PAGE
Consolidated Financial Statements:
Consolidated Balance Sheets as of July 31, 2005
and October 31, 2004	F/S-2
Consolidated Statements of Operations for the three
and nine-month periods ended July 31, 2005 and
July 31, 2004 and for the period from inception
(November 8, 1993) to July 31, 2005	F/S-3
Consolidated Statements of Cash Flow for the nine-month
periods ended July 31, 2005 and July 31, 2004, and
for the period from inception (November 8, 1993)
to July 31, 2005	F/S-4
Condensed Notes to Consolidated Financial Statements	F/S-5

METALLINE MINING COMPANY
(AN EXPLORATION STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
		July 31			October 31,
		2005			2004
		(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	440,840		$	1,384,030
Marketable securities			-			1,250,000
Accounts receivable			13,674			88,164
Prepaid expenses			32,945			2,052
Employee advances			9,560			34,022
Total Current Assets			497,019			2,758,268
PROPERTIES, SIERRA MOJADA CONCESSIONS
Sierra Mojada, Mojada 3			15,875			15,875
Fortuna			76,725			76,725
Esmeralda			255,647			255,647
Esmeralda I			180,988			180,988
U.M. Nortenos, Vulcano			3,682,772			3,682,772
La Blanca			122,760			122,760
Total Property Concessions			4,334,767			4,334,767
PROPERTY AND EQUIPMENT
Office and mining equipment, net of accumulated depreciation			511,514			566,843
Total Property and Equipment			511,514			566,843
TOTAL ASSETS		$	5,343,300		$	7,659,878
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	5,439		$	57,231
Accrued liabilities and expenses			114,527			145,445
Other liabilities			12,022			-
Note payable, current portion			4,209			4,209
Total Current Liabilities			136,197			206,885
LONG-TERM LIABILITIES
Note payable, net of current portion			8,417			11,574
COMMITMENTS AND CONTINGENCIES			-			-
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 1,000,000 shares authorized,
no shares outstanding			-			-
Common stock, $0.01 par value; 50,000,000 shares authorized,
20,191,585 and 19,751,409 shares issued and outstanding, respectively			201,916			197,515
Additional paid-in capital			19,425,319			19,064,992
Stock options and warrants			1,606,923			1,498,550
Deficit accumulated during exploration stage			(16,035,472	)		(13,319,638	)
Total Stockholders' Equity			5,198,686			7,441,419
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	5,343,300		$	7,659,878

 

 

		July 31,			October 31,
		2005			2004
Mining equipment		$	514,855		$	507,257
Buildings and structures			141,061			141,061
Land - non mineral			15,839			15,839
Vehicles			42,068			42,068
Computer equipment			88,787			88,787
Office equipment			4,183			4,183
Furniture and fixtures			8,185			8,185
			814,978			807,380
Less: Accumulated depreciation			(303,464	)		(240,537	)
		$	511,514		$	566,843

Options Outstanding												Options Exercisable
Exercise Price			Number Outstanding			Weighted Average Remaining Contractual Life (Years)			Weighted Average Exercise Price			Number Exercisable			Weighted Average Exercise Price
$	1.25			100,000			4.02		$	1.25			100,000		$	1.25
	1.32			320,000			1.18			1.32			320,000			1.32
	1.75			100,000			2.61			1.75			100,000			1.75
	2.15			200,000			4.59			2.15			200,000			2.15
$	1.25-2.15			720,000			2.72		$	1.60			720,000		$	1.60

 

		July 31,			October 31,
		2005			2004
Net operating loss carryforward		$	13,171,000		$	10,456,000
Deferred tax asset		$	4,478,000		$	3,555,000
Deferred tax asset valuation allowance		$	(4,478,000	)	$	(3,555,000	)

 

3.1	Articles of Incorporation of the registrant. Filed as an exhibit to the registrant's registration statement on Form 10-SB (Commission File No. 000-27667) and incorporated by reference herein.

3.2	Bylaws of registrant. Filed as an exhibit to the registrant's current report on Form 8-K on September 14, 2005 and incorporated by reference herein.

3.3	Articles of Amendment to the Articles of Incorporation. Filed as an exhibit to the registrant's registration statement on Form 10-SB and incorporated by reference herein.

4.1	Reference is made to Exhibits 3.1, 3.2 and 3.3.

31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act. Filed herewith.

31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act. Filed herewith.

32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350. Furnished herewith.

32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350. Furnished herewith.

99.1	Sierra Mojada location map. Filed herewith.