The socioeconomic impact of the proposed New World gold mine on neighboring Yellowstone gateway communities is analyzed. The traditional economic base model and Power's qualitative economic base model are described and compared as to their applicability. Primary survey data emphasizing quantitative measurements of qualitative factors is presented and used in comparing the two models. The economic base model is found to have limited utility in describing the current economy and community and in analyzing the socioeconomic impact of the proposed mine. The economic base model suggests only the economic benefits of the mine, which are found to be insignificant for the two communities. Power's qualitative economic base model is accurate in describing the current economy and community and providing normative criteria for assessing the socioeconomic costs of the mine, which may far exceed the limited benefits and cause an emigration among existing residents.