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United States Securities and Exchange Commission
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(check one)
_X_ Form 10-K and Form 10-KSB
___ Form 20-F
___ Form 11-K
___ Form 10-Q and Form 10-QSB
___ Form N-SAR
For Period Ended : December 31, 1997
___ Transition Report on Form 10-K
___ Transition Report on Form 20-F
___ Transition Report on Form 11-K
___ Transition Report on Form 10-Q
___ Transition Report on Form N-SAR
___ Money Market Fund Rule 30b3-1 Filing
For the Transition Period Ended: _____________________________________
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
Identify the Item(s) to which the notification relates.
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<PAGE>
PART 1 - REGISTRANT INFORMATION
Full Name of Registrant: Metaline Mining & Leasing Company, Inc.
Former Name if Applicable:
Address of Principal Executive Office: 601 W. Main Avenue, Suite 714
City, State and Zip Code: Spokane, WA 99201-0677
PART II - RULES 12B-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to rule 12b-25(b)[23,047],
the following should be completed. (Check box if appropriate.)
___ (a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense;
_X_ (b) The subject annual report, semi-annual report, transition
report, on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion
thereof will be filed on or before the fifteenth calendar
day following the prescribed due date; or the subject
quarterly report on Form 10-Q, or portion there of will be
filed on or before the fifth calendar day following the
prescribed due day; and
___ (c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III - NARRATIVE
(State below in reasonable detail why the Form 10-K and Form 10-KSB, 11-K,
10-Q, or filing made by a money market fund pursuant to Rule 30b3-1 and
Form 10-QSBl, N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period.)
Due to computer lockup, the Company was unable to retrieve this information
in a timely manner.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Gregory B. Lipsker
601 W. Main, Suite 714
Spokane, WA 99201-0677 (509) 455-9077
_______________________ ____________ _____________________
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports)
been filed? If the answer is no, identify report(s).
___ Yes _X_ No
Form 10Q for the 1st and 2nd quarter of 1997
________________________________________________________________
<PAGE>
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
___ Yes _X_ No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
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SIGNATURE
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Metaline Mining & Leasing Company, Inc.
_________________________________________
(Name of Company)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
By: /s/ Gregory B. Lipsker Date: March 31, 1998
_____________________________________ ______________________________
Gregory B. Lipsker
Title: President
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name
and title of the person signing the form shall be typed or printed
beneath the signature. If the statement is singed on behalf of the
registrant by an authorized representative (other than an executive
officer), evidence of the representative's authority to sign on behalf
of the registrant shall be filed with the form.
