|OMB APPROVAL                                     
|-------------------------------------------------
|OMB Number: 3235-0416                            
|Expires: January 31, 2007                        
|Estimated average burden hours per response:  135







UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-QSB



[X] QUARTERLY REPORT PURSUANT SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE PERIOD ENDED MARCH 31, 2005



[  ] TRANSITION REPORT PURSUANT SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

FROM  __________________ TO __________________



Metaline Mining & Leasing Company

(Name of small business issuer in its charter)



|Washington                                                     | 001-01428           | 91-0684860                             
|-------------------------------------------------------------- | ------------------- | ---------------------------------------
|(State or other jurisdiction of incorporation or organization) | Commission File No. | (I.R.S. Employer Identification Number)



|1611 N. Molter Road, Ste. 201  Liberty Lake, WA |  | 99019     
|----------------------------------------------- |  | ----------
|(Address of principal executive offices)        |  | (Zip Code)



Issuers telephone number:(509) 892-5287



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 at least the past 90 days.  Yes X No____



State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date  15,000,000







Transitional Small Business Disclosure Format: Yes [   ]  No [ X ]













|SEC 2334 (10-04) | Persons who potentially are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
|---------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





---



METALINE MINING & LEASING COMPANY

FORM 10-QSB

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005



PART I. - FINANCIAL INFORMATION



Item 1.   Financial Information



|Metaline Mining & Leasing Company |                                                             |                                                                      |                     
|--------------------------------- | ----------------------------------------------------------- | -------------------------------------------------------------------- | --------------------
|                                  |                                                             |                                                                      |                     
|Balance Sheets (Unaudited)        |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|Assets                            |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|CURRENT ASSETS:                   |                                                             |                                                                      |                     
|                                  | Cash                                                        |                                                                      |                     
|                                  | Temporary cash investments                                  | 151,691                                                              |                     
|                                  | Pending Stock Issuance Escrow Account                       | 150,000                                                              |                     
|                                  |                                                             |                                                                      | Total current assets
|                                  |                                                             |                                                                      |                     
|INVESTMENTS                       | 20,552                                                      |                                                                      | 20,552              
|                                  |                                                             |                                                                      |                     
|MINING PROPERTIES                 | 7,331                                                       |                                                                      | 7,331               
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|Stockholders' Equity              |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     
|STOCKHOLDERS' EQUITY:             |                                                             |                                                                      |                     
|                                  | Common stock  15,000,000 shares, no par value, authorized; |                                                                      |                     
|                                  |                                                             | 15,000,000 and 7,277,934 shares issued and outstanding, respectively | $     881,216       
|                                  | Pending Stock Issuance (1,500,000 shares)                   | 150,000                                                              |                     
|                                  | Accumulated other comprehensive income:                     |                                                                      |                     
|                                  |                                                             | Unrealized gain, marketable securities                               | 1,061               
|                                  | Retained earnings                                           | 143,674                                                              |                     
|                                  |                                                             |                                                                      |                     
|                                  |                                                             |                                                                      |                     



See accompanying notes to financial statements.



---



|Metaline Mining & Leasing Company |                                     |             |            
|--------------------------------- | ----------------------------------- | ----------- | -----------
|                                  |                                     |             |            
|Statements of Income (Unaudited)  |                                     |             |            
|                                  |                                     |             |            
|                                  |                                     |             |            
|                                  |                                     |             |            
|                                  |                                     |             |            
|                                  |                                     |             |            
|INCOME:                           |                                     |             |            
|                                  | Dividend and interest income        | $     1,850 |            
|                                  |                                     |             |            
|EXPENSES:                         |                                     |             |            
|                                  | Professional fees                   | 3,106       |            
|                                  | Advertising expense                 | -           |            
|                                  | Office expense                      | 38          |            
|                                  |                                     |             |            
|                                  |                                     |             |            
|LOSS BEFORE OTHER INCOME          |                                     |             |            
|                                  | AND FEDERAL INCOME TAX              | (1,294)     |            
|                                  |                                     |             |            
|OTHER INCOME:                     |                                     |             |            
|                                  | Income from partnership interests   | -           |            
|                                  |                                     |             |            
|LOSS BEFORE FEDERAL INCOME TAX    | (1,294)                             |             | (3,889)    
|                                  |                                     |             |            
|PROVISION FOR FEDERAL INCOME TAX  | -                                   |             | -          
|                                  |                                     |             |            
|NET LOSS                          | $   (1,294)                         |             | $   (3,889)
|                                  |                                     |             |            
|                                  |                                     |             |            
|BASIC LOSS PER SHARE, based on    |                                     |             |            
|                                  | weighted average shares outstanding | NIL         |            
|                                  |                                     |             |            
|                                  |                                     |             |            

















See accompanying notes to financial statements.



---



|Metaline Mining & Leasing Company                    |                              |                                           |                   
|---------------------------------------------------- | ---------------------------- | ----------------------------------------- | ------------------
|                                                     |                              |                                           |                   
|Statements of Cash Flows (Unaudited)                 |                              |                                           |                   
|                                                     |                              |                                           |                   
|                                                     |                              |                                           | Three Months Ended
|                                                     |                              |                                           | March 31,         
|                                                     |                              |                                           | 2005              
|                                                     |                              |                                           |                   
|Increase (Decrease) in Cash and Cash Equivalents     |                              |                                           |                   
|                                                     |                              |                                           |                   
|CASH FLOWS FROM OPERATING ACTIVITIES:                |                              |                                           |                   
|                                                     | Net loss                     | $     (1,294)                             |                   
|                                                     |                              |                                           |                   
|CASH FLOWS FROM FINANCING ACTIVITIES:                |                              |                                           |                   
|                                                     | Sale of common stock         | 501,934                                   |                   
|                                                     | Pending sale of common stock | 150,000                                   |                   
|                                                     |                              | Net cash provided by financing activities | 651,934           
|                                                     |                              |                                           |                   
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 650,640                      |                                           | (3,889)           
|                                                     |                              |                                           |                   
|CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD       | 497,428                      |                                           | 512,840           
|                                                     |                              |                                           |                   
|CASH AND CASH EQUIVALENTS, END OF PERIOD             | $ 1,148,068                  |                                           | $   508,951       
|                                                     |                              |                                           |                   
|                                                     |                              |                                           |                   
|                                                     |                              |                                           |                   

































See accompanying notes to financial statements.



4





---





Metaline Mining & Leasing Company





Note to Financial Statements

__________________________________________________________________________________





BASIS OF PRESENTATION:





The unaudited financial statements have been prepared by Metaline Mining & Leasing Company (the Company), pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such SEC rules and regulations.  These financial statements should be read in conjunction with the financial statements and notes thereto included in the Companys Annual Report on Form 10-KSB for the year ended December 31, 2004, which was filed April 18, 2005.  In the opinion of management of the Company, the foregoing statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 2005, and its results of operations for the three-month periods ended March 31, 2005 and 2004, and its cash flows for the three-month periods ended March 31, 2005 and 2004.  The interim results reflected in the foregoing financial statements are not considered indicative of the results expected for the full fiscal year.



Pending Stock Issuance:



On March 28, 2005, the Company completed a private placement of 1,500,000 special warrants at a price of $0.10 per special warrant.  Each special warrant shall automatically be converted into one share of the Companys common stock upon the increase of the Companys capitalization sufficient to permit the conversion of the warrants.  In the event that the special warrants have not been converted on or before July 30, 2005, the warrant holders may, but are not required to, rescind their purchase without penalty to the Company.  The Company received gross proceeds of $150,000 from the offering.

































5





---



Item 2. Managements Discussion and Analysis or Plan of Operation



Plan of Operation



The Company intends to engage in the exploration, development, and if warranted, the mining of properties containing silver, gold, and associated based metals.  The Company does not have an interest in any properties on which it intends to conduct mineral exploration.  The Company has engaged the services of consultants to assist in the identification of mineral properties for possible acquisition.



We do not currently have any employees and anticipate utilizing the services of consultants to accomplish our plan of operation.  We currently have sufficient resources to meet our financial obligations for the next twelve months.



Item 3. Controls and Procedures



Within the 90 days prior to the date of this report, the company carried out an evaluation, under the supervision and with the participation of the companys management, including the companys principal executive officer and principal financial officer, of the effectiveness of the design and operation of the companys disclosure controls and procedures pursuant to Exchange Act Rule 13a-14.  Based upon that evaluation, the principal executive officer and principal financial officer concluded that the companys disclosure controls and procedures are effective in timely alerting them to material information relating to the company required to be included in the companys periodic SEC filings.



PART II OTHER INFORMATION



Items deleted are not applicable.



Item 5 Other Information



Directors, Executive Officers, Promoters and Control Persons



(a)

Identification of Directors



Set forth below is the name, age and length of service of the Companys directors as of March 31, 2005:



Name (age)

Position

Length of Service



Tim Hunt (52)

Director

Since 2005

William R. Green (66)

Director

Since 1993

Eunice R. Campbell (60)

Director

1992 and since 1994



The directors are elected for a one-year term until their successors have been elected and qualified.  There are no arrangements or understandings between any of the directors and other persons pursuant to which such person was selected as a director.



6





---





(b)

Identification of Executive Officers



Set forth below is the name and length of service of the Companys Executive Officers as of March 31, 2005:



Name (age)

Position

Length of Service



Tim Hunt (52)

President

Since March 2005

William R. Green (66)

President

April 2004 to March 2005

Vice President/Asst. Secretary

2005 and from 1994 to 2004

Eunice R. Campbell (60)

Secretary/Treasurer

Since 1992



Executive Officers are appointed to serve until the meting of the Board of Directors following the next annual meeting of shareholders and until their successors have been elected and qualified.  There are no arrangements or understandings between any of the directors, officers, and other persons pursuant to which such person was selected as an Executive Officer.



Set forth below is certain biographical information regarding each Director and Executive Officer of the Company.



Tim Hunt is a general partner of HFLP and is the founder and president of Spokane, Washington-based Huntwood Industries, the largest building products manufacturer in Eastern Washington with over 800 employees.  Mr. Hunt has significant experience in raising capital and negotiating private equity placements for numerous companies.



Dr. William R. Green  William R. Green is a mining engineer and geologist, and was a professor mining engineering at the University of Idaho from 1965 and 1983.  He has been actively involved in the mining business since 1963 and is currently an officer and director of Centram Exploration Ltd., Triband Enterprise Corp. and Petromin Resources Ltd., all Canadian public companies and was the President and a director of Mines Management, Inc., a U.S. public company from 1964 until 2003.



Eunice R. Campbell  Mrs. Campbell is a retired businesswoman.  Prior to her retirement in 1987, Mrs. Campbell was the owner of Spokane Guaranty Company, a stock transfer agency.



(a)

Identification of Certain Significant Employees



The Registrant has no employees.



(b)

Family Relationships



There is no family relationship between any Director, Executive Officers, or person nominated or chosen by the Registrant to become a Director or Executive Officer.





7





---



(c)

Involvement in Certain Legal Proceedings



No Director, or person nominated to become a Director or Executive Officer, has been involved in any of the enumerated events during the past five years.



Item 6.  Exhibits



(a)

Exhibits



31.1--Certification required by Rule 13a-14(a) or Rule 15d-14(a). Tim Hunt

31.2--Certification required by Rule 13a-14(a) or Rule 15d-14(a). Eunice Campbell

32.1--Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002,  18 U.S.C. Section 1350, Tim Hunt

32.2--Certification required by Rule 13a-14(a) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002,  18 U.S.C. Section 1350, Eunice Campbell





8





---







SIGNATURES



In accordance with Section 13 or 15(d) of  the Exchange Act the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.







METALINE MINING & LEASING COMPANY





/s/ Tim Hunt

BY:

DATE:  May 19, 2005

TIM HUNT, PRESIDENT



/s/ Eunice R Campbell

BY:

DATE: May 19, 2005

EUNICE R. CAMPBELL, TREASURER and

PRINCIPAL FINANCIAL OFFICER













9