EXHIBIT 31.1

       CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002

In  connection  with  the  Quarterly  Report  of  Shallbetter  Industries,  Inc.
(Registrant)  on Form 10-QSB for the quarter  ended June 30, 2003, as filed with
the  Securities  and  Exchange  Commission,  on the date  hereof,  I,  Thomas K.
Russell, Chief Executive and Chief Financial Officer of the Company,  certify to
the best of my knowledge,  pursuant to ss.302 of the Sarbanes-Oxley Act of 2002,
that:

1.   I have  reviewed  this  Quarterly  Report  on Form  10-QSB  of  Shallbetter
     Industries, Inc. for the quarter ended June 30, 2003.

2.   Based on my knowledge,  this  Quarterly  Report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  Quarterly  Report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     Quarterly Report;

4.   The registrant's other certifying  officers,  if any, and I are responsible
     for  establishing  and maintaining  disclosure  controls and procedures (as
     defined in Exchange  Act Rules  13a-14 and 15d-14) for the  Registrant  and
     have:

     a)  designed  such  disclosure  controls  and  procedures  to  ensure  that
         material  information   relating  to  the  Registrant,   including  its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this Quarterly Report
         is being prepared;
     b)  evaluated the effectiveness of the Registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         Quarterly Report (the "Evaluation Date"); and
     c)  presented  in  this  Quarterly   Report  our   conclusions   about  the
         effectiveness  of the disclosure  controls and procedures  based on our
         evaluation as of the Evaluation Date;

5.   The Registrant's other certifying  officers,  if any, and I have disclosed,
     based on our most recent evaluation,  to the Registrant's  auditors and the
     audit committee of registrant's  board of directors (or persons  performing
     the equivalent functions):

     a)  all  significant  deficiencies  in the design or  operation of internal
         controls  which  could  adversely  affect the  Registrant's  ability to
         record,   process,   summarize  and  report  financial  data  and  have
         identified  for the  Registrant's  auditors any material  weaknesses in
         internal controls; and
     b)  any fraud,  whether or not material,  that involves management or other
         employees  who have a  significant  role in the  Registrant's  internal
         controls; and
     c)  The  Registrant's  other  certifying  officers,  if  any,  and  I  have
         indicated  in  this   Quarterly   Report  whether  or  not  there  were
         significant changes in internal controls or in other factors that could
         significantly  affect internal  controls  subsequent to the date of our
         most recent evaluation, including any corrective actions with regard to
         significant deficiencies and material weaknesses.


/s/ Thomas K. Russell                                      Dated: August 1, 2003
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Thomas K. Russell
Chief Executive Officer and
Chief Financial Officer