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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10QSB

[X]

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

FOR THE QUARTERLY PERIOD ENDED SEPTMBER 30, 2001

OR

[ ]

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

COMMISSION FILE NUMBER 000-33191

ANCONA MINING CORPORATION
(Exact name of registrant as specified in its charter)

Nevada

88-0436055

(State of other jurisdiction
of incorporation or organization)

(IRS Employer Identification Number)

1040 West Georgia
Suite 1160
Vancouver, British Columbia
Canada V6E 4H1
(Address of principal executive offices)

(604) 605-0885
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 [ ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of September 30, 2001: 6,062,200

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ANCONA MINING CORPORATION
(AN EXPLORATION STAGE ENTERPRISE)
BALANCE SHEETS

September 30, 2001
(Unaudited)


June 30,
2001

ASSETS

CURRENT ASSETS

Cash

$

29,329
------------

$

75,560
------------

Total Current Assets

29,363
------------

75,560
------------

PROPERTY, PLANT AND EQUIPMENT

Office furniture

2,466

2,466

Accumulated depreciation

(185)
------------

(62)
------------

Total Fixed Assets

2,281
------------

2,404
------------

OTHER ASSETS

Deposits

411

411

Mining claims

2,644
------------

2,644
------------

Total Other Assets

3,055
------------

3,055
------------

TOTAL ASSETS

$

34,665
========

$

81,019
========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

Accounts payable

$

6,712

$

5,051

Accounts payable, related parties

667
------------

27,339
------------

Total Current Liabilities

7,379
------------

32,390
------------

COMMITMENTS AND CONTINGENCIES

-
------------

-
------------

STOCKHOLDERS' EQUITY

Common stock, 100,000,000 shares authorized, $0.00001 par value; 6,062,200 shares issued and outstanding


61


61

Additional paid-in capital

381,159

381,159

Deficit accumulated during exploration stage

(353,934)
------------

(332,591)
------------

Total Stockholders' Equity (Deficit)

27,286
------------

48,629
------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

$

34,665
========

$

81,019
========

See Notes to Interim Financial Statements

- 2 -

Ancona Mining Corporation
(An Exploration Stage Enterprise)
Statements of Operations



For the Three Months Ended September 30, 2001 (Unaudited)




For the Three Months Ended September 30, 2000

From September 7, 1999 (Inception) to September 30, 2001 (Unaudited)

REVENUES

$

-
-------------

$

-
-------------

$

-
-------------

EXPENSES

Consulting services provided by directors

-

-

271,536

Professional fees

5,750

3,512

51,855

Rent

1,026

1,209

4,115

General and administrative

3,271

440

11,483

Stock transfer fees

25

-

2,925

Depreciation expense

123

-

185

Mining exploration

3,250

-

3,937

Travel

7,898
-------------

-
-------------

7,898
-------------

TOTAL EXPENSES

21,343
-------------

5,161
-------------

353,934
-------------

LOSS FROM OPERATIONS

(21,343)

(5,161)

(353,934)

INCOME TAXES

-
-------------

-
-------------

-
-------------

NET LOSS

$

(21,343)
=========

$

(5,161)
=========

$

(353,934)
=========

NET LOSS PER COMMON SHARE,

BASIC AND DILUTED

$

nil
=========

$

nil
=========

$

(0.07)
=========

WEIGHTED AVERAGE NUMBER OF COMMON STOCK SHARES OUTSTANDING, BASIC AND DILUTED

6,062,200
=========

5,000,000
=========

5,202,766
=========

See Notes to Interim Financial Statements

- 3 -

ANCONA MINING CORPORATION
(AN EXPLORATION STAGE ENTERPRISE)
STATEMENT OF STOCKHOLDERS' EQUITY

Deficit
Accumulated
During
Exploration
Stage


Total
Stockholders'
Equity
(Deficit)

Common Stock


Additional
Paid-in
Capital

Number
of Shares


Amount

Issuance of common stock for expenses, mining claims, and in payment of advances at approximately $0.055 per share


5,000,000


$


50


$


274,950


$


-


$


275,000

Loss for period ended June 30, 2000


-
------------


-
------------


-
------------


(294,522)
------------


(294,522)
------------

Balance, June 30, 2000

5,000,000

50

274,950

(294,522)

(19,522)

Issuance of common stock at $0.10 per share


1,062,200


11


106,209


-


106,220

Loss for year ended June 30, 2001


-
------------


-
------------


-
------------


(38,069)
------------


(38,069)
------------

Balance, June 30, 2001

6,062,200

61

381,159

(332,591)

48,629

Loss for the three months ended September 30, 2001


-


-


-


(21,343)


(21,343)

Balance, September 30, 2001 (Unaudited)


6,062,200
========


$


61
========


$


381,159
========


$


(353,934)
========


$


27,286
========

See Notes to Interim Financial Statements

- 4 -

ANCONA MINING CORPORATION
(AN EXPLORATION STAGE ENTERPRISE)
STATEMENTS OF CASH FLOWS




For the Three Months Ended September 30, 2001 (Unaudited)



For the Three Months Ended September 30, 2000

From September 7, 1999 (Inception) to September 30, 2001 (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(21,343)

$

(5,161)

$

(353,934)

Adjustments to reconcile net loss to net cash used by operating activities:

Depreciation

123

-

185

Expenses paid by issuance of stock

-

-

272,223

Increase (decrease) in accounts payable

1,661

5,121

27,588

Increase (decrease) in accounts payable, related parties


(26,672)


-


(20,209)

Decrease (increase) in deposits

-
------------

-
------------

(411)
------------

Net cash used by operating activities

(46,231)
------------

(40)
------------

74,558
------------

CASH FLOWS FROM INVESTING ACTIVITIES

Office furniture

-
------------

-
------------

(2,466)
------------

Net cash used by financing activities

-
------------

-
------------

(2,466)
------------

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from advances

-

-

133

Proceeds from sale of common stock

-
------------

-
------------

106,220
------------

Net cash provided by financing activities

-
------------

-
------------

106,353
------------

Change in cash

(46,231)

(40)

29,329

Cash, beginning of period

75,560
------------

57
------------

-
------------

Cash, end of period

$

29,329
========

$

17
========

$

29,329
========

SUPPLEMENTAL DISCLOSURES:

Interest paid in cash

$

-
========

$

-
========

$

-
========

Income taxes paid in cash

$

-
========

$

-
========

$

-
========

NON-CASH INVESTMENT AND FINANCING ACTIVITIES:

-

Stock issued in exchange for expenses paid

$

-

$

-

$

272,223

Stock issued in payment of advances

$

-

$

-

$

133

Stock issued in exchange for mining claims

$

-

$

-

$

2,644

See Notes to Interim Financial Statements

- 5 -

ANCONA MINING CORPORATION
(An Exploration Stage Company)
September 30, 2001

NOTES TO INTERIM FINANCIAL STATEMENTS

=====================================

1. BASIS OF PRESENTATION

The foregoing unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Regulation S-B as promulgated by the Securities and Exchange Commission. Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements for the period ended June 30, 2001. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.

The preparation of financial statements in accordance with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company's financial position and results of operations.

Operating results for the three-month period ended September 30, 2001 are not necessarily indicative of the results that may be expected for the year ending June 30, 2002.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Financial Condition, Liquidity and Capital Resources

Since inception on September 7, 1999, the Company has been engaged in exploration and acquisition of mineral properties. The Company's principal capital resources have been acquired through issuance of common stock and from shareholder loans.

At September 30, 2001, we had a positive working capital of $21,950 compared to deficit working capital of $(27,738) at September 30, 2000. This change is primarily the result of the company's stock issuance proceeds of $106,220, more than offsetting increasing accounts payable and payment of related party loans.

At September 30, 2001, our Company's total assets of $34,665 consist of mainly cash, mining claims and office equipment. This compares with our Company's assets at September 30, 2000 of $3,072, which consisted of cash and mining claims.

At September 30, 2001, the Company's total liabilities decreased to $7,379, from $27,755 at September 30, 2000, primarily reflecting a net payment to related party loans of $21,418.

The Company has not had revenues from inception. Although there is insufficient capital to fully explore and develop its mineral properties, the Company expects to survive and exploit its resources primarily with funding from sales of its securities and, as necessary, from shareholder loans.

The Company has no long-term debt and does not regard long-term borrowing as a good, prospective source of financing.

Results of Operations

The Company posted losses of $21,343 for the three months ending September 30, 2001. The principal components of the loss were professional expenses and travel.

Operating expenses for the three months ending September 30, 2001 were $21,343 up $16,182 from the three months ending September 30, 2000.

- 7 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 6th day of November, 2001

ANCONA MINING CORPORATION
(Registrant)

By:/s/ Hugh Grenfal
Hugh Grenfal, President, Treasurer, Chief Financial Officer a member of the Board of Directors

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