SECURITIES  AND  EXCHANGE  COMMISSION
                           WASHINGTON,  D.C.  20549

                                 FORM  10-KSB
(Mark  One)
[X]  Annual  report  pursuant  to  section  13  or  15(d) of the Securities
     Exchange Act of 1934 for the fiscal year ended December 31, 2001, or

[ ]  Transition  report  pursuant  to section 13 or 15(d) of the Securities
     Exchange  Act  of  1934  for  the  transition  period  from  to

                     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 Identification No.)
  incorporation or organization)

601  WEST  MAIN  AVENUE,  SUITE  714
SPOKANE,  WASHINGTON                                                 99201-0677
(Address  of  principal  executive  offices)                         (Zip Code)

                                 509-455-9077
             (Registrant's  telephone  number,  including  area  code)

Securities  registered  under  Section  12(b)  of  the  Exchange  Act:

     Title  of each class       Name of each exchange on which registered
             NONE                                 NONE

Securities  registered  under  Section  12(g)  of  the  Exchange  Act:
                                      NONE
                                (Title of class)

Check  whether  the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 the past 90 days.
  Yes  (X)  No  ( )

Check  if there is no disclosure of delinquent filers in response to Item 405 of
Regulation  S-B  is  not  contained  in  this  form,  and no disclosure will  be
contained,  to  the  best  of  registrant's  knowledge,  in  definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or  any  amendment  to  this  Form  10-KSB.

State  issuer's  revenues  for  its  most  recent  fiscal  year.       $  38,959

State the aggregate market value of the voting and non-voting common equity held
by  non-affiliates computed by reference to the price at which the common equity
was  sold,  or  the  average  bid and asked price of such common equity, as of a
specified  date  within  60 days.  (See definition of affiliate in Rule 12b-2 of
the Exchange Act.) [Amended in release No. 33-7419 ( 85,938), effective June 13,
1997,  62  F.R.  26387.]   $0.00

NOTE:  If  determining  whether  a  person  is  an  affiliate  will  involve  an
unreasonable  effort  and expense, the issuer may calculate the aggregate market
value  of  the  common  equity held by non-affiliates on the basis of reasonable
assumptions,  if  the  assumptions  are  stated.


<page>
                         (ISSUERS INVOLVED IN BANKRUPTCY
                     PROCEEDING DURING THE PAST FIVE YEARS)

Check  whether  the  issuer  has  filed all documents and reports required to be
filed  by Section 12, 13, or 15(d) of the Exchange Act after the distribution of
securities  under  a  plan  confirmed  by  a  court.  Yes  No    NOT  APPLICABLE

                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

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

                       DOCUMENTS INCORPORATED BY REFERENCE

If  the following documents are incorporated by reference, briefly describe them
and  identify  the  part  of  the Form 10-KSB (e.g., Part I, Part II, etc.) into
which  the document is incorporated:  (1) any annual report to security holders;
(2) any proxy or information statement; and (3) any prospectus filed pursuant to
Rule  424(b)  or (c) of the Securities Act of 1933 ("Securities Act").  The list
documents  should be clearly described for identification purposes (e.g., annual
report  to  security holders for fiscal year ended December 24, 1990).      None

Transitional Small Business Disclosure Format (check one):     Yes ( )  No  (X)







































<PAGE>
                                     PART I

ITEM  1.     DESCRIPTION  OF  BUSINESS

(A)     BUSINESS  DEVELOPMENT

The  Registrant  was  incorporated  in   the  State  of   Washington   in  1927.
Historically,  the  Registrant  was engaged in the mineral exploration business.
The  Company  does  not  currently  hold  an interest in any mineral exploration
properties  and  has  no  active  business  operations.

The  Registrant  is  currently  seeking  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  opportunity.

(B)     BUSINESS  OF  ISSUER

The  Registrant  has no active business operations.  The Registrant is currently
seeking  to  acquire  an  interest  in  a  business  opportunity.

The  Registrant  currently  has  no  employees.

(C)     REPORTS  TO  SECURITY  HOLDERS

You  may  read  and  copy  any  materials filed with the SEC at the SEC's Public
Reference  Room  at  450  Fifth  Street,  N. W., Washington, D.C. 20549. You may
obtain  information on the operation of the Public Reference Room by calling the
SEC at 1 (800) SEC-0330. The SEC maintains an Internet site (http://www.sec.gov)
that  contains  reports,  proxy and information statements and other information
regarding  the  Company  that  is  filed  electronically  with  the  SEC.

ITEM  2.     DESCRIPTION  OF  PROPERTY

The  Company has no offices or facilities.  The Company's activities are carried
out  from the office of one of its officers and directors. There is no charge to
the  Company  for  the  use  of  office  space.

The Company disposed of the last of its interests in mineral properties in 1990.

ITEM  3.     LEGAL  PROCEEDINGS

There  are  no  material  pending legal proceedings to which the Registrant is a
party  or  of  which  any  of  its  property  is  subject.

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

No  matter was submitted during the fourth quarter of the fiscal year covered by
this  report  to a vote of security holders, through the solicitation of proxies
or  otherwise.








<PAGE>
     PART  II

ITEM  5.     MARKET  FOR  COMMON  EQUITY  AND  RELATED
STOCKHOLDER  MATTERS

(A)     MARKET  INFORMATION

There  is  no  established  public  trading  market  for the Registrant's common
equity.  There has been no market nor reported quote for the Registrant's common
equity  since  at  least  1991.

(B)     HOLDERS

There  are  approximately 1,273 holders of the Registrant's common equity at the
date  hereof.

(C)     DIVIDENDS

To  the management's knowledge, the Registrant has never paid a dividend.  There
is  no  plan  to  pay  dividends  for  the  foreseeable  future.

(D)     UNREGISTERED  SALES

During  the  period  covered  by  this  report  the  Company  has sold no equity
securities  that  were  not  registered  under  the  Securities  Act of 1933, as
amended.

ITEM  6.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION

PLAN  OF  OPERATION

Historically,  the  Company  has been engaged in mineral exploration activities.
Exploration  for  commercially  minable  ore  deposits is highly speculative and
involves  risks  greater than those involved in the discovery of mineralization.
Mining  companies  use  the   evaluation   work  of   professional   geologists,
geophysicists,  and engineers in determining whether to acquire an interest in a
specific  property,  or  whether  or  not to commence exploration or development
work.  These  professionals  are  not  always  scientifically exact, and in some
instances  result  in  the  expenditure  of  substantial  amounts  of money on a
property  before  it  is possible to make a final determination as to whether or
not  the  property  contains  economically  minable  ore  bodies.  The  economic
viability of a property cannot be finally determined until extensive exploration
and  development  work,  plus  a  detailed  economic feasibility study, has been
performed.  Also,  the  market prices for mineralization produced are subject to
fluctuation  and uncertainty, which may negatively affect the economic viability
of  properties  on  which expenditures have been made. Given the foregoing risks
and  the Registrant's extremely limited resources, Management has decided not to
attempt  to  again  become  actively  engaged  in  mineral  exploration.

During  2001,  the  Company's  only revenue was interest income in the amount of
$38,959.  This  represents a decrease of income of approximately $8,800 over the
year  ended  December 31, 2000. This decrease is attributable to the decrease in
interest  rates.

The  Registrant  is  currently  seeking  to  acquire  an  interest  in an as-yet
unidentified  business  opportunity.  Due to the Registrant's limited assets, 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  Company  is  not currently evaluating any specific
business  opportunity.

<page>
The  Company  believes  it  can  satisfy it's foreseeable cash requirements. The
Company does not believe that it will have to raise additional funds in the next
twelve  months.

ITEM  7.      FINANCIAL  STATEMENTS

Financial Statements of the Company for the fiscal years ended December 31, 2001
and December 31, 2000 audited by LeMaster & Daniels PLLC, are inserted here.



METALINE  MINING  &  LEASING  COMPANY

FINANCIAL  STATEMENTS  AND
INDEPENDENT  AUDITORS'  REPORT

DECEMBER  31,  2001  AND  2000
METALINE  MINING  &  LEASING  COMPANY


CONTENTS
--------


INDEPENDENT  AUDITORS'  REPORT                           2


FINANCIAL  STATEMENTS:

     Balance  sheets                                     3

     Statements  of  income                              4

     Statements  of  stockholders'  equity               5

     Statements  of  cash  flows                         6

     Notes  to  financial  statements                  7-9
























<page>


     INDEPENDENT  AUDITORS'  REPORT





Board  of  Directors
Metaline  Mining  &  Leasing  Company
Spokane,  Washington


We  have  audited  the  accompanying balance sheets of Metaline Mining & Leasing
Company  (a  Washington  Corporation)  as of December 31, 2001 and 2000, and the
related statements of income, stockholders' equity, and cash flows for the years
then  ended.  These financial statements are the responsibility of the Company's
management.  Our  responsibility  is  to  express  an opinion on these financial
statements  based  on  our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe our audits provide a reasonable
basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects,  the  financial  position  of Metaline Mining & Leasing
Company  as of December 31, 2001 and 2000, and the results of its operations and
its  cash  flows  for  the  years  then  ended,  in  conformity  with accounting
principles  generally  accepted  in  the  United  States  of  America.

/s/ LeMaster & Daniels PLLC

LeMASTER  &  DANIELS  PLLC
Certified  Public  Accountants
Spokane,  Washington
March  4,  2002




















<page>
METALINE  MINING  &  LEASING  COMPANY
BALANCE  SHEETS

                                                           December 31,
                                               --------------------------------
                                                    2001              2000
                                               --------------    --------------

ASSETS
CURRENT  ASSETS:

  Cash  and  cash  equivalents:
     Cash                                      $     391,756     $     393,783
     Temporary cash investments                      706,103           682,234
                                               --------------    --------------
Total  cash  and  cash  equivalents                1,097,859         1,076,017

FEDERAL  INCOME  TAX  RECEIVABLE                         386               774

INVESTMENTS                                           13,053            12,790

PARTNERSHIP  PROPERTIES                                5,821             5,068
                                               --------------    --------------
                                               $   1,117,119     $   1,094,649
                                               ==============    ==============

LIABILITIES  AND  STOCKHOLDERSEQUITY

CURRENT  LIABILITIES:

     Accounts  payable                         $       1,809     $        308
                                               --------------    --------------

STOCKHOLDERS' EQUITY:

  Common stock 15,000,000 shares, no
    par value, authorized;
    14,555,668 shares issued and outstanding         954,282           954,282
  Accumulated other comprehensive income:
    Unrealized loss, marketable securities            (6,438)           (6,701)
  Retained  earnings                                 167,466           146,760
                                               --------------    --------------
            Total  stockholders' equity            1,115,310         1,094,341
                                               --------------    --------------
                                               $   1,117,119     $   1,094,649
                                               ==============    ==============















See  accompanying  notes  to  financial  statements.
<page>
METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  INCOME


                                                    Years Ended December 31,
                                               --------------------------------
                                                    2001              2000
                                               --------------    --------------
INCOME:

     Dividend  and  interest  income           $      38,959     $      47,767
                                               --------------    --------------

EXPENSES:

     Directors fees                                    1,500             1,500
     Professional  fees                               11,582            12,415
     Office  expense                                   1,951             6,958
     Taxes,  licenses,  and  fees                        235             1,055
                                               --------------    --------------
                                                      15,268            21,928
                                               --------------    --------------

INCOME  BEFORE  OTHER  INCOME
     AND  FEDERAL  INCOME  TAX                        23,691            25,839

OTHER  INCOME:

     Income  from  partnership  interests                669               898
                                               --------------    --------------

INCOME  BEFORE  FEDERAL  INCOME  TAX                  24,360            26,737

PROVISION  FOR  FEDERAL  INCOME  TAX                   3,654             4,010
                                               --------------    --------------

NET  INCOME                                    $      20,706     $      22,727
                                               ==============    ==============


BASIC EARNINGS PER SHARE (based on weighted
     average  shares  outstanding)                       NIL               NIL
                                               ==============    ==============


















See  accompanying  notes  to  financial  statements.
<page>
METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  STOCKHOLDERS' EQUITY
YEARS  ENDED  DECEMBER  31,  2001  AND  2000

<TABLE>
                                                 Accumulated
                       Number  of                Other          Retained
                       Shares       Common       Comprehensive  Earnings
                       Outstanding  Stock        Income                      Total
                       -----------  -----------  -------------  -----------  ------------

                    <c>          <c>          <c>            <c>          <c>
BALANCES,
  DECEMBER  31, 1999    14,555,668  $  954,282   $     (5,877)  $   124,033  $ 1,072,438

ADD  (DEDUCT):

Comprehensive income:
  Unrealized loss in
  marketable securities        -           -             (824)          -           (824)
Net  income                    -           -              -          22,727       22,727
                                                                             ------------
Comprehensive  income                                                             21,903
                       -----------  -----------  -------------  -----------  ------------
BALANCES,
  DECEMBER 31, 2000     14,555,668     954,282         (6,701)     146,760     1,094,341

ADD:

Comprehensive  income
  Unrealized gain in
  marketable securities        -           -              263          -             263
Net  income                    -            -             -         20,706        20,706
                                                                             ------------
Comprehensive  income                                                             20,969
                       -----------  -----------  -------------  -----------  -----------
BALANCES,
  DECEMBER  31, 2001    14,555,668  $  954,282   $     (6,438)  $  167,466   $ 1,115,310
                       ===========  ===========  =============  ===========  ============
</table>





















See  accompanying  notes  to  financial  statements.

<page>
METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  CASH  FLOWS


                                                    Years Ended December 31,
                                               --------------------------------
                                                    2001              2000
                                               --------------    --------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH  FLOWS  FROM  OPERATING  ACTIVITIES:

     Net  income                                $     20,706     $      22,727
     Adjustments to reconcile net income to
       net cash provided by operating
       activities:
       Income from partnership interest                 (753)             (946)
       Decrease (increase) in federal taxes
         receivable                                      388              (774)
     Increase (decrease) in:
        Accounts  payable                              1,501               299
        Federal  income  tax  payable                    -              (5,013)
                                               --------------    --------------
Net  cash  provided  by operating activities          21,842            16,293

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR       1,076,017         1,059,724
                                               --------------    --------------

CASH  AND  CASH  EQUIVALENTS,  END  OF  YEAR   $   1,097,859     $   1,076,017
                                               ==============    ==============


SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:

     Cash  paid  for  income  taxes            $      3,266      $       9,797
                                               ==============    ==============

SUPPLEMENTAL  SCHEDULE  OF  NONCASH  INVESTING
     AND  FINANCING  ACTIVITIES:
     Increase  in  partnership  interests      $        753      $         946
                                               ==============    ==============


















See  accompanying  notes  to  financial  statements.

<page>
METALINE  MINING  &  LEASING  COMPANY
NOTES  TO  FINANCIAL  STATEMENTS
--------------------------------

NOTE  1  -  ORGANIZATION  AND  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES:

Organization:

Metaline Mining & Leasing Company (the Company) was incorporated in the state of
Washington  in  1927.  Although  it  has  previously  been  engaged  in  mineral
exploration  and  continues to hold interests in mineral exploration properties,
the  Company  currently  has  no  active  business  operations.  The  Company is
currently  seeking  to  acquire  an  interest  in  a  business  opportunity.

Summary  of  Significant  Accounting  Policies:

a.     Cash  and  cash equivalents include short-term cash investments that have
an  initial  maturity  of  90  days  or  less.

b.     The Company's marketable securities are stated at estimated fair value at
the  balance-sheet  dates  and  unrealized  losses are reported in stockholders'
equity  as  accumulated  other  comprehensive  income.  All  such securities are
considered  to be available-for-sale.  Gains and losses are determined using the
specific  identification  method.  Investments  in  coins  (gold Krugerrands and
silver  rounds)  are  stated  at  fair  value.

c.     The Company capitalizes acquisition and exploration costs on nonoperating
mining  properties  and  mineral  rights for accounting and income tax purposes.
Upon  commencement  of operations, the capitalized costs will be amortized based
on  proven  or  probable  reserves by the unit of production method so that each
unit  produced  is  assigned  a  pro rata portion of the unamortized acquisition
costs.

d.     Capitalized  costs  are  charged  to operations as impairment losses when
title to the property has expired or when management believes the properties are
not  economically  feasible  to  develop  or  hold  for  future  development.

e.     Income  tax  is  provided for the tax effects of transactions reported in
the  financial statements.  There were no material temporary differences between
financial  statement  and  tax  bases  of  accounts  for  the  years  presented.

f.     Basic  earnings  per share are computed using the weighted average number
of  shares  outstanding  during  the years (approximately 14,566,000 in 2001 and
2000).  Diluted  income  per  share was the same as basic earnings per share for
the  years  presented.

g.     The  preparation  of  financial  statements in conformity with accounting
principles  generally  accepted  in  the  United  States  of   America  requires
management to make estimates and assumptions that affect the reported amounts of
assets  and  liabilities and disclosures of contingent assets and liabilities at
the  date  of  the financial statements and the reported amounts of revenues and
expenses  during  the  reporting period.  Actual results could differ from those
estimates.









<page>
METALINE  MINING  &  LEASING  COMPANY
NOTES  TO  FINANCIAL  STATEMENTS
--------------------------------

NOTE  2  -  INVESTMENTS:
------------------------

The  Company  had  the  following  investments:

                                        December  31,
                                ----------------------------
                                     2001          2000
                                -------------  -------------
Coins:
At  fair  value                 $     13,053   $     12,790

Marketable  securities:
Cost                                   5,877          5,877
Gross unrealized holding loss         (5,877)        (5,877)
                                -------------  -------------
                                $     13,053   $     12,790
                                =============  =============

Coins  consisted  of  the  following:

-     44  1-ounce  Krugerrands
-     150  1-ounce  silver  rounds

Marketable  securities  consisted  of  the  following  investments:

-     25,000  shares  of Capitol Silver Mines, Inc., a development-stage company
-     31,151  shares  of  Carson  Industries  Corporation,  which  is  currently
      involved  in  oil  and  gas  exploration

NOTE  3  -  MINING  PROPERTIES:

Investments in mining properties, net of impairment losses recognized, consisted
of  the  following:

                                        December  31,
                                ----------------------------
                                     2001          2000
                                -------------  -------------

Partnership interest in two
  units of Pondera Partners,
  Ltd., a drilling project
  located in Teton County,
  Montana (at cost less
  equity in partnership
  losses)                       $      5,821   $      5,068











<page>
METALINE  MINING  &  LEASING  COMPANY
NOTES  TO  FINANCIAL  STATEMENTS
--------------------------------

NOTE  4  -  FEDERAL  INCOME  TAXES:

The  provision  for  income  taxes  consisted  of  the  following:

                                  Years Ended December 31,
                                ----------------------------
                                     2001          2000
                                -------------  -------------
Computed expected tax expense   $      3,654   $      4,010

NOTE  5  -  CONCENTRATION  OF  CREDIT  RISK:

The  Company  maintains  its  cash  and  cash  equivalents  in  three  financial
institutions.  Balances are insured by the Federal Deposit Insurance Corporation
(FDIC)  up  to  $100,000  per institution.  Balances on deposit may occasionally
exceed  FDIC  insured  amounts.










































<page>
ITEM  8.     CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON
          ACCOUNTING  AND  FINANCIAL  DISCLOSURE.

During  the registrant's two most recent fiscal years and the subsequent interim
period,  no  independent  accountant who was previously engaged as the principal
accountant  to  audit  the  registrant's  financial  statements,  or independent
accountant  who  was previously engaged to audit a significant subsidiary and on
whom the principal accountant expressed reliance in its report, has resigned (or
indicated  it  has declined to stand for re-election after the completion of the
current  audit)  or  was  dismissed.

The  Registrant  has  engaged LeMaster & Daniels PLLC as Independent Auditor for
the  year  ended  December  31,  2002.

                                    PART III

ITEM  9.  DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND  CONTROL  PERSONS;
          COMPLIANCE  WITH  SECTION  16(A) OF  THE  EXCHANGE  ACT

DIRECTORS  AND  EXECUTIVE  OFFICERS

(A)     IDENTIFICATION  OF  DIRECTORS

Set  forth below is the name, age and length of service of the Company's present
directors:

NAME  (AGE)                    POSITION            LENGTH  OF  SERVICE
-----------------------------  ------------------  -------------------

William  R.  Green  (63)        Director             Since  1993

Gregory  B.  Lipsker  (51)      Director             Since  1993

Eunice  R.  Campbell  (55)      Director             1992  and  since 1994

The  directors  are elected for a one-year term until their successors have been
elected  and  qualified. There are no arrangements or understandings between any
of the directors and other persons pursuant to which such person was selected as
a  director.

(B)     IDENTIFICATION  OF  EXECUTIVE  OFFICERS

Set  forth below is the name, age and length of service of the Company's present
Executive  Officers:

NAME  (AGE)                    POSITION            LENGTH  OF  SERVICE
-----------------------------  ------------------  -------------------
Gregory  B.  Lipsker  (51)     President                Since  1994

William  R.  Green  (63)        Vice President
                                /Asst.  Secretary       Since  1994

Eunice  R.  Campbell  (57)     Secretary/Treasurer      Since  1992

Executive  Officers  are  appointed  to  serve until the meeting of the Board of
Directors  following  the  next  annual  meeting of shareholders and until their
successors  have  been  elected  and  qualified.  There  are  no arrangements or
understandings  between  any  of  the  directors,  officers,  and  other persons
pursuant  to  which  such  person  was  selected  as  an  Executive  Officer.

Set  forth below is certain biographical information regarding each Director and
Executive  Officer  of  the  Company.
<page>
Gregory  B.  Lipsker  -  Mr.  Lipsker  is  a  practicing  attorney  in  Spokane,
Washington.  Mr. Lipsker's practice emphasizes corporate and securities matters.

Dr.  William R. Green - William R. Green is a mining engineer and geologist, and
was  a  professor  of mining engineering at the University of Idaho from 1965 to
1983.  He  has  been  actively involved in the mining business since 1962 and is
currently  an  officer  and director of Maya Gold Limited and Petromin Resources
Ltd.,  both  Canadian  public and Mines Management, Inc., a U.S. public company.

Eunice  R.  Campbell  -  Mrs. Campbell is a retired businesswoman.  Prior to her
retirement  in  1987, Mrs. Campbell was the owner of Spokane Guaranty Company, a
stock  transfer  agency.

(C)     IDENTIFICATION  OF  CERTAIN  SIGNIFICANT  EMPLOYEES

The  Registrant  has  no  employees.

(D)     FAMILY  RELATIONSHIPS

There  is  no  family  relationship  between any Director, Executive Officer, or
person  nominated  or chosen by the Registrant to become a Director or Executive
Officer

(E)      INVOLVEMENT  IN  CERTAIN  LEGAL  PROCEEDINGS

No  Director, or person nominated to become a Director or Executive Officer, has
been  involved  in  any  of  the  enumerated  events during the past five years.

(F)     PROMOTERS  AND  CONTROL  PERSONS

Not  Applicable

COMPLIANCE  WITH  SECTION  16(A)  OF  THE  EXCHANGE  ACT

Based  solely upon a review of Forms 3 and 4 and amendments thereto furnished to
the  Registrant pursuant to Section 240.16a-3 during its most recent fiscal year
and  Form  5  and amendments thereto furnished to the Registrant with respect to
the most recent fiscal year, all executive officers and directors of the Company
timely filed the reports required under Section 16(a) of the Securities Exchange
Act  of  1934,  as  amended.

ITEM  10.     EXECUTIVE  COMPENSATION

(A)     EXECUTIVE  OFFICERS

The following table sets forth the compensation paid by the Company to its Chief
Executive  Officer  and  executive  officers whose total annual salary and bonus
exceeded  $100,000  during the past three calendar years ("Executive Officers").
Except  as  set  forth  below,  no  officer  or Executive Officer of the Company
received  compensation  in  excess  of  $100,000  during the past three calendar
years. This information includes the dollar value of base salaries, bonus awards
and  number  of  stock  options granted, and certain other compensation, if any.










<page>
<table>
Summary  Compensation  Table
----------------------------
                                                        Long-Term Compensation
          Annual  Compensation                     Awards                 Payouts
-------------------------------------------  ----------------------  ------------------
(a)             (b)    (c)    (d)     (e)    (f)         (g)         (h)     (i)
Name                                 Other   Restricted  Securities
and                                  Annual  Stock       Underlying  LTIP     All Other
Principal       Year  Salary  Bonus  Comp.   Awards(1)   Options/    Payouts  Comp.
Position               ($)     ($)    ($)     ($)        SARs(#)      ($)      ($)
--------------  ----  ------  -----  ------  ----------  ----------  -------  ---------

             <c>   <c>     <c>    <c>     <c>         <c>         <c>      <c>
Gregory B.
 Lipsker        1999     $0     $0     $0        $0          -0-         $0       $0
President and
 Director       2000     $0     $0     $0        $0          -0-         $0       $0
                2001     $0     $0     $0        $0          -0-         $0       $0*
</table>
*     Mr.  Lipsker's  law  firm  received  fees  of  $1,170 for legal services
performed  for  the  Company  during  2001.

(B)     DIRECTOR  COMPENSATION  FOR  LAST  FISCAL  YEAR

                        Cash Compensation     Security Grants


<table>
             Cash Compensation                              Security Grants
-------------------------------------------  ------------------------------------------
                                                                          Number of
                    Annual     Meeting       Consulting    Number of      Securities
                    Retainer   Fees ($)      Fees/Other    Shares (#)     Underlying

Name                Fees ($)                 Fees ($)                     Options/SARs(#)
(a)                 (b)        (c)           (d)           (e)            (f)
------------------  ---------  ------------  ------------  -------------  ---------------

                 <c>        <c>           <c>           <c>            <c>
Gregory Lipsker        $500           -0-           -0-             0              0
William  R.  Green     $500           -0-           -0-             0              0
Eunice Campbell        $500           -0-           -0-             0              0
</table>
ITEM  11.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND  MANAGEMENT

The  following table sets out as of the date hereof, the names and shareholdings
of  beneficial owners known to the Company to own more than five percent (5%) of
the  common  stock  of  the  Company, each director and executive officer of the
Company,  and  the  shareholdings  of  all directors and executive officers as a
group. At such date, the number of issued and outstanding shares of common stock
of  the  Company  was  14,555,668.












<page>
<table>
                                   Amount  and  Nature  of
                                   Beneficial  Ownership
Name  of  Person                   (all  direct  unless
or  Group  (1)                     otherwise  noted)               % of Class
----------------------------------  ------------------------        ----------

                                <c>                             <c>
Albert  M.  Zlotnick                       7,277,834                  50.00%
301  City  Ave.
Bala  CynWyd,  PA  19004

Directors  and  Executive  Officers:
------------------------------------
Greg  Lipsker                              1,001,500                   6.88%
601  W.  Main  Avenue
Spokane,  WA  99201

William  Green                               896,000                   6.15%
905  W.  Riverside,  Ste.  311
Spokane,  WA  99201

Eunice  R.  Campbell                         595,000                   4.09%
301  S.  Chestnut,  Ste.  #6
Spokane,  WA  99204

All  executive  officers  and              2,492,500                  17.12%
directors  as  a  group  (3  persons)
</table>
(1)     The  positions  of those persons who are directors or executive officers
of  the  Registrant  are  set  out  in  Item  9.

ITEM  12.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

(A)     TRANSACTIONS  WITH  MANAGEMENT  AND  OTHERS

None

(B)     CERTAIN  BUSINESS  RELATIONSHIPS

None
ITEM  13.     EXHIBITS  AND  REPORTS  ON  FORM  8-K

(a).     Exhibits  required  by  Item  601  (1)

(3)(i)          Articles  of  Incorporation  (2)
(3)(ii)          Bylaws.  (2)

          (1)  Omitted  Exhibits  not  applicable
          (2)  Incorporated  by  reference  to  previous  filing

Financial  Statements
   Independent  Auditors'  Reports
   Balance  Sheets  at  December  31,  2001  and  2000
   Statements  of  Income  (Loss))
      for  the  years  ended  December  31,  2001  and  2000
   Statements  of  Stockholders'  Equity
      for  the  years  ended  December  31,  1999  -  2001
   Statements  of  Cash  Flows
      for  the  years  ending  December  31,  2001  and  2000
   Notes  to  Financial  Statements
(b)     No  reports  have  been filed on Form 8-K during the last fiscal quarter
covered  by  this     report.
<page>

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     .

Date: 3/29/02                     /s/ Gregory B. Lipsker
                              By:----------------------------------------
                                   GREGORY  B.  LIPSKER,  President
                                   (Principal  Executive  Officer)

Date: 3/29/02                     /s/  Eunice R. Campbell
                              By:----------------------------------------
                                    EUNICE  R.  CAMPBELL,  Secretary/Treasurer
                                   (Principal  Financial  Officer)


In  accordance  with  the Exchange Act, this report has been signed below by the
following  persons  on behalf of the registrant and in the capacities and on the
dates  indicated.


/s/ William R. Green     3/29/02
                         -------
WILLIAM  R.  GREEN       Date
Director

/s/ Eunice Campbell     3/29/02
                         -------
EUNICE  CAMPBELL         Date
Director

Gregory B. Lipsker       3/29/02
                         -------
GREGORY  B.  LIPSKER     Date
Director

SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D)  OF  THE  EXCHANGE  ACT  BY  NON-REPORTING  ISSUERS  -  Not  Applicable