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                      SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                FORM 10-QSB

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

For the quarterly period ended March 31, 1999

OR

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

For the transition period from          to        

                       Commission file number:    001-01428 

                        METALINE MINING & LEASING COMPANY
             (Exact name of registrant as specified in its charter)

       State of Washington                                 91-06843860
______________________________________                 ___________________
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                          Identification No.)

601 West Main Avenue, Suite 714
Spokane, Washington                                           99201-0677
__________________________________________                  _______________
(Address of principal executive offices)                      (Zip Code)

(Registrant's telephone number, including area code)   509-455-9077

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. 14,555,668

Transitional Small Business Disclosure Format (check one): Yes   ( )    No  (X) 












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DOCUMENT PAGE 1 OF 6

<PAGE>
                       METALINE MINING AND LEASING COMPANY
                                  FORM 10-QSB
                  For the Quarterly Period Ended March 31, 1999


Item  1  Financial  Information


                      METALINE  MINING  &  LEASING  COMPANY
                              FINANCIAL  STATEMENTS  

METALINE MINING & LEASING  COMPANY
BALANCE  SHEET   
MARCH  31,  1998  (UNAUDITED)

<TABLE>
ASSETS
CURRENT  ASSETS:

<S>                                          <C>
Cash  and  cash  equivalents:
     Cash in bank                            $     413,260
     Temporary  cash  investments                  635,220
                                             --------------
Total current assets                             1,048,480

INVESTMENTS                                         13,718

PARTNERSHIP  PROPERTIES                              3,911
                                             --------------

                                             $   1,066,109
                                             ==============

LIABILITIES  AND  STOCKHOLDERS'  EQUITY

CURRENT  LIABILITIES:

Federal  income  tax  payable                       12,500

STOCKHOLDERS'  EQUITY:

     Common  stock, 15,000,000 shares, 
     no par value, authorized;
     14,555,668 shares issued and 
     outstanding                                   954,282
Accumulated other comprehensive income:
     Unrealized loss, marketable securities         (5,773)
     Retained  earnings                            105,100
                                             --------------

Total  stockholders'  equity                     1,053,609
                                             --------------

                                             $   1,066,109
                                             ==============
</TABLE>


See accompanying notes to financial statements
DOCUMENT PAGE 2 OF 6

<PAGE>
                       METALINE MINING AND LEASING COMPANY
                                  FORM 10-QSB
                  For the Quarterly Period Ended March 31, 1999


METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  INCOME  (UNAUDITED)

<TABLE>
                                   Three Months Ended          Year to date ended
                              --------------------------   --------------------------
                                March 31,     March 31,       March 31,    March 31,
                                  1999         1998            1999          1998
                              ------------  ------------   ------------  ------------
<S>                           <C>           <C>            <C>           <C>

INCOME:

Dividend and interest income  $    11,559   $        20    $    11,559   $        20
                              ------------  ------------   ------------  ------------

EXPENSES:

Professional  fees                  1,660         2,665          1,660         2,665
Office  expense                       522            48            522            48
Taxes,  licenses,  and  fees          400            46            400            46
                              ------------  ------------   ------------  ------------
                                    2,582         2,759          2,582         2,759
                              ------------  ------------   ------------  ------------

NET  INCOME  (LOSS)           $     8,977   $    (2,739)   $     8,977   $    (2,739)
                              ============  ============   ============  ============

BASIC INCOME PER SHARE  
  (based  upon weighted 
  average shares outstanding) $     NIL     $        NIL   $       NIL   $       NIL
                              ============  ============   ============  ============

</TABLE>




















See accompanying notes to financial statements

DOCUMENT PAGE 3 OF 6
<PAGE>
                       METALINE MINING AND LEASING COMPANY
                                  FORM 10-QSB
                  For the Quarterly Period Ended March 31, 1999


METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  CASH  FLOWS  (UNAUDITED)

<TABLE>
                                                     Three  Months  Ended
                                                          March  31,
                                              ---------------------------------
                                                     1999            1998
                                              ----------------   --------------
<S>                                           <C>                <C>
INCREASE (DECREASE) IN CASH 
    AND CASH EQUIVALENTS

CASH FLOWS FROM OPERATING ACTIVITIES:

Net  income  (loss)                           $         8,977    $      (2,739)
  Adjustments to reconcile net
  income (loss)  to  net  cash
  provided  by  (used  in) operations:
    Increase  (decrease)  in:
    Accounts  payable                                    (306)         (21,626)
                                              ----------------   --------------

    Net cash provided by (used in) 
    operating activities                                8,671          (24,365) 
                                              ----------------   --------------

CASH FLOWS FROM INVESTING ACTIVITIES:

    Deposit  received                                     -             48,922
    Purchase of Krugerrands and 
      silver rounds                                       -            (13,718) 
                                              ----------------   --------------
    Net cash provided by  
      investing  activities                               -             35,204
                                              ----------------   --------------

NET INCREASE IN CASH AND CASH EQUIVALENTS               8,671           10,839

CASH AND CASH EQUIVALENTS, BEGINNING  
    OF  PERIOD                                      1,039,809           10,103
                                              ----------------   --------------

CASH  AND  CASH  EQUIVALENTS, END OF PERIOD   $     1,048,480    $      20,942
                                              ================   ==============
</TABLE>








See accompanying notes to financial statements

DOCUMENT PAGE 4 OF 6
<PAGE>
                       METALINE MINING AND LEASING COMPANY
                                  FORM 10-QSB
                  For the Quarterly Period Ended March 31, 1999


METALINE  MINING  &  LEASING  COMPANY
NOTES  TO  FINANCIAL  STATEMENTS

NOTE  -  BASIS  OF  PRESENTATION:

The financial statements included herein have been prepared by Metaline Mining &
Leasing  Company  (the  Company),  without  audit,  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 generally accepted accounting principles have been
omitted  pursuant  to  such  SEC  rules  and  regulations.  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,  1999,  and its results of operations for the three month period ended March
31, 1999 and 1998, and its cash flows for the three month period ended March 31,
1999  and  1998.  The  interim  results  reflected  in  the  foregoing financial
statements  are  not  considered indicative of the results expected for the full
fiscal  year.

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

The  Registrant  has  no  revenues  from  operations.  It's only income has been
derived  from  interest.

The  Registrant's  plan  of operation for the next twelve months will consist of
attempting  to  acquire  an  interest  in  a  business  opportunity.  Due to the
Registrant's  limited assets and its inability to raise additional financing due
to  the  lack  of a market for its Common Stock, it is anticipated that any such
acquisition  would  be  a  "reverse  take-over" accomplished through a merger or
share  exchange.  In  such  event,  the Registrant's existing shareholders would
likely  become  minority shareholders in the surviving entity. The Registrant is
not  currently  evaluating  any  specific  acquisition  opportunities.

The  Company does not currently have any employees and anticipates utilizing the
services  of  consultants  to  accomplish  its  plan  of  operation. The Company
currently  has  sufficient  resources  to meet its financial obligations for the
next  twelve  months.

                           PART  II - OTHER INFORMATION

Item  6.  Exhibits  and  Reports  of  Form  8-K

(b)  Reports  on  Form  8-K

During  the Quarter ended March 31, 1999 the Registrant filed the following Form
8-Ks:

Date  of  Report          Item  Reported
----------------------    ---------------------------------------------------
February  16,  1999       Item 4. Change in Registrants Certifying Accountant
February  16,  1999       Item 4. Change in Registrants Certifying Accountant
                              (accountant's  confirming  letter)
March  8,  1999           Item 4. Change in Registrants Certifying Accountant
March  29,  1999          Item 5. Other Events (re change of transfer agent)


DOCUMENT PAGE 5 OF 6
<PAGE>

                       METALINE MINING AND LEASING COMPANY
                                  FORM 10-QSB
                  For the Quarterly Period Ended March 31, 1999


********************************************************************************
                                   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
(Registrant)




By: /s/Gregory B. Lipsker                          Date:  May 14, 1999
__________________________________________
GREGORY B. LIPSKER, President
(Principal Executive Officer)

By: /s/ Eunice R. Campbell                         Date:  May 14, 1999
__________________________________________
EUNICE R. CAMPBELL, Secretary/Treasurer
(Principal Financial Officer)