UNITED  STATES
     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  September  30,  2000

     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                                 91-0684860
______________________________________                 ___________________
(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)

<PAGE>
                        METALINE  MINING  AND  LEASING  COMPANY
                                     FORM  10-QSB
                FOR  THE  QUARTERLY  PERIOD  ENDED  SEPTEMBER 30,  2000

                         PART I. - FINANCIAL INFORMATION

Item  1  Financial  Information

METALINE  MINING  &  LEASING  COMPANY

BALANCE SHEET (UNAUDITED)                                     SEPTEMBER 30, 2000
-------------------------                                     ------------------



ASSETS

CURRENT  ASSETS:

     Cash  and  cash  equivalents:
     Cash in bank                                             $         394,851
     Temporary cash investments                                         676,777
                                                              ------------------
                          Total current assets                        1,071,628

INVESTMENTS                                                              13,117

PARTNERSHIP PROPERTIES                                                    4,122
                                                              ------------------

                                                              $       1,088,867
                                                              ==================


LIABILITIES  AND  STOCKHOLDERS'  EQUITY

CURRENT  LIABILITIES:

  Accounts payable                                            $            -
                                                              ------------------

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                                 (6,374)
  Retained earnings                                                     140,959
                                                              ------------------
      Total stockholders' equity                                      1,088,867
                                                              ------------------

                                                              $       1,088,867
                                                              ==================





See  accompanying  note  to  financial  statements.


<PAGE>
METALINE  MINING  &  LEASING  COMPANY

STATEMENTS  OF  INCOME  (UNAUDITED)
-----------------------------------

                                  Three Months                Year to Date
                               Ended September 30,        Ended September 30,
                          --------------------------  --------------------------
                              2000          1999          2000          1999
                          ------------  ------------  ------------  ------------

INCOME:

Dividends and interest    $    13,824   $     9,864   $    38,400   $    32,529
                          ------------  ------------  ------------  ------------

EXPENSES:

Professional fees               2,276           234        10,691         9,182
Office                            300            46         6,359           611
Taxes, licenses, and fees          53           370           836         1,443
                          ------------  ------------  ------------  ------------
                                2,629           650        17,886        11,236
                          ------------  ------------  ------------  ------------

NET INCOME BEFORE
 INCOME TAXES                  11,195         9,214        20,514        21,293

FEDERAL INCOME TAX              1,196           -           3,588           -
                          ------------  ------------  ------------  ------------

NET INCOME                $     9,999   $     9,214   $    16,926   $    21,293
                          ============  ============  ============  ============

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





















See  accompanying  note  to  financial  statements.


<PAGE>
METALINE  MINING  &  LEASING  COMPANY

STATEMENTS  OF  CASH  FLOWS  (UNAUDITED)
----------------------------------------

                                                         Nine Months Ended
                                                            September 30,
                                                     --------------------------
                                                         2000          1999
                                                     ------------  ------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH  FLOWS  FROM  OPERATING  ACTIVITIES:

 Net income                                          $    16,926   $    21,293
 Adjustments to reconcile net income to net cash
   provided by operating activities:
     Decrease  in:
       Accounts payable                                       (9)         (306)
       Income tax payable                                 (5,013)      (11,013)
                                                     ------------  ------------
Net cash provided by operating activities                 11,904         9,974
                                                     ------------  ------------


NET INCREASE IN CASH AND CASH EQUIVALENTS                 11,904         9,974

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD         1,059,724     1,039,809
                                                     ------------  ------------

CASH AND CASH EQUIVALENTS, END OF PERIOD             $ 1,071,628   $ 1,049,783
                                                     ============  ============

























See  accompanying  note  to  financial  statements.



<PAGE>

METALINE  MINING  &  LEASING  COMPANY

NOTE  TO  FINANCIAL  STATEMENTS

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
September  30,  2000,  and  its results of operations for the nine-month periods
ended September 30, 2000 and 1999, and its cash flows for the nine-month periods
ended  September  30,  2000  and  1999.  The  interim  results  reflected in the
foregoing  financial  statements  are  not  considered indicative of the results
expected  for  the  full  fiscal  year.









































<PAGE>

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 5.  Other  Information.

On November 14, 2000 we received notice that Albert M. Zlotnick was resigning as
a  Director and Chairman of the Board, effective immediately. Mr. Zlotnick cited
health  problems as the reason for his resignation.  We have no current plans to
name  a  replacement  Director  to  fill  the  vacancy  caused by Mr. Zlotnick's
resignation.

Mr.  Zlotnick  offered  to  sell his 7,277,834 shares back to the Company for an
aggregate  sales  price of $510,000. Since the per share price of Mr. Zlotnick's
offer was less than our current book value per share, the Board of Directors has
accepted  Mr.  Zlotnick's  offer.

Item  6.  Exhibits  and  Reports  of  Form  8-K

(b)  Reports  on  Form  8-K

During  the  Quarter  ended  June  30,  2000 the Registrant filed  no Form 8-Ks:

     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  AND  LEASING  COMPANY


    /s/ Gregory B. Lipsker
BY: ------------------------------------          DATE:  November  16,  2000
       GREGORY  B.  LIPSKER,  President

    /s/ William R. Green
BY: ------------------------------------          DATE:  November  16,  2000
     WILLIAM  R.  GREEN,  Secretary