A study of the hydrology of the Red River Basin of northern New Mexico, including development of a pre- mining water balance, contributes to a greater understanding of processes affecting the flow and chemistry of water in the Red River and its alluvial aquifer. Estimates of mean annual precipitation for the Red River Basin ranged from 22.32 to 25.19 inches. Estimates of evapotranspiration for the Red River Basin ranged from 15.02 to 22.45 inches or 63.23 to 94.49 percent of mean annual precipitation. Mean annual yield from the Red River Basin estimated using regression equations ranged from 45.26 to 51.57 cubic feet per second. Mean annual yield from the Red River Basin estimated by subtracting evapotranspiration from mean annual precipitation ranged from 55.58 to 93.15 cubic feet per second. In comparison, naturalized 1930-2004 mean annual streamflow at the Red River near Questa gage was 48.9 cubic feet per second. Although estimates developed using regression equations appear to be a good representation of yield from the Red River Basin as a whole, the methods that consider evapotranspiration may more accurately represent yield from smaller basins that have a substantial amount of sparsely vegetated scar area.