U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-KSB
(Mark One)

   /x/   Annual report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 (Fee required)

For the fiscal year ended December 31, 2000

Transition report under Section 13 or 15(d) of the Securities
Exchange Act of 1934	(No Fee required)
For the transition period from              to

Commission file number       1-1761


                              CHIEF CONSOLIDATED MINING COMPANY
                          (Name of Small Business Issuer in its Charter)

Arizona                                         87-0122295
  (State or Other Jurisdiction                  (I.R.S. Employer
   of Incorporation or Organization)             Identification No.)

500 Fifth Avenue, New York, New York             10110-1099
(Address of Principal Executive Offices)         (Zip Code)

					(212) 354-4044
               (Issuer's Telephone Number, Including Area Code)

Securities registered under Section 12(b) of the Exchange Act:

                                    Name of Each Exchange
Title of Each Class                 on which Registered

Common Stock, $0.50 par value	Pacific Exchange, Inc


Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $0.50 par value	The NASDAQ Stock Market


   Check whether the issuer:  (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act 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 requirements for the
past 90 days.

Yes       X                  No ________

   Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no
disclosure will be contained, to the best of registrant's knowledge in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-KSB or any amendments to this Form 10-KSB.

    X

   State issuer's revenues for its most recent fiscal year.   $172,302

   State the aggregate market value of the voting stock held by non-
affiliates computed by reference to the price at which the stock was
sold, or the average bid and asked prices of such stock, as of a
specified date within the past 60 days.  (See definition of affiliate in
Rule 12b-2 of the Exchange Act.) $22,236,502  as of March 19, 2001.

   Note:  If determining whether a person is an affiliate will involve an
unreasonable effort and expense, the issuer may calculate the aggregate
market value of the common equity held by non-affiliates on the basis of
reasonable assumptions, if the assumptions are stated.

               ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
                          THE PAST FIVE YEARS

   Check whether the issuer has filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.

Yes    _____    	No    _____

               APPLICABLE ONLY TO CORPORATE REGISTRANTS

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

Class                                  Outstanding at March 19, 2001

Common Stock $0.50 par value                     8,894,601

Convertible Common Stock $0.50 par value         3,780,000


              DOCUMENTS INCORPORATED BY REFERENCE

   If the following documents are incorporated by reference; briefly
describe them and identify the part of the Form 10-KSB (e.g., Part 1,
Part II, etc.) into which the document is incorporated:  (1) any annual
report to security holders;  (2) any proxy or information statement;  and
(3)  any prospectus filed pursuant to Rule 424(b) or (c) of the
Securities Act of 1933 ("Securities Act").  The listed documents should
be clearly described for identification purposes (e.g., annual report to
security holders for the fiscal year ended December 24, 1990).

   Registrant's Proxy Statement ("Proxy Statement") dated November 15,
2000 for the Special Meeting In Lieu Of Annual Meeting Of Shareholders
held December 15, 2000 - Proposal (2)  described at pages 11 through
14 of the Proxy Statement.


Transitional Small Business Disclosure Format (check one):

YES:          	  NO:  X


                              PART  I

Item 1.  Description of Business.

General.

   Registrant is a corporation formed under the laws of Arizona in 1909.
Registrant's mining office is located in Eureka, Juab County, Utah
84628.  Registrant's executive office is located at 500 Fifth Avenue, New
York, NY 10110.  See "Item 2. Description of Property-Ownership Interests
In Acreage And Location." for information concerning mining and real
estate properties owned by registrant and its subsidiaries, and the
composition and use of said properties.  Registrant has three employees
in New York and employs a mine manager in Utah.  Registrant's subsidiary,
Tintic Utah Metals LLC, currently has 49 employees in Utah.

Tintic Utah Metals LLC

   Formation And Ownership.  Registrant owns a 75% vested membership
interest in Tintic Utah Metals LLC ("Tintic Utah Metals") formed under
the Colorado Limited Liability Company Act.   For financial reporting
purposes, Tintic Utah Metals is consolidated with registrant.  Tintic
Utah Metals was formed on July 29, 1996 as the vehicle for a joint
venture project for the development of certain properties that were
contributed by registrant to Tintic Utah Metals.  KZ Utah, Inc. ("Korea
Zinc"), a wholly owned U.S. subsidiary of Korea Zinc Co., Ltd. owns the
remaining 25% vested membership interest in Tintic Utah Metals.  See
"Operating Agreement", below.

   Business Objectives.   The ultimate objective of Tintic Utah Metals is
to bring the Burgin Mine that was contributed by registrant to Tintic
Utah Metals into production.  If the Utah State Engineer approves
registrant's application to appropriate water from the Burgin Mine,
registrant will begin negotiations with U.S. Filter Corporation pursuant
of a Letter of Intent for  the construction of a water treatment facility
that would be used as the means of dewatering the lower levels of the
Burgin Mine, thus enabling registrant to proceed with its plans for
development and production programs for the Burgin Mine.  See "Operating
Agreement." and "Burgin Mine.", below; "Item 2. Description of Property.-
Burgin Mine." and "Item 6. Management's Discussion and Analysis Or Plan
of Operation.-(a) PLAN OF OPERATION-Burgin Mine."

   Another important objective of Tintic Utah Metals is to process ores
produced from the Trixie Mine at Tintic Utah Metals' concentrating mill.
Tintic Utah Metals completed the rehabilitation of the concentrating
mill in June 2000, resulting in the full conversion of the mill for the
processing of gold, silver and copper ores.  The Trixie Mine is located
on property owned by registrant's 100% owned subsidiary, Chief Gold
Mines, Inc. ("Chief Gold Mines") and is 1-1/2 miles from the
concentrating mill.  See "Concentrating Mill.", below; "Item 2.
Description of Property.-Trixie Mine." and "Item 6. Management's
Discussion and Analysis Or Plan of Operation.-(a) PLAN OF OPERATION-
Trixie Mine." Tintic Utah Metals will receive fees from Chief Gold Mines
for processing of the Trixie Mine ores and from the processing of
material from the Trixie dump based upon the amount of ore and material
processed.  Registrant anticipates that the processing of ore and dump
material will begin during the third quarter 2001.

   Operating Agreement.

   General.  An Operating Agreement ("Operating Agreement") between
registrant and Korea Zinc dated July 17, 1996, as subsequently amended,
governs the management and operations of the properties owned by Tintic
Utah Metals and the rights and obligations of the members of Tintic Utah
Metals to each other. Pursuant to the terms of the Operating Agreement,
registrant transferred to Tintic Utah Metals the mining rights to
approximately 8,500 acres of its patented mining property in the East
Tintic Mining District of Utah, including the Burgin Mine, and
approximately 200 acres of unpatented mining claims in the same vicinity.
The Operating Agreement provides that all the business and operations
relating to the development and mining of Tintic Utah Metals' properties
will be conducted by Tintic Utah Metals.  Korea Zinc paid $3,000,000 to
Tintic Utah Metals to become vested in its 25% membership interest, which
funds were used by Tintic Utah Metals for rehabilitation work, for
reserve confirmation, and to produce information for a future feasibility
study.  The purpose of such a feasibility study will be to assist the
members in deciding whether to bring the Burgin Mine into production.  If
a decision is made to proceed, the feasibility study would provide the
basis for a development program, including mine rehabilitation and
construction, and a production program.  If a production program is
adopted, Tintic Utah Metals would then attempt to arrange financing for
the production program; such financing may be secured by Tintic Utah
Metals' interest in its properties and other assets.

   Expiration of Option To Purchase Korea Zinc's 25% Interest.  Under
amendments to the Operating Agreement, Registrant held an option
("Option") during the period October 1, 1998 to December 31, 2000
("Option Period") to purchase Korea Zinc's entire 25% membership interest
in Tintic Utah Metals for $2,000,000.  Registrant did not make the
purchase and the Option expired on December 31, 2000.  During the year
2000, registrant had expended substantial funds in connection with
drilling programs and development work at the Trixie Mine, and the
rehabilitation of the Burgin concentrating mill that will be used to
process ores mined from the Trixie Mine.  See "Business Objectives.",
above.

   Advances Made By Registrant During Option Period.   During the year
2000, registrant made advances to Tintic Utah Metals totaling
approximately $3,618,000 that were used by Tintic Utah Metals to complete
the rehabilitation of the Burgin concentrating mill and for other costs
and expenditures of Tintic Utah Metals.  During the earlier portion of
the Option Period, October 1, 1998 to December 31, 1999, registrant had
made advances to Tintic Utah Metals totaling approximately $2,400,000
that were used in connection with the concentrating mill and other Tintic
Utah Metals projects.  The $6,018,000 in advances made by registrant to
Tintic Utah Metals during the entire Option Period constitutes an
obligation of Tintic Utah Metals to registrant.  However, registrant does
not anticipate repayment of any portion of the advances made to Tintic
Utah Metals in the near future.  Registrant does not have the right under
the terms of the Operating Agreement, as amended, to seek reimbursement
from Korea Zinc of any portion of the advances made by registrant to
Tintic Utah Metals during the Option Period.

   Korea Zinc's Current Status As Owner Of 25% Membership Interest.  In
accordance with the terms of the amendments to the Operating Agreement
that created the Option, Korea Zinc was not required to make advances to
Tintic Utah Metals or to repay to registrant 25% of the advances made by
registrant to Tintic Utah Metals during the Option Period.  Korea Zinc
had no vote upon the operations of Tintic Utah Metals during the Option
Period.  Effective January 1, 2001, Korea Zinc again became subject to
all the monetary and other obligations associated with a 25% membership
interest in Tintic Utah Metals under the terms of the Operating Agreement
and will be entitled to exercise its 25% voting right under the Operating
Agreement.  Accordingly, beginning January 1, 2001, cash contributions
and advances to Tintic Utah Metals shall be made by the members in
accordance with their percentage membership interests, i.e., 75% by
registrant and 25% by Korea Zinc, unless registrant and Korea Zinc agree
to an extension of the Option.  If Korea Zinc does not make its 25% share
of payments, its membership interest in Tintic Utah Metals will be
reduced pursuant to a formula contained in the Operating Agreement.  The
amount of these contributions and advances will depend upon the then
existing program and budgetary requirements of Tintic Utah Metals.

   Management Of Tintic Utah Metals.  Beginning January 1, 2001, the
management of Tintic Utah Metals will be conducted by the two members,
registrant and Korea Zinc, through a management committee, with each
member having a voting representative on the committee.  Voting shall be
in proportion to each member's respective membership percentage interest.
Unless the Operating Agreement provides for a unanimous vote, the
affirmative vote of  registrant, as the member holding a majority of the
members' percentage interests, shall determine the decisions of the
management committee.  A majority vote is needed to approve a program and
budget, but the approval of a program and budget for major mining
development requires the affirmative vote of both registrant and Korea
Zinc.

   Tax Status Of Tintic Utah Metals.  Tintic Utah Metals is treated for
tax purposes as a partnership under the Internal revenue Code of 1986, as
amended.  Accordingly, registrant will include its proportionate share of
income or loss from Tintic Utah Metals in registrant's corporate income
tax return.  A member's percentage interest in Tintic Utah Metals will
determine the member's proportionate share of income or loss.  However,
the Operating Agreement provides that each member will be allocated
expense deductions emanating from the property such member has
contributed to Tintic Utah Metals.  Thus, Korea Zinc will be allocated
tax deductions that arise from its cash contribution of $3,000,000 and
registrant will be allocated the tax deductions that arise from its
contribution of mining properties and other assets, such as cost
depletion, depreciation on equipment and development costs.

   Distributions To Members.  A member is entitled to be repaid for cash
advances made by it to Tintic Utah Metals that are in the nature of
loans, rather than capital contributions.  After the repayment of cash
advances to registrant, any additional distributions made by Tintic Utah
Metals of cash or property will be made to the members on a pro-rata
basis in proportion to their percentage interests on the date of
distribution.  The Operating Agreement contains provisions that define
the members rights to receive distributions.  See "Advances Made By
Registrant During Option Period.", above.

   Right Of First Refusal.  If a member desires to sell its interest in
Tintic Utah Metals to a third party, the Operating Agreement provides the
mechanics under which the other member has the prior right to purchase
the selling member's interest on the same terms as offered by the third
party.

   Executive Director Of Tintic Utah Metals.  The Executive Director of
Tintic Utah Metals, Paul Spor, is employed under a five year employment
agreement with Tintic Utah Metals dated as of January 1, 2000 and
expiring December 31, 2004.  He has the delegated power to manage, direct
and control the operations of Tintic Utah Metals in accordance with
approved programs and budgets.  The Executive Director is on the
management committee, but does not have any vote.  Tintic Utah Metals may
retain consultants and other mining specialists in connection with the
various phases of its operations.

Burgin Mine.

   The principal mining property transferred by registrant to Tintic Utah
Metals in 1996 under the terms of the Operating Agreement was the Burgin
Mine.  See "Letter Of Intent With U.S. Filter Corporation Subsidiary.",
"Registrant's Application For Appropriation Of Burgin Mine Water." and
"Projected Costs And Time Involving The Burgin Mine.", below; "Item 2.
Description of Property.-Burgin Mine."; and "Item 6. Management's
Discussion And Analysis Or Plan Of Operation.-(a) PLAN OF OPERATION-
Burgin Mine." for further information concerning the history, current
status and future plans of Tintic Utah Metals regarding the Burgin Mine.

Concentrating Mill.

   The concentrating mill located in the Burgin Mine area, was included
in the properties transferred by registrant to Tintic Utah Metals.
Tintic Utah Metals will process ores produced from the Trixie Mine and
material from the Trixie dump at Tintic Utah Metals' concentrating mill.
 See "Tintic Utah Metals LLC-Business Objectives", above; "Trixie Mine",
below; "Item 2.  Description of Property.-Burgin Mine.-Concentrating
Mill.-Trixie Mine.-Work Performed By Tintic Utah Metals On Trixie Mine
Projects." and "Item 6. Management's Discussion And Analysis Or Plan Of
Operation.-(a) PLAN OF OPERATION-Trixie Mine." for a description of the
processing of ore at the concentrating mill, information concerning the
mill's completed renovation and plans for shipping ores and dump material
from the Trixie Mine to the concentrating mill for processing by Tintic
Utah Metals and sale by Chief Gold Mines.

Letter Of Intent With U.S. Filter Corporation Subsidiary.

   On June 29, 1998, Tintic Utah Metals and registrant entered into a
Letter of Intent ("Letter of Intent") with a subsidiary of U.S. Filter
Corporation.  U.S. Filter Corporation is a global provider of industrial
and municipal water and waste water treatment systems, products and
services.  Under the terms of the Letter of Intent, U.S. Filter Operating
Services ("U.S. Filter") will determine the feasibility of U.S. Filter
designing, building, owning and operating a water treatment facility on
the site of the Burgin Mine in the East Tintic Mining District of Utah,
to treat and recycle water for beneficial use.  U.S. Filter would
construct the water treatment facility.  Tintic Utah Metals would be
responsible for the Burgin Mine dewatering system that would supply water
to the U.S. Filter facility.  A projected dewatering rate up to 18,000
gallons a minute from the Burgin Mine would be treated at the U.S. Filter
facility, which would result in dewatering the Burgin Mine to its lowest
planned operating  levels in an environmentally sound manner.  Before any
plans for the building of the water treatment facility can be finally
evaluated,  registrant will be required to obtain the approval of the
Utah State Engineer to the application to appropriate water from the
Burgin Mine for beneficial use.   See "Registrant's Application For
Appropriation Of Burgin Mine Water", below, and "Item 6. Management's
Discussion And Analysis Or Plan Of Operation.-(a) PLAN OF OPERATION-
Burgin Mine."

Registrant's Application For Appropriation Of Burgin Mine Water.

   On September 14, 2000, a public hearing was held before the Utah State
Engineer on registrant's application for the appropriation of the saline
waters located below the 1050 foot level of the Burgin Mine.  At the
hearing, several protestors to the application argued that the
application should be denied on the grounds that the removal of the water
from the Burgin Mine would interfere with their previously granted water
rights in Utah Lake.  Registrant presented expert testimony at the
hearing to prove that the Burgin geothermal system and the Utah Lake
geothermal system are not connected and that removal of water from the
Burgin Mine would have no effect upon Utah Lake and the protestors water
rights in the Lake.  Nevertheless, in order to address the concerns of
the protestors, registrant's application established certain mitigation
procedures that would be in place if the application is approved, whereby
registrant would monitor geothermal springs in and around Utah Lake and
replace water that may diminish spring flows when pumping started at the
Burgin Mine.  Registrant also agreed as part of its application that it
would purchase water rights to a specified quantity of water and agree
not to remove the water from Utah Lake.  Registrant cannot predict when
and how the Utah State Engineer will decide the application.  See "Item
6. Management's Discussion and Analysis or Plan of Operation.-(a) PLAN OF
OPERATION-Burgin Mine." for further reference to the water appropriation
application.

   The water appropriation that is being sought by registrant
contemplates the building and operation by U.S. Filter of a water
treatment facility under the terms of a Letter of Intent.  See "Letter Of
Intent With U.S. Filter Corporation Subsidiary.", above.  The Letter of
intent provides for the negotiation of a written agreement between
registrant and U.S. Filter, under which U.S. Filter would construct a
water treatment facility at a cost estimated by U.S. Filter to be
approximately $100 million.  If registrant's application for
appropriation of Burgin Mine water is approved, the negotiations
contemplated under the Letter of Intent will be initiated.  Upon the
construction of a water treatment facility, up to nine billion gallons of
water annually can be treated and delivered to one or more areas within
the Salt Lake Valley water system.  The building and operation of a water
treatment facility by U.S. Filter would result in the dewatering of the
Burgin Mine and allow Tintic Utah Metals to move forward with the
development and other preparatory work at the Burgin Mine and the
completion of a feasibility study that would be used in connection with
obtaining financing for a Burgin Mine mining project.

Projected Costs And Time Involving The Burgin Mine.

   If the Utah State Engineer approves registrant's application for
Burgin Mine water appropriation, Tintic Utah Metals will then initiate
detailed negotiations with U.S. Filter for the building of a water
treatment facility at the site of the Burgin Mine.  See "Registrant's
Application For Appropriation Of Burgin Mine Water.", above.  When a
contract has been negotiated with U.S. Filter, or another company in the
water treatment business if the Letter of Intent with U.S. Filter is
terminated, registrant would then start a final feasibility study.  The
feasibility study would define the mining methods to be employed,
including among other things, pre-engineering design for pumping,
defining the structural steel and cement requirements, determining the
locations where deep wells will be drilled and the overall evaluation of
the Burgin Mine's main orebody.  Registrant estimates that the final
feasibility study will cost between $1,500,000 and
$2,000,000.  Under the terms of the Operating Agreement, a major
production budget will need to be agreed upon between registrant and
Korea Zinc.  See "Operating Agreement.", above.

   The construction of a water treatment facility will take approximately
two years, the cost of which will be borne by the builder, not
registrant.  During the first six month period of the facility's
construction, registrant would be completing a feasibility study for the
purpose of obtaining financing to bring the Burgin Mine into production.
Registrant estimates that $35,000,000 would be required by Tintic Utah
Metals for the completion of all underground rehabilitation and
construction work required for start-up of the Burgin Mine.  Registrant
also estimates that the total time period required for both the building
of the water treatment plant and the completion of all work necessary to
begin mining operations would be approximately three years from the time
the water appropriation application is approved.  In order for Tintic
Utah Metals to be able to go into full production at the Burgin Mine,
each of the following events and conditions must occur or be fulfilled:
(i) the  approval of the water appropriation application by the Utah
State Engineer; (ii)  the building of the water treatment facility to
dewater the Burgin Mine; (iii) Tintic Utah Metals' completing a positive
feasibility study; (iv) obtaining long term financing from a banking or
other lending institution to fund the mining project; and (v) completion
of all underground rehabilitation and construction work required for
start-up of the Burgin Mine.  No assurance can be given by registrant
that all of the foregoing events and conditions necessary in order for
Tintic Utah Metals to begin mining from the Burgin Mine will take place
or be fulfilled.  Registrant is currently unable to estimate the amount
of ores that would be produced from the main Burgin Mine ore reserves if
production were to begin from the Burgin Mine.  See "Item 2. Description
of Property.-Burgin Mine.-Proven and Probable Ore Reserves at the Burgin
Mine." and  "Item 6. Management's Discussion and Analysis Or Plan Of
Operation.-(a) PLAN OF OPERATION-Burgin Mine."

Trixie Mine.

   General.   As the result of the merger in June 1996 of South
Standard Mining Company into registrant's 100% owned subsidiary, Chief
Gold Mines, Inc. ("Chief Gold Mines"), 2,554 acres of patented mining
properties located in the East Tintic District of Utah, including the
Trixie Mine, are owned by Chief Gold Mines.  See "Item 2. Description of
Property.-Trixie Mine.-Brief History Of Trixie Mine."

   Surface Drilling Program At The Trixie Mine.  A surface drilling
program was initiated at the Trixie Mine in April 2000 and completed in
July 2000.  In May 2000, an independent assay laboratory confirmed the
assay results covering a 30-foot gold and silver intercept in the first
drillhole of the program.  The assay report showed that the 30-foot
intercept, at a depth between 630 and 660 feet, contained a per ton
average grade of 3.2 ounces of gold and 7.1 ounces of silver, with grades
through the 30-foot mineralized zone running between 1.4 and 6.3 ounces
of gold and between 2.9 and 11.3 ounces of silver per ton.  The first
drillhole served as a focal point for follow-up drilling.  The assay
results of a later surface drillhole reported that a 35-foot intercept
located at a depth between 655 and 690 feet, contained a per ton average
grade of 6.7 ounces of gold and 9.6 ounces of silver, with grades through
the first 35- foot section of the mineralized zone running between 2.1
and 17.1 ounces of gold per ton and between 2.9 and 11.3 ounces of silver
per ton.  The mineralized zone continued for an additional 50-foot
section where, at a depth of between 690 and 740 feet, the intercept
assayed at an average of 1.0 ounce of gold and 1.8 ounces of silver per
ton.

   The results of the two drillholes described above, together with
mineralization contained in five additional drillholes that penetrated
the mineralized zone, confirmed the presence of an indicated orebody
containing high grade gold and silver values.  Utilizing grading
procedures standard in the mining industry for high gold assays, the
intervals in all Trixie Mine drillholes grading in excess of one ounce of
gold per ton, have been reduced to a maximum of one ounce of gold per
ton.  Applying these grading restrictions to drilling results to date,
the indicated orebody thus far discovered contains approximately 70,546
tons containing indicated ore at an average grade of three-quarters of an
ounce of gold per ton and five ounces of silver per ton.  The contained
gold and silver in this estimated initial tonnage, subject to the same
grading restrictions, equates to 52,808 ounces of gold and 351,539 ounces
of silver.

   Work Performed By Tintic Utah Metals On Trixie Mine Projects.  During
the year 2000, registrant paid to Tintic Utah Metals approximately
$1,319,000 to reimburse Tintic Utah Metals in full for work done by
Tintic Utah Metals on projects conducted at the Trixie Mine. The Trixie
Mine is located on property owned by registrant's 100% subsidiary, Chief
Gold Mines.  See "Item 6. Management's Discussion and Analysis Or Plan of
Operation.-(a) PLAN OF OPERATION- Trixie Mine." for information
concerning the drilling program and development work conducted on the
Trixie Mine properties during the year 2000 and registrant's plans to
begin mining from the Trixie Mine towards the end of the second quarter
of 2001.  See "Concentrating Mill.", above, and "Item 2. Description of
Property.-Burgin Mine.-Concentration Mill." and "Item 6. Management's
Discussion and Analysis Or Plan of Operation.-(a) PLAN OF OPERATION-
Burgin Mine." for information concerning plans by Chief Gold Mines to
process the ores mined from the Trixie Mine at the Burgin concentrator
and the payment of processing fees by Chief Gold Mines to Tintic Utah
Metals.

Main Tintic District.

   The area known as registrant's Main Tintic District consists of
approximately 10,000 acres owned by registrant; this acreage is not a
part of the property subject to the Tintic Utah Metals' Operating
Agreement.  See "Item 2. Description of Property.-Property Owned By
Registrant In The Main Tintic District." and "Item 6. Management's
Discussion and Analysis or Plan of Operation.-(a) PLAN OF OPERATION-
Proposed Sale Of Real Estate For Development."

Item 2.  Description of Property.

Ownership And Interests In Acreage And Location.

   General.

   Registrant is the direct owner of, or has a membership or stock
ownership interest in a total of approximately 19,300 acres of patented
mining property in the Tintic and East Tintic Mining District, Juab and
Utah Counties, and approximately 200 acres of unpatented mining claims in
the same area.  Title to the 19,300 acres of patented mining ground is
vested in the owner of the land; the 200 acres of unpatented mining
claims are possessory rights to land owned by the U.S. Government and are
subject to rental payments and other conditions as to validity.

   Property Owned By Tintic Utah Metals.

   Approximately 8,500 acres of patented ground and 200 acres of
unpatented mining claims located in the East Tintic Mining District of
Utah are owned by Tintic Utah Metals.  Pursuant to the terms of the
Operating Agreement between registrant and Korea Zinc, registrant
transferred ownership of approximately 11,000 acres of its patented
ground and 200 acres of its unpatented mining claims to Tintic Utah
Metals.  Under the terms of the Operating Agreement, ownership of
approximately 2,500 acres that were not involved in Tintic Utah Metals'
exploration and development programs reverted back to registrant, leaving
Tintic Utah Metals with the 8,500 acres.  Registrant owns a 75%
membership interest in Tintic Utah Metals and Korea Zinc holds the
remaining 25% membership interest.  See "Item 1.  Description of
Business.-Tintic Utah Metals LLC-Formation And Ownership-Operating
Agreement." and "Burgin Mine.", below.

   Property Owned By Chief Gold Mines, Inc.

   Approximately 2,554 acres of patented mining properties located in the
East Tintic Mining District of Utah are owned by registrant's wholly
owned subsidiary, Chief Gold Mines, Inc. ("Chief Gold Mines").  Chief
Gold Mines acquired the property as the result of a merger of South
Standard Mining Company into Chief Gold Mines in June 1996.  The Trixie
Mine is located on Chief Gold Mines' property.  See "Item 1.  Description
of Business.-Trixie Mine." and "Trixie Mine", below.

   Property Owned By Registrant In The Main Tintic District.

   Registrant owns approximately 7,000 acres in Eureka Valley near the
City of Eureka, Utah in an area known as the Main Tintic District that
registrant believes are suitable for residential and commercial building
development.  Registrant intends to sell portions of said acreage for
development for residential and commercial use.  There are no current
plans to use the 7,000 acres for mining purposes.  See "Item 1.
Description of Business.-Main Tintic District." and "Item 6. Management's
Discussion and Analysis or Plan of Operation.-(a) PLAN OF  OPERATION-
Proposed Sale Of Real Estate For Development."  If proposed plans for the
construction of the Legacy Highway southward from Salt Lake City, Utah
that include Utah State Highway 68 are implemented, the new highway would
pass within eight miles of Eureka Valley and would reduce the time of
traveling by car from Eureka to Salt Lake City to under one hour.

   Central Standard Consolidated Mines.

   Registrant currently owns approximately 23% of the outstanding capital
stock of Central Standard Consolidated Mines ("Central Standard").
Central Standard's mining property consists of 320 acres located in the
north-central portion of the East Tintic Mining District.  This property
is surrounded by property owned by Tintic Utah Metals.  The 320 acres
owned by Central Standard Consolidated Mines is located about 2 miles
from the Burgin Mine and the geologic characteristics of the Central
Standard property are similar to those of the Trixie Mine.  See "Property
Owned By Tintic Utah Metals.", above.

   An Agreement and Plan of Merger dated October 4, 2000 was executed
between registrant, Chief Gold Mines and Central Standard.  The
consummation of the merger is subject to the approval of the stockholders
of Central Standard.  It is anticipated that the meeting will be held
during the second or third quarter of 2001.  If the merger is approved by
the stockholders of Central Standard, each stockholder of Central
Standard will receive one share of registrant's common stock in exchange
for each ten shares of Central Standard stock owned.  If the merger is
approved, registrant will issue approximately 190,000 shares of its
common stock in the exchange and Central Standard's property will be
transferred to registrant's wholly owned subsidiary, Chief Gold Mines.
The closing price for registrant's common stock on the NASDAQ Small Caps
market on October 5, 2000 (the date the merger agreement was executed)
was $3.50 per share; the closing price for registrant's common shares on
March 19, 2001 was $2.50 per share.  Central Standard is not a reporting
Company under the rules and regulations of the Securities and Exchange
Commission.  Registrant will file an SEC Form 4 to register its shares to
be issued in the merger as part of the shareholder approval process.

Burgin Mine.

   Brief History Of Burgin Mine.

   The Burgin Mine, located on the property of Tintic Utah Metals, had
been transferred by registrant to Tintic Utah Metals in 1996 under the
terms of the Operating Agreement.  The Burgin Mine had previously been
leased by registrant as part of a Unit Lease, together with properties of
other landowners, to Kennecott Corporation ("Kennecott").  After the
Burgin Mine was removed from the Unit Lease in 1978, registrant leased
the Burgin Mine to Sunshine Mining Company ("Sunshine") in 1980.
Kennecott operated the Burgin Mine from 1966 to 1978.  During that
period, Kennecott mined 1,870,218 tons of ore from the Burgin Mine that
produced 10,929,978 ounces of silver, 338,127,751 pounds of lead and
349,209,284 pounds of zinc.  When Sunshine became lessee in 1980, it
gained the use of the mining shafts and other capital improvements
previously made by Kennecott on the properties, including underground
access by means of the Apex Number 2 Shaft.  The shaft, together with the
connecting drifts and drill stations, had been rehabilitated by Sunshine
at a cost of approximately $6 million. As a result of a lawsuit brought
by registrant and South Standard against Sunshine relating to Sunshine's
leases with registrant and South Standard, the Burgin Mine was returned
to registrant in 1992.

   Proven And Probable Ore Reserves At The Burgin Mine.

   During the period from 1966 to 1978 that Kennecott operated the Burgin
Mine, it did not report Burgin Mine ore reserves to registrant; however,
Kennecott did report annually to registrant that one additional ton of
ore was developed to replace every ton mined.  When Sunshine leased the
Burgin Mine in 1980, it conducted extensive surface and underground
drilling programs and computed the property's proven and probable ore
reserves.  After the Burgin Mine was returned to registrant in 1992,
registrant continued to have access to the reserves through the Apex
Number 2 Shaft.  Registrant utilized the shaft in an underground drilling
program started by registrant and completed by Tintic Utah Metals when
the Burgin Mine was transferred by registrant to Tintic Utah Metals in
1996.  Tintic Utah Metals hired independent consultants to calculate the
ore reserves based upon the results of the drilling program.  The
consultants substantiated Sunshine's earlier estimates of 1,032,173 tons
of proven and probable ore reserves, with essentially the same grades.
Tintic Utah Metal's consultants, as shown in the chart below, have
estimated a total of 1,075,000 tons of proven and probable ore reserves.
In addition, because of the extensive positive drilling results and the
fact that over 1,800,000 tons of ore was produced from the Burgin Mine
when Kennecott was operating under the Unit Lease, without Kennecott ever
having drilled for reserves, there is a high degree of confidence by
Tintic Utah Metals that inferred or possible resources currently
estimated at 407,000 additional tons would probably be realized if the
Burgin Mine became fully operational.

   A key factor in registrant's classification of the Burgin ores as
proven and probable reserves, is registrant's application for the
appropriation of Burgin Mine water filed with the Utah State Engineer in
February 2000.  If the application is approved and a water treatment
facility is built, the dewatering of the Burgin Mine to its lowest
planned operating level would be achieved, subject to the occurrence of
the other events that must occur and the conditions to be fulfilled in
order for the Burgin Mine to become fully operational.  See "Item 1.
Description of Business-Letter Of Intent With U.S. Filter Corporation
Subsidiary.-Registrant's Application For Appropriation Of Burgin Mine
Water. - Projected Costs And Time Involving The Burgin Mine."

   Proven and probable ore reserves, to date, of the Burgin orebody, as
determined by Tintic Utah Metal's independent consultants, are estimated
as follows:

                              Contained  Contained   Contained    Contained
                              Tons of    Ounces of   Pounds of    Pounds of
                              Ore        Silver      Lead         Zinc

Proven and Probable Reserves  1,075,000  17,726,750  452,360,000  143,405,000

Possible resources of the Burgin orebody, as estimated by Tintic Utah
Metals are:

                              Contained  Contained   Contained    Contained
                              Tons of    Ounces of   Pounds of    Pounds of
                              Ore        Silver      Lead         Zinc

Possible Resources (1)        407,000    6,146,576   130,177,148  42,521,269

 (1) Possible resources tonnage exists where there is strong geologic
evidence of the existence of additional ore reserves of a well known
deposit, such as, in the case of the Burgin Mine, the past history of
mining by Kennecott.  See "Brief History Of Burgin Mine", above.

   Tintic Utah Metals' Use Of Advances Received From Registrant.

   Tintic Utah Metals received advances from registrant totaling
$6,018,000 during the period October 1, 1998 through December 31, 2000.
See "Item 1. Description Of Business-Tintic Utah Metals LLC.-Operating
Agreement.-Advances Made By Registrant During Option Period."  The
$3,618,000 in advances received during the year 2000 were used primarily
in connection with the completion of renovation work at the Burgin
concentrating mill that was started in 1998.  See description of
renovation work below.  A portion of the advances in 2000 were also used
to pay costs associated with the application to the Utah State Engineer
to appropriate Burgin Mine water.

   Tintic Utah Metals used $2,400,000 in advances it received from
registrant during the period October 1, 1998 through December 31, 1999
for the following purposes:

   Rehabilitation of the Apex No. 2 shaft, including: long hole drilling
to define the "silver fissure" in the Burgin Mine; long hole drilling to
intercept potential ores in the Eureka Standard fault between the
historic Eureka Standard mine and the Apex No. 2 mine; and diamond
drilling to intercept the down dip extension of ores mined up dip on the
middle fault in the Apex No. 1 and 2 Mines.

   Rehabilitation of the Trixie Shaft, including the mine's 600, 750,
1050, and 1200 level stations and the drifts going south on those levels,
including long hold drilling to confirm mineralization encountered in a
previous drilling program.

   Rehabilitation of the Burgin concentrating mill during both the period
October 1, 1998 to December 31, 1999 and during the year ended December 31,
2000, converted
the concentrator from a silver/lead/zinc concentrator to a precious
metals (gold/silver) concentrator, including renovation of the building
structure and attached side buildings, reconditioning of the primary and
secondary crushing and grinding system, addition of gravity recovery
system, replacement of the floatation system, reconditioning thickener
tanks and filter systems, purchase and installation of large pieces of
equipment, reconditioning the ball mill and installation of precious
metals circuit to process Trixie Mine ore.

   Concentrating Mill.

   The concentrating mill (sometimes referred to as the concentrator),
had been built by Kennecott when it was mining from the Burgin Mine under
its lease of the Burgin property.  The concentrator, approximately 24,000
square feet in size, was built to process up to 1,200 tons of lead and
zinc ore per day.   Tintic Utah Metals rehabilitated the concentrator to
a precious metals (gold/silver) concentrator, completing its renovation
work in July 2000.  The total cost of the renovation was approximately
$1.8 million.  See "Tintic Metals' Use Of Advances Received From
Registrant", above, for a description of the renovation work done at the
concentrator.   In August 2000, ore processing operations to test the
concentrating mill were successfully completed, utilizing low grade
Trixie dump material.  These initial operations were geared to eliminate
start-up problems and ensure that when high grade Trixie Mine ore is
processed, recoveries will be maximized.  The concentrator is now ready
to process Trixie Mine gold and silver ore when mining operations begin
from the new indicated orebody.  See "Item 1.  Description of Business.-
Trixie Mine."

   When shipments of ore from the Trixie Mine begin, the ore will be
treated in two main circuits in the concentrating mill.  A gravity
circuit will take free gold out of the mill run material for further
treatment in the Knelson Concentrator located within the mill, and after
further processing, the gold concentrate will be put in a furnace and
made into dores.  The dores will be sold to refineries.  The portion of
the ores rejected by the gravity concentrator will go to a ball mill for
further grinding and then to a floatation system, where it is made into a
floatation concentrate.  The floatation concentrate will be sold to
smelters.  Material from the Trixie dump will also be shipped to the
concentrating mill for processing.  This dump material is an accumulation
of underground low grade material left from Kennecott's production from
the property.  It will be sold by Chief Gold Mines after processing at
the concentrating mill.   See "Item 1. Description of Business-
Concentrating Mill.-Trixie Mine." and "Item 6. Management's Discussion
and Analysis or Plan of Operation.-(a) PLAN OF  OPERATION-Trixie Mine."

Trixie Mine.

   Brief History Of Trixie Mine.

   The Trixie Mine, is located on the 2,554 acres of property that was
acquired by registrant's wholly owned subsidiary, Chief Gold Mines, in
1996 upon the merger of South Standard Mining Company ("South Standard").
South Standard was one of the landowners who joined in a Unit Lease to
lease various properties to Kennecott.  The Trixie Mine property was
included in the land contributed by South Standard to the Unit Lease.
Kennecott mined from the Trixie Mine, producing gold and silver that were
by-products from a flux material that Kennecott used in connection with
refining its copper ore from Kennecott's Bingham Canyon mining operation
in Utah.  During the period 1969 to 1992, Kennecott had reported to South
Standard that it had mined 713,478 tons of flux ore, producing 150,048
ounces of gold and 4,670,289 ounces of silver.   In 1983, Kennecott sold
its interest in the Unit Lease to Sunshine, who operated the Trixie Mine
for about nine years, producing similar ores for use as flux material.
The Trixie Mine was received back by South Standard in 1992.  South
Standard continued shipping dump materials from the Trixie dump for
several years after 1992, but it did not mine the Trixie Mine.

   Status of Trixie Mine

   See "Item 1. Description of Business.-Trixie Mine." and "Item 6.
Management's Discussion and Analysis Or Plan Of Operation.-(a) PLAN OF
OPERATION-Trixie Mine." for description of surface drilling program
conducted at the Trixie Mine and plans to begin production from the
Trixie Mine.  See "Burgin Mine-Concentrating Mill", above, for
description of how ore from the Trixie Mine will be processed at the
concentrating mill.

Item 3.  Legal Proceedings.

   None.

Item 4.  Submission of Matters to a Vote of Security Holders.

   A Special Meeting in Lieu of Annual Meeting of registrant's
shareholders was held on December 15, 2000.  The proposals voted upon at
the meeting and the results of such voting were as follows:

(1)	Election of directors to serve for the ensuing year and until their
successors are duly elected and qualified.  Management's slate of
directors was elected at the meeting:

Management's Slate
of Directors Elected:       Votes Cast       Votes Withheld-   Broker Non-
Name of Director            For*             Individuals       Votes

Christopher A. Arnold       10,475,643       5,334             228,127
Thomas Bruderman            10,480,977         -               228,127
William R. Dimeling         10,475,643       5,334             228,127
Paul G. Hines               10,480,977         -               228,127
Robert E. Poll              10,480,977         -               228,127
Richard R. Schreiber        10,475,643       5,334             228,127
Leonard Weitz               10,480,977         -               228,127

(*Cumulative voting for Directors)

(2)	Proposal to replace certain outstanding nonqualified stock options
held by three officers and directors of the Company and to approve
and ratify new nonqualified stock options granted to two other
directors of the Company, all as contained at Proposal "2" in
registrant's Proxy Statement dated November 15, 2000 for the
Special Meeting In Lieu of Annual Meeting of Shareholders Held
December 15, 2000.

            Votes Cast        Votes       Abstentions       Broker
            For               Against     Individuals       Non-Votes

            9,887,588         636,230          -            546,883

   Approval of Proposal (2) required that the votes cast in favor of
Proposal (2)  exceed the votes cast against Proposal (2).  Proposal (2)
was approved by the shareholders at the meeting.

(3)	Proposal to approve the selection of the firm of Arthur Andersen
LLP as independent public accountants for registrant for the
current fiscal year.

            Votes Cast         Votes       Abstentions      Broker
            For                Against     Individuals      Non-Votes

            10,509,756         16,729          -            399,027

   Approval of Proposal (3) required that the votes cast in favor of
Proposal (3) exceed the votes cast against Proposal (3).  Proposal (3)
was approved by the shareholders at the meeting.


                                 PART II

Item 5.   Market for Common Equity and Related Shareholder Matters.

   The principal markets on which registrant's shares of common stock are
traded are The NASDAQ Stock Market under the symbol CFCM and the Pacific
Exchange, Inc. under the symbol CFC.

   High and low sales prices of registrant's common stock on The NASDAQ
Stock Market for each quarterly period during the past two years are as
follows:

2000 Market Price                   High        Low

First Quarter..................     3-1/8       1-15/16
Second Quarter.................     4-7/16      1-7/8
Third Quarter..................     4-5/16      2
Fourth Quarter.................     3-5/8       1

1999 Market Price                   High        Low

First Quarter..................     3-1/8       1-15/16
Second Quarter.................     5-1/8       2
Third Quarter..................     4-7/8       2-3/4
Fourth Quarter.................     4-1/8       1-3/4

   Approximate number of holders of record of registrant's common stock
as of March 19, 2001- 1,900

   No cash dividends were declared during the years 2000 and 1999.

   There were no sales of securities by registrant during the year 2000.

Item 6.   Management's Discussion And Analysis Or Plan Of Operation.

(a)   PLAN OF OPERATION.

   Registrant had no revenues from mining operations during the year
2000 or during the period January 1, 2001 to March 19, 2001.
Registrant's consolidated revenues of $172,302 in 2000 consisted of
$1,198 in revenues from real estate sales and miscellaneous sources and
$171,104 in revenues from interest.  Registrant's consolidated revenues
of $39,634 in 1999 consisted of $12,953 in revenues from real estate
sales and miscellaneous sources and $26,681 in revenues from interest.

   Registrant's operating expenses increased $2,392,395 or
approximately 154 percent to $3,947,975 for the year ended December 31,
2000 from $1,555,580 for the year ended December 31, 1999.  The increase
in expenses is primarily a result of the increased operating activity at
Tintic Utah Metals and Chief Gold, two of registrant's subsidiaries.
During 2000, Tintic Utah Metals was in the process of refurbishing its
concentration mill and assay lab in preparation to process ore from the
Trixie Mine.  The increased activity at Chief Gold was primarily a result
of developing the Trixie Mine for mining operations at the identified
mineralized zone.

   Registrant's consolidated net loss for 2000 was $3,759,216 as
compared to a consolidated net loss of $1,515,946 in 1999.  The increase
of $2,243,270 in the loss for 2000 as compared to the loss in 1999
resulted primarily from exploration, rehabilitation and development work
at registrant's Trixie Mine and registrant's allocated full share of the
loss for Tintic Utah Metals in 2000 was in accordance with the Operating
Agreement, due to certain advances made by registrant to Tintic Utah
Metals during 2000.

Cash Needs of Registrant.

   During the year ended December 31, 2000, registrant's operations
used $4,073,134 of cash, an increase of $3,044,214 or approximately 296
percent from $1,028,920 for the year ended December 31, 1999. The
increase in cash used in operations is a result of the increased activity
at Tintic Utah Metals and Chief Gold.  In addition, registrant used
$1,920,784 of cash in purchasing property and equipment for the
concentration mill, assay lab and Trixie Mine, mining development costs
and other similar investing activities for the year ended December 31,
2000.  For the year ended December 31, 1999, registrant used $1,007,609
of cash for similar type purchases.

   Various events that are expected to occur over the next several
months will determine the extent of the term cash needs of registrant
during the remainder of 2001, the most significant factors being the
costs to be incurred at the Trixie Mine until revenues from the Mine
begin to offset those costs, and the outcome of registrant's application
to appropriate water from the Burgin Mine.  If the revenues from the
Trixie Mine should begin to materially exceed the costs of the Trixie
operation in the future, the excess funds would be available to
registrant for use in other areas of its operations.  If the application
to appropriate water from the Burgin Mine is approved by the Utah State
Engineer, it will set in motion negotiations by registrant for the
building of a water treatment facility by U.S. Filter as contemplated
under registrant's letter of Intent with U.S. Filter.  If such approval
is given, Tintic Utah Metals would proceed with a feasibility study, and
also begin mine development and other activities at the Burgin Mine.  See
"Item 1. Description of Business.-Registrant's Application For
Appropriation Of Burgin Mine Water.-Projected Costs And Time Involving
The Burgin Mine.-Trixie Mine."

   In order to provide registrant with funds that will be needed over
the next twelve months, registrant in March 2001 initiated a private
placement of unregistered shares of its common stock to purchasers who
qualified as accredited investors under Securities and Exchange
Commission Regulation D of the Securities Act of 1933.  The stock
offering is for a total of 1,000,000 shares of common stock to be sold by
registrant at $2 per share.  The offering price for the shares was based
upon a 10% discount from the $2.21 average closing price on the twenty-
two trading days during the month of January 2001 for registrant's shares
on the NASDAQ market.  Registrant's Board of Directors approved the
private placement on February 2, 2001.  A total of 895,000 shares were
sold and registrant received cash proceeds of $1,790,000 from the sales.
No commissions were paid in connection with the offering.  Registrant
had $1,145,000 cash on hand at March 19, 2001.  Registrant expects to use
those cash funds primarily for the following purposes: to continue making
advances to Tintic Utah Metals, to pay Tintic Utah Metals for work to be
done by Tintic Utah Metals at the Trixie Mine, and to pay Tintic Utah
Metals fees for the processing of ore mined from the Trixie Mine; to
provide additional working capital to registrant to be used for corporate
expenses; and to pursue other projects of registrant.   Registrant
believes that it has adequate funds to meet its operating needs for 2001.
Registrant would reduce its cash expenditures in the event of any
shortfall of funds, or it would raise additional funds through the sale
of unregistered stock or some other financing arrangement.

Trixie Mine.

   Registrant anticipates that ores will be mined from the Trixie Mine
beginning in the second quarter of 2001.  The mining will initially take
place on the 750-foot level of the Mine.  Mining from the 600-foot level
will not begin until drifting work from the Trixie Shaft is connected
with the secondary escape shaft 1,200 feet to the south.  As of March 19,
2001, the drift from the Trixie Shaft was within approximately 550-feet
of the secondary escape shaft.

   The ore from the initial production at the 750-foot level will be
moved to the concentrating mill and stockpiled until sufficient ore is
accumulated to economically justify the start up of  Tintic Utah Metal's
concentrator to process the ore.  Based upon current estimates, the
processing of the Trixie Mine ore will begin early in the third quarter
of 2001.  See "Item 1. Description of Business.-Trixie Mine." for
description of assay values obtained from the surface drilling program at
the Trixie Mine.  See "Item 2. Description of Property.-Concentrating
Mill." for description of how the Trixie Mine ore will be processed at
the concentrator and sold by Chief Gold Mines to refineries and smelters.

   Registrant cannot estimate at this time the amount of revenues it
will receive when production and processing of the Trixie Mine ore
begins, or when such revenues will be sufficient for registrant to
realize a positive cash flow from the Trixie Mine mining operation.

Burgin Mine.

   The extent of progress to be made by Tintic Utah Metals and
registrant at the Burgin Mine during 2001 is largely dependant upon the
decision of the Utah State Engineer on registrant's application to
appropriate water from the Burgin Mine.  See "Item 1.  Description of
Business.-Registrant's Application For Appropriation Of Burgin Mine
Water." for description of registrant's plans for the development of the
Burgin Mine if the application is approved, including negotiations to be
initiated with U.S. Filter for the building of a water treatment
facility.  Also see "Item 1. Description of Business.-Letter of Intent
With U.S. Filter Corporation Subsidiary."  If any such negotiations with
U.S. Filter are not successful, registrant would discuss the construction
of a water treatment facility with other companies in the water treatment
business.  Registrant intends to pursue all legal remedies available to
it to reverse any negative determination on the application by the Utah
State Engineer.  Registrant believes that the decision of the Utah State
Engineer on its application to appropriate Burgin Mine Water will be
issued during the second quarter of 2001.

Development Of Surface Real Estate For Residential And Commercial Use.

   As stated at "Item 2. Description of Property.", registrant owns
approximately 10,000 acres in the Main Tintic District.  Registrant
believes that approximately 7,000 acres in this area are suitable for
development for use as residential and commercial property.  This
potential use has been significantly enhanced by plans of the State of
Utah to widen and extend State Route 68 south, running parallel to the
Tintic Valley.   The travel time from registrant's property to Salt Lake
City will be significantly reduced by the building of this new major
road, which will be called "The Legacy Highway."  Registrant will, during
the remainder of 2001, study the feasibility of developing the properties
for residential and commercial use and consider various alternatives it
may have if studies show it is economically viable to do so.

Item 7.  Financial Statements.

   The Financial Statements of registrant are filed pursuant to this item
of the report.  See index to Financial Statements.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

   None.


                                 PART III

Item 9.   Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(a) of the Exchange  Act.

   The name and age of each of the registrant's directors and executive
officers and the positions and offices with the registrant held by him
are:

Name of
Registrant's
Directors(1) and             Offices with     Term During Which
Executive Officers      Age  Registrant       Served in Office

Christopher A. Arnold	30   Director         Director since
                                              December 1999.

Thomas Bruderman        58   Director         Director since
                                              December 1999; Secretary-
                                              Treasurer since
                                              March 16, 2001.

Eugene L. Cooke         73   Director         Director since
                                              March 2001.

William R. Dimeling     59   Director         Director since
                                              December 1999.

Paul G. Hines           63   Director         Director since 1994.


Robert E. Poll          52   Director         Director since
                                              December 1999.

Richard R. Schreiber    45   Director         Director since
                                              December 1999.

Leonard Weitz           71   Director;        Chairman;
                             President,       Executive Officer
                             Chairman of the  since 1971;
                             Board and Chief  President 1971 to
                             Executive        1993 and 1996 to present.
                             Officer.

(1)	Each of the directors, other than Eugene L. Cooke,  was elected
to serve as a director for the ensuing year and until his successor is
duly elected and qualified at the meeting of shareholders held on
December 15, 2000.  On March 16, 2001, the Board of Directors amended the
by-laws of registrant to provide that the Board shall consist of not less
than five nor more than nine members (See Exhibit A).  Eugene L. Cooke
was elected a director by the Board of Directors of the registrant on
March 16, 2001.

The following is a brief account of the business experience during the
past five years of each director and executive officer named above.

Christopher A. Arnold       A principal of Dimeling, Schreiber & Park,
                            a private investment partnership that
                            makes private equity investments in a broad
                            range of middle market companies, from
                            September 1999 to present.  Various positions
                            with General Electric Capital Corporation,
                            a diversified financial services company from
                            prior to 1996 to September 1999.

Thomas Bruderman            Secretary and Treasurer of registrant since
                            March 16, 2001.  Corporate communications
                            consulting, investment banking transactions
                            and investment management conducted through
                            Canterbury Companies Inc., as President,
                            since prior to 1996.  Corporate communications
                            consultant for the Company from 1996 to November
                            1999.

Eugene L. Cooke             Chairman of New Harbor Financial Corporation,
                            a private investment company concentrating on
                            real estate, real estate development, and early
                            stage corporate entities, since prior to 1996.


William R. Dimeling         A principal of Dimeling, Schreiber & Park, a
                            private investment partnership that makes private
                            equity investments in a broad range of middle
                            market companies, since prior to 1996.

Paul G. Hines               Financial and management consultant, since prior
                            to 1996.

Robert E. Poll              Financial and management consulting through
                            Poll Financial, LLC, as Managing Director, since
                            January 1998; Managing Director of Lazard Freres &
                            Co. from prior to 1996 to December 1997 -
                            Manager of Public Finance and Municipal Bond
                            Departments and other investment banking activities;
                            Trustee of Citizens Budget Commission of New York
                            since 1997.


Richard R. Schreiber        A principal of Dimeling, Schreiber & Park,
                            a private investment partnership that
                            makes private equity investments in a broad
                            range of middle market companies, since
                            prior to 1996.

Leonard Weitz               Chairman and Chief Executive Officer of
                            registrant since 1971; President from 1971 to
                            1993 and 1996 to present.

   Registrant is not aware of any person who, at any time during the year
2000 was a director, officer or beneficial owner of more than 10 percent
of registrant's common stock who failed to file on a timely basis,
reports required by Section 16(a) during 2000 or prior years.

Item 10.  Executive Compensation.

   The following information is presented concerning the compensation of
Leonard Weitz, President, Chairman and Chief Executive Officer of
registrant, for each of registrant's last three completed fiscal years.

                        SUMMARY COMPENSATION TABLE

Name and                Annual         Long-Term
Principal               Compensation   Compensation     All Other
Position        Year    Salary         Awards-Options   Compensation

Leonard Weitz*  2000	$225,000(1)       (2)                -
                1999    $175,000(1)        -                 -
                1998    $175,000(1)        -                 -

*President, Chairman and Chief Executive Officer.

(1)  During the years 1998 and 1999, Leonard Weitz received annual base
salary of $175,000 under the terms of an employment agreement dated as of
September 1, 1996.  Under the terms of that employment agreement,
Leonard Weitz was employed as Chairman, President and Chief Executive
Officer of registrant for a five year period ending August 31, 2001 and
would, in addition to the base salary, receive such bonuses as the Board
of Directors of registrant determined.  No bonuses were awarded to
Leonard Weitz during 1998 or 1999.  On February 16, 2000, the Board of
Directors approved a new employment agreement that superceded and
canceled the September 1, 1996 employment agreement.  The new employment
agreement between registrant and Leonard Weitz became effective as of
January 1, 2000 and is for a five year term ending December 31, 2004.
Under the terms of the new employment agreement, Leonard  Weitz will
continue to be employed as Chairman, President and Chief Executive
Officer of registrant and he will receive an annual base salary of
$225,000 and such bonuses as the Board of Directors of registrant may
determine.

(2) See "Option Grants During Fiscal Year Ended December 31, 2000" and
"Option Exercises During Fiscal Year Ended December 31, 2000 and Option
Values on December 31, 2000", below, for information concerning
nonqualified replacement option to purchase 60,000 shares granted to
Leonard Weitz by the Board of Directors of registrant on January 21, 2000
and approved by the shareholders on December 15, 2000.

        OPTION GRANTS DURING FISCAL YEAR ENDED DECEMBER 31, 2000

   The following table contains, with respect to stock options granted to
Leonard Weitz, information as to the number of shares of common stock
underlying the options granted during the year 2000, the percentage of
total options granted to employees of registrant during the year 2000,
the exercise price per share and the expiration date of the options.

                                Percent of
             Number of Shares   Total Options
             Of Common Stock    Granted to
             Underlying Options Employees in   Exercise Price  Expiration
Name         Granted            2000           Per Share       Date

Leonard Weitz  60,000(1)(2)     50%            $2.1875(3)      1/20/10


(1)	Replacement option granted by Board of Directors of registrant on
January 21, 2000 and approved by shareholders of registrant on
December 15, 2000.  The option replaced a previously granted option
for 60,000 shares that had been approved by the shareholders having
an exercise price of $7 per share and an expiration date of August
7, 2006.  See "Option Exercises During Fiscal Year Ended December
31, 2000 and Option Values On December 31, 2000" and "Table of
Stock Options Currently Outstanding", below.
(2)	Leonard Weitz may exercise all or a part of the option so long as
he continuously remains a director or officer, but in no event
later than the expiration date of the option, except his personal
representatives may exercise within twelve months from date of
death.
(3)	The exercise price was the market price of the common stock on the
date of grant.

               OPTION EXERCISES DURING FISCAL YEAR
             ENDED DECEMBER 31, 2000 AND OPTION VALUES
                       ON DECEMBER 31, 2000

   The following table contains, with respect to stock options held by
Leonard Weitz, information as to options exercised during the year 2000,
the aggregate dollar value realized upon exercise, the total number of
unexercised options held on December 31, 2000 and the aggregate dollar
value of the in-the-money, unexercised options held on December 31, 2000.


           Shares                                      Value of Unexercised
           Acquired or  Value    Number of Unexercised in-the-money options
Name       Exercised    Realized Options at 12/31/00(1)at 12/31/00(4)

Nonqualified:

Leonard Weitz   None 	None	       120,000(2)(3)              None

(1) All options held are fully exercisable.
(2) The exercise prices per share and expiration dates of the options are
as follows: 30,000 exercisable at $3.50, expiring December 9, 2003;
30,000 exercisable at $3.50, expiring September 18, 2004; and 60,000
exercisable at $2.1875, expiring January 20, 2010.
(3)  Nonqualified stock options approved by shareholders.
(4)  Values are calculated by subtracting the exercise price from the
$1.88 per share closing price of the registrant's common stock on The
Nasdaq Stock Market on December 31, 2000.

Compensation of Directors

   Leonard Weitz, Chairman of the Board and Chief Executive Officer of
registrant, is employed through December 31, 2004 under an employment
agreement dated as of January 1, 2000.  See footnote (1) to "Summary
Compensation Table", above, for further details concerning Leonard
Weitz's current employment agreement.

   During 2000, each director who was not an officer of the Company
received an annual fee of $8,000; no attendance fees were paid.
Directors of registrant, other than directors who are also officers, are
paid a fee for services in connection with special assignments based upon
the nature of the services and the time spent.  During the year 2000,
registrant's Board of Directors requested Robert E. Poll, a director, to
prepare and submit to the Board a report to provide the Board with a
suggested price range and the manner of offer for the possible
acquisition of Central Standard Consolidated Mines by registrant.  Robert
E. Poll received a fee of $15,000 in connection with his preparation of
the report.  See "Item 2. Description of Property.-Central Standard
Consolidated Mines."

   On December 15, 2000, the shareholders of registrant approved stock
options that had been granted by the Board of Directors on January 21,
2000 to the following four directors: Leonard Weitz, Thomas Bruderman,
Paul G. Hines, and Robert E. Poll.   See "Option Grants During Fiscal
Year Ended December 31, 2000" for information on option issued to Leonard
Weitz.  Thomas Bruderman, Paul G. Hines, and Robert E. Poll were each
issued options for 60,000 shares of common stock at an exercise price of
$2.1875 per share and expiring January 20, 2010.  The option issued to
Paul G. Hines was a replacement option for the following two options
previously approved by the shareholders: option for 40,000 shares at an
exercise price of $6.9375 expiring December 5, 2005 and option for 20,000
shares at an exercise price of $7 per share expiring August 7, 2006.

   On March 16, 2001, the Board of Directors established a Strategic
Planning and Review Committee comprised of directors Thomas Bruderman and
Robert E. Poll, and charged them to review and evaluate registrant's
current activities regarding registrant's assets and to report back to
the Board upon the Committee's recommendations on any changes regarding
registrant's strategic approach to optimizing the use and value of its
assets.  Thomas Bruderman and Robert E. Poll will each be paid a fee of
$10,000 per month for their services on the Committee during the period
that substantial time is required to be spent on Committee matters.

            TABLE OF STOCK OPTIONS CURRENTLY OUTSTANDING

   The following table shows information with respect to outstanding
nonqualified stock options held by directors of the registrant on March
19, 2001.  All of these options were approved by the shareholders of
registrant.

                                                                 Exercise
Name of            Date of     Expiration Date   No. of Shares   Price
Director(1)        Grant       of Option         Under Option    Per Share(2)

Leonard  Weitz     12/10/93    12/9/03           30,000          $3.50
                   9/19/94     9/18/04           30,000           3.50
                   1/21/00     1/20/10           60,000           2.1875

Thomas Bruderman   1/21/00     1/20/10           60,000           2.1875

Paul G. Hines      9/19/94     9/18/04           60,000           3.50
                   1/21/00     1/20/10           60,000           2.1875

Robert E. Poll     1/21/00     1/20/10           60,000           2.1875

(1)  The optionee may exercise all or a part of the option so long as he
continuously remains a director or officer, but in no event later
than the expiration date of the option, except his personal
representatives may exercise within twelve months from date of
death.
(2)  The exercise price was the market price of the common stock on the
date of grant.

	No director exercised in 2000 any stock options held by him.

   On March 16, 2001, registrant's Board of Directors granted
nonqualified options to purchase 60,000 shares of registrant's common
stock, subject to the approval of shareholders at the next shareholders
meeting, to each of the following directors: Thomas Bruderman, Eugene L.
Cooke and Robert E. Poll.  The exercise price for each of the options is
$2.438 per share, the closing price of registrant's common stock on the
NASDAQ market on March 15, 2001.

   William R. Dimeling, Richard R. Schreiber and Christopher A. Arnold,
directors of registrant, are principals of Dimeling, Schreiber & Park.
See footnote 4 of "Item 11.  Security Ownership of Certain Beneficial
Owners and Management." for information concerning 280,000 shares of
registrant's convertible common stock issued on December 30, 2000 to
Dimeling, Schreiber & Park representing the annual 8% stock dividend on
3,500,000 shares of redeemable convertible common stock owned by
Dimeling, Schreiber & Park, as the General Partner of Dimeling, Schreiber
& Park Reorganization Fund II, LP.

   See "Item 11. Security Ownership of Certain Beneficial Owners and
Management." for additional information concerning the above stock
options held by directors.  Registrant has never issued any stock
appreciation rights to its officers and directors.

Item 11.  Security Ownership of Certain Beneficial Owners and Management.

   (a) The following table shows as of March 19, 2001, stock ownership of
all persons known to management, to be beneficial owners of more than
5% of the common stock of the registrant.

Name and Address of           Amount and Nature of    Percentage
Beneficial Owners             Beneficial Ownership    of Class

Estate of William E. Simon    558,600 shares (1)      6.27%(2)
310 South Street
Morristown, NJ 07962

Robert R. Hermann             492,500 shares          5.54%(2)
7701 Forsyth St.
Clayton, MO 63105

Dimeling, Schreiber &       3,780,000 shares (3)(4)  29.82%
Park, as General Partner
Of Dimeling, Schreiber &
Park Reorganization
Fund II, LP
1629 Locust Street
Philadelphia, PA 19103

(1)  308,600 shares owned by the Estate of William E. Simon; 250,000
shares owned by a corporation in which the Estate of William E. Simon has
shared power to direct the vote and disposition of the Company's shares
held by the corporation by virtue of the Estate's ownership of voting
stock in said corporation.
(2)  Percentage based upon current number of registrant's
outstanding shares of common stock, without regard to the conversion
rights of the holder of registrant's convertible common stock described
at footnote (4), below.  If such convertible common shares were converted
into shares of common stock by the holder, the percentage would be
reduced below 5%.
(3)  William R. Dimeling, Richard R. Schreiber and Christopher A.
Arnold, directors of registrant, are principals of Dimeling, Schreiber &
Park.
(4)  Dimeling, Schreiber & Park, in its capacity as General Partner of
Dimeling, Schreiber & Park Reorganization Fund II, LP, a Delaware limited
partnership, owns 3,780,000 shares of registrant's $0.50 par value
convertible common stock.  These shares are convertible into a like
number of registrant's common stock at no additional cost.   The
percentage shown is based upon the current number of registrant's
outstanding shares of common stock together with the 3,780,000 shares of
outstanding convertible common stock.  Dimeling, Schreiber & Park will
receive an additional number of shares of convertible common stock by way
of an 8% annual stock dividend based upon the number of shares of
convertible common stock then owned.  Dimeling, Schreiber and Park
received 280,000 shares on December 30, 2000 as an 8% dividend on the
3,500,000 shares it owned at that time.  Dimeling, Schreiber & Park, in
its capacity as General Partner, also has the right to purchase an
additional 5,000,000 shares of convertible common stock from registrant,
which right to purchase expires December 31, 2002.  If the additional
5,000,000 shares are purchased, the above percentage would be increased
to 49.6%. In addition, Dimeling, Schreiber & Park, in its capacity as
General Partner, holds warrants to purchase additional shares of
convertible common stock that expire December 31, 2004, however, it may
not make purchases which would, assuming conversion of all convertible
common stock, result in Dimeling, Schreiber & Park, in its capacity as
General Partner, owning more than 68% of registrant's outstanding common
stock.  The holder of the convertible common stock has voting rights
identical to the voting rights of the holders of registrant's common
stock.  See "Item 13. Certain Relationships and Related Transactions."
for information concerning the acquisition of the convertible common
stock and warrants by Dimeling, Schreiber & Park, in its capacity as
General Partner of Dimeling, Schreiber & Park Reorganization Fund II, LP
and directorships in registrant held by three principals of Dimeling,
Schreiber & Park.

   (b)  The equity securities of registrant beneficially owned by all
directors  and officers, and by directors officers of registrant as a
group, as of March 19, 2001, are:

Title
of               Name and Address      Amount and Nature of    Percentage
Class            of Beneficial Owner   Beneficial Ownership*   of Class

Common Stock
$0.05 par value:
                 Christopher A. Arnold**      5,200(1)            .05%
                 1629 Locust Street
                 Philadelphia, PA 19103

                 Thomas Bruderman           116,100(2)           1.30%
                 1573 Bronson Road
                 Fairfield, CT 06430

                 Eugene L. Cooke            200,000              2.24%
                 108 S.E. 8th Avenue
                 Fort Lauderdale, FL 33301

                 William R. Dimeling**          200                0%
                 1629 Locust Street
                 Philadelphia, PA 19103

                 Paul G. Hines              130,000(3)          1.44%
                 17 Trachelle Lane
                 Charleston, SC  29407

                 Robert E. Poll             235,000(4)          2.62%
                 225 West 86th Street
                 New York, NY 10024

                 Richard R. Schreiber**         200              0%
                 1629 Locust Street
                 Philadelphia, PA 19103

                 Leonard Weitz              191,510(5)(6)      2.12%
                 500 Fifth Avenue
                 New York, NY 10110

                 Owned by all directors     878,210(7)         9.50%
                 and officers as a group

Preferred
Stock, $0.50
Par value:	None

* Each director and officer has sole voting and investment power with
respect to shares owned.

** Principal of Dimeling Schreiber & Park.  See footnote (4) to part (a)
of this "Item 11.  Security Ownership of Certain Beneficial Owners and
Management." and "Item 12. Certain Relationships and Related
Transactions." for information concerning the acquisition of the
convertible common stock and warrants by Dimelin g, Schreiber & Park, in
its capacity as General Partner of Dimeling, Schreiber & Park
Reorganization Fund II, LP.

(1) Includes 5,000 shares held in IRA account.
(2) Includes nonqualified stock options previously approved by the
shareholders to purchase 60,000 shares held by Thomas Bruderman.  Does
not include 8,000 shares of common stock and 6,000 shares of preferred
stock owned by Thomas Bruderman's wife, in which shares Thomas Bruderman
disclaims any beneficial interest.
(3) Includes nonqualified stock options previously approved by the
shareholders to purchase 120,000 shares held by Paul G. Hines.  Also
includes 10,000 shares held in IRA account.
(4) Includes nonqualified stock options previously approved by the
shareholders to purchase 60,000 shares held by Robert E. Poll.
(5) Includes nonqualified stock options previously approved by the
shareholders to purchase 120,000 shares held by Leonard Weitz.  Also
includes 8,000 shares held in IRA account and 40,000 shares owned jointly
with Leonard Weitz's wife.
(6)  Does not include 20,000 shares owned by Leonard Weitz's wife, in
which shares Leonard  Weitz disclaims any beneficial interest.
(7) Includes options to purchase an aggregate of 360,000 shares as
referred to at footnotes (2), (3), (4), (5) and (6) above.  All options may be
exercised by the directors or officers holding same within 60 days.

Item 12.  Certain Relationships and Related Transactions.

   At the Special Meeting In Lieu Of Annual Meeting Of Shareholders of
registrant held  December 29, 1999 ("the shareholders meeting") , the
shareholders approved, among other things, a stock purchase agreement and
a warrant.  Dimeling, Schreiber & Park, in its capacity as General
Partner of Dimeling, Schreiber & Park Reorganization Fund II, LP ("Fund
II"), pursuant to the terms of the Stock Purchase Agreement, purchased
3,500,000 shares of registrant's convertible common stock on December 30,
1999 and has the right to purchase an additional 5,000,000 shares on or
before December 31, 2002.   The warrant approved by the shareholders
gives  Dimeling, Schreiber & Park, in its capacity as General Partner,
the right to purchase additional shares of the convertible common stock,
provided that its stock ownership does not exceed 68% of registrant's
outstanding shares of common stock (assuming conversion of the
convertible common stock into shares of common stock).  See footnote (4)
to part (a) of "Item 11. Security Ownership of Certain Beneficial Owners
and Management."

   William R. Dimeling, Richard R. Schreiber and Christopher A. Arnold,
directors of registrant, are general partners of Dimeling, Schreiber &
Park.  Since Dimeling, Schreiber & Park is acting in the stock purchase
transaction in its capacity as the General Partner of Dimeling, Schreiber
& Park Reorganization Fund II, LP, each of the aforesaid three directors
has a material interest in the transaction involving the sale of the
convertible common stock by registrant.  As of March 19, 2001, Dimeling,
Schreiber & Park, as General Partner of Fund II, was the beneficial owner
of  29.82% of registrant's common stock (assuming conversion of the
convertible common stock into shares of common stock).  See "Item 11.
Security Ownership of Certain Beneficial Owners and Management."

   In March 2001, registrant initiated a private placement for the sale
of 1,000,000 unregistered shares of its common stock at a price of $2 per
share to accredited investors (the "private placement").  In order to
expedite the sale of the shares, Dimeling, Schreiber & Park entered into
separate agreements with purchasers of the shares under the private
placement that gives each such purchaser the right at a later date and
for a limited time to require Dimeling, Schreiber & Park to purchase from
such purchaser the shares that the purchaser had bought from registrant
under the private placement at the same $2 price per share.  As of March
19, 2001, there have been ten purchasers of registrant's shares under the
private placement with whom Dimeling, Schreiber & Park have entered into
separate agreements covering a total of 870,000 shares.  Dimeling,
Schreiber & Park has indicated to registrant that it will continue to
enter into similar agreements with additional purchasers who acquire
shares from registrant for the remaining 105,000 shares under the private
placement.  If registrant sells the full 1,000,000 shares of its common
stock under the terms of its private placement and Dimeling, Schreiber &
Park enters into similar agreements with all the purchasers of those
shares, Dimeling, Schreiber & Park could be required under those
agreements to purchase up to 1,000,000 shares of registrant's common
stock.  As set forth above, William R. Dimeling, Richard R. Schreiber and
Christopher A. Arnold, directors of registrant, are principals of
Dimeling, Schreiber & Park.  The right of the purchaser of registrant's
shares of common stock under the private placement to require Dimeling,
Schreiber & Park to purchase those shares can only be exercised during a
five-day period during March 2002.  Any shares of registrant's common
stock purchased by Dimeling, Schreiber & Park under the terms of
Dimeling, Schreiber & Park's agreements with the purchasers under the
private placement will be purchased for the account of Dimeling,
Schreiber & Park, and not on behalf of Fund II.  Registrant is not a
party to the agreements between Dimeling, Schreiber & Park and the
purchasers, and accordingly, registrant will have no obligation to
repurchase any of the shares it sells under the private placement.  The
private placement terminates on June 30, 2001 or such earlier date that a
total of 1,000,000 shares are sold.  See "Item 6. Management's Discussion
and Analysis or Plan of Operation. - PLAN OF OPERATION - Cash Needs of
Registrant."

Item 13.  Exhibits and Reports on Form 8-K.

(a)   Description of Exhibits required to be filed by Item 601 of
Regulation S-B.

(The numbers shown below next to each exhibit are keyed to Exhibit
Table of Item 601 of Regulation S-B.)

"2."  Agreement and Plan of Merger dated October 4, 2000 among
registrant, Chief Gold Mines, Inc. and Central Standard
Consolidated Mines, a copy of which was filed with the Securities
and Exchange Commission as part of registrant's Form 10-QSB report
for the quarterly period ended September 30, 2000.

"3." Articles of Incorporation and By-laws:

Registrant hereby incorporates by reference (i) registrant's
Restated Articles of Incorporation that were annexed as Exhibit
A to registrant's Proxy Statement For The Special Meeting In
Lieu Of Annual Meeting Of Shareholders held December 29, 1999
(Restated Articles approved at meeting); and (ii) registrant's
By-laws previously filed with the Securities and Exchange
Commission.  A copy of an amendment dated October 16, 2001 to
Article III, Section 2 of registrant's By-laws is filed with
this report as Exhibit "A".

"4." Not Applicable.

"9." Not Applicable.

"10." Material Contracts.

A.  Operating Agreement ("Operating Agreement") of Tintic Utah
Metals LLC dated as of July 17, 1996 by and among registrant,
Akiko Resources (Utah) Inc. and KZ Utah, Inc., a copy of which
was filed with the Securities and Exchange Commission by
registrant as part of its 1996 Form 10-KSB report.

B.  First Amendment to Operating Agreement dated as of March 11,
1997 by and among registrant, Akiko Resources (Utah) Inc. and KZ
Utah, Inc., a copy of which was filed with the Securities and
Exchange Commission by registrant as part of its 1997 Form 10-
KSB report.

C.   Second Amendment to Operating Agreement dated as of
November 10, 1997 by and between registrant and KZ Utah, Inc., a
copy of which was filed with the Securities and Exchange
Commission by registrant as part of its 1997 Form 10-KSB report.

D.   Third Amendment to Operating Agreement dated as of October
1, 1998 by and between registrant and KZ Utah, Inc., a copy of
which was filed with the Securities and Exchange Commission by
registrant as part of its 1998 Form 10-KSB report.

E.   Fourth Amendment to Operating Agreement dated as of
September 9, 1999 by and between registrant and KZ Utah, Inc., a
copy of which was filed with the Securities and Exchange
Commission by registrant as part of its 1999 Form 10-KSB report.

F.  Articles of Organization of Tintic Utah Metals LLC, a copy
of which was filed with the Securities and Exchange Commission
by registrant as part of its 1996 Form
10-KSB report.

G.  Stock Purchase Agreement ("Stock Purchase Agreement") dated
as of November 19, 1999 between registrant and Dimeling,
Schreiber & Park, a copy of which was filed with the Securities
and Exchange Commission by registrant as part of its Form 8-K
report filed on December 1, 1999.

H.  Registration Rights Agreement dated as of November 19, 1999
between registrant and Dimeling, Schreiber & Park, constituting
Exhibit A to the Stock Purchase Agreement, a copy of which was
filed with the Securities and Exchange Commission by registrant
as part of its Form 8-K report filed on December 1, 1999.

I.  Form of Warrant issued to Dimeling, Schreiber & Park by
registrant dated as of November 19, 1999, constituting Exhibit B
to the Stock Purchase Agreement, a copy of which was filed with
the Securities and Exchange Commission by registrant as part of
its Form 8-K report filed on December 1, 1999.

"(11)" Not applicable.

"(13)" 2000 Annual Report To Shareholders not yet furnished to
shareholders as of the             filing date of this report.

"(16)" Not applicable.

"(18)" Not applicable.

"(21)" A list of subsidiaries of registrant is filed with this
report and marked as Exhibit "B".

"(22)" Not applicable.

"(23)" Not applicable.

"(24)" Not applicable.

"(27)" Not applicable.

"(99)" Not applicable.

(b)   Reports filed on Form 8-K.

 	   None.


Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995:

This Form 10-KSB report contains statements which are not historical
facts, such as anticipated production, exploration results and costs and
therefore are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.  These
risks and uncertainties include, but are not limited to, the following:
registrant's cash is not sufficient to complete the intended work and
projects; even if the amount of cash available is sufficient to complete
the work and projects,  registrant is unable to initiate profitable
mining activities at the Trixie Mine; registrant's application for
appropriation of water from the Burgin Mine is rejected by the Utah State
Engineer, necessitating registrant to seek alternative methods for
dewatering the Burgin Mine; even if the water appropriation application
is approved, a water treatment facility is not built or if built, mining
from the Burgin Mine is not commercially feasible; registrant is unable
to obtain long term financing to fund the Burgin mining project if
registrant's application for appropriation of water from the Burgin Mine
is approved; registrant is unable to sell any of its real estate for
residential or commercial use.  Refer to registrant's Forms 10-QSB filed
with the Securities and Exchange Commission.



                            SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                     Chief Consolidated Mining Company
	                        (Registrant)

By /s/ Leonard Weitz
                           (Signature and Title)
                              Leonard Weitz
		Chairman of the Board of Directors, President and Chief
                              Executive Officer

Date                           March 29, 2001

   In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.

By /s/ Thomas Bruderman
	                     (Signature and Title)
                             Thomas Bruderman
                   Secretary and Treasurer, Principal Financial Officer
                          and Principal Accounting Officer

Date                            March 29, 2001

By /s/ Christopher A. Arnold
                           (Signature and Title)
                            Christopher A. Arnold
                                  Director

Date                            March 29, 2001


By /s/ Thomas Bruderman
                            (Signature and Title)
                               Thomas Bruderman
                                   Director

Date                            March 29, 2001


By /s/ Eugene L. Cooke
                             (Signature and Title)
                               Eugene L. Cooke
                                  Director

Date                            March 29, 2001


By /s/ William R. Dimeling
                             (Signature and Title)
                              William R. Dimeling
                                   Director

Date                            March 29, 2001


By /s/ Paul G. Hines
	                       (Signature and Title)
                                Paul G. Hines
                                   Director

Date                            March 29, 2001


By /s/ Robert E. Poll
                               (Signature and Title)
                                 Robert E. Poll
                                   Director

Date                            March 29, 2001


By /s/ Richard R. Schreiber
                               (Signature and Title)
                                 Richard R. Schreiber
                                     Director

Date                            March 29, 2001




EXHIBIT A



                        AMENDMENT TO ARTICLE III, SECTION 2
                        OF THE BY-LAWS OF CHIEF CONSOLIDATED
                                   MINING COMPANY


	At a meeting of the Board of Directors duly held on March 16, 2001,
the following resolution was unanimously adopted and approved:

	RESOLVED: that ARTICLE III, Section 2 of the By-laws of the Company
is hereby amended by deleting said Section 2 in its entirety and
substituting in its place and stead the following new Section 2 to
ARTICLE III:

      "The affairs and business of the Company shall be managed by a
Board of not less than five (5) persons, nor more than nine (9)
persons; directors shall be stockholders of record."



********



EXHIBIT B


Subsidiaries of Chief Consolidated Mining Company

                                            State of Incorporation
    Name of Subsidiary*                        or Organization

Tintic Utah Metals LLC	                         Colorado
Chief Gold Mines, Inc.                           Delaware
American Star Mining Company                     Utah
Eagle & Blue Bell Mining Company                 Utah
East Crown Point Consolidated Mining Company     Utah
Eureka Mines Company                             Utah



_____________
*Each subsidiary does business under the same name as shown above.



CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2000
AND FOR THE YEARS ENDED DECEMBER 31, 2000 and 1999

TOGETHER WITH REPORT OF
INDEPENDENT PUBLIC ACCOUNTANTS

                       Index to Financial Statements

                     Chief Consolidated Mining Company

                                                     Page

Report of Independent Public Accountants             F-2
Financial Statements:
   Consolidated Balance Sheet                        F-3
   Consolidated Statements of Operations             F-4
   Consolidated Statements of Shareholders' Equity   F-5
   Consolidated Statements of Cash Flows             F-7
   Notes to Consolidated Financial Statements        F-8


Schedules are omitted either because they are not required or
because the required information is contained in the financial
statements or notes thereto.


Report of Independent Public Accountants

To Chief Consolidated Mining Company:

We have audited the accompanying consolidated balance sheet of Chief
Consolidated Mining Company (an Arizona corporation) and subsidiaries as of
December 31, 2000, and the related consolidated statements of operations,
shareholders' equity and cash flows for the years ended December 31, 2000 and
1999.  These financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation.  We believe that our audits provide
a reasonable basis for our opinion.

As discussed in Note 1 to the accompanying consolidated financial statements,
$8,673,079 of the Company's assets consist of mining claims and properties for
which significant additional development costs must be incurred to bring these
mining properties into production.  The realization of the Company's
investments in mining claims and properties is dependent upon the ability of
the Company and/or its joint venture partner to obtain the required capital
and government permits to complete the development of the mining properties.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Chief Consolidated Mining
Company and subsidiaries as of December 31, 2000 and the results of their
operations and their cash flows for the years ended December 31, 2000 and 1999
in conformity with accounting principles generally accepted in the United
States.



Salt Lake City, Utah
March 26, 2001


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

Consolidated Balance Sheet
As of December 31, 2000


Assets

Current assets:

Cash and cash equivalents                            $   890,859
Other current assets                                      69,269

              Total current assets                       960,128
Investment in Central Standard
  Consolidated Mines                                       75,494
Advances to Central Standard
  Consolidated Mines                                       48,150
Mining claims and properties, less accumulated
 depletion of $819,444                                  8,673,079
Machinery and equipment, less accumulated
  depreciation of $215,011                              2,516,415
Other assets                                              166,031

                 Total assets                         $12,439,297

Liabilities and Shareholders' Equity

Current liability:
  Accounts payable                                  $     161,912

Accrued reclamation costs                                 389,800

Minority interest                                       2,485,024

Redeemable convertible common stock,
   3,500,000 shares issued and outstanding              4,077,932

Commitments and contingencies (Notes 1 and 7)

Shareholders' equity:
   Preferred stock, $0.50 par value; 1,500,000
     shares authorized, 11,115 shares outstanding
     with a liquidation value of $5,557                    5,557
   Convertible common stock, $0.50 par value;
     30,000,000 shares authorized, 3,780,000 shares
     outstanding (including the 3,500,000 shares of
     redeemable convertible common stock above)          140,000
   Common stock, $0.50 par value; 20,000,000 shares
     authorized, 8,061,153 shares outstanding,
     16,441 shares held in treasury with a zero cost   4,012,328
   Additional paid-in capital                         15,413,449
   Stock purchase rights                               3,321,747
   Deferred compensation                                 (18,300)
   Notes receivable from shareholders                    (29,170)
   Accumulated deficit                               (17,520,982)

      Total shareholders' equity                       5,324,629

        Total liabilities and shareholders' equity   $12,439,297

   The accompanying notes are an integral part of this consolidated
balance sheet.


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

Consolidated Statements of Operations
For the Years Ended December 31, 2000 and 1999



                                              2000               1999
Revenues:
  Interest                                $    171,104      $     26,681
  Land sales and other                           1,198            12,953
             Total revenues                    172,302            39,634
Expenses:
  General and administrative                 1,776,304           934,225
  Exploration                                1,596,020           447,681
  Operating costs                              553,257           158,510
  Taxes other than income taxes                 18,934            15,164
  Equity in loss of Central Standard
    Consolidated Mines                           3,460              -

                 Total expenses           $  3,947,975      $  1,555,580

Loss before minority interest               (3,775,673)       (1,515,946)
Minority interest                               16,457              -

Net loss                                  $ (3,759,216)     $ (1,515,946)

Redeemable convertible common stock
  dividends:
  Beneficial conversion feature           $         -       $ (2,625,000)
  Eight percent stock dividend                (525,000)           (7,311)
  Accretion to redemption value               (973,873)           (4,127)

Net loss applicable to common
  shareholders                            $ (5,258,089)     $ (4,152,384)

Net loss per common share
  (basic and diluted)                     $      (0.66)     $      (0.54)

Weighted average number of common
  shares outstanding (basic and diluted)     8,024,652        7,687,966


The accompanying notes are an integral part of these consolidated financial
Statements.




CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2000 and 1999

                                    Preferred Stock          Common Stock
                                  Shares      Amount       Shares     Amount
Balance at December 31, 1998       5,168     $ 2,584    7,298,240   $ 3,630,871
  Issuance of preferred stock
    through private placement
    for $2.00 per share            6,000       3,000           -             -
  Issuance of common stock
    through private placement
    at prices ranging from
    $1.86 to $2.50, net               -           -       750,860       375,430
  Issuance of common stock as
    payment for consulting
    services valued at $2.00
    per share                         -           -        12,000         6,000
  Issuance of stock purchase
    rights at $2.00 per share         -           -            -             -
  Amortization of deferred
    compensation                      -           -            -             -
  Payment on note receivable
    from shareholder                  -           -            -             -
  Deferred compensation in
    connection with an
    extension of notes
    receivable from
    shareholders related to
    the previous exercise of
    stock options                     -           -            -             -
  Net loss                            -           -            -             -

Balance at December 31, 1999      11,168       5,584    8,061,100     4,012,301
  Conversion of preferred
    stock to common stock            (53)        (27)          53            27
  Issuance of convertible
    common stock as dividend          -            -           -             -
  Accretion of redeemable
    convertible common stock          -            -           -             -
  Deferred compensation
    related to stock option
    grants                            -            -           -             -
  Amortization of deferred
    compensation                      -            -           -             -
  Payment on note receivable
    from shareholder                  -            -           -             -
  Net loss                            -            -           -             -

Balance at December 31, 2000      11,115      $ 5,557   8,061,153   $ 4,012,328



CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2000 and 1999 (CONT.)
                                                            Additional
                             Convertible Common Stock         Paid-In
                                 Shares      Amount           Capital
Balance at December 31, 1998          -      $    -       $ 13,660,357
  Issuance of preferred stock
    through private placement
    for $2.00 per share               -           -              9,000
  Issuance of common stock
    through private placement
    at prices ranging from
    $1.86 to $2.50, net               -           -          1,288,820
  Issuance of common stock as
    payment for consulting
    services valued at $2.00
    per share                         -           -             33,972
  Issuance of stock purchase
    rights at $2.00 per share         -           -                 -
  Amortization of deferred
    compensation                      -           -                 -
  Payment on note receivable
    from shareholder                  -           -                 -
  Deferred compensation in
    connection with an
    extension of notes
    receivable from
    shareholders related to
    the previous exercise of
    stock options                     -           -             15,050
  Net loss                            -           -                 -

Balance at December 31, 1999          -           -         15,007,199
  Conversion of preferred
    stock to common stock             -           -                 -
  Issuance of convertible
    common stock as dividend     280,000     140,000           385,000
  Accretion of redeemable
    convertible common stock          -            -                -
  Deferred compensation
    related to stock option
    grants                            -            -            21,250
  Amortization of deferred
    compensation                      -            -                -
  Payment on note receivable
    from shareholder                  -            -                -
  Net loss                            -            -                -

Balance at December 31, 2000     280,000     140,000        15,413,449


The accompanying notes are an integral part of these consolidated financial
statements.

                                                                  Notes
                                     Stock                      Receivable
                                    Purchase     Deferred         from
                                     Rights     Compensation    Shareholders
Balance at December 31, 1998   $          -    $    (12,900)    $    (82,370)
  Issuance of preferred stock
    through private placement
    for $2.00 per share                   -              -                -
  Issuance of common stock
    through private placement
    at prices ranging from
    $1.86 to $2.50, net                   -              -                -
  Issuance of common stock as
    payment for consulting
    services valued at $2.00
    per share                             -              -                -
  Issuance of stock purchase
    rights at $2.00 per share      3,321,747             -                -
  Amortization of deferred
    compensation                          -          15,050               -
  Payment on note receivable
    from shareholder                      -              -             2,900
  Deferred compensation in
    connection with an
    extension of notes
    receivable from
    shareholders related to
    the previous exercise of
    stock options                         -         (15,050)              -
  Net loss                                -             -                 -

Balance at December 31, 1999       3,321,747        (12,900)         (79,470)
  Conversion of preferred
    stock to common stock                 -              -                -
  Issuance of convertible
    common stock as dividend              -              -                -
  Accretion of redeemable
    convertible common stock              -              -                -
  Deferred compensation
    related to stock option
    grants                                -         (21,250)              -
  Amortization of deferred
    compensation                          -          15,850               -
  Payment on note receivable
    from shareholder                      -              -            50,300
  Net loss                                -              -                -

Balance at December 31, 2000     $ 3,321,747      $ (18,300)       $ (29,170)




CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999 (CONT.)


                                          Accumulated
                                            Deficit               Total

Balance at December 31, 1998            $ (10,746,947)      $ 6,451,595
  Issuance of preferred stock
    through private placement
    for $2.00 per share                            -             12,000
  Issuance of common stock
    through private placement
    at prices ranging from
    $1.86 to $2.50, net                            -          1,664,250
  Issuance of common stock as
    payment for consulting
    services valued at $2.00
    per share                                      -             39,972
  Issuance of stock purchase
    rights at $2.00 per share                      -          3,321,747
  Amortization of deferred
    compensation                                   -             15,050
  Payment on note receivable
    from shareholder                               -              2,900
  Deferred compensation in
    connection with an
    extension of notes
    receivable from
    shareholders related to
    the previous exercise of
    stock options                                  -                 -
  Net loss                                 (1,515,946)       (1,515,946)

Balance at December 31, 1999              (12,262,893)        9,991,568
  Conversion of preferred
    stock to common stock                          -                 -
  Issuance of convertible
    common stock as dividend                 (525,000)               -
  Accretion of redeemable
    convertible common stock                 (973,873)         (973,873)
  Deferred compensation
    related to stock option
    grants                                         -                 -
  Amortization of deferred
    compensation                                   -             15,850
  Payment on note receivable
    from shareholder                               -             50,300
  Net loss                                 (3,759,216)       (3,759,216)

Balance at December 31, 2000            $ (17,520,982)      $ 5,324,629

The accompanying notes are an integral part of these consolidated financial
statements.


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2000 and 1999

                                                   2000            1999
Cash flows from operating activities:
  Net loss                                   $ (3,759,216)    $ (1,515,946)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
       Depreciation and amortization               59,117               -
       Amortization of deferred compensation       15,850           15,050
       Gain on sale of real estate                     -           (12,703)
       Equity in loss of Central Standard
         Consolidated Mines                         3,460            1,007
       Issuance of common stock for services           -            39,972
       Changes in operating assets and
         liabilities:
         Decrease in accounts receivable               -             4,486
         Increase in other assets                  (1,226)         (20,833)
        (Decrease) increase in accounts payable  (214,875)         315,246
        (Decrease) increase in accrued
          liabilities                            (176,244)         144,801

          Net cash used in operating
            activities                         (4,073,134)      (1,028,920)

Cash flows from investing activities:
  Mining property development costs              (205,775)        (137,990)
  Purchase of property and equipment           (1,677,809)        (868,519)
  Proceeds from payment of shareholder note
    receivable                                     50,300            2,900
  Related party note receivable                   (70,000)              -
  Loss on investment in affiliate                      -                -
  Advances to Central Standard Consolidated
    Mines                                         (17,500)          (4,000)

         Net cash used in investing
            activities                         (1,920,784)      (1,007,609)
Cash flows from financing activities:
  Net proceeds from sale of preferred stock            -            12,000
  Net proceeds from sale of common stock               -         1,664,250
  Net proceeds from sale of redeemable
    convertible common stock and stock
    purchase rights                                    -         6,425,806
  Change in minority interest                     (16,457)             254

         Net cash(used in)provided by
           financing activities                   (16,457)       8,102,310

Net(decrease)increase in cash and cash
  equivalents                                  (6,010,375)       6,065,781
Cash and cash equivalents at beginning of
  year                                          6,901,234          835,453

Cash and cash equivalents at end of year        $ 890,859      $ 6,901,234


Supplemental disclosure of noncash investing and financing activities:

  During the 2000, the Company paid the 8 percent dividend on the redeemable
convertible common stock by issuing an additional 140,000 shares of
convertible common stock valued at approximately $525,000.


The accompanying notes are an integral part of these consolidated financial
  statements.


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

Notes to Consolidated Financial Statements


(1)	Nature of Operations and Investments

Chief Consolidated Mining Company ("Chief") was incorporated in the state of
Arizona in 1909.  The Company currently is the owner of or has vested interests
in approximately 19,300 acres of patented mining property in the Tintic Mining
Districts in Utah County and Juab County, Utah.  Chief and its subsidiaries
(collectively, the "Company") operate as a mineral resource company actively
engaged in the exploration and development of their mining claims and
properties.

Tintic Joint Venture

On July 17, 1996, the Company, Akiko Gold Resources Ltd. ("Akiko") and KOREA
Zinc Co., Ltd. ("Korea Zinc") formed Tintic Utah Metals LLC ("Tintic").  The
Company contributed $3,976,000 of its mining claims and properties and
machinery and equipment for an undivided 50 percent interest in Tintic.  Korea
Zinc paid $3,000,000 to Tintic to become vested in a 25 percent interest.  As a
result of its failure to contribute the required capital to Tintic, Akiko
forfeited any rights of ownership in Tintic.  Thus, in accordance with the
amended operating agreement, effective August 15, 1997, Akiko's ownership
reverted to the Company resulting in the Company's vested interest in Tintic
increasing to 75 percent.

During October 1998, an amendment to the operating agreement was signed which
granted to the Company an option to purchase Korea Zinc's 25 percent ownership
for $2,000,000.  This option expired on December 31, 2000.  During the option
period, Korea Zinc was not required to make any advances to Tintic or to repay
to the Company 25 percent of the advances made by the Company and did not vote
upon the operations of Tintic.  The Company is currently in negotiations with
Korea Zinc to extend the option period through December 2002.  During the
portion of the option period from October 1, 1998 to December 31, 2000, Chief
advanced a net amount of approximately $6,018,000 to Tintic.  Effective January
1, 2001, Korea Zinc again became obligated to fund its share of necessary
capital contributions to fund approved programs and budgets.  The failure of a
member to meet its contribution requirement could result in the dilution of
that member's percentage interest.

The Company's initial contribution of property and equipment was made at the
historical bases of the related mining properties and machinery and equipment
for financial reporting purposes.  No gain recognition or step-up in basis was
recorded in the accompanying consolidated financial statements as a result of
the transaction.

Central Standard Consolidated Mines

The Company owns approximately 23 percent of the outstanding capital stock of
Central Standard Consolidated Mines ("Central Standard").  On October 4, 2000,
the Boards of Directors of Chief and Central Standard approved an Agreement and
Plan of Merger (the "Merger") between Central Standard and Chief Gold Mines,
Inc. ("Chief Gold"), a wholly-owned subsidiary of Chief.  Central Standard's
mining property consists of 320 acres located in the north-central portion of
the East Tintic Mining District and is surrounded by property owned by Tintic.
The Merger is pending the approval of the shareholders of Central Standard.  A
Central Standard shareholder meeting will be held during 2001.  The Merger will
become effective if approved at this meeting.  Under the terms of the proposed
merger, stockholders of Central Standard will receive one share of Chief common
stock for every 10 shares of Central Standard stock.  If the merger is
approved, Chief will issue approximately 190,000 shares of common stock.

Operations

During the years ended December 31, 2000 and 1999, the Company has not
generated significant revenues and has incurred net losses.  The Company's
operating activities used $4,073,000 and $1,029,000 of cash during the years
ended December 31, 2000 and 1999, respectively.  Significant additional
development costs must be incurred to bring the Company's Burgin ore body, with
a book value of approximately $7,073,000 at December 31, 2000, into operation.
Under the Company's current plans, the approval by the Utah State Engineer of
the Company's application for appropriation of water from the Burgin Mine is
needed before the Company will incur additional development costs.  The
application is currently pending before the Utah State Engineer for approval.

The Company's unrecovered investment in mining claims and properties, net of
applicable depletion, is $8,673,000 as of December 31, 2000, representing
approximately 70 percent of total assets.  The realization of these investments
is dependent upon the ability of the Company to continue to obtain the required
capital and government permits (See Note 7) to complete the development of
these mining properties.

The extent to which the Company will be able to continue to fund development
activities on its properties and to make additional advances to Tintic will
depend primarily upon the Company's ability to raise additional funding. At
December 31, 2000, the Company had cash and cash equivalents of $891,000.
Subsequent to year-end, the Company has raised approximately $1,790,000 through
a private placement of common stock.  At such time as funds are needed by the
Company, it will seek to obtain additional funding through the sale of equity
securities in private placements and/or the sale of real estate for commercial
and residential development.  Management believes that it has adequate funds to
meet its operating needs for 2001.  In the event of any shortfall of funds,
management will reduce its cash expenditures or raise additional funds through
the sale of unregistered stock or some other financing arrangement.

(2)	Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the
Company and all majority owned subsidiaries.  The Company's 23 percent
investment in Central Standard is accounted for using the equity method.

Mining Claims and Properties

Costs of developing mining properties (after completion of exploration) are
capitalized.  Exploration costs are expensed as incurred.  When a mining
property reaches the production stage, the related capitalized costs will be
amortized using the units of production method on the basis of proven and
probable ore reserves.  The Company's mining properties are periodically
assessed for impairment of value and any losses are charged to operations at
the time of impairment.  No mineral depletion provisions have been made since
1978 as a result of suspension of mining on the Company's properties.

The following represents the Company's mineral claims and properties and
related accumulated depletion and depreciation as of December 31, 2000
(rounded):

    Land and mining claims      $  3,474,000

    Buildings and equipment          123,000

    Mine development               5,895,000

    Accumulated depletion and
      depreciation                  (819,000)

                                 $ 8,673,000


Machinery and Equipment

Machinery and equipment are recorded at cost.  Major additions and improvements
are capitalized while minor replacements, maintenance and repairs that do not
increase the useful lives of the assets are expensed as incurred.  Depreciation
of machinery and equipment has been computed using the straight-line method
over estimated useful lives ranging from 3 to 20 years.

Reclamation Costs

The Company provides for reclamation costs and penalties when the
responsibility for reclamation is probable and the amount of associated costs
is reasonably estimable.  Under the Company's current operating environment,
the timing of reclamation accruals typically coincides with the completion of
feasibility studies or commitments to a plan of action.  Reclamation
liabilities are accrued based on estimates of known environmental exposure.

Income Taxes

The Company follows the provisions of Statement of Financial Accounting
Standards ("SFAS") No. 109, "Accounting for Income Taxes," which requires that
income tax accounts be computed using the liability method.  Deferred taxes are
determined based upon the estimated future tax effects of differences between
the financial statement and tax bases of assets and liabilities given the
provisions of currently enacted tax laws.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchased with maturities of three or fewer months to
be cash equivalents.

Fair Value of Financial Instruments

The book value of all financial instruments approximates fair value.  The
estimated fair values have been determined using appropriate market information
and valuation methodologies.

Net Loss Per Common Share

Basic net loss per common share ("Basic EPS") excludes dilution and is computed
by dividing net loss by the weighted-average number of common shares
outstanding during the year.  Diluted net loss per common share ("Diluted EPS")
reflects the potential dilution that could occur if stock options were
exercised or convertible common stock was converted into common stock.  The
computation of Diluted EPS does not assume exercise or conversion of securities
that would have an antidilutive effect on net loss per common share.  All
common stock equivalents were excluded from the calculation of Diluted EPS for
the years ended December 31, 2000 and 1999 because they would have been
antidilutive, thereby decreasing the net loss per common share.

At December 31, 2000 and 1999, there were outstanding options to purchase
460,000 and 400,000 shares of common stock, respectively, and 3,780,000 and
3,500,000 shares of convertible common stock, respectively, that were excluded
from the Diluted EPS calculation.

Pervasiveness of Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from these estimates.

Recent Accounting Pronouncements

In June 1998, the Financial Accounting Standards Board issued SFAS No. 133
"Accounting for Derivative Instruments and Hedging Activities."  SFAS No. 133
establishes new accounting and reporting standards for companies to report
information about derivative instruments, including certain derivative
instruments embedded in other contracts, (collectively referred to as
derivatives) and for hedging activities.  The Company will adopt SFAS No. 133
effective January 1, 2001.  This statement will not have a material impact on
the Company's results of operations, financial position or liquidity.

(3)	Capitalization

On December 29, 1999, the Company's shareholders approved the sale and issuance
of 3,500,000 shares of a new class of convertible common stock to Dimeling,
Schreiber & Park ("DS&P"), acting as the general partner of Dimeling, Schreiber
& Park Reorganization Fund II, LP, and the granting to DS&P the right to
purchase an additional 5,000,000 shares of convertible common stock at $2.00
per share through December 31, 2002.  On December 30, 1999, the Company sold to
DS&P 3,500,000 shares of the Company's convertible common stock for $7,000,000.
The convertible common shares initially purchased by DS&P carry a dividend rate
of 8 percent which is payable in additional shares of convertible common stock.
The 3,500,000 shares of convertible common stock initially purchased by DS&P
also have a redemption feature equal to $2.00 per share on or after December 1,
2003 if DS&P has not exercised its right to purchase the 5,000,000 additional
shares.  All other shares in this class of stock, including those issued to pay
dividends, do not have this redemption feature.

The Company also issued a warrant to DS&P to purchase additional shares of
convertible common stock at $2.25 per share through December 31, 2004.  The
terms of the warrant limit DS&P's ownership of all classes of common stock to
68 percent.

In connection with the DS&P transaction, the Company agreed to pay a finders
fee comprised of $150,000 in cash and 70,000 shares of common stock with a fair
market value of $192,500 as of December 30, 1999.  Additionally, the Company
paid $231,694 in other direct costs of the offering, resulting in net proceeds
of $6,425,806.  The net cash proceeds were $6,618,306.

The net proceeds from the sale of the redeemable convertible common stock has
been allocated between the redeemable convertible common stock and related
stock purchase rights based upon their relative fair values at the date of the
stock purchase agreement.  The Company has estimated the value of the
convertible redeemable common stock of $3,104,059 based on the fair value of
the common stock as of December 30, 1999.  The Company has estimated the value
of the stock purchase rights issued in connection with the sale of the
redeemable convertible common stock of $3,321,747 based upon a Black-Scholes
option pricing model with the following assumptions: risk free interest rate of
5.75 percent; expected dividend yield of zero percent; expected life of 3
years, and expected volatility of 133 percent.

On December 30, 1999, the quoted stock price of the Company's common stock was
$2.75 per share which was greater than the $2.00 per share price of the
redeemable convertible common shares issued, resulting in a beneficial
conversion feature.  The redeemable convertible common shares are convertible
into common shares immediately upon issuance.  The intrinsic value of the
beneficial conversion feature has been recorded as a dividend to the redeemable
convertible common shareholders at the date of issuance.  Due to the Company's
accumulated deficit, the dividend has been charged against additional paid-in
capital.

The accretion of the 3,500,000 convertible common shares initially purchased by
DS&P is being amortized on a straight-line basis utilizing the difference
between the carrying value at the date of issuance and the redemption price of
$7,000,000 at December 1, 2003.  The straight-line basis is assumed to
reasonably approximate the effective interest method.

The Board of Directors of the Company authorized the issuance of common stock
in exchange for preferred stock on a share-for-share basis if elected by the
preferred stockholders.  Preferred shares obtained by the Company in the
exchange are retired.  During 2000, 53 preferred shares were exchanged for
common shares.

The shares of preferred stock and common stock of the Company have equal right
to receive dividends, to vote, and in all other respects except that upon
liquidation the preferred shares are entitled to a preferential payment of
$0.50 per share.

During 1999, the Company issued 750,860 shares of common stock for cash in a
private placement.  The stock was issued at prices ranging from $1.86 to $2.50
per share, net of applicable finders' fees.

During 1999, the Company issued 12,000 shares of common stock to an entity as
payment for professional services rendered in connection with providing
consulting services to the Company.  The shares were valued at $2.00 per share
based on the market price of the Company's common stock on the dates the
services were completed.

(4)	Stock Options

The Company applies APB Opinion 25 ("APB 25") and related interpretations in
accounting for its stock-based compensation plans as they relate to employees
and directors.  Accordingly, no compensation cost has been recognized for stock
options granted to officers, directors and other key employees because the
exercise price was equal to or greater than the market price of the Company's
common stock on the measurement date, except as noted below.  Had compensation
cost been determined based on the fair value at the grant date for awards
consistent with the method required by SFAS No. 123, the Company's net loss and
net loss per common share would have been increased to the pro forma amounts
indicated below:

                                                  2000          1999
Net loss applicable to
common shareholders:         As reported       $(5,258,089)  $(4,152,384)
                             Pro forma          (5,323,295)   (3,827,384)

Net loss per common
share:                       As reported       $     (0.66)  $     (0.54)
                             Pro forma               (0.66)        (0.50)

Because the SFAS No. 123 method of accounting has not been applied to options
granted prior to January 1, 1995, the resulting pro forma compensation cost may
not be representative of that to be expected in future years.

Incentive Stock Options

During the year ended December 31, 1995, the Company loaned an officer and an
employee $50,000 and $37,500, respectively, to facilitate their exercise of
stock options issued under a previously existing incentive stock option plan.
The issuance of the loans to the employees created a new measurement date for
financial reporting purposes.  The Company recorded deferred compensation of
$75,000 (the difference between the market value of the stock and exercise
price of the options on the date the loan was issued) in the 1995 financial
statements.  The deferred compensation was amortized over the three-year life
of the notes receivable.

During 1999 and 1998, the Company extended the term of the notes until December
31, 2000 and 1999, respectively.  These extensions created new measurement
dates for financial reporting purposes and generated additional deferred
compensation for each year.  During each of the years ended December 31, 2000
and 1999, $12,900 and $15,050 respectively, of expense related to the
amortization of the deferred compensation was recognized in the accompanying
statements of operations.

No stock options remain outstanding under the incentive stock option plan.

Nonqualified Stock Options

From time to time, the shareholders have approved the issuance of nonqualified
stock options to officers, directors and a key employee.  The nonqualified
stock options are immediately vested and must be exercised within ten years
from the date of grant.

During 2000, the Board of Directors approved the granting of nonqualified stock
options for the purchase of 60,000 shares of common stock to the Executive
Director of a subsidiary and a key employee of a subsidiary.  These options
have an exercise price of $2.19 per share, which was the market price on the
date of grant for the Executive Director.  However, this exercise price is
lower than the market price of the stock on the day the Company granted 20,000
options to the key employee.  As a result, the Company recognized deferred
compensation for the difference between the option price and the market price.
This deferred compensation will be amortized over the remaining three year
vesting period.  For the year ended December 31, 2000, the Company recognized
an expense of $2,950 related to this stock option grant.

During 2000, the Company cancelled 200,000 options that were outstanding to the
Company's Directors and to the Executive Director of a subsidiary at prices
ranging from $6.94 to $7.00 per share and reissued the same number of options
that expire in 2010 to these individuals at $2.19 per share.  This cancellation
and subsequent reissuance is considered a repricing of the options for
financial reporting purposes.  Therefore, the Company will account for these
options using variable plan accounting and will record compensation expense to
the extent the fair market value of the Company's stock exceeds the exercise
price of these options during the remaining exercise period.  Because the fair
market value of the Company's stock as of December 31, 2000 was less than the
exercise price, no compensation expense has been recorded in the accompanying
consolidated statement of operations for 2000.

A summary of the status of the nonqualified stock options at December 31, 2000
and 1999 and changes during the years then ended is presented in the table and
narrative below.

                                     2000                      1999
                                            Weighted                 Weighted
                                            Average                  Average
                                            Exercise                 Exercise
                               Shares       Prices        Shares
Outstanding at
  beginning of year            400,000     $   5.12       570,000    $  5.31
Granted                        260,000         2.19            -          -
Forfeited                           -            -       (170,000)      5.75
Cancelled                     (200,000)        6.76            -          -

Outstanding at end of
year                           460,000         2.75       400,000       5.12

Exercisable at end of
year                           410,778         2.83       400,000       5.12

Of the 460,000 options outstanding at December 31, 2000, 200,000 have an
exercise price of $3.50, with a weighted average remaining contractual life of
3.43 years.  The remaining 260,000 options have an exercise price of $2.19 and
a weighted average remaining contractual life of 9.14 years.  The weighted
average fair value of the options granted during 2000 was $1.52.

(5)	Income Taxes

The income tax provisions for 2000 and 1999 differ from the amounts computed by
applying the statutory federal income tax rate to the loss before provision for
income taxes as follows:

                                                   2000             1999

Statutory federal income tax rate                 (35.0)%         (35.0)%
State income taxes, net of federal
  benefit                                          (3.3)%          (3.3)%
Nondeductible expenses                               -  %            -  %
Valuation allowance                                38.3 %          38.3 %

Effective income tax rate                            -  %            -  %



The tax effects of temporary differences and the related valuation allowance
against the deferred income tax assets as of December 31, 2000 were as follows
(rounded):

Deferred income tax assets:
  Net operating loss carryforward                  $ 4,080,000
  Mine exploration costs capitalized for tax
    purposes                                         1,159,000
  Future deductible expenses related to
    issuance of common stock options                   226,000
  Future deductible expenses related to
    reclamation                                        149,000
  Book over tax depreciation                            30,000
  Other                                                  2,000

  Total deferred income tax assets                   5,646,000
  Valuation allowance                               (5,437,000)

  Deferred income tax assets, net of valuation
    allowance                                          209,000
  Deferred income tax liability:
  Amortization of development costs                   (209,000)

Net deferred income taxes                          $        -

The Company has net operating loss carryforwards ("NOLs") for federal income
tax reporting purposes of approximately $10,667,000.  The NOLs expire as
follows:

                   Year of Expiration       Amount
                        2001             $    232,305
                        2002                  197,762
                        2003                  133,291
                        2004                  204,917
                        2005                  510,052
                        2006                  256,031
                        2007                  181,150
                        2008                  772,649
                        2009                  929,998
                        2010                1,283,903
                        2011                1,037,582
                        2012                  647,738
                        2018                  992,470
                        2019                1,085,138
                        2020                2,201,742

                     Total NOL's        $  10,666,728

The Internal Revenue Code contains provisions that reduce or limit the
availability and utilization of net operating loss carryforwards if certain
changes in ownership have taken place or will take place.  During 2000 and
1999, changes in the ownership of the Company may have resulted in limitations
on all pre-existing net operating loss carryforwards of the Company.  As a
result, management estimates that all of the Company's net operating loss
carryforwards may be limited to utilization of an annual amount not to exceed
the value of the Company on the date the Company exceeded the specified levels
of allowable changes in ownership multiplied by the Federal long-term tax-
exempt rate at that date.  If the annual limited amount is unutilized in any
particular year, it remains available on a cumulative basis through the
expiration date of the applicable net operating loss carryforwards.

(6)	Related-Party Transactions

During 2000, the Company loaned the Executive Director of a subsidiary $70,000
at an interest rate of 8.75%.  Principal payments of $2,500 plus any accrued
interest are due semi-annually until October 31, 2004 at which time the entire
balance must be repaid.  The note receivable is included in other assets in the
accompanying consolidated balance sheet.

As discussed in Note 4, the Company loaned $50,000 to an officer and $38,000 to
an employee who are also shareholders of the Company.  The loan to the officer
was repaid during 2000.  The loan to the employee is noninterest bearing. At
December 31, 2000, the remaining principal balance is $29,170.  This note
receivable is secured by certain shares of the Company's common stock and is
reflected as a component of shareholders' equity in the accompanying
consolidated balance sheet.

(7)	Commitments and Contingencies

Application for Appropriation of Burgin Mine Water

On September 14, 2000, a public hearing was held before the Utah State Engineer
on the Company's application for the appropriation of the saline waters located
below the 1050 foot level of the Burgin Mine where the Burgin ore body is
located.  At the hearing, several protestors to the application argued that the
application should be denied on the grounds that the removal of the water from
the Burgin Mine would interfere with their previously granted water rights in
Utah Lake.  Management presented expert testimony at the hearing to prove that
the Burgin geothermal system and the Utah Lake geothermal system are not
connected and that removal of water from the Burgin Mine would have no effect
upon Utah Lake and the protestors' water rights in the Lake.  Nevertheless, in
order to address the concerns of the protestors, the Company's application
established certain mitigation procedures that would be in place if the
application is approved, whereby the Company would monitor geothermal springs
in and around Utah Lake and replace water that may diminish spring flows when
pumping started at the Burgin Mine.  The Company also agreed as part of its
application that it would purchase water rights to a specified quantity of
water and agree not to remove the water from Utah Lake.  Management cannot
predict when and how the Utah State Engineer will decide the application.  If
the Company is not successful in obtaining the required permits, the
realizability of the Company's investment in the Burgin Mine of approximately
$7,073,000 may be impaired.

Environmental Matters

Prior to 1993, the Company leased its mining properties to other companies for
operation, exploration and development.  Under the terms of the leases, these
other companies were obligated to comply with all federal, state and local
environmental laws and regulations affecting the mining industry.  Management
is not aware of any current environmental contamination and clean-up costs
related to its mining properties for which the Company may be considered
liable.

During 1998, Tintic assumed a reclamation obligation from the previous operator
of the Burgin ore body.  In prior years, Tintic reimbursed the previous
operator for their costs of maintaining the reclamation bond in order to
facilitate Tintic's continued development of the mines.  As management believed
the transfer was probable, Tintic recorded an estimated liability of $300,000
in 1997 for the existing liability on the Burgin property.  Upon the completion
of the transfer during 1998, management determined that the accrued liability
should be increased to $350,000.  Management believes that this liability will
only become due when all mining efforts have been abandoned on the Burgin
property.

The Company also holds a small mining permit and reclamation obligation in
connection with its Chief Gold properties.  During 1998, the Company recorded
an estimated liability of $40,000 in connection with this obligation.
Management believes that this liability will only become due when all mining
efforts have been abandoned on the Chief Gold properties.

Operating Leases

In March 1997, the Company signed a long-term, non-cancelable operating lease
for its New York City office space.  The lease expires on May 31, 2001 and the
monthly payments are $1,850.  The remaining obligation to the Company under the
terms of this lease is approximately $9,250.