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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, 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)











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<PAGE>
                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
                 FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31, 2000

                         PART I. - FINANCIAL INFORMATION

Item  1  Financial  Information

METALINE  MINING  &  LEASING  COMPANY
BALANCE SHEET (UNAUDITED)
MARCH 31, 2000

<TABLE>
ASSETS
<S>                                                                 <C>
CURRENT  ASSETS:

     Cash  and  cash  equivalents:
        Cash in bank                                                 $   404,232
        Temporary cash investments                                       658,433
                                                                     -----------
                          Total current assets                         1,062,665

INVESTMENTS                                                               12,975

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

                                                                     $ 1,079,762
                                                                     ===========


LIABILITIES  AND  STOCKHOLDERS'  EQUITY

CURRENT  LIABILITIES:

     Accounts payable                                               $       -
                                                                    ------------
                             Total current liabilities                      -

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                          (6,516)
          Retained earnings                                              131,996
                                                                    ------------
                    Total stockholders' equity                         1,079,762
                                                                    ------------

                                                                     $ 1,079,762
                                                                     ===========

</TABLE>





See  accompanying  note  to  financial  statements.

<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
                 FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31, 2000

METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  INCOME  (UNAUDITED)

<TABLE>
                                         Three Months               Year to Date
                                        Ended March 31,            Ended March 31,
                                 --------------------------  --------------------------
                                     2000          1999          2000          1999
                                 ------------  ------------  ------------  ------------
<S>                              <C>           <C>           <C>           <C>
INCOME:

Dividends and interest income    $      8,815  $     11,559  $      8,815  $     11,559
                                 ------------  ------------  ------------  ------------

EXPENSES:

    Professional fees                      14         1,660            14         1,660
    Office expense                        311           522           311           522
    Taxes, licenses, and fees             527           400           527           400
                                 ------------  ------------  ------------  ------------

                                          852         2,582           852         2,582
                                 ------------  ------------  ------------  ------------

NET INCOME                       $      7,963  $      8,977  $      7,963  $      8,977
                                 ============  ============  ============  ============

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


</TABLE>




















See  accompanying  note  to  financial  statements.

<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
                 FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31, 2000

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

<TABLE>
                                                         Three Months Ended
                                                              March 31,
                                                      --------------------------
                                                          2000          1999
                                                      ------------  ------------
<S>                                                   <C>           <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH  FLOWS  FROM  OPERATING  ACTIVITIES:

Net income                                            $      7,963  $     8,977
   Adjustments to reconcile net income to net
      cash provided by operating activities:
         Decrease  in:
         Accounts payable                                       (9)        (306)
         Income tax payable                                 (5,013)         -
                                                      ------------  ------------

Net cash provided by operating activities                    2,941         8,671
                                                      ------------  ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                    2,941         8,671

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

CASH AND CASH EQUIVALENTS, END OF YEAR                $  1,062,665  $  1,048,480
                                                      ============  ============


</TABLE>



















See  accompanying  note  to  financial  statements.


<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
                 FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31, 2000


METALINE  MINING  &  LEASING  COMPANY
NOTE  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,  2000, and its results of operations for the three-month periods ended March
31,  2000  and  1999, and its cash flows for the three-month periods ended March
31,  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>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
                 FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31, 2000

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  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



BY:  /s/ Gregory B. Lipsker                           DATE:  May 12, 2000
       GREGORY  B.  LIPSKER,  President


BY:  /s/ Eunice R. Campbell                           DATE:  May 12, 2000
     EUNICE  R.  CAMPBELL,  Secretary