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, 2000, 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.

<PAGE>
State  issuer's  revenues  for  its  most  recent  fiscal  year.     $  47,767

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.

                         (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.

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  2000,  the  Company's  only revenue was interest income in the amount of
$47,767.

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, 2000
and December 31, 1999 audited by LeMaster & Daniels PLLC, are included elsewhere
in  this  Form  10-KSB.

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,  2001.

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  (61)       Director               Since  1993
Gregory  B.  Lipsker  (49)     Director               Since  1993
Eunice  R.  Campbell  (54)     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  (50)   President                          Since  1994
William  R.  Green  (62)     Vice President/Asst. Secretary     Since  1994
Eunice  R.  Campbell  (55)   Secretary/Treasurer                Since  1992


<PAGE>
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.

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(#)      ($)      ($)
--------------  ----  ------  -----  ------  ----------  ----------  -------  ---------
<S>             <C>   <C>     <C>    <C>     <C>         <C>         <C>      <C>
Gregory B.
  Lipsker       1998     $0     $0     $0         $0         -0-        $0       $0
  President     1999     $0     $0     $0         $0         -0-        $0       $0
  and Director  2000     $0     $0     $0         $0         -0-        $0       $0
</TABLE>

*     Mr.  Lipsker's  law  firm  received  fees  of  $  2,175 for legal services
performed  for  the  Company  during  2000.

(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)
------------------  ---------  ------------  ------------  -------------  ---------------
<S>                 <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
----------------------------------  ------------------------        ----------
<S>                                <C>                             <C>
Principal  Shareholders:
------------------------
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)

(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,  2000  and  1999
     Statements  of  Income  (Loss))
       for  the  years  ended  December  31,  2000  and  1999
     Statements  of  Stockholders'  Equity
       for  the  years  ended  December  31,  1998  -  2000
     Statements  of  Cash  Flows
        for  the  years  ending  December  31,  2000  and  1999
     Notes  to  Financial  Statements

(b)     No  reports  have  been filed on Form 8-K during the last fiscal quarter
covered  by  this     report.
<PAGE>
METALINE  MINING  &  LEASING  COMPANY
FINANCIAL  STATEMENTS  AND
INDEPENDENT  AUDITORS'  REPORT

DECEMBER  31,  2000  AND  1999

CONTENTS                                     PAGE
--------                                     ----

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


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,  2000  and 1999, 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  generally   accepted  auditing
standards.  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, 2000 and 1999, and the results of its operations and
its  cash  flows for the years then ended, in conformity with generally accepted
accounting  principles.

/s/ LeMasters & Daniels, PLLC

Spokane,  Washington
March  19,  2001









<PAGE>
METALINE  MINING  &  LEASING  COMPANY

BALANCE  SHEETS
---------------

</TABLE>
<TABLE>
                                                        December 31,
                                              --------------------------------
                                                   2000              1999
                                              --------------    --------------
<S>                                           <C>               <C>
ASSETS
CURRENT  ASSETS:
  Cash                                        $     393,783     $     404,911
  Temporary cash investments                        682,234           654,813
                                              --------------    --------------
     Total cash and cash equivalents              1,076,017          1,059,724

Federal income tax receivable                           774                -
                                              --------------    --------------
     Total current assets                         1,076,791          1,059,724

INVESTMENTS                                          12,790             13,614

MINING PROPERTIES                                     5,068              4,122
                                              --------------    --------------
                                              $   1,094,649     $   1,077,460
                                              ==============    ==============

LIABILITIES  AND  STOCKHOLDERSEQUITY

CURRENT  LIABILITIES:
  Accounts payable                            $         308     $           9
  Federal income tax payable                            -               5,013
                                              --------------    --------------
     Total current liabilities                          308             5,022
                                              --------------    --------------

STOCKHOLDERSEQUITY:
  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           (6,701)            (5,877)
  Retained earnings                                 146,760            124,033
                                              --------------    --------------
     Total stockholders' equity                   1,094,341         1,072,438
                                              --------------    --------------
                                              $   1,094,649     $   1,077,460
                                              ==============    ==============
</TABLE>









See  accompanying  notes  to  financial  statements.

                                    3
<PAGE>
METALINE  MINING  &  LEASING  COMPANY

STATEMENTS  OF  INCOME
----------------------

<TABLE>
                                                   Years Ended December 31,
                                                 ---------------------------
                                                     2000           1999
                                                 ------------   ------------
<S>                                              <C>            <C>
INCOME:
  Dividend and interest income                   $    47,767    $    46,848
                                                 ------------   ------------
EXPENSES:
  Directors fees                                       1,500            -
  Professional fees                                   12,415         12,691
  Office                                               6,959          1,907
  Taxes, licenses, and fees                            1,054            528
                                                 ------------   ------------
                                                      21,928         15,126
                                                 ------------   ------------

INCOME BEFORE OTHER INCOME AND INCOME TAX             25,839         31,722
                                                 ------------   ------------

OTHER  INCOME:
  Income from partnership interests                      898            157
                                                 ------------   ------------

INCOME BEFORE FEDERAL INCOME TAX                      26,737         31,879

PROVISION FOR FEDERAL INCOME TAX                       4,010          3,969
                                                 ------------   ------------

NET INCOME                                       $    22,727    $    27,910
                                                 ============   ============

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


















See  accompanying  notes  to  financial  statements.

                                     4
<PAGE>
METALINE  MINING  &  LEASING  COMPANY
STATEMENTS OF STOCKHOLDERSEQUITY
YEARS ENDED DECEMBER 31, 2000 AND 1999
--------------------------------------


</TABLE>
<TABLE>
                                                 Accumulated
                       Number  of                Other          Retained
                       Shares       Common       Comprehensive  Earnings
                       Outstanding  Stock        Income         (Deficit)    Total
                       -----------  -----------  -------------  -----------  -----------
<S>                    <C>          <C>          <C>            <C>          <C>
BALANCES,
 DECEMBER 31, 1998     14,555,668   $  954,282   $     (5,773)  $   96,123   $1,044,632

ADD (DEDUCT):
Comprehensive income:
  Unrealized loss in
  marketable securities       -            -             (104)         -          (104)
Net income                    -            -              -         27,910       27,910
                                                                             -----------
Total comprehensive income                                                       27,806
                       -----------  -----------  -------------  -----------  -----------
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
                                                                             -----------
Total comprehensive income                                                       21,903
                       -----------  -----------  -------------  -----------  -----------
BALANCES,
 DECEMBER 31, 2000     14,555,668   $  954,282   $     (6,701)  $  146,760   $1,094,341
                      ============  ===========  ==============  ==========  ===========
</TABLE>





















See  accompanying  notes  to  financial  statements.

                                       5
<PAGE>
METALINE  MINING  &  LEASING  COMPANY
STATEMENTS  OF  CASH  FLOWS
----------------------------------------

<TABLE>
                                                     Years Ended December 31,
                                                   ---------------------------
                                                       2000           1999
                                                   ------------   ------------
<S>                                                <C>            <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH  FLOWS  FROM  OPERATING  ACTIVITIES:
  Net income                                       $    22,727    $    27,910
  Adjustments to reconcile net income to net cash
    provided  by  operating  activities:
    Income from partnership interest                      (946)          (211)
    Increase in federal taxes receivable                  (774)           -
    Increase  (decrease)  in:
      Federal  taxes  receivable
      Accounts payable                                     299           (297)
      Federal income tax payable                        (5,013)        (7,487)
                                                   ------------   ------------
Net cash provided by operating activities               16,293         19,915
                                                   ------------   ------------

NET INCREASE IN CASH AND CASH EQUIVALENTS               16,293         19,915

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR         1,059,724      1,039,809
                                                   ------------   ------------
CASH AND CASH EQUIVALENTS, END OF YEAR             $ 1,076,017    $ 1,059,724
                                                   ============   ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash  paid  for:
  Income taxes                                     $     9,797    $    11,013
                                                   ============   ============

SUPPLEMENTAL  SCHEDULE  OF  NONCASH  INVESTING
     AND  FINANCING  ACTIVITIES:
  Increase in partnership interests                $       946    $       211
                                                   ============   ============
















See  accompanying  notes  to  financial  statements.

                                        6
<PAGE>
METALINE  MINING  &  LEASING  COMPANY
NOTES  TO  FINANCIAL  STATEMENTS
--------------------------------


NOTE  1  -  ORGANIZATION  AND  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES:

Organization:

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  cost  which  approximates  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.  Deferred  income  tax assets are recognized for the
estimated  future  tax  benefits  of  tax-basis  operating  losses being carried
forward.  A  valuation allowance for deferred tax assets is also recognized when
appropriate  and  reversed as such loss carryovers are utilized on the Company's
income  tax  returns.

f.     Basic earnings per share is computed using the weighted average number of
shares  outstanding  during  the  years  (14,566,000 in 2000 and 1999).  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 generally
accepted  accounting  principles  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  at  the  balance-sheet  dates:

                                         2000            1999
                                    -------------    -------------
Coins:
  Cost  and  fair  value            $     12,790     $     13,614

Marketable  securities:
  Cost                                     5,877            5,773
  Gross  unrealized  holding  loss        (5,877)          (5,773)
                                    -------------    -------------
        Totals                      $     12,790     $     13,614
                                    =============    =============

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,
                                              ----------------------------
                                                    2000          1999
                                              -------------  -------------
Partnership interest in two units
of Pondera Partners, Ltd., a
drilling project located in Teton
County, Montana (at cost less equity
in  partnership  losses)                      $      5,068   $      4,122

NOTE  4  -  FEDERAL  INCOME  TAXES:

The  provision  for  income  taxes  consisted  of  the  following:

                                                Years Ended December  31,
                                              ----------------------------
                                                    2000          1999
                                              -------------  -------------
Computed  expected  tax  expense              $      4,784   $      3,969

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>
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

   /s/ Gregory B. Lipsker                              4/10/01
By: -------------------------------           Date:-----------------
GREGORY  B.  LIPSKER,  President
 (Principal  Executive  Officer)

   /s/ Eunice R. Campbell                              4/10/01
By:--------------------------------           Date:-----------------
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.


                                             4/10/01
/s/ William R. Green                         -------
WILLIAM  R.  GREEN                             Date
Director

                                             4/10/01
/s/ Eunice Campbell                          -------
EUNICE  CAMPBELL                               Date
Director

                                             4/10/01
/s/ Gregory B. Lipsker                        -------
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



</TABLE>