generally accepted accounting principles for  
interim financial information and with the instructions to Form 10-QSB and      
Article 10 of Regulation S-X. Accordingly, they do not include all of the       
information and footnotes required by generally accepted accounting principles  
for complete financial statements. In the opinion of management, all            
adjustments considered necessary for a fair presentation have been included.    
Operating results for the three-month period ended September 30, 2001 are not   
necessarily indicative of the results that may be expected for the year ending  
December 31, 2001. For further information, refer to the consolidated financial 
statements and footnotes thereto included in the Company's Form 10KSB for the   
year ended December 31, 2000.                                                   

Effective January 1, 2001, the company has ceased to be a development company   
since the sole activity is identification and exploration of properties that    
the Company believes have the potential for economic recovery of minerals,      
especially gold. In order to develop the property into an economic mining       
operation, the Company will form a joint venture for that specific property.    

2.      POTENTIAL MINING PROPERTIES                                             

        a. Big Canyon Mining and Cattle Corporation Property. The lease, with an
option to purchase for surface and mineral rights on 584.07 acres, made         
effective July 1, 1996 was amended on January 1, 2001.                          

       b. Fort Yuma Claims:  Two unpatented lode claims, directly owned by the
Company, totaling about 20 acres, are located in an area open to mineral entry  
under the General Mining Law of 1972.                                           

c. Minimum Annual Land Lease Payments                           
The minimum monthly payments are subject to adjustments if the highest price of 
gold for the prior six months rises above $375 per ounce. Assuming these        
properties are retained, the gold price does not rise above $375 per ounce, and 
no development and/or exploration is commenced on the Big Canyon property, the  
minimum payments are as follows:                                                
Year                                     Amount 
2001(3 months)  $300                                            
2002    $1,200                                                  
2003    $1,200                                                  

3.      STOCK OPTION PLANS                                                      
       The Company has two active stock option plans (1995 Stock Option Plan and
Directors' Stock Option Plan). Northern Mines did "Wind up and Dissolve"        
effective June 30, 2001; all option plans had expired March 1, 2000.            

The Company options are valued at the amount of the salary or other amounts     
owed, and are recorded in these amounts as paid-in capital, with offsets to     
expense, or accounts payable as appropriate. As of the date of this Form 10-    
QSB, they are summarized on the following page, as follows:                     

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
NOTES TO FINANCIAL STATEMENTS                                                   
SEPTEMBER 30, 2001                                                              

3.      STOCK OPTION PLANS, Continued                                           

A. Option plans for employees, directors and consultants:                       
                Plan            Expiration   Exercise Common Shares Reserved for
                                Date            Price  Under Option Future Grant
        1. Mother Lode Gold Mines Consolidated, unissued shares of common stock:
                1995 Plan       Sep 2005        $2.00           100,000        0
                Director's      Sep 2005        $2.00            40,000   60,000
                Total                                           140,000   60,000

        The exercise prices of the foregoing incentive options were above market
prices at the date of grant, so no compensation expense, or capital credit has  
been accounted for in connection with these options.                            

B. Compensatory options issued for services and/or in satisfaction of Company   
indebtedness.                                                                   

1. Mother Lode Gold Mines Consolidated:                                         

a. Options on Series A preferred stock, callable at $10 per share, $.0001       
exercise price, each convertible to common stock for a minimum of 2.1316        
shares, increasing at a rate of 10% per annum to a maximum of 3.3368 shares     
after five years, and if the common stock has not been registered under the     
Securities Act of 1933, then increasing at 10% per annum to a maximum of 5.4901 
shares, until final expiration at the end of an additional five years.          

Through September 30, 2001, a total of 261,586 options for preferred shares     
were issued and outstanding for salaries and fees to officers and others, at    
prices ranging from $10.00 to $1.53/share of preferred stock                    

Shares on                       Exercise         Common Shares Amount of Expense
Conversion                      Price/Share             Under Option     or Debt
Relief                                                                          
Minimum: 483,909                                                                
Maximum, 5 years class: .0001    108,111                                        
Maximum, 10 years class:        .0001   1,110,601                               
1,218,712       $920,591                        

b. Options on Series B preferred stock, callable at $10 per share, $.0001       
exercise price, each convertible to common stock for a minimum of 5.00 shares,  
increasing at a rate of 0.05 shares per annum to a maximum of 5.20 shares after 
four years, and if the common stock has not been registered under the           
Securities Act of 1933, at a rate of 5.25 shares from the fifth anniversary,    
until final expiration at the end of an additional five years.                  

Through September 30, 2001 a total of 4,775 options for preferred shares were   
issued for lease payments due to third parties at $10.00/share of preferred     
stock.                                                                          

Shares on                       Exercise         Common Shares Amount of Expense
Conversion                      Price/Share             Under  Option    or Debt
Relief                                                                          
Minimum: 4,775                                                                  
Maximum, 5 year Class   .0001   24,830  $   47,748                              
Total amount of expense relief (Series A and Series B)  $968,339                

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDIARIES                                                                
NOTES TO FINANCIAL STATEMENTS                                                   
SEPTEMBER 30, 2001                                                              

3.      STOCK OPTION PLANS, Continued                                           

c. A changes in options outstanding, as of September 30, 2001 follows:          

Compensatory Options, Maximum Shares of common stock:                           

January 1, 2001                                                           
Series B Preferred   24,830                                               
Series A Preferred, 5-year expiration class       202,938                 
Series A Preferred, 10-year expiration class    1,174,352                 
Total   1,402,120                                               
Net Changes, 2001                                                         
Series A Preferred, 5-year expiration class       (94,827)                
Series A Preferred, 10-year expiration class       (63,751)               
Balance, September 30, 2001    1,243,542                                  

4.      MINORITY INTEREST IN SUBSIDARIES                                        

       Northern Mines Inc was "wound-up and dissolved effective June 30, 2001,
necessitating the write-off.                                                    

5.      OFFICE LEASE                                                            

The Company shares 1,400 square feet of office space in a Class A low           
rise building in a garden office park in Livermore, California. The Company's   
share of the monthly lease payment is $510, plus annual operating and tax       
escalations.                                                                    

(The balance of this page intentionally left blank)                             

Part I - Financial Information (continued)                                      

Item 2.  Management's Discussion an Analysis of Financial Condition and Results 
of Operations.                                                                  

       Summary of Financial Results. Mother Lode Gold Mines Consolidated and its
consolidated subsidiaries (the "Company")showed a Third Quarter 2001 gain of    
$9,491. The Company has no current cash income from the properties in which the 
Company has an interest. Sources of cash flow to the Company have historically  
been derived from: (1) mining contracts with other mining companies, (2)        
securities offerings and (3) drilling programs.                                 

       As of September 30, 2001, the Company had outstanding advances for land
and administrative services to subsidiary corporations as follows: Amador       
United Gold Mines - $101,253; Pacific FarEast Minerals, Inc. - $4,738.          

   During the First Quarter, the Company exchanged common stock shares
arbitrarily valued at $0.50 per share for outstanding loans and professional    
fees. In addition, a holder of a note from Amador United Gold Mines, a 48.37%   
owned subsidiary of MLGM, which had been guaranteed by MLGM called the loan and 
agreed to accept shares of MLGM common stock at $0.50 per share. The dollar     
value of these several transactions was $545,653 and the total shares issued    
were 1,091,307.                                                                 

During the Second Quarter, Northern Mines Inc. did "Wind-up and 
Dissolve". Mother Lode issued 415,486 shares of common stock of Mother Lode     
Gold Mines Consolidated, valued at $0.50 per share, to the 56 shareholders of   
Northern Mines Inc. The dollar value of this issuance was $207,743.             

       During the third quarter, Mother Lode issued an additional 1,000 shares
of common stock of Mother Lode Gold Mines Consolidated, valued at $0.50 per     
share, to one shareholder of Northern Mines Inc. The dollar value of this       
issuance was $500. This was necessitated due to a discrepancy between the       
record of shares issued and the face amount of shares on a certificate.         

The per share price of $0.50 was determined by the board of directors of        
Mother Lode Gold Mines and accepted by the Board of Directors of Northern       
Mines. The membership of these two boards is identical. The price was           
determined in relation to (1) any potential conflicts of interest of the board  
members, (2) the existing market conditions for junior gold mining stocks, and  
(3) ensuring, to the extent reasonably possible, that the price is fair,        
equitable and just for the shareholders of both companies.                      

The total number of common shares of the Company as of September 30, 2001       
is 5,905,012.                                                                   

Cash payments for officer's compensation were suspended effective October       
1, 1988, and remain in effect through September 30, 2001 and are in effect as   
of the date of this report. To date, 350,000 shares have been authorized and    
options for 234,695 shares of Series A Preferred Stock that have been granted   
remain active.                                                                  

Preparation of Financial Statements. The consolidated financial 
statements of September 30, 2001, and for the three-month period then ended,    
were prepared by the Company and have not been reviewed by independent auditors 
prior to filing.                                                                

Amador United Gold Mines ("AUGM"). There was no activity by this
corporation during the Third Quarter 2001. The Company owns 48.37 % of the      
common stock (the only outstanding security) of AUGM.                           

     Northern Mines Inc. ("NMI"). The Board of Directors of Northern Mines
Inc. voted to "Wind-up and Dissolve" this corporation effective June 30, 2001.  
There has been no activity for over three years. Mother Lode Gold Mines, which  
held 86.71% of the issued and outstanding common stock voted in favor of the    
action. In recognition of property transfers that had been made to MLGM, MLGM   
issued one share of the MLGM common stock, valued at $0.50 per share, for each  
share of Northern Mines Inc. common stock held by the 56 Northern Mines Inc.    
shareholders. A total of 416,486 shares of MLGM common stock were issued,       
valued at $208,243.                                                             

      Pacific FarEast Minerals, Inc. ("PFEM") During the Third Quarter 2001,
PFEM continued its responsibilities under the two joint ventures in the         
People's Republic of China The Company owns 31.7% of the common stock of PFEM.  

PART II - OTHER INFORMATION                                                     

Item 1. Legal Proceedings.                                                      

The Company is not aware of any material legal proceedings to which the         
Company or any subsidiary is a party or of which any of their properties is     
subject, nor does the Company know of any such proceedings currently            
contemplated by any governmental agency.                                        

Item 2. Changes in Security:                                     Not Applicable.

Item 3. Default Upon Senior Securities:                         Not applicable. 

Item 4. Submission of Matters to a Vote of Security Holders: Not applicable.    

Item 5. Other Information:                                       Not applicable.

Item 6. Exhibits and Reports on Form 8-K.                        Not Applicable.

Exhibit 11, Statement re Computation of Per Share Earnings which Exhibit begins 
at Sequential Page 12.                                                          

No reports on Form 8-K were filed during the period of this Form 10-QSB.        

SIGNATURES                                                                      

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

MOTHER LODE GOLD MINES CONSOLIDATED                                             
By:                                                                             

_________________________       ______________________                          
Frank M. Orrell,        Byron S. James,                                         
Chairman, CEO   Chief Financial Officer                                         
Date: October 15, 2001  Date: October 15, 2001                                  

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDARIES                                                                 
EARNINGS PER SHARE                                                              
(FULLY DILUTED)                                                                 
CUMULATIVE              3 MO TO 3 MO TO 9 MO TO 9 MO TO 12 MO TO
        DATE       SHARES SHARES MONTHS 9/30/01 9/30/00 9/30/01 9/30/00 12/31/00
For the period 02/08/74 thru 12/31/97 (A,B,C)                                   
01/01/98 (C)            32,326  4,595,852       3                               
03/31/98 (C)            11,713  4,607,565       3                               
06/30/98 (C)            11,713  4,619,278       3                               
09/30/98 (C)            16,366  4,635,644       3                               
12/31/98 (C)            16,366  4,652,010       3                               
03/31/99 (C)            0       4,652,010       3                               
06/30/99 (D)            95,037  4,747,047       3                               
09/30/99 (D)    28,713  4,775,760       3                                       
12/31/99 (D)            31,640  4,807,400       3          14,422,200 14,422,200
03/31/00 (D)            32,342  4,839,742       3          14,519,226 14,519,226
06/30/00 (D)            32,342  4,872,084     3 14,616,252 14,616,252 14,616,252
09/30/00 (D)            36,141  4,908,225       3                     14,724,675
12/31/00 (D)            42,450  4,950,675       3                     14,852,025
03/31/01 (D)    1,163,447               6,114,122       3             18,342,366
06/30/01 (D)    487,626 6,601,748       3               19,805,244    19,805,244
09/30/01         (D)    76,494  6,678,242       0               0       0  0 0 0
   332
                         19,805,244 14,616,252 52,999,635 43,557,678 58,282,3530

MONTHS                                  3       3       9       9       12      

WEIGHTED AVERAGE SHARES        6,601,748 4,872,084 5,888,848 4,839,742 4,856,863

NET INCOME/(LOSS)               ($2,461)       $1,428 $9,491 ($10,895) ($18,362)

EARNINGS/(LOSS) PER SHARE, FULLY DILUTED                        ($0.000)  $0.000
$0.002  ($0.002)        ($0.004)                                

NOTES:                                                                          
(A) Share amounts have been restated for the following: 5:1 stock split - 1977; 
15:1 stock split - 1978; 10% stock dividend - 1984.                             
(B) Includes February 1992 cancellation of shares held by Northern Mines, Inc., 
an 82% owned subsidiary of Mother Lode Gold Mines Consolidated.                 
(C) Assumes the exercise and conversion of Series A preferred shares previously 
issued which could be converted on this date for the minimum number of shares.  
(D) Includes the exercise and conversion on this date of Series A preferred     
shares previously issued.                                                       

MOTHER LODE GOLD MINES CONSOLIDATED                                             
AND SUBSIDARIES                                                                 
EARNINGS PER SHARE                                                              
(PRIMARY                                                                        

CUMULATIVE              3 MO TO 3 MO TO 9 MO TO 9 MO TO 12 MO TO
        DATE       SHARES SHARES MONTHS 9/30/01 9/30/00 9/30/01 9/30/00 12/31/00
For the period 02/08/74 thru 12/31/97 (A,B)                                     
01/01/98        0       3,878,780       3                                       
03/31/98                        0       3,878,780       3                       
06/30/98                0       3,878,780       3                               
09/30/98                        0       3,878,780       3                       
12/31/98                        0       3,878,780       3                       
03/31/99                        0       3,878,780       3                       
06/30/99 (C)            95,037  3,973,817       3                               
09/30/99         (C)            28,713  4,002,530       3                       
12/31/99         (C)            31,640  4,034,170       3  12,102,510 12,102,510
3/31/00  (C)            32,342  4,066,512       3          12,199,536 12,199,536
06/30/00         (C)         32,342 4,098,854 3 12,296,562 12,296,562 12,296,562
09/30/00         (C)            36,141  4,134,995       3             12,404,985
12/31/00         (C)            42,450  4,177,445       3             12,532,335
3/31/01  (C)    1,163,447       5,340,892       3                     16,022,676
06/30/01         (C)    487,626 5,828,518       3       17,485,554    17,485,554
09/30/01                76,494  5,905,012       0       0       0       0    0 0
                      332 17,485,554 12,296,562 46,040,565 36,598,608 49,003,593

MONTHS                                                  3       3       9   9 12

WEIGHTED AVERAGE SHARES        5,828,518 4,098,854 5,115,618 4,066,512 4,083,633

NET INCOME/(LOSS)               ($2,461)       $1,428 $9,491 ($10,895) ($18,362)

EARNINGS/(LOSS) PER SHARE FULLY DILUTED ($0.000) $0.000 $0.002 ($0.003) ($0.004)

NOTES:                                                                          
(A) Share amounts have been restated for the following: 5:1 stock split - 1977; 
15:1 stock split - 1978; 10% stock dividend - 1984.                             
(B) Includes February 1992 cancellation of shares held by Northern Mines, Inc., 
an 82% owned subsidiary of Mother Lode Gold Mines Consolidated.                 
(C) Includes the exercise and conversion on this date of Series A preferred     
shares previously issued.                                                       
Sequential Page Number 13                       

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10QSB’ Filing		Date		Other Filings
		12/31/01		10KSB
Filed on:		10/19/01
		10/15/01
For Period End:		9/30/01
		6/30/01		10QSB
		1/1/01
		12/31/00		10KSB
		3/1/00
		12/31/99		10KSB
		12/31/98
		12/31/97
		7/1/96
				List all Filings