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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  June  30,  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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<PAGE>
                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999

                         PART I. - FINANCIAL INFORMATION

Item  1  Financial  Information

METALINE  MINING  &  LEASING  COMPANY


BALANCE  SHEET
JUNE  30,  1999
(UNAUDITED)

<TABLE>
ASSETS

CURRENT  ASSETS:
<S>                                       <C>
Cash  and  cash  equivalents:
Cash  in  bank                            $     411,297
Temporary  cash  investments                    640,285
                                          --------------
Total  current  assets                        1,051,582

INVESTMENTS                                      13,718

PARTNERSHIP  PROPERTIES                           3,911
                                          --------------
                                          $   1,069,211
                                          ==============

LIABILITIES  AND  STOCKHOLDERS'  EQUITY

CURRENT  LIABILITIES:

Federal  income  tax  payable             $     12,500

STOCKHOLDERS'  EQUITY:

Common stock--15,000 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                              108,202
                                          --------------
Total  stockholders'  equity                  1,056,711
                                          --------------
                                          $   1,069,211
                                          ==============
</TABLE>








<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999

METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  INCOME  (UNAUDITED)


<TABLE>
                                   Six Months Ended            Year to date ended
                                       June 30,                      June 30,
                              --------------------------   --------------------------
                                  1999         1998            1999          1998
                              ------------  ------------   ------------  ------------
<S>                           <C>           <C>            <C>           <C>

INCOME:

Dividend and interest income  $    11,106   $     1,782    $    22,665   $     1,802
                              ------------  ------------   ------------  ------------

EXPENSES:

Directors' fees                        -            300             -            300
Professional fees                    7,288       16,439           8,948       19,104
Office  expense                         43          302             565          350
Taxes, licenses, and fees              673          481           1,073          527
                              ------------  ------------   ------------  ------------
                                     8,004       17,522          10,586       20,281
                              ------------  ------------   ------------  ------------
INCOME (LOSS) BEFORE
OTHER INCOME (EXPENSE)
AND INCOME TAX                       3,102      (15,740)         12,079      (18,479)

OTHER  INCOME  (EXPENSE):
 Gain  on  sale  of  investments       -        711,377             -        711,377
                              ------------  ------------   ------------  ------------

INCOME BEFORE PROVISION
FOR FEDERAL INCOME  TAXES            3,102      695,637          12,079      692,898

PROVISION FOR FEDERAL
INCOME TAXES                            -       158,000             -        158,000
                              ------------  ------------   ------------  ------------

NET  INCOME                   $     3,102   $   537,637    $    12,079   $   534,898
                              ============  ============  =============  ============

BASIC INCOME PER SHARE
(based upon weighted
average shares outstanding)   $     NIL     $     .07      $     NIL    $       .07
                              ============  ============  =============  ============

</TABLE>







<PAGE>
                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999


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

<TABLE>

                                                         Six Months Ended
                                                            June  30,
                                                    ---------------------------
                                                        1999          1998
                                                    ------------   ------------
<S>                                                 <C>            <C>

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH  FLOWS FROM OPERATING ACTIVITIES:

Net income                                           $   12,079    $   534,898
Adjustments to reconcile net income to net cash
 provided by operating activities:
Decrease in accounts payable                               (306)       (21,665)
                                                    ------------   ------------

    Net cash provided by operating activities            11,773        513,233
                                                    ------------   ------------

CASH  FLOWS  FROM  INVESTING  ACTIVITIES:

Deposit received                                            -           (9,784)
Purchase of Krugerrands and silver rounds                   -          (13,718)
                                                    ------------   ------------
    Net cash used in investing activities                   -          (23,502)
                                                    ------------   ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                11,773        489,731

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD        1,039,809         10,103
                                                    ------------   ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD            $ 1,051,582    $   499,834
                                                    ============   ============


















<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999

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 June 30,
1999, and its results of operations for the six-month period ended June 30, 1999
and  1998,  and  its cash flows for the six-month period ended June 30, 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.







































<PAGE>

                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999

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

YEAR  2000  ISSUES

Throughout  the information technology industry, the use of two-digit fields was
common  practice  in  the  design  of  hardware,  systems  software, proprietary
applications  and  system  interfaces.  The  Year  2000 problem is pervasive and
complex.  The  issue  is  whether  computer systems will properly recognize date
sensitive  information  when  the  year  changes  to  2000.  Systems that do not
properly  recognize  such  information  could generate erroneous data or cause a
system  to  fail.

The  Company  recognizes the need to ensure its operations will not be adversely
impacted  by  Year 2000 software failures and has assessed Year 2000 risks. This
assessment includes the identification of necessary changes to computer hardware
and software applications that will attempt to ensure availability and integrity
of  the  Company's  information systems and the reliability of its financial and
operational  systems.

The  Company  has reviewed its financial, information and operational systems in
order  to  identify  those  products, services or systems that are not Year 2000
compliant.  As  a  result  of  this review, the Company has modified or replaced
certain information and operational systems so they will be Year 2000 compliant.
These modifications and replacements are being, and will continue to be, made in
conjunction  with  the  Company's overall systems initiatives. The total cost of
these  Year  2000 compliance activities is not anticipated to be material to the
Company's  financial  position  or  its  results  of  operations.









<PAGE>
                     METALINE  MINING  AND  LEASING  COMPANY
                                 FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED  JUNE  30,  1999

Based  on  available  information,  the  Company  does  not believe any material
exposure  to  significant  business interruption exists as a result of Year 2000
compliance  issues.  These  costs  and  the timing in which the Company plans to
complete  its  Year 2000 modifications are based on management's best estimates.
However,  there  can  be  no assurance that the Company will timely identify and
remediate  all  significant  Year  2000 problems, that remedial efforts will not
involve  significant  time  and  expense,  or that such problems will not have a
material  adverse  effect  on  the  Company's business, results of operations or
financial  position.

The  Company  also faces risk to the extent that its borrowers, vendors, service
providers  and  others  with  whom the Company transacts business may not comply
with  Year  2000 requirements. The Company has not, to date, made any assessment
of  the  Year  2000  risks  associated  with  these  third party associations to
determine  the  extent to which the Company is vulnerable to these third parties
failure  to  remediate  their  own Year 2000 issues. In the event any such third
parties  are  not Year 2000 compliant, the Company's results of operations could
be  materially  adversely  affected.


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                                   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:  August 11 1999
__________________________________________
GREGORY B. LIPSKER, President
(Principal Executive Officer)

By: /s/ Eunice R. Campbell                         Date:  August 11, 1999
__________________________________________
EUNICE R. CAMPBELL, Secretary/Treasurer
(Principal Financial Officer)














</TABLE>