SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  Form 10-QSB

     Quarterly report under Section 13 or 15(d) of the Securities Exchange
                            Commission Act of 1934

                  For the quarterly period ended May 31, 2002


                      Commission File Number:  001-05970

                          Silver Butte Mining Company
            (Exact name of registrant as specified in its charter)

           IDAHO                                    82-0263301
     (State or other jurisdiction of           (I.R.S. Employer
     Incorporation or organization)            Identification Number)

            520 Cedar Street, Sandpoint, ID            83864
           (Address of Principal Executive Offices)  (Zip Code)

                                   (208) 263-5154
                 Registrant's telephone number, including area code

     Check  whether  the  issuer  (1)  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 ( )        No (X ) Some Forms 10-QSB were filed late during the
                            past fiscal year.

     The number of shares of Common Stock, $.05 par value, outstanding as of
May 31, 2002 was 8,485,415.


DOCUMENTS INCORPORATED BY REFERENCE:  NONE

Transitional Small Business Disclosure Format (Check One):  yes ( )  No (X)



















<PAGE>
SILVER  BUTTE  MINING  COMPANY
FORM 10QSB QUARTERLY REPORT
MAY 31, 2002



INDEX
                                                                     Page
                                                                     Number
Part  I- FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements (Unaudited)

     Balance Sheets, May 31, 2002 and August 31, 2001                    3

     Income statements for the three months and nine months
          ended May 31, 2002 and 2001                                    4

     Cash Flow Statements for the nine months ended
          May 31, 2002 and 2001                                          5

     Notes to Condensed Financial Statements                             6

Item 2.  Management's Discussion and Analysis of Financial
         condition and Results of Operations                           6-7

Signature Page                                                           7



































<PAGE>
SILVER  BUTTE  MINING  COMPANY
CONDENSED BALANCE SHEETS- UNAUDITED
MAY 31, 2002 AND AUGUST 31, 2001

<TABLE>
<CAPTION>
                                                            May 31,         August 31,
                                                             2002              2001
                                                        --------------  --------------
<S>                                                     <C>             <C>
ASSETS
CURRENT ASSETS
       Cash and cash equivalents                        $       1,059   $       1,296
       Certificate of deposit for State lease                   5,000           5,000
       Money market mutual fund                                60,689          65,159
       Accounts receivable                                        839             839
                                                        --------------  --------------
             TOTAL CURRENT ASSETS                              67,587          72,294

PROPERTY, PLANT & EQUIPMENT
       Properties                                               3,000           3,000
       Equipment and machinery                                  1,500           1,500
       Accumulated depreciation                                (1,500)         (1,500)
                                                        --------------  --------------
             TOTAL FIXED ASSETS                                 3,000            3,000
                                                        --------------  --------------

             TOTAL ASSETS                               $      70,587   $      75,294
                                                        ==============  ==============

LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
       Accounts payable, related parties                $           0   $       3,044
                                                        --------------  --------------
             TOTAL CURRENT LIABILITIES                              0           3,044
                                                         --------------  --------------

SHAREHOLDERS' EQUITY
       Common stock, $.05 par value, authorized
          10,000,000 shares, issued and
         outstanding:
                 8,015,415 shares 8-31-2001                                   400,771
                 8,485,415 shares 5-31-2002                   424,271
       Additional paid-in capital                             370,919         385,019
       Accumulated deficit                                   (724,603)       (713,540)
                                                        --------------  --------------
             TOTAL SHAREHOLDER'S EQUITY                        70,587          72,250
                                                        --------------  --------------
           TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $      70,587   $      75,294
                                                        ==============  ==============
</table>








The accompanying notes are an integral part of these financial statements

<PAGE>
SILVER  BUTTE  MINING  COMPANY
CONDENSED INCOME STATEMENTS- UNAUDITED
FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                       Three Months ended           Nine Months ended
                                   --------------------------  --------------------------
                                       May 31,       May 31,       May 31,      May 31,
                                       2002          2001          2002         2001
                                   ------------  ------------  ------------  ------------
<S>                                <C>           <C>           <C>           <C>
REVENUES
     Dividend income               $       249   $       803   $     1,030   $     2,840
     Interest income                        49           238            81           152
     Other Income                          -             100            53           100
                                   ------------  ------------  ------------  ------------
            Total Revenues                 298           984         1,235         3,178

EXPENSES
     Directors fees and expenses           -             -           9,656           -
     Professional fees                     559           105         2,352           896
     Rent & royalties                      -             -             -             175
     Office expense                         21            76            63           -
     Taxes & insurance                     -             -              95           125
     Miscellaneous                         -             132           104            56
                                   ------------  ------------  ------------  ------------
            Total Expenses                 580           237        12,298         1,300
                                   ------------  ------------  ------------  ------------
INCOME (LOSS) BEFORE INCOME TAXES         (282)          747         1,878       (11,063)

INCOME TAXES                               -             -             -             -
                                   ------------  ------------  ------------  ------------

NET INCOME (LOSS)                  $      (282)  $       747   $   (11,063)  $     1,878
                                  =============  ============  ============  ============

Income (Loss) per Share of
   Common Stock Outstanding       $        NIL   $      NIL    $   (0.0013)  $    0.0002
                                  =============  ============  ============  ============

Weighted Average number of
   Common Shares Outstanding         8,492,715     7,899,790     8,388,270     8,015,415
                                  =============  ============  ============  ============
</TABLE>
















The accompanying notes are an integral part of these financial statements.
<PAGE>
SILVER  BUTTE  MINING COMPANY
CONDENSED STATEMENTS OF CASH FLOWS-UNAUDITED
FOR THE NINE MONTHS ENDED MAY 31, 2002 AND 2001


<TABLE>
<CAPTION>
                                                            May 31,         August 31,
                                                             2002              2001
                                                        --------------  --------------
<S>                                                     <C>             <C>
CASH  FLOWS  FROM  OPERATING  ACTIVITIES
Net income (loss)                                       $     (11,063)  $       1,878
Adjustments to reconcile net income (loss) to
  net cash  provided by (used in) operating
  activities:
    Directors' fees paid with stock                             9,400             -
    Decrease in payables                                       (3,044)            -
    (Decrease) Increase in receivables                            -                22
                                                        --------------  --------------
Net cash provided by (used in) operating activities            (4,707)          1,900
                                                        --------------  --------------

CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received and reinvested in marketable
  securities                                                    1,030          (2,840)
Marketable Securities redeemed                                 (5,500)          1,501
                                                        --------------  --------------
Net cash provided by (used in) investing activities             4,470          (1,339)
                                                        --------------  --------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS             (237)            561

Cash and Cash Equivalents at Beginning of Period                5,652           6,296
                                                        --------------  --------------

Cash and Cash Equivalents at End of Period              $       6,059   $       6,213
                                                        ==============  ==============

Interest expense paid                                   $         -     $         -
Income taxes paid                                       $         -     $         -

Noncash financing activity:
     Stock issued to pay director's fees                $       9,400   $         -
     Stock issued to pay liabilities                    $         -     $       1,400
</table>














The accompanying notes are an integral part of these financial statements.

<PAGE>
SILVER  BUTTE  MINING  COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS- UNAUDITED
MAY 31, 2002

Note  1.  PRESENTATION  OF  INTERIM  INFORMATION

     The  accompanying  unaudited   condensed  financial  statements  have  been
prepared  by Silver Butte Mining Company's management.  In management's opinion,
these  condensed  financial statements include all normal adjustments considered
necessary  to  present fairly the financial position as of May 31, 2002, and the
results  of  operations  for  the  three months ended May 31, 2002 and 2001, and
cash  flows  for  the three months ended May 31, 2002 and 2001.  Interim results
are  not  necessarily  indicative  of  results  for  a  full  year.

     The condensed financial statements and notes are  presented as permitted by
Form 10QSB,  and do not contain certain  information  that  is  included in  the
Company's annual  financial  statements.

Note  2.     COMPANY  BUSINESS

     The  Company  was  incorporated  under  the  laws  of the State of Idaho on
January  19,  1965,  and  was in the exploratory mining stage from its inception
until  it  decided  to  abandon  its status as a development stage enterprise by
ceasing  all  mine  exploration  activities  in  1994. The Company's exploration
efforts  developed  no commercial ore deposits, and all capitalized mining costs
were written off.  The Company continues to search for business opportunities in
the  mining  industry,  and   will  also  investigate   opportunities  in  other
industries.  The  Company's  limited  financial  resources  limit its ability to
carry  out  the  type  of  mine exploration activity it performed in past years,
and  the Company's management considers it unlikely that the Company will obtain
additional  funding  with  which  to  undertake  such  exploration.

Note  3.     COMMITMENTS  AND  CONTINGENCIES

     The  Company  sold  a  seven-acre  parcel  of land in the fiscal year ended
August  31,  1996 that contained mine waste rock and mill tailings.  The Company
believes  there  is  a  remote  possibility  that this property may require some
cleanup,  and  an  even more remote possibility that the Company may be required
to  participate in the cost of such a cleanup, which the Company estimates would
be  less  than  $10,000.

Item  2.         MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL CONDITION
AND  RESULTS  OF  OPERATIONS

     The  Company  was  a  mining company engaged in exploration activities from
its  inception  in  1965  through  1994.  In  1994,  the  Company  abandoned all
exploration  activities,  and  is  now  seeking  other business opportunities in
mining  or  other  industries.  The  Company  continues to hold and maintain the
mineral  rights to the properties on which it performed its exploration efforts.
The  Company's  fiscal  year  ends  on  August  31.

OVERVIEW

     The  Company's  management determined in 1994 that the Company did not have
the  financial  resources  to  continue  to explore for a commercial ore deposit
after  many  years  of  unsuccessful  efforts.  The  Company  has performed some
reclamation  work  on its mining properties since 1994, and is soliciting buyers
for  its  remaining  real  estate  and mining equipment.  The Company is seeking
other  business  opportunities.  Management is unaware of any such opportunities
at  this  time and will disclose such opportunities to its shareholders when and
if  they  should  arise.

<PAGE>
SILVER  BUTTE  MINING  COMPANY
CONTINUATION OF ITEM 2
MAY 31, 2002


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


RESULTS OF OPERATION

REVENUES.

The Company's dividend and interest income decreased slightly for the quarter
ended May 31, 2002 compared to the same period ended May 31, 2001.

Total expenses for the periods involved were

              Three Months                            Nine Months
       ------------------------              -----------------------------
       5-31-2002      5-31-2001              5-31-2002           5-31-2001
          $580          $237                  $12,298             $1,300


FINANCIAL POSITION.

There  was  a  decrease of $4,465 in marketable securities at May 31, 2002, when
compared  to  the  balance  at  August  31,  2001, the previous fiscal year end.
Securities  are  sold  to provide funds for administrative expenses.  There were
no  other  changes  in financial position during the third quarter, other than a
$3,044  reduction  in  accounts  payable.


CASH  FLOWS.

Cash  and  cash  equivalents decreased $237 during the nine months ended May 31,
2002.  The  Company  has  no  plans  for  capital expenditures that will require
significant  amounts  of  cash.






SIGNATURE

     In  accordance  with  the  requirements of the Exchange Act, the registrant
caused  this  report  to  be  signed on its behalf by the undersigned, thereunto
duly  authorized.



SILVER BUTTE MINING COMPANY


Date:  July 3, 2002             /s/  /Terry McConnaughey/
                                Terry McConnaughey, President
                                (Principal Executive Officer)



<PAGE>