##### 



UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
 AMENDMENT NO. 1
 þ
  o
   METALINE CONTACT MINES
 
 Washington
    
    91-0779945(State or jurisdiction of incorporation or
organization)
    
    (IRS Employer Identification No.)
  
  
 o þ
 14,783,189
 o þ




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1.
    
    Revising the Statement of Operations contained in its interim Financial Statements for the
quarter ended September 30, 2005, to correct the weighted average number of common shares that
were not input correctly when Edgarized.2.
    
    Revising our Statements of Cash Flows contained in its interim Financial Statements for the
quarter ended September 30, 2005, to reflect the acquisition of the Golden Chest Mine lease
valued at $250,000 as a non-cash transaction.3.
    
    Revising our Section 302 Certifications pursuant to the Sarbanes-Oxley Act of 2003.
 SIGNATURES
  DATED this the 13th day of January,
2006
    METALINE CONTACT MINESBy:
    /s/ John W. BeasleyJohn W. BeasleySecretary/Treasurer/CFO -2-




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METALINE CONTACT MINESSTATEMENTS OF OPERATIONSThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,
    
    
    September 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)REVENUESRoyalty income
    
    $
    8,483
    
    
    $
    3,880
    
    
    $
    58,566
    
    
    $
    16,440GENERAL AND ADMINISTRATIVE EXPENSESProperty expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,765Administrative expenses
    
    
    10,076
    
    
    
    39,751
    
    
    
    46,418
    
    
    
    55,524TOTAL EXPENSES
    
    
    10,076
    
    
    
    39,751
    
    
    
    46,418
    
    
    
    93,289OPERATING INCOME (LOSS)
    
    
    (1,593
    )
    
    
    (35,871
    )
    
    
    12,148
    
    
    
    (76,849
    )OTHER INCOME (EXPENSE)Dividend income
    
    
    517
    
    
    
    137
    
    
    
    1,251
    
    
    
    250Interest income
    
    
    1,915
    
    
    
    1,915
    
    
    
    5,744
    
    
    
    5,744Loss from investment in LLC
    
    
    
    
    
    
    (144
    )
    
    
    
    
    
    
    (393
    )TOTAL OTHER INCOME
    
    
    2,432
    
    
    
    1,908
    
    
    
    6,995
    
    
    
    5,601INCOME (LOSS) BEFORE TAXES
    
    
    839
    
    
    
    (33,963
    )
    
    
    19,143
    
    
    
    (71,248
    )INCOME TAX EXPENSE
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    NET INCOME (LOSS)
    
    $
    839
    
    
    $
    (33,963
    )
    
    $
    19,143
    
    
    $
    (71,248
    )NET INCOME (LOSS) PER COMMON SHARE,
BASIC AND DILUTED
    
    $
    nil
    
    $
    nil
    
    $
    nil
    
    $
    nilWEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING,
BASIC
    
    
    14,783,189
    
    
    
    14,453,428
    
    
    
    14,116,522
    
    
    
    14,453,428WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING,
DILUTED
    
    
    14,783,189
    
    
    
    14,453,428
    
    
    
    14,116,522
    
    
    
    14,453,428




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##### 



METALINE CONTACT MINESSTATEMENTS OF CASH FLOWSNine Months EndedSeptember 30,
    
    
    September 30,2005
    
    
    2004(unaudited)
    
    
    (unaudited)CASH FLOWS FROM OPERATING ACTIVITIES:Net income (loss)
    
    $
    19,143
    
    
    $
    (71,248
    )Adjustments to reconcile net income (loss) to net cash
provided (used) by operating activities:Amortization expense
    
    
    250
    
    
    
    Loss in LLC investment
    
    
    
    
    
    
    393Rent expense paid with NJMC stock
    
    
    
    
    
    
    Royalty income received in NJMC stock
    
    
    
    
    
    
    Common stock issued in payment of expenses
    
    
    
    
    
    
    37,765Stock options issued for directors fees
    
    
    
    
    
    
    30,000Changes in assets and liabilities:Increase in accrued interest receivable
    
    
    (5,744
    )
    
    
    (5,744
    )Increase in prepaid expenses
    
    
    
    
    
    
    (350
    )Increase in website
    
    
    
    
    
    
    (1,000
    )Increase in accounts payable
    
    
    523
    
    
    
    Net cash used by operating activities
    
    
    14,172
    
    
    
    (10,184
    )CASH FLOWS USED BY INVESTING ACTIVITIES:
    
    
    (20,500
    )
    
    
    (2,400
    )CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
    
    
    (1,141
    )
    
    
    Net decrease in cash and cash equivalents
    
    
    (7,469
    )
    
    
    (12,584
    )Cash at beginning of period
    
    
    90,652
    
    
    
    105,687Cash at end of period
    
    $
    83,183
    
    
    $
    93,103SUPPLEMENTAL CASH FLOW DISCLOSURES:Income taxes paid
    
    $
    
    
    
    $
    Interest paid
    
    $
    
    
    
    $
    NON-CASH TRANSACTIONS:Loss in LLC investment
    
    $
    
    
    
    $
    393Common stock issued in payment of expenses
    
    $
    
    
    
    $
    37,765Rent expense paid with NJMC stock
    
    $
    20,500
    
    
    $
    Royalty income received in NJMC stock
    
    $
    41,000
    
    
    $
    Stock options issued for directors fees
    
    $
    
    
    
    $
    30,000Stocck issued fjor acquisition of Golden Chest Mine Lease
    
    $
    250,000
    
    
    $
    