<PAGE>
                    SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549

                                 FORM 10-K

           [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934
                For the fiscal year ended December 31, 1999
                                    OR
        [  ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934
                For the transaction period from          to

                       Commission file number 1-316

                      INDEPENDENCE LEAD MINES COMPANY
          (Exact name of registrant as specified on its charter)

          ARIZONA                            82-0131980
     (State or other jurisdiction       (IRS Employer Identification No.)
          of incorporation)

                                P O BOX 717
                           WALLACE, IDAHO 83873
                 (Address of principal executive offices)

    Registrant's telephone number, including area code: (208) 753-2525

Securities registered pursuant to Section 12 (b) of the Act:

     Common Non-Assessable Stock,
     Par Value $1.00 per Share               None
     Title of each class                     Name of each exchange on
                                             which registered

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 [   ]

As of December 31, 1999, the aggregate market value of the voting stock
held by non-affiliates of the  registrant was $1,917,750.

                (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

As of December 31, 1999, there were 4,333,357 shares outstanding of the
registrant's $1.00 par value common stock; authorized common shares of
5,000,000.

                    DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated by reference in the indicated
parts of this Form 10-K:
                                   NONE
                      INDEPENDENCE LEAD MINES COMPANY
                          Form 10-K Annual Report
                   For the year ended December 31, 1999


                             TABLE OF CONTENTS

                                  PART I
                                                                 Page
Item 1.   Business  .    .    .    .    .    .    .    .    .    .    1
Item 2.   Properties     .    .    .    .    .    .    .    .    .    2
Item 3.   Legal Proceedings   .    .    .    .    .    .    .    .    2
Item 4.   Submission of Matters to a Vote of Security Holders    .    3

                                  PART II

Item 5.   Market for the Registrant's Common Stock and
          Related Stockholder Matters   .    .    .    .    .    .    3
Item 6.   Selected Financial Data  .    .    .    .    .    .    .    4
Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of  Operations    .    .    .    .    4
Item 8.   Financial Statements and Supplementary Data  .    .    .    4
Item 9.   Disagreements on Accounting and Financial Disclosure   .    4
          Index to Financial Statements      .    .    .    .    .    5

                                 PART III

Item 10.  Directors and Executive Officers of the Registrant     .    10
Item 11.  Executive Compensation   .    .    .    .    .    .    .    11
Item 12.  Security Ownership of Certain Beneficial
          Owners and Management    .    .    .    .    .    .    .    11
Item 13.  Certain Relationships and Related Transaction     .    .    11

                                  PART IV

Item 14.  Exhibits, Financial Statement Schedules
          And Reports on Form 8-K  .    .    .    .    .    .    .    12
          Exhibit Index  .    .    .    .    .    .    .    .    .    13
          Schedule of Property, Plant and Equipment    .    .    .    14
          Signature Page .    .    .    .    .    .    .    .    .    15

       [The balance of this page has been intentionally left blank]

                                    (i)
                      INDEPENDENCE LEAD MINES COMPANY
                          FORM 10-K ANNUAL REPORT
                   FOR THE YEAR ENDED DECEMBER 31, 1999

                                  PART I

ITEM 1. BUSINESS.

     Independence Lead Mines Company (the "Company") is a corporation
     organized under the laws of the State of Arizona on September 16,
     1929.  The Company is the owner of fifteen patented and seventeen
     unpatented mining claims. This claim group (the "property") is
     situated Northwest of Hecla Mining Company's Lucky Friday Mine in the
     Coeur d'Alene Mining District, Shoshone County Idaho.  Adjacent is the
     community of Mullan and U.S. Interstate Highway 90.

     Pursuant to the terms of an agreement dated February 8, 1968, among
     Hecla Mining Company ("Hecla"), Day Mines, Inc. ("Day"), Abot Mining
     Company ("Abot") and the Company (the "Unitization Agreement"), the
     Eastern portion of the Company's Property (approximately five-eighths
     of the total area of the Property) was unitized with certain adjoining
     and near-by properties owned by the Day and Abot into a unitized area,
     consisting of 55 claims, (known as the "DIA Area"). Under the terms of
     the Unitization Agreement, ores and minerals in place are owned by the
     parties thereto in the following percentages:

          Day (now Hecla by merger)          47.70%
          Independence                       46.30%
          Abot                                6.00%

     By a second agreement also dated February 8, 1968, (the "Lease
     Agreement"), Hecla leased the DIA Area for a period of fifty (50)
     years, subject to a 30-year extension, for the purpose of conducting
     mineral exploration and development of the DIA Area and mining such
     commercial ore as may be discovered in the DIA Area by Hecla. Since
     inception of the Lease Agreement, Hecla has performed exploration and
     development work on the DIA Project at a cost of more than $30,279,021
     at year end December 31, 1999.  To date exploration has revealed a
     resource estimate of 7,068,510 tons. Ore production for 1999 was
     268,375 tons and averaged 15.84 ounces silver, 8.96 % lead and 1.35%
     zinc per ton.

     The Lease Agreement provides that all costs and expenses incurred in
     the exploration, development and operation of the DIA Area are to be
     paid by Hecla subject to the right of Hecla to be reimbursed for such
     costs and expenses, together with all advance royalties paid, out of
     any future net profits realized from the operation of the DIA Area.
     After recovery of Hecla's costs and expenses and amounts paid as
     advance royalties, and the establishment of a three month working
     capital reserve, net profit royalties are to be paid to the Company
     and the other property owners as follows:

          Day (now Hecla by Merger)        19.08%
          Independence                     18.52%
          Abot                              2.40%

     Hecla, as the lessee, will retain the remaining sixty percent (60%) of
     any net profits realized. Under the terms of the Unitization
     Agreement, one-half of the first net profit royalties received by the
     Company are to be paid over to Day (now Hecla) until Day recovers the
     sum of $450,000. The relationship of the parties to the Agreement may,
     under certain circumstances, be converted to a joint venture at the
     option of the property owners, where after the property owners would
     become participating, non-operating working interest owners who would
     share profits and expenses in connection with the DIA Area in the same
     ratio as exists pursuant to lease arrangement with Hecla described
     above.

     Until Hecla commences to pay net profit royalties and during such
     period as the Lease Agreement is in effect, Hecla is obligated to pay
     an advance royalty to the Company of $750 per month subject to
     increase to $1,500 if production for the DIA Area exceeds 2,000 tons
     per month.
                                     1
          Pursuant to the terms of the February 8, 1968, agreements, Hecla
     will be obligated to pay a royalty of 18.52 percent of defined net
     profits after Hecla has recouped its costs to explore and develop this
     property from the new discovery to Independence Lead Mines Company.

     The Company has no patents, licenses, franchises or concessions, which
     are considered by the Company to be of importance. The business is not
     of a seasonal nature. Since the potential products are traded in the
     open market, the Company has no control over the competitive
     conditions in the industry. There is no backlog of orders.

     There are numerous Federal and State laws and regulation related to
     environmental protection which have direct application to mining and
     milling activities. The more significant of these laws deal with mined
     land reclamation and waste-water discharge from mines and milling
     operations. The Company does not believe that these laws and
     regulations as presently enacted will have a direct material adverse
     effect on its operations.

     The current officers and directors of the Company serve without
     compensation and are not considered by the Company to be employees.

     The western portion of the Company's property is not under the DIA
     Area agreement.  West Independence, as it is called, consists of 10
     patented mining claims of which four (4) claims are partly included in
     the DIA Area agreement.  Patented acres owned are listed below.

      West Independence Acres               81.362
      East Independence Acres               91.808
                    Total Acres            173.170

     In 1999 the Company acquired 38,436 shares on the open market at an
     average price of $0.49 per share. These shares are carried as treasury
     stock by the Company.

ITEM 2. PROPERTIES

     By an agreement dated February 8, 1968 among the Company and the
     owners of other adjacent or neighboring mining properties, the Company
     and the owners of the other properties entered into certain
     agreements, the general effect of which was to establish certain
     vertical boundaries between their respective properties and to waive
     certain existing or potential claims to extralateral rights to veins
     or ores found outside of the vertical boundaries of their respective
     properties. The Property of the Company is subject to this agreement.

     Pursuant to existing law, the Company is required to perform the
     equivalent of $100 of work each year on each of its 14 unpatented
     claims included in the agreements mentioned in paragraph above, or to
     pay $100.00 per claim as a rental fee in order to maintain possessory
     title to such properties. These requirements are performed by Hecla
     Mining Company under the terms of the February 8, 1968 agreements
     described in Item 1 of this report.

     In addition, the three (3) claims in West Independence, not included
     in the above agreements, are paid for directly by Independence Lead
     Mine.

     Further information regarding the Properties of the Company is set
     forth in this report under "Item 1. Business" and is incorporated
     herein by reference.

ITEM 3. LEGAL PROCEEDINGS

     The Company reported in its Form 10-K for the fiscal year ending
     December 31, 1998, that two legal proceedings were pending involving
     the Company. H.F.Magnuson & Company filed suit in Shoshone County,
     Idaho in case #CV98-34222 to enforce two promissory notes involving a
     total sum of $86,100 plus accrued interest of $12,632 as of December
     31,1998. The notes were executed by Independence Lead Mine Company's
     former directors, R.M.MacPhee and Dale Lavigne in favor of
     H.F.Magnuson &

                                     2
         Company. H.F.Magnuson & Company, the Plaintiff in the action,
     also sought an award of attorney fees and costs. Independence Lead
     Mines Company, Inc. denied any liability of Independence Lead Mines
     Company under those notes.

     A second action was also filed by H.F.Magnuson & Company and former
     directors, R.M.MacPhee, Dale B.Lavigne and Wray Featherstone in
     Shoshone County, Idaho case #CV98-34225 against Independence Lead
     Mines Company and its existing directors, Bernard C. Lannen, Gordon
     Berkhaug, Forrest Godde and Robert Bunde to validate 60,000 shares of
     Independence Lead Mines Company stock issued to them prior to May 22,
     1997. The Plaintiffs also sought monetary damages from the Defendants
     in excess of $10,000 plus attorney fees and costs. All Defendants
     denied the validity of those 60,000 shares and denied any liability
     for monetary damages.

     Independence Lead Mines Company and the other Defendants filed
     counterclaims against Plaintiffs in both suits. Both of the above
     cases were consolidated in a single proceeding in Shoshone County,
     Idaho in May, 1999.

     During the latter part of 1999, the Plaintiffs and the Defendants in
     the consolidated case attended mediation conferences in an effort to
     reach a settlement of the claims and issues existing between the
     parties. A settlement agreement and mutual release was entered into
     between the parties and that agreement was fully executed by all
     parties in January, 2000. By stipulation of the parties, the above
     cases were dismissed on January 25, 2000 with prejudice and without
     costs or attorney fees. The settlement resulted in a cash payment to
     Independence Lead Mines Company and cancellation of the two promissory
     notes in the principal amount of $86,100 plus all accrued interest.
     The 60,000 shares of stock that were claimed by Independence Lead
     Mines Company to have been over-issued were returned to Independence
     Lead Mines Company and the Company is in the process of canceling
     those certificates to correct the over-issuance (See note 5 to the
     financial statements). All parties denied each others' claim and
     allegations throughout the litigation.

     The conclusion of the above proceedings ends all pending legal
     proceedings involving Independence Lead Mines Company, Inc.

ITEM 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS

     There was no shareholder meeting held in 1999.

                                  Part II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.

(a)  The market price ranges of the Company's common stock during each
     quarter of the years 1999 and 1998, respectively, were as follows:

                1999                               1998
             -------------                      -------------
             High      Low                      High      Low
             ----      ----                     ----      ----
1st Quarter   0.95    0.55                     1.80      1.50
2nd Quarter   0.58    0.48                     1.80      1.55
3rd Quarter   0.50    0.45                     1.80      1.10
4th Quarter   0.50    0.45                     1.35      0.90

(b)  APPROXIMATE NUMBER OF EQUITY SECURITY HOLDERS.

     Title of Class (1)       Number of Record Holders December 31, 1998
     -------------------      ------------------------------------------
     Common non-assessable                   Approximately 2,300 (1)
     Capital stock, par value
     $1.00 per share
     ---------------------------------------
     (1)  Included in the number of shareholders of record are shares held in
       "nominee" or "street" name.

                                     3

(c)  No dividends were paid by the Registrant in 1998 or 1997, and the
     Company has no plans to pay a dividend in the foreseeable future.

ITEM 6.   SELECTED FINANCIAL DATA

          Selected Income Statements Data:
<TABLE>
<CAPTION>
                          Year ended December 31,
                    -------------            ----------------
                    1999         1998        1997        1996
                    ----         ----        ----        ----
<S>                 <C>          <C>         <C>         <C>
Net Revenues     84,688        3,592       - 0 -       - 0 -

Net Income (Loss)(121,391)  (29,023)    (34,788)    (51,353)

Net Income (Loss)
Per share       (0.028)      (0.007)     (0.009)     (0.006)
</TABLE>
          Selected Balance Sheets Data:
<TABLE>
<CAPTION>
                            Year ended December 31,

                       1999       1998       1997       1996
                       ----       ----       ----       ----
<S>                    <C>        <C>        <C>        <C>
Current Assets          9,706     60,086      8,883        396

Current Liabilities   177,192    105,065    105,185     79,160

Working Capital     (167,486)   (44,979)   (96,302)   (78,764)

Total Assets        3,246,033  3,296,413  3,244,105  3,235,618

Deferred Income       319,250    301,250    283,250    266,000

Long-Term Debt          - 0 -      - 0 -      - 0 -      - 0 -

Stockholders'
Equity              2,749,591  2,890,098  2,855,670  2,890,458
</TABLE>

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
     RESULT OF OPERATIONS.

     LIQUIDITY.  The liquidity of the Company decreased over the past year,
     primarily due to legal expenses incurred during the year, discussed in
     Item 3. Legal Proceedings. It is anticipated that working capital will
     be provided in the future by advanced royalties and proceeds from the
     sale of timber on Company land.

     CAPITAL RESOURCES.  The Property of the Company is leased to Hecla
     Mining Company. Capital improvements are to be paid for by Hecla
     pursuant to the terms of the leases.  The Company has no long-term
     debt.

     RESULTS OF OPERATIONS.  The Company is in the exploratory and
     development stage and has no operations.  The general and
     administrative costs in 1999 increased substantially over 1998 due to
     legal expenses associated with the litigation discussed in Item 3
     above. Revenue of $84,688 was realized in 1999 from the sale of timber
     and interest income.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The Company's financial statements appear following Item 9. See index
     to Financial Statements at Page 5 of this report.

ITEM 9.  DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

     Not applicable.
                                     4
                       INDEX TO FINANCIAL STATEMENTS
               Filed as part of the Annual Report Form 10-K
                             December 31, 1999
                                                                 PAGE

FINANCIAL STATEMENTS:

     Balance Sheet, December 31, 1999 and 19978   .    .    .    6

     Statement of Operations and Deficit Accumulated
     During The Exploratory Stage for the Years Ended
     December 31, 1999, 1998 and 1997   .    .    .    .    .    7

     Statement of Cash flows, for the years ended
     December 31, 1999, 1998 and 1997   .    .    .    .    .    8

     Notes to Financial Statements, December 31, 1999
     and 1998  .    .    .    .    .    .    .    .    .    .    9


     The Company's financial statements are unaudited in reliance upon
     Section 210.3-11 of  Regulations S-X adopted by the Securities and
     Exchange Commission.

       [The balance of this page has been intentionally left blank.]

                                     5

                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                         BALANCE SHEET - UNAUDITED
                        December 31, 1999 and 1998
                         -------------------------
<TABLE>
<CAPTION>
                                A S S E T S
CURRENT ASSETS                                 1999             1998
                                             ------            -----
<S>                                    <C>             <C>
  Cash                                        5,298           55,678
  Royalties Receivable                        1,500            1,500
Investments                                   2,908            2,908
                                           --------          -------
     Total current assets                     9,706           60,086
                                           --------          -------
PROPERTY AND EQUIPMENT, at cost
  Equipment                                       -                -
  Less accumulated depreciation                   -                -
                                           --------         --------
  Mining property                         3,048,407        3,048,407
                                           --------         --------
                                          3,048,407        3,048,407
OTHER ASSETS                               --------         --------
  Unrecovered exploration costs             187,920          187,920
                                          ---------         --------
     Total Assets                         3,246,033        3,296,413
                                          =========        =========
</TABLE>

                   LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CURRENT LIABILITIES                                      1999         1998
                                                        -----        -----
<S>                                              <C>            <C>
  Accounts payable                                     28,711        6,333
  Advances payable                                     86,100       86,100
  Interest payable                                     20,381       12,632
  Loans from Shareholders                              42,000            -
                                                      -------      -------
     Total current liabilities                        177,192      105,065
                                                      -------      -------
DEFERRED INCOME                                       319,250      301,250
                                                      -------      -------
STOCKHOLDERS' EQUITY
  Common stock, $1.00 par value; authorized
  5,000,000 shares; issued 4,371,993 shares
  at 12/31/99 and 4,369,993 shares at 12/31/98;
      outstanding 4,333,357 at 12/31/99 and
   4,369,993 shares at 12/31/98                     4,371,993    4,369,993
      Treasury Stock                                 (19,116)            -
  Additional Paid in Capital                        (121,873)    (119,873)
     (deficit)                                       --------     --------
                                                    4,231,004    4,250,120
   Less deficit accumulated during the
  Exploratory stage                               (1,481,413)   (1,360,022
                                                                         )
                                                   ----------    ---------
Total Stockholder's equity                          2,749,591    2,890,098
                                                   ----------    ---------
Total Liabilities & Stockholders' equity            3,246,033    3,296,413
                                                   ==========    =========
The accompanying notes are an integral part of
these financial Statements.
</TABLE>
                                     6

                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

        STATEMENT OF OPERATIONS AND DEFICIT ACCUMULATED DURING THE
                       EXPLORATORY STAGE - UNAUDITED
             For the years ended December 31, 1999, 1998, 1997
             ------------------------------------------------
<TABLE>
<CAPTION>
REVENUE                                      1999         1998         1997
                                           ------        -----        -----
<S>                                  <C>             <C>          <C>
     Sales - Timber                        83,500        2,091            -
     Interest Income                        1,188        1,501            -
                                          -------       ------        -----
                                           84,688        3,592            -
                                          -------       ------       ------
EXPENSES
     Management and Directors fees      $  11,500    $            $
                                                     -            -
     Licenses and fees                        324        1,372          290
     Office expense                           250        2,661        2,939
     Office services                          500          497        4,900
     Geological                                 -            -        2,050
     Interest                               7,749        7,810        7,004
     Legal                                182,826       14,233        9,671
     Accounting                             1,590        1,450          877
     Shareholder & Public Relations         1,340        4,592        7,057
                                         --------      -------       ------
                                          206,079       32,615       34,788
                                         --------      -------      -------
NET LOSS                                  121,391       29,023       34,788

DEFICIT, accumulated during the
     exploratory stage, beginning
     of year                            1,360,022    1,330,999    1,296,210
                                       ----------    ---------    ---------
DEFICIT, accumulated during the
     Exploratory stage, end of year     1,481,413    1,360,022    1,330,998
                                       ==========    =========    =========
LOSS PER SHARE                               .028         .007         .009
                                       ==========     ========     ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
       [The balance of this page has been intentionally left blank.]
                                     7
                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                    STATEMENT OF CASH FLOWS - UNAUDITED
             For the years ended December 31, 1999, 1998, 1997
             ------------------------------------------------
<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES           1999         1998        1997
                                              -----        -----       -----
<S>                                       <C>          <C>         <C>
     Net loss                             (121,391)     (29,023)    (34,788)
     Adjustment to reconcile net
     Loss to net cash provided by
     Operating activities
      Increase (decrease) in cash
             Due to changes in assets
             and liabilities
               Receivable                         -      (1,500)           -
               Accounts payable              22,378        2,428     (9,119)
               Deferred income               18,000       18,000      17,250
               Interest payable               7,749        7,452     (1,356)
                                            -------      -------     -------
               Net cash used by
               Operating activities        (73,264)      (2,643)    (28,013)
                                           --------     --------    --------
CASH FLOWS FROM FINANCING ACTIVITIES
   Issuance of capital stock                      -       75,000       -
   Net borrowing on short-term advances      42,000     (10,000)      36,500
                                            -------     --------     -------
                                             42,000       65,000      36,500
                                            -------     --------     -------
CASH FLOW FROM INVESTING ACTIVITIES
     Purchase of Mining Claims                    -      (1,105)           -
     Purchase of Company's Capital Stock   (19,116)     (11,549)           -
     Purchase of Investments                      -      (2,908)           -
                                           --------     --------      ------
                                           (19,116)     (15,562)           -
                                           --------     --------      ------
Net increase (decrease) in cash            (50,380)       46,795       8,487

CASH, beginning of year                      55,678        8,883         396
                                            -------       ------      ------
CASH, end of year                             5,298       55,678       8,883
                                             ======      =======      ======
DISCLOSURE OF ACCOUNTING POLICY
</TABLE>
     For the years ended December 31, 1999, 1998 and 1997, the Company had
     no cash equivalents.
<TABLE>
<CAPTION>
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION
                                          1999        1998      1997
<S>                                     <C>       <C>        <C>
     Interest paid                           0           0     8,324
                                        ======       =====     =====
     Taxes paid - State of Idaho            30          30        30
                                        ======       =====     =====
</TABLE>
The accompanying notes are an integral part of these financial statements.

                                     8
                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                       NOTES TO FINANCIAL STATEMENTS
                        December 31, 1999 and 1998
                            ------------------
Note 1 -  Company business - The Company was incorporated under the laws of
          the State of Arizona on September 16, 1929.  The Company is
          presently in the exploratory stage.

Note 2 -  The significant accounting principles and practices of the
          Company are as follows:

     a.   The financial statements are prepared on the accrual basis of
          accounting.

     b.   In accordance with Statement No. 7 of the Financial Accounting
          Standards Boards, the Company charges current costs related to
          exploration and development to operations.

     c.   The Company depreciated its equipment on the straight-line method over
          their estimated useful life of 7 years.  The Company currently has no
          depreciable property.

     d.   Earning per share have been computed using the weighted average of
          shares outstanding during the period.

Note 3 -  Company property - The Company has 15 patented and 17 unpatented
          claims situated in the Hunter Mining District, Shoshone County,
          Idaho.  On February 8, 1968, the Company entered into an
          agreement with Day Mines, Inc., Abot Mining Company and Hecla
          Mining Company.  Certain properties of the four companies were
          combined for purposes of exploration and development.  These
          properties were referred to as the DIA Area. The DIA Area
          consists of 9 patented and 14 unpatented claims of Independence
          Lead Mines Company.  Hecla Mining Company is the exploring and
          developing company.  The DIA agreement allows Hecla Mining
          Company to recover all of its exploration and development cost,
          advance royalties paid, and to build a three months' reserve for
          working capital prior to splitting profits.  Independence is to
          receive 18.52% of the profits, and under the terms of the DIA
          agreement the Company receives an advance of $1,500 for each
          month 2,000 tons of ore is mined.

Note 4 -  In addition to cash costs in the amount of $23,302, the amount
          reflected in the balance sheet as the cost of mining claims
          reflects the par value assigned to 3,024,000 shares of stock
          issued for $3,034,000.  The underlying cost basis of the mining
          claims is unknown and unobtainable.  Since it was an accepted
          accounting practice at the time of the transaction, all
          subsequent financial statements have used the par value of the
          shares issued as the cost basis of the mining claims.  The
          Company has considered revaluation of the mining properties, but
          feels that to revalue them at an amount that has no basis would
          be misleading.  The Company feels that the claims are of value,
          as Hecla Mining Company has continued with its lease since 1968.

Note 5 -  The apparent over-issuance of stock in the total amount of 60,000
          shares as was reported in Independence Lead Mines Company's prior
          form 10-Ks, has been remedied. The 60,000 shares believed by
          Independence Lead Mines Company to be over-issued have been
          returned to the Company and the Company is in the process of
          canceling those shares and correcting the over-issuance.

Note 6 -  As shown in the financial statements, the Company incurred net
          losses of $121,391, $29,023, and $34,788, during the years ending
          December 31, 1999, 1998, and 1997, respectively, and on these
          dates, the Company's current liabilities exceeded current assets
          by $167,486, $44,979, and $96,302. These factors indicate doubt
          as to the ability of the

                                     9
                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                       NOTES TO FINANCIAL STATEMENTS
                  December 31, 1999 and 1998 - continued
                             -----------------
Note 6 - continued
               Company to continue business on a going concern basis.
          Current liabilities at December 31, 1999 include advances payable
          to H.F. Magnuson & Co. of $86,100 plus accrued interest of
          $20,381. A settlement agreement between the Company and H.F.
          Magnuson & Company in January 2000 resulted in cancellation of
          the advances payable and all accrued interest. The financial
          statements do not include any adjustments relating to the
          recoverability of recorded asset amounts or the amounts and
          classification of liabilities that might be necessary should the
          company be unable to continue in existence.

Note 7 -  Statements of income, cash flows, and shareholders' equity since
          the inception of the Company, September 16, 1929, through
          December 31, 1999 have not been presented. Generally accepted
          Accounting principles require that such statements be presented
          when financial statements purport to present financial position
          and results of operations for a development stage company.

               Early records of income and expense for the Company are
          incomplete.

                                 PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

Name of Executive
Officers and Directors             Brief profile of
And Position Held            Age   Officers and Directors
------------------           ---   ----------------------
Bernard C. Lannen            63    Semi Retired
President and Director             Director of Lucky
                                   Friday Extension Mining
                                   Company

Wayne L. Schoonmaker         63    Certified Public Accountant
Secretary/Treasurer                Secretary/Treasurer of
                                   Hanover Gold Company Inc.
                                   Treasurer of Metalline Mining
                                   Company.

Forrest G. Godde             83    President of Corporate
                                   Ranches in
Director                           California and Nevada,
                                   Director of Mineral Mountain
                                   Mining

Robert Bunde                 61    Semi retired farmer with
                                   investments in
Director                           The mining field.

Gordon Berkhaug              65    Management of real estate
                                   investments
Director                           With experience in the mining
                                   field

     The by-laws of the Company provide that the Directors serve until the
next annual meeting of shareholders or until their respective successors
have been duly elected and qualified.  Officers serve at the discretion of
the Board of Directors.

                                    10
                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                       NOTES TO FINANCIAL STATEMENTS
                  December 31, 1999 and 1998 - continued
                             -----------------
ITEM 11.  EXECUTIVE COMPENSATION

     (a)  The following table sets forth all remuneration paid by the Company
          during the fiscal year ended December 31, 1998, for services in all
          capacities to all directors and executive officers of the Company.

 Name of Individual      Capacities in
 Or Number in Group       Which served          Compensation
-----------------     --------------        -------------
Five persons in the      All executive               -0-
group                     officers and
                      Directors as a group

  No retirement benefit, bonus or other remuneration plans are in effect
           with respect to the Company's officers and directors.

    The Company has no standard or other arrangements for compensating
                                directors.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     To the knowledge of the Company, no person beneficially owned more
     than five percent (5%) of any class of the Registrant's voting
     securities as of January 31, 2000.

     The following tabulation shows the beneficial ownership's of the
     Company's officers and directors in the securities of the Company as
     of January 31, 2000:
     <TABLE>
     <CAPTION>
                           Shares of             Approximate
                          Common Stock          Percentage of
        Name           Beneficially Owned           Class
------------                   -------            ------
<S>                       <C>                 <C>
Bernard C. Lannen              171,082              3.95
Wayne L. Schoonmaker             4,000               .09
Forrest G. Godde            (1) 95,000              2.19
Robert Bunde                   159,500              3.68
Gordon Berkhaug                 68,275              1.58
</TABLE>
     All directors and executive officers of the Company as a group (5
     persons in a group) own 497,857 shares or approximately 11.49 percent
     of the Company are outstanding voting securities.

  (1)  Includes 45, 000 shares that represent Mr. Godde's 50% interest in the
      Godde 1980 Trust.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTION

During 1999 the Company borrowed on a short term basis the amount of
$42,000 from a director of the Company. That amount was outstanding at
December 31, 1999, and was repaid in January 2000 plus interest at 8% per
annum.

                                    11
                      INDEPENDENT LEAD MINES COMPANY
                      (An Exploration Stage Company)

                       NOTES TO FINANCIAL STATEMENTS
                        December 31, 1999 and 1998
                          ----------------------
                                  PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)  1.  Financial Statements - See index to Financial Statements at page 5
of this report

     2.   Financial Statement Schedules

       V - Statement of Property, Plant and Equipment, Page 14.

       Other financial statement schedules are omitted because of
       conditions under which they are required, or because the required
       information given in the financial statements or notes thereto.

(b)    The company filed its report on Form 8-K during the last quarter of
1992.


(c)    Exhibits - No additional exhibits are filed as a part of this
       report.  The Exhibit Index appears at Page 13 of this report.

       [The balance of this page has been intentionally left blank.]

                                    12
                      INDEPENDENT LEAD MINES COMPANY
                          Form 10-K Annual Report
                   For the year ended December 31, 1999

                               EXHIBIT INDEX
Exhibits

3.1  Articles of Incorporation of Independence Lead Mines, Inc., as
     amended, previously filed as Exhibit 3.1 to form 10-K for 1983 and
     incorporated by reference herein.
3.2  Bylaws of Independence Lead Mines Company, as amended, previously
     filed as Exhibit 3.2 to form 10-K for 1983 and incorporated by reference
     herein.
10.1 Unitization Agreement dated February 8, 1968 among Day Mines, Inc.,
     Independence Lead Mines company and Abot Mining Company, previously filed
     as Exhibit 10.1 to Form 10-K for 1983 and incorporated by reference herein.
10.2 Agreement dated February 8, 1968 among Hecla Mining Company, Day
     Mines, Inc., Independence Lead Mines Company and Abot Mining Company,
     previously filed Exhibit 10.2 to Form 10-K for 1983 and incorporated by
     reference herein.
10.3 Agreement dated February 8, 1968 among Independence Lead Mines
     Company, Day Mines, Inc., Abot Mining Company, Wall Street Mining
     Company, Hunter Creek Mining Company, Lucky Friday Extension
     Mining Company, Hecla Mining Company and the Bunker Hill Mining
     Company relating to extralateral and intralimital rights to
     mining claims, previously filed as Exhibit 10.7 to Form 10-K for
     1983 and incorporated by reference herein.
       [The balance of this page has been intentionally left blank.]

                                    13
                      INDEPENDENCE LEAD MINES COMPANY
                      (AN EXPLORATION STAGE COMPANY)

                       PROPERTY, PLANT AND EQUIPMENT
           For the years ended December 31, 1999, 1998 and 1997
                 ----------------------------------------
<TABLE>
<CAPTION>
                          Balance,                                    Balance
                          Beginning                          Other    End of
                           Of year    Addition    Retire-   Changes    Year
                                                   ments
                          ---------   ---------   --------  -------   ------
<S>                      <C>         <C>          <C>       <C>     <C>
December 31,1999
Equipment                          0           -         -                  -0-
                            --------     -------     -----             --------
Mining Property            3,048,407           -         -            3,048,407
Less deferred credits        301,250      18,000         -              301,250
                            --------     -------     -----             --------
     Net                   2,747,157    (18,000)         -            2,729,157
                            --------     -------     -----   ------    --------
     Total                 2,747,157    (18,000)         -   NONE     2,729,157
                          ==========  ==========   =======  =======   =========
December 31,1998
Equipment                          0           -         -                  -0-
                           ---------    --------     -----            ---------
Mining Property            3,047,302       1,105         -            3,048,407
Less deferred credits        283,250      18,000         -              301,250
                           ---------    --------     -----            ---------
     Net                   2,764,052    (16,895)         -            2,747,157
                           ---------    --------     -----   ------   ---------
     Total                 2,764,052    (16,895)         -   NONE     2,747,157
                           =========    ========     =====   ======   =========
December 31,1997
Equipment                        118           -     (118)                    -
                           ---------    --------     -----            ---------
Mining Property            3,047,302           -         -            3,047,302
Less deferred credits        266,000      17,250         -              283,250
                           ---------    --------     -----            ---------
     Net                   2,781,302    (17,250)     (118)            2,764,052
                           ---------    --------     -----   ------   ---------
     Total                 2,781,420    (17,250)     (118)   NONE    2,764,052
                           =========    ========     =====   ======   =========
</TABLE>

                                    14
                                   SIGNATURES

Pursuant to the requirement of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be sign on its behalf by the
undersigned, thereunto duly authorized.

                         INDEPENDENCE LEAD MINES COMPANY

                                 By:    /s/ Bernard C. Lannen
                                        ---------------------
                                        Bernard C. Lannen, its President and
                                        Chief Administrative Officer
                                        Dated: March 27, 2000

                                 By:    /s/ Wayne L. Schoonmaker
                                        ------------------------
                                        Wayne L. Schoonmaker, its Principal
                                        Accounting Officer
                                        Dated: March 27, 2000

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and as of the date indicated.

  By:  /s/ Bernard C. Lannen            By:  /s/ Wayne L. Schoonmaker
       ---------------------                 ------------------------
       Bernard C. Lannen                     Wayne L. Schoonmaker
       Director                              Secretary and Treasurer
       Dated: March 27, 2000                 Dated: March 27, 2000

  By:  /s/ Forrest G. Godde             By:  /s/ Gordon Berkhaug
       --------------------                  -------------------
       Forrest G. Godde                      Gordon Berkhaug
       Director                              Director
       Dated: March 27, 2000                 Dated: March 27, 2000

  By:  /s/ Robert Bunde
       -----------------
       Robert Bunde
       Director
       Dated: March 27, 2000
                                       15