SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                        ----------------
                           FORM 10-Q

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934
          For the quarterly period ended July 31, 2002
                             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: 000-27667

                  METALLINE MINING COMPANY
    (Exact name of registrant as specified in its charter)

                Nevada              91-1766677
(State or other jurisdiction  (IRS Employer Identification No.)
    of incorporation)

                     1330 E. Margaret Ave.
                    Coeur d'Alene, ID 83815
             (Address of principal executive offices)

       Registrant's telephone number, including area code:
                        (208) 665-2002

Securities registered pursuant to Section 12 (b) of the Act: None

Securities registered pursuant to Section 12 (g) of the Act:

  Common Stock                       The OTC-Bulletin Board
Title of each class             Name of each exchange on which
                                            registered.

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period as the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X]  No [  ]



            METALLINE MINING COMPANY QUARTERLY REPORT
              ON FORM 10-Q FOR THE QUARTERLY PERIOD
                      ENDED JULY 31, 2002

TABLE OF CONTENTS                                 Page

PART I - FINANCIAL INFORMATION

  Item 1:  Consolidated Financial Statements . . . . . 1

  Item 2:  Management's Discussion and
           Analysis of Financial Condition
           and Results of Operation . . . . . . . . . .1

PART II - OTHER INFORMATION

  Item 1:  Legal Proceedings . . . . . . . . . . . . . 5

  Item 2:  Changes in Securities . . . . . . . . . . . 5

  Item 3:  Defaults upon Senior Securities . . . . . . 6

  Item 4:  Submission of Matters to a
           Vote of Security Holders . . . . . . . . . .6

  Item 5:  Other Information . . . . . . . . . . . . . 6

  Item 6:  Exhibits and Reports on Form 8-K . . . . . .6

Index to Consolidated Financials . . . . . . . . . . . 7

Signatures . . . . . . . . . . . . . . . . . . . .F/S-11

[The balance of this page has been intentionally left blank.]
                            (i)


                 PART I - FINANCIAL INFORMATION

ITEM 1.	CONSOLIDATED FINANCIAL STATEMENTS.

The reviewed consolidated financial statements of the Company,
for the period covered by this report, are included elsewhere in
this report, beginning at page F/S-1.

The reviewed consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for
the interim financial information with the instructions to Form
10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of the Company's management, all
adjustments (consisting of only normal accruals) considered
necessary for a fair presentation have been included. Operating
results for the nine-month period ended July 31, 2002 are not
necessarily indicative of the results that may be expected for
the full year ending October 31, 2002.

For further information refer to the financial statements and
footnotes thereto in the Company's Annual Report on Form 10-K for
the year ended October 31, 2001 incorporated by reference herein.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS.

  RESULTS OF OPERATIONS FOR THE PERIOD ENDED JULY 31, 2002.

Nine months ended July 31, 2002 compared to the nine months ended
July 31, 2001:

During the nine months ended July 31, 2002, the Company realized
other income of $73,894 from the sale of zinc carbonate ore from
the Company's San Salvadore mine, in accordance with a contract
announced in May 2001 with Fireborn, Inc. of Atlanta, Georgia.
Costs associated with the Sale of the ore totaled $154,219 for
the nine-month period ended July 31, 2002. There were ore sales
of $66,033 in the nine-month period ended July 31, 2001. General
and administrative expenses decreased to $442,774 for the nine-
month period ended July 31, 2002 as compared to $1,965,557 for
the nine-month period ended July 31, 2001. The decrease is
primarily due to a reduction in expenses of maintaining the
property and a reduction in professional and consulting services.
For the nine months ended July 31, 2002, the Company experienced
a loss of $519,970, or $0.05 per share, compared to a loss of
$1,893,763, or $0.19 per share, during the comparable period in
the previous year.

  LIQUIDITY AND CAPITAL RESOURCES.

Metalline Mining Company (the "Company") is an exploration stage
enterprise formed under the laws of the State of Nevada, on
August 20, 1993, to engage in the business of mining. The Company
has no operating history and is subject to all the risks inherent
in a new business enterprise. The likelihood of success of the
Company must be considered in light of the problems, expenses,
difficulties, complications, and delays frequently encountered in
connection with a new business, and the competitive and
regulatory environment in which the Company will operate.

From inception until May 1996, the Company was essentially
dormant having as its only asset unpatented mining claims located
in the State of Montana ("Kadex Property"). Since May 1996, the
focus of the Company has been the Sierra Mojada Project in
Mexico, and the Company has dropped the Kadex Property claims.
                             Page 1
The Company has insufficient funds to carry on operations during
the next twelve months. In order to maintain operations, the
Company will have to raise additional capital through loans or
through the sale of securities. If the Company is unable to raise
additional capital, it may have to cease operations. The
Company's plan of operation, subject to maintaining sufficient
funds, calls for continued mining of zinc carbonate from the
white zinc manto for delivery to Metalline's fertilizer clients,
and drilling and sampling of the red zinc manto to define an ore
reserve. The red zinc manto work is being conducted and funded by
Penoles.

Due to the Company's lack of revenues, the Company's independent
certified public accountants included a paragraph in the
Company's 2001 financial statements relative to a going concern
uncertainty. The Company financed its obligations during the
2000-2001 fiscal year by its sale of 270,000 shares at prices
ranging between $0.75 and $2.00 per share. During the current
period, the Company has realized $208,750 from the sale of
146,000 shares at prices ranging from $1.50 to $2.00 per share.

The Company is engaged in the business of mining. The Company
currently owns one mining property located in Mexico known as the
Sierra Mojada Property. The Company conducts its operations in
Mexico through its wholly owned subsidiary corporation, Minera
Metalin S.A. de C.V. ("Minera Metalin").

The Sierra Mojada Property is comprised of eight concessions
totaling 7,060 hectares (17,446 acres). The concessions were
acquired by purchase agreements from the titled owners. The
Company owns title to 100% of the concessions.

The Sierra Mojada Mining District is located in the west central
part of the state of Coahuila, Mexico, near the Coahuila-
Chihuahua state border some 200 kilometers south of the Big Bend
of the Rio Grande River. The principal mining area extends for
some 5 kilometers in an east-west direction along the base of the
precipitous, 1,000 meter high, Sierra Mojada Range.

Vehicle access from Torreon is by 250 kilometers on paved road to
Sierra Mojada. There is a well maintained, 1200 meter, gravel
airstrip. The District has high voltage electric power and is
served by a rail line, which was constructed from Escalon to the
district in 1891 and later connected to Monclova.

The initial discovery of silver ore in the Sierra Mojada Property
was made in 1879. Over the next 12 years, numerous small mines
developed along an oxidized silver lead ore body known as the
"lead manto" (a bed, layer or strata). The lead manto was mined
continuously for 3 kilometers and discontinuously for another 2
kilometers. Ore was selectively mined and hauled by wagon to
Escalon on the railroad main line from El Paso to Mexico City;
from there it went to smelters in Mexico and the United States.

In September of 1891 the Mexican Northern Railroad completed its
spur line from Escalon to the district. Rail access stimulated
development and the period from 1891 to the late 1920's was the
peak of productivity of the district. The main lead manto was
nearly mined out by 1905, the same year that the discovery of the
first silver-copper ore body was made. Additional discoveries of
silver, silver-copper, and silver-copper-zinc-lead ores provided
production through the 1930's. Between 1922 and 1931additional
lead manto silver-lead ore was discovered and mined to the
southwest for some 1,400 meters under the Sierra Mojada range.
This manto was eventually mined for more than 2 kilometers.

By the mid 1920's many of the mines were under control of Penoles
Corporations ("Penoles") and ASARCO Incorporated ("ASARCO").
ASARCO ceased mining in the district in the late 1930's. Both
companies still owned properties during the 1940's and Penoles
mined until the late 1950's when the Mineros Nortenos Cooperative
acquired the Penoles properties. The Mineros Nortenos Cooperative
                             Page 2
("Mineros Nortenos") has operated the San Salvador, Encantada and
Fronteriza mines since 1957 and direct shipped high-grade oxide
zinc and lead-silver ore to smelters in Mexico.

The lead manto produced 3 to 3.5 million tons prior to 1905 with
another 1.5 million tons of similar ore coming from other ore
bodies to the west and to the southwest.

Mineros Nortenos has mined about 600,000 tons of predominantly
oxide zinc ore with grades of 20 to 50% zinc. Some of this ore
was oxide silver-lead and silver, copper, zinc and lead sulfide
at grades of 1 to 4 kilogram silver per ton, 1 to 5% copper, 10
to 30% zinc and 30 to 70% lead. Production records from 1978 to
1981 for the San Salvador mine average 33.5% zinc.

The Sierra Mojada Property has produced in excess of 10 million
tons of high-grade ore that graded in excess of 30% lead, 20%
zinc, 1% copper and 1 kg  (31 ounces) silver per ton that was
shipped directly to the smelter. The district has never had a
mill to concentrate ore. All of the mining was done selectively
for ore of sufficient grade to direct ship; mill grade ore was
left unmined. More than 50 kilometers of underground workings are
spread through the 5 kilometer by 2 kilometer area from which
more than 45 mines have produced ore. The deepest workings have
ore grade mineralization and provide some of the best targets for
reserve development. In spite of the amount of historic work,
when a map of all of the historic workings is viewed there is
much more unexplored area in the 5 by 2 kilometer area than has
been explored and the vertical extent greater than 100 meters is
totally unexplored.

The sediments are predominantly carbonate with some sandstone and
shale and the attitudes are near horizontal. The mines are dry
and the rocks are competent, there is very little unstable ground
and the ore thickness is amenable to high volume mechanized
mining methods. Sierra Mojada has ideal mining conditions and
high-grade mineralization. The oxide zinc ore of the red and
white zinc mantos is amenable to treatment by solvent extraction
electrowinning (SXEW) at a reduced cost of about 30% to the
smelting process ($0.25 per pound for SXEW process and $0.35 per
pound by smelter process). Sierra Mojada has the potential to
become one of the world's largest zinc mines and the lowest cost
producer.

Based upon the foregoing, the Company is of the opinion that the
magnitude of the Sierra Mojada mineral system and its exploration
potential is capable of providing new reserves for many more
years of mining. However, there is no assurance as to the
quantity or quality of the undeveloped reserves.

There is potential for long-term reserve expansion within the
known extent of the mineral systems. There is potential to
discover ore deposits in unexplored portions of the land position
and at depth in unexplored stratigraphy. There is however, no
assurance that the Company will have the monetary resources to
continue to explore for, develop, or retrieve any of the minerals
located in the Sierra Mojada Property.

In October, 1999 Minera Metalin signed a Joint Venture Letter
Agreement with Minera North S. de R.L. de C.V. a wholly owned
subsidiary of North Limited of Melbourne Australia, a major
international mining company. The agreement allowed North to
acquire a 60% participating interest in Sierra Mojada by
exploring and completing a feasibility study over a "Earn In
Period" of not more than 5 years.

In August, 2000 Rio Tinto Ltd. purchased North Limited for its
iron ore holding and has subsequently terminated the agreement
with Minera Metalin.

On the 15th of November, 2001 Metalline Mining Company and its
Mexican Subsidiary Minera Metalin, S.A. de C.V. signed an
Agreement with Minas Penoles, S.A. de C.V. and Compania Minera La
                             Page 3
Parrena, S.A. de C.V. The Agreement allows Minas Penoles to earn
a 60% interest in the Sierra Mojada project by exploring and
completing a feasibility study over an "Earn in Period" of not
more than 5 years. The study is to be of sufficient detail and
quality to be used to secure debt financing for the development
and operation of the project. Minas Penoles is committed to
complete US $1,000,000 (one million US Dollars) of Qualified
Expenditures on the Property as may be recommended by the
Technical Committee during the first year as of the date of
signing the Agreement. Minas Penoles is to be the Operator;
operations are under the control of the Technical Committee that
will be composed of 2 representatives from Metalin and 3 from
Minas Penoles.

During the nine months ended July 31, 2002, Metalline received
reimbursement of $134,287 from Penoles for expenses incurred by
Metalline, which were applied toward qualified expenditures.

In addition, Minas Penoles will purchase Metalline Mining Company
shares at a fixed price of US $2.00 per share in the following
schedule and manner:

(i).- 50,000 shares upon signing the Agreement, purchased by
Minas Penoles, S.A. de C.V. by means of a capital contribution to
Metalline. Subsequently, and always following this same mechanism
(i.e.- capital contribution to Mealline), if Penoles should elect
to continue exploration after twelve months time as of the
Effective Date, then (ii).- Minas Penoles, S.A. de C.V. shall
purchase 100,000 additional Metalline shares at US $2.00 per
share; (iii).- if Penoles should continue exploration after
twenty-four months, Minas Penoles, S.A. de C.V. shall purchase an
additional 100,000 Metalline shares at US $2.00 per share.

It is the parties' intent and understanding that, in order to
carry out to completion the Project once the Earn-In has been
achieved or at whatever other time the Parties shall agree to in
writing, the parties shall form a joint venture vehicle (the
"Joint Venture Company") subject to the terms of the Agreement.
The terms and conditions of the Joint Venture will be established
in separate document(s) as the parties may deem necessary, in
which Joint Venture, Minas Penoles, S.A. de C.V. shall have a 60%
participation, and Metalin a 40% participation, subject to the
terms of the Agreement.

In December 2001 Metalline Mining Company signed an agreement
with the B.O.W. Corporation of El Paso, Texas for an exclusive
lease on 41 patented and 81 unpatented mining claims in the
Silver Hills District at Orogrande, New Mexico. The property
contains high-grade garnet deposits that will be developed for
the industrial abrasive market. The agreement allows Metalline to
mine, process and market any metallic, non-metallic, or other
mineral mined and sold from the property by establishing the
quality and marketability of the garnet and by furnishing B.O.W.
a business plan and feasibility study within six months. The
agreement also provides that within 12 months of completing the
feasibility study, if warranted, Metalline will construct and
place into production a mining and marketing operation with a
minimum capacity of 25,000 tons per year of industrial garnet. As
consideration for the exclusive lease, B.O.W. will receive up to
50% of net profits from the operation.

	EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS.

In June 1998, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS") No.133,
Accounting for Derivative Instruments and Hedging Activities.
SFAS No.133 establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities. It
requires that an entity recognize all derivatives as either
assets or liabilities in the balance sheet and measure those
instruments at fair value. At January 31, 2002, the Company has
not engaged in any transactions that would be considered
derivative instruments or hedging activities.
						Page 4
In September 2000, the FASB issued SFAS No.140 "Accounting for
Transfers and Servicing of Financial Assets and Extinguishment of
Liabilities". This statement provides accounting and reporting
standards for transfers and servicing of financial assets and
extinguishment of liabilities and also provides consistent
standards for distinguishing transfers of financial assets that
are sales from transfers that are secured borrowings. SFAS No.140
is effective for recognition and reclassification of collateral
and for disclosures relating to securitization transactions and
collateral for fiscal years ending after December 15, 2000, and
is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after March 31, 2001.
The Company believes that the adoption of this standard will not
have a material effect on the Company's results of operations or
financial position.

	In June 2001, the FASB issued SFAS No.141, "Business
Combinations" and SFAS No.142, "Goodwill and Other Intangible
Assets". SFAS No.141 provides for the elimination of the pooling-
of-interests method of accounting for business combinations with
an acquisition date of July 1,2001 or later. SFAS No.142
prohibits the amortization of goodwill and other intangible
assets with indefinite lives and requires periodic reassessment
of the underlying value of such assets for impairment. SFAS
No.142 is effective for fiscal years beginning after December 15,
2001. An early adoption provision exists for companies with
fiscal years beginning after March 15, 2001. On October 31, 2001,
the Company adopted SFAS No.142. Application of the non-
amortization provision of SFAS No.142 is expected to result in no
change in net income in fiscal 2002. The Company is currently
evaluating the impact of the transitional provisions of the
statement.

  CASH FLOWS FOR THE NINE MONTHS ENDED
  JULY 31, 2002 WERE AS FOLLOWS:

During the nine-month period ended July 31, 2002, the Company's
cash position increased by $48,991, to $80,023. In addition,
short-term investments readily convertible to cash decreased by
$107,159, which depleted these funds. During the nine-month
period, the Company used $492,757 in operating activities, not
including the liquidation and transfer to cash of $107,159 in
short-term investments. In addition, the Company realized
$208,750 from the sale of Company stock. On June 21, 2002, the
Company authorized the purchase of property and equipment from
the Mineros Nortenos Cooperativa, located at the Company's Sierra
Mojada Project at La Esmeralda, Coahuila, Mexico. Total purchase
price, after conversion to U.S. Dollars, amounted to $272,616, of
which $149,616 remains to be paid under the Property and
Equipment Purchase Agreement.

                 PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS. None.

ITEM 2. CHANGES IN SECURITIES.

Neither the constituent instruments defining the rights of the
registrant's securities holders nor the rights evidenced by the
registrant's outstanding common stock have been modified,
limited, or qualified. The Company sold 50,000 shares of its
common stock at a price of $2.00 per share and 96,000 shares at a
price of $1.50 in the nine-month period ended July 31, 2002.

During the third quarter the Company sold 96,000 units comprised
of one share of common stock and a warrant for 1/3 of a share of
common stock at $1.50 per unit. The value of the warrants was
determined to be $0.09 per warrant, using the Black Scholes
pricing calculator with an adjustment made to reflect the 1/3 of
a share.
                 Page 5
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

The registrant has no outstanding senior securities.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

In February 2001 a notice of annual meeting and proxy statement
were mailed to shareholders of record January 5, 2001 regarding
matters to be considered at the annual shareholders meeting held
March 1, 2001. Matters considered were (1) election of directors,
(2) consideration and approval of the Company's 2001 Stock Option
Plan, (3) consideration and approval of a proposed amendment to
the Company's Articles of Incorporation to authorize a class of
Preferred Shares, (4) election of outside auditors. There have
been no matters submitted to a vote of security holders since
March 1, 2001.

ITEM 5. OTHER INFORMATION. None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

EXHIBITS.
The following exhibit is filed as part of this report: None.

REPORTS ON FORM 8-K.
No reports on Form 8-K were filed by the registrant during the
period covered by this report.
 [The balance of this page has been intentionally left blank.]
                              Page 6

                   METALLINE MINING COMPANY

          INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Financial Statements:             PAGE

Consolidated Balance Sheets as of
 July 31, 2002 and October 31, 2001 . . . . . . F/S-1

Consolidated Statements of Operations
 for the three and nine-month period
 ended July 31, 2002 and July31, 2001, and for
 the period from inception (November 8, 1993)
 to July 31, 2002 . . . . . . . . . . . . . . . F/S-2

Consolidated Statements of Changes in
 Stockholder's Equity for the period from
 inception (November 8, 1993)
 to July 31, 2002 . . . . . . . . . . . . . . . F/S-4

Consolidated Statements of Cash Flow for
 the nine-month periods ended July 31, 2002
 and July 31, 2001, and for the period from
 inception (November 8, 1993) to
 July 31, 2002 . . . . . . . . . . . . . . . . .F/S-8

Notes to Consolidated
 Financial Statements . . . . . . . . . . . . . F/S-9

Signatures . . . . . . . . . . . . . . . . . . F/S-11

[The balance of this page has been intentionally left blank.]
                              Page 7


                     METALLINE MINING COMPANY
                  (AN EXPLORATION STAGE COMPANY)
                    CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
                                         July 31,     October 31,
                                         2002         2001
                                         (Unaudited)
                                         -----------  ----------

                                      <c>           <c>
ASSETS
CURRENT ASSETS
 Cash                                    $ 80,023     $ 31,032
 Investments                                    0      484,447
 Foreign Tax Refund Receivable             59,288       59,288
 Prepaid expenses                           2,031        3,849
 Employee advances                         11,146       11,146
                                          -------      -------
  Total Current Assets                    152,488      589,762
                                          -------      -------
MINERAL PROPERTIES                      4,334,767    4,334,767
                                         --------     --------
PROPERTY AND EQUIPMENT
 Land-Non Mineral                          15,839            0
 Buildings and Structures                 141,061            0
 Office and mining equipment              318,295      174,129
 Less: Accumulated depreciation          (143,501)    (116,655)
                                          -------      -------
  Total Property and Equipment            331,694       57,474
                                          -------      -------
TOTAL ASSETS                           $4,818,949   $4,982,003
                                        =========    =========
</Table>
                     METALLINE MINING COMPANY
                  (AN EXPLORATION STAGE COMPANY)
                    CONSOLIDATED BALANCE SHEETS
                          (continued)
<Table>
<Caption>
                                         July 31,     October 31,
                                         2002         2001
                                         (Unaudited)
                                         -----------  ----------

                                      <c>           <c>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
 Accounts payable                          $3,448       $5,275
 Accrued liabilities                       14,475       14,098
 Contracts Payable                        149,616            0
                                          -------       ------
  Total Current Liabilities               169,616       19,373
                                          -------       ------
COMMITMENTS AND CONTINGENCIES                   -            -
                                             ----         ----
STOCKHOLDERS' EQUITY
 Preferred stock, $0.01 par value;
  1,000,000 shares authorized,
  0 shares issued or outstanding                0            0
 Common stock, $0.01 par value;
  50,000,000 shares authorized,
  10,213,595 and 10,067,595 shares
  issued and outstanding
  respectively.                           102,137      100,677
 Additional paid-in capital            10,089,126    9,849,466
 Stock options and warrants             1,425,207    1,422,327
 Stock Subscriptions                      (35,250)           0
 Deficit accumulated during
  exploration stage                    (6,929,810)  (6,409,840)
	----------	---------
   Total Stockholders' Equity           4,651,410    4,962,630
                                        ---------     --------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                 $4,818,949   $4,982,003
                                        =========    =========
See accompanying notes to these financial statements.
</Table>
                            F/S-1


                        METALLINE MINING COMPANY
                    (AN EXPLORATION STAGE COMPANY)
                 CONSOLIDATED STATEMENTS OF OPERATIONS
<Table>
<Caption>
                                                                                   Period from
                                  Three Months Ended       Six Months Ended        November 8, 1993
                                  ------------------       ----------------       (Inception)
                               July 31,      July 31,    July 31,    July 31,      through
                               2002          2001        2002        2001          July 31, 2002
                              (Unaudited)   (Unaudited) (Unaudited) (Unaudited)   (Unaudited)
                               ---------     ---------   ---------   ---------     ---------
<S>                            <c>           <c>         <c>         <c>           <c>
REVENUES                          $    -        $    -      $    -     $     -       $         -
                                  ------        ------      ------     -------       -----------
GENERAL AND ADMINISTRATIVE EXPENSES
 Salaries                         54,000        54,000     162,000     162,000         1,052,874
 Office and Administrative         5,502        26,936      47,846      95,586           339,118
 Taxes and fees                   25,385         8,989      48,668      45,397           157,346
 Professional services            11,137       290,112      97,937   1,308,545         3,248,998
 Property expenses                20,435        62,183      27,920     272,805         1,462,396
 Marketing and research            8,043        19,495      31,558      59,851           198,697
 Financing Costs                       -             -           -           -           276,000
 Depreciation                     14,369         7,124      26,845      21,373           143,966
                                  ------       -------     -------   ---------         ---------
    Total Expenses               138,871       468,839     442,774   1,965,557         6,879,395
                                 -------       -------     -------   ---------         ---------
OPERATING LOSS                  (138,871)     (468,839)   (442,774) (1,965,557)       (6,879,395)
                                 -------       -------     -------   ---------         ---------
OTHER INCOME (EXPENSES)
 Misc. ore sales,
  net of expenses                 27,571             -     (80,325)          -           (66,207)
 Interest income                     214         1,508       3,065       5,761             5,307
 Interest expense                      -             -           -           -            (9,599)
 Miscellaneous income                  -        48,823          64      66,033                84
                                 -------       -------     -------   ---------         ---------
Total other income (expense)      27,785        50,331     (77,196)     71,794           (50,415)
                                 -------       -------     -------   ---------         ---------
LOSS BEFORE INCOME TAXES       $(111,086)    $(418,508)  $(519,970) $(1,893,763)     $(6,929,810)
                               ========       ========     =======    =========        =========
See accompanying notes to these financial statements.		F/S-2
</Table>
                    METALLINE MINING COMPANY
                 (AN EXPLORATION STAGE COMPANY)
              CONSOLIDATED STATEMENTS OF OPERATIONS
<Table>
<Caption>
                                                                                   Period from
                                  Three Months Ended       Six Months Ended        November 8, 1993
                                  ------------------       ----------------       (Inception)
                               July 31,      July 31,    July 31,    July 31,      through
                               2002          2001        2002        2001          July 31, 2002
                              (Unaudited)   (Unaudited) (Unaudited) (Unaudited)   (Unaudited)
                               ---------     ---------   ---------   ---------     ---------
<S>                            <c>           <c>         <c>         <c>           <c>
LOSS BEFORE INCOME TAXES
 (carried forward)             $(111,086)    $(418,508)  $(519,970)  $(1,893,763)  $(6,929,810)
INCOME TAXES                           -             -           -             -             -
                                 -------       -------     -------     ---------     ---------
NET LOSS                       $(111,086)    $(418,508)  $(519,970)  $(1,893,763)  $(6,929,810)
                                 =======       =======     =======     =========     =========
NET LOSS PER COMMON SHARE
  BASIC AND DILUTED            $   (0.01)    $   (0.04)  $   (0.05)  $     (0.19)  $     (1.36)
                                 =======       =======     =======     =========     =========
WEIGHTED AVERAGE NUMBER
  OF COMMON SHARES
  OUTSTANDING
  BASIC AND DILUTED           10,174,595     9,854,595  10,131,039     9,773,387     4,950,593
                              ==========     =========  ==========     =========     =========

See accompanying notes to these financial statements.
</Table>                     F/S-3


                      METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
         CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<Table>
<Caption>
                                                                                   Accumulated
                                 Common Stock                 Stock      Stock     Deficit
                                ---------------   Additional  Sub-       Options   During Ex-
                              Number of           Paid-in     scriptions and       ploration
                              Shares     Amount   Capital     Receivable Warrants  Stage      Total
                              --------   ------   -------     ---------- --------  ---------  -----
<S>                             <c>       <c>      <c>         <c>        <c>       <c>        <c>
Common stock issuance prior
 to inception (no value)        960,800   $9,608    $(9,608)     $    -     $   -   $     -  $    -
1:5 reverse common stock split (768,640)  (7,686)     7,686           -         -         -       -
Loss for the year ended
 October 31, 1994                     -        -          -           -         -    (8,831) (8,831)
                                -------    -----      -----       -----     -----     -----   -----
Balances, October 31, 1994      192,160    1,922     (1,922)          -         -    (8,831) (8,831)
3:1, common stock split         384,320    3,843     (3,843)          -         -         -       -

Loss for the year ended
 October 31, 1995                     -        -          -           -         -    (7,861) (7,761)
                                -------    -----      -----       -----     -----     -----   -----
Balances, October 31, 1995      576,480    5,765     (5,765)          -         -   (16,592)(16,592)

Issuance of common stock as follows:
- for cash at an average
  of $0.11 per share          1,320,859   13,209    133,150           -         -         - 146,359
- for services at an average
  of $0.08 per share            185,000    1,850     12,600           -         -         - 162,458
- for computer equipment
  at $0.01 per share            150,000    1,500     13,500           -         -         -  15,000
- for mineral property
  at $0.01 per share            900,000    9,000          -           -         -         -   9,000
Loss for the year
 ended October 31, 1996               -        -          -           -         -   (40,670)(40,670)
                               --------    -----     ------        ----      ----    ------  ------
Balances, October 31, 1996	3,132,339  $31,324   $153,485       $   -     $   -  $(57,262)$127,547
                               --------   ------    -------        ----      ----    ------  -------
Schedule continued on next page. See accompanying notes to these financial statements.
</Table>                                           F/S-4
                      METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
         CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<Table>
<Caption>
                                                                                   Accumulated
                                 Common Stock                 Stock      Stock     Deficit
                                ---------------   Additional  Sub-       Options   During Ex-
                              Number of           Paid-in     scriptions and       ploration
                              Shares     Amount   Capital     Receivable Warrants  Stage      Total
                              --------   ------   -------     ---------- --------  ---------  -----
<S>                             <c>       <c>      <c>         <c>        <c>       <c>        <c>
Balances, October 31, 1996    3,132,339  $31,324   $153,485   $     -    $   -   $(57,262)  $127,547
Issuance of common stock
 as follows:
- for cash at an average
   of $0.61 per share           926,600    9,266    594,794         -        -          -    604,060
- for services at an average
   of $0.74 per share           291,300    2,913    159,545         -        -          -    162,458
- for payment of a loan
   at $0.32 per share           100,200    1,002     30,528         -        -          -     31,530
Options issued as follows:
- 300,000 options for cash            -        -      3,000         -        -          -      3,000
Loss for year ended
 October 31, 1997                     -        -          -         -        -   (582,919)  (582,919)
                                -------    -----     ------     -----     ----    -------    -------
Balances, October 31, 1997    4,450,439   44,505    941,352         -        -   (640,181)   345,676
Issuance of common stock
 as follows:
- for cash at an average
   of $1.00 per share           843,500    8,435    832,010         -        -          -    840,445
- for cash and receivables
   at $1.00 per share           555,000    5,550    519,450  (300,000)       -          -    225,000
- for services at an average
   of $0.53 per share            41,800      418     21,882         -        -          -     22,300
- for mine data base
   at $1.63 per share           200,000    2,000    323,000         -        -          -    325,000
Options issued or
 granted as follows:
- 1,200,000 options for cash          -        -    120,000         -        -          -    120,000
- for financing fees                  -        -          -         -   60,000          -     60,000
- for consulting fees                 -        -          -         -  117,000          -    117,000
Warrants issued for services          -        -          -         -  488,980   (488,980)         -
Loss for the year
 ended October 31, 1998               -        -          -         -        -   (906,036)  (906,036)
                                   ----     ----      -----      ----   ------    -------    -------
Balances, October 31, 1998    6,090,739  $60,908 $2,757,694 $(300,000)$655,980$(2,035,197)$1,149,385
                              ---------   ------  ---------   -------  -------  ---------  ---------
Schedule continued on next page.
See accompanying notes to these financial statements.		F/S -5
</Table>
                      METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
         CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<Table>
<Caption>
                                                                                Accumulated
                              Common Stock                Stock      Stock     Deficit
                             ---------------   Additional Sub-       Options   During Ex-
                           Number of           Paid-in    scriptions and       ploration
                           Shares     Amount   Capital    Receivable Warrants  Stage      Total
                           --------   ------   -------    ---------- --------  ---------  -----
<S>                          <c>       <c>      <c>        <c>        <c>       <c>        <c>
Balances, October 31, 1998 6,090,739  $60,908  2,757,694  (300,000)   665,980 (2,035,197) 1,149,385
Issuance of common stock
 as follows:
- for cash at an average
   of $1.04 per share        818,800    8,188    842,712         -          -          -    850,900
- for drilling fees
   at $0.90 per share         55,556      556     49,444         -          -          -     50,000
Stock options and warrants
 activity as follows:
- exercise of options
   at $0.90 per share        250,000    2,500    267,500         -    (45,000)         -    225,000
- issuance of options
   for financing fees              -        -          -         -    216,000          -    216,000
- expiration of options            -        -     60,000         -    (60,000)         -          -
Stock subscription received        -        -          -   300,000          -          -    300,000
Loss for the year ended
 October 31, 1999                  -        -          -         -          - (1,423,045)(1,423,045)
                               -----    -----      -----    ------      -----   --------  ---------
Balance at October 31,1999 7,215,095  $72,152 $3,977,350     $   -   $776,980$(3,458,242)$1,368,240
Exercise of options
 at $0.86 per share          950,000    9,500  1,090,750         -   (288,000)         -    812,250
Issuance of common stock
 as follows:
- for cash at an average
   of $2.77 per share      1,440,500   14,405  3,972,220         -          -          -  3,986,625
- for services at
   $1.28 per share           120,000    1,200    152,160         -          -          -    153,360
Issuance of common stock
 for equipment at
  $1.67 per share             15,000      150     24,850         -          -          -     25,000
Warrants issued for services       -        -          -         -     55,000          -     55,000
Loss for the year
 ended October 31, 2000            -        -          -         -          -   (882,208)  (882,208)
                              ------    -----     ------     -----     ------    -------    -------
Balances, October 31,2000  9,740,595  $97,407 $9,217,330     $   -   $543,980$(4,340,450)$5,518,267
                           ---------   ------  ---------     -----    -------  ---------  ---------
Schedule continued on next page. See accompanying note to these financial statements.
</Table>            F/S - 6

                      METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
         CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<Table>
<Caption>
                                                                                Accumulated
                              Common Stock                 Stock      Stock     Deficit
                             ---------------   Additional  Sub-       Options   During Ex-
                           Number of           Paid-in     scriptions and       ploration
                           Shares     Amount   Capital     Receivable Warrants  Stage      Total
                           --------   ------   -------     ---------- --------  ---------  -----
<S>                          <c>       <c>      <c>         <c>        <c>       <c>        <c>
Balances, October 31,2000  9,740,595  $97,407 $9,217,330     $   -   $543,980$(4,340,450)$5,518,267
Warrants exercised at
 $0.75 per common share       20,000      200     25,560         -    (10,760)         -     15,000
Issuance of stock for cash
 at $2.00 per common share   250,000    2,500    494,076         -      3,424          -    500,000
Issuance of stock for cash
 of $210 and services valued
  at $2.05 per common share   21,000      210     43,260         -          -          -     43,470
Issuance of stock for cash
 of $180 and services valued
  at $2.05 per common share   18,000      180     36,720         -          -          -     36,900
Issuance of stock for services
 valued at $2.45
  per common share             6,000       60     14,640         -          -          -     14,700
Stock issued for services
 valued at $1.50 per
  common share                12,000      120     17,880         -          -          -     18,000
Options issued for
 consulting fees                   -        -          -         -    740,892          -    740,892
Warrants issued for
 consulting fees                   -        -          -         -    144,791          -    144,791
Loss for the year
 ended October 31, 2001            -        -          -         -          - (2,069,390)(2,069,390)
                              ------     ----     ------      ----    -------  ---------  ---------
Balances,
 October 31, 2001         10,067,595  100,677  9,849,466         -  1,422,327 (6,409,840) 4,962,630
Issuance of stock for
 cash at $2.00
  per common share            50,000      500     99,500         -          -          -    100,000
Issuance of stock for
 cash at $1.50
  per common share            96,000      960    140,160   (35,250)     2,880          -    108,750
Loss for 9 months
 ended July 31, 2002               -        -          -         -          -   (519,970)  (519,970)
                             -------    -----     ------    ------    -------    -------    -------
Balances, July 31,
 2002 (unaudited)         10,213,595 $102,137$10,089,126  $(35,250)$1,425,207$(6,929,810)$4,651,410
                          ==========  ======= ==========    ======  =========  =========  =========
See accompanying notes to these financial statements.
</Table>
                 F/S - 7


                      METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
                CONSOLIDATED STATEMENTS OF CASH FLOWS
<Table>
<Caption>
                                                          Period from
                                Nine Months Ended         November 8, 1993
                                -----------------        (Inception)
                                July 31,      July 31,    through
                                2002          2001        July 31, 2002
                               (Unaudited)   (Unaudited) (Unaudited)
                                ---------     ---------   ---------
<S>                             <C>           <C>         <C>
Cash flows from
 operating activities:
Net loss                        $(519,970)   $(1,893,763)  $(6,929,810)
Adjustments to reconcile net
 loss to cash used by
  operating activities:
    Depreciation                   26,845         21,373       143,501
    Stock and options given
     in exchange for services           -      1,067,570     2,015,878
    Stock and options for
     operating expenses                 -              -       729,391
Changes in operating assets
 and liabilities:
 (Increase) decrease
   in investments                 484,447              -             -
 (Increase) decrease in
  refunds receivable                    -        487,949       (59,287)
 (Increase) decrease in
  prepaid expense                   1,818         (2,208)       (2,031)
 (Increase) decrease in
  employee advances                     -           (282)      (11,146)
 Increase (decrease) in
  accounts payable                 (1,827)         7,915         3,448
 Increase (decrease) in
  accrued liabilities                 377         (2,068)       14,475
                                    -----          -----        ------
Net cash used by
 operating activities              (8,310)      (313,514)   (4,095,581)
Cash flows from investing
 activities:
 Purchase of property
  and equipment                  (301,066)        (6,583)     (435,194)
 Acquisition of mineral
  properties                            -        (11,500)   (4,452,631)
                                  -------         ------     ---------
Net cash used by investing
 activities                      (301,066)       (18,083)   (4,887,825)
                                  -------         ------     ---------
Schedule continued on next page. See accompanying note to these financial
statements.
</Table>

                     METALLINE MINING COMPANY
                   (AN EXPLORATION STAGE COMPANY)
                CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (continued)
<Table>
<Caption>
                                                          Period from
                                Nine Months Ended         November 8, 1993
                                -----------------        (Inception)
                                July 31,      July 31,    through
                                2002          2001        July 31, 2002
                               (Unaudited)   (Unaudited) (Unaudited)
                                ---------     ---------   ---------
<S>                             <C>           <C>         <C>
Cash flows from financing
 activities:
 Proceeds from sales of
  common stock                    208,751        515,390     7,861,063
 Proceeds from sales of options         -              -       935,250
 Deposits for sale of stock             -              -        87,500
 Proceeds from
  shareholders' loans                   -              -        30,000
 Contract Proceeds, Net           149,616              -       149,616
                                  -------         ------       -------
Net cash provided by
 financing activities:            358,367        515,390     9,063,429
                                  -------        -------     ---------
Net increase (decrease)
 in cash                           48,991       (183,793)       80,023
Cash beginning of period           31,032        550,557             -
                                  -------        -------      --------
Cash at end of period             $80,023       $734,350       $80,023
                                   ======        =======        ======
Supplemental cash
 flow disclosures:
  Income taxes paid in cash             -              -        $9,599
  Interest paid in cash                 -              -             -
Non-cash financing activities:
Common stock issued for services        -         14,700      $586,215
Common stock issued for expenses        -              -      $326,527
Common stock issued for equipment       -              -      $ 40,000
Common stock issued for
 payment of debt                        -              -      $ 80,000
Common stock options issued
 for services                           -              -      $740,892
Common stock options issued
 for financing fees                     -        828,100      $276,000
Common stock warrants issued
 for services                           -              -      $688,771
----------------
See accompanying notes to these financial statements.
</Table>
             F/S-8


                    METALLINE MINING COMPANY
                  An Exploration Stage Company
           Notes to the Consolidated Financial Statements
                          July 31, 2002

The interim consolidated financial statements of Metalline Mining
Company included herein have been prepared without audit, pursuant to
the rules and regulations of the Securities and Exchange. Although
certain information normally included in financial statements
prepared in accordance with generally accepted accounting principles
has been condensed or omitted, the Company believes that the
disclosures are adequate to make the information presented no
misleading. The accompanying interim financial statements should be
read in conjunction with the audited financial statements and notes
thereto included in the Company's annual report on Form 10-K for the
fiscal year ended October 31, 2001.

The consolidated financial statements included herein reflect all
normal recurring adjustments that, in the opinion of management, are
necessary for a fair presentation of the results for interim periods.
The results for interim periods are not necessarily indicative of
trends or of results to be expected for a full year.

NOTE 1

PREFERRED STOCK
At its March 1, 2001 annual shareholders meeting, the Company
approved a change to its articles of incorporation whereby the
Company is authorized to issue one million shares of $0.01 par value
preferred stock. The specific features of the preferred stock will be
determined by the Company's board of directors.

STOCK OPTION PLAN
On March 1, 2001, the Company's shareholders approved a qualified
stock option plan. The number of shares eligible for issuance under
the qualified plan is to be determined by the Company's board of
directors.

NOTE 2

On November 15, 2001, the Company entered into an agreement with
Compania Minera La Parrena S.A. de C.V. ("Penoles") whereby Penoles
may earn the right to acquire a 60% interest in certain mining
concessions located in the Sierra Majada region of Coahuila, Mexico.
The earn-in right is contingent upon the following: delivery by
Penoles within four years of a pre-feasibility study, completion by
Penoles of $1,000,000 of qualified expenditures on the aforementioned
mining concessions, and Penoles' purchase of up to 250,000 shares of
Metalline's common stock at $2.00 per share.

During the nine months ended July 31, 2002, Metalline received
reimbursement of $134,287 from Penoles for expenses incurred by
Metalline, which were applied toward qualified expenditures.

NOTE 3

In December 2001 Metalline Mining Company signed an agreement with
the B.O.W. Corporation of El Paso, Texas for an exclusive lease on 41
patented and 81 unpatented mining claims in the Silver Hills District
at Orogrande, New Mexico. The property contains high-grade garnet
deposits that will be developed for the industrial abrasive market.
The agreement allows Metalline to mine, process and market any
metallic, non-metallic, or other mineral mined and sold from the
property by establishing the quality and marketability of the garnet
and by furnishing B.O.W. a business plan and feasibility study within
six months. The agreement also provides that within 12 months of
completing the feasibility study, if warranted, Metalline will
construct and place into production a mining and marketing operation
with a minimum capacity of 25,000 tons per year of industrial garnet.
As consideration for the exclusive lease, B.O.W. will receive up to
50% of net profits from the operation.
                             F/S - 9

                    METALLINE MINING COMPANY
                  An Exploration Stage Company
           Notes to the Consolidated Financial Statements
                          July 31, 2002


NOTE 4

On June 21, 2002, the Company authorized the purchase of property and
equipment from the Mineros Nortenos Cooperativa, located at the
Company's Sierra Majada Project at La Esmeralda, Coahuila, Mexico.
Total purchase price, after conversion to U.S. Dollars, amounted to
$272,616, of which $149,616 remains to be paid under the Property and
Equipment Purchase Agreement.

NOTE 5

On May 20, 2002 the Company authorized the offering of 1,000,000
stock units, with each unit consisting of one share of common stock
and one warrant equal to 1/3 of a share of common stock. As of July
31, 2002, 96,000 units have been sold for cash totaling $208,750 and
a receivable of $35,250.

    [The balance of this page has been intentionally left blank.]

                         F/S - 10


                     METALLINE MINING COMPANY
                   AN EXPLORATION STAGE COMPANY

                            JULY 31, 2002


SIGNATURES

 In accordance with Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly
authorized.

      METALLINE MINING COMPANY

      BY: /s/ Merlin Bingham
          ------------------
          Merlin Bingham, its President
          Date:  September 12, 2002

     By: /s/ Wayne L. Schoonmaker
         ---------------
         Wayne Schoonmaker, its
         Principal Accounting Officer
         Date:  September 12, 2002

  Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated:


By: /s/ Merlin Bingham          By: /s/ Daniel Gorski
         ------------------              -----------------
    Merlin Bingham                  Daniel Gorski
    Director                        Vice President/Director
    Date: September 12, 2002        Date: September 12, 2002

By: /s/ Wayne L. Schoonmaker
    ------------------------
    Wayne Schoonmaker
    Secretary/Treasurer
    Date: September 12, 2002

                           F/S - 11