<DOCUMENT>
<TYPE>EX-14.0
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INTRODUCTION

"Quality  and  Integrity"  has been part of United States Antimony Corporation's
(hereinafter  called  the  Company)  since  inception.  Truthfulness,  honesty,
fairness,  to  each  other,  our  Company,  and  to our investors, customers and
suppliers  are the ethical standards by which we live and work.  Each person who
is  an  officer  or  director  of the Company is a Company "associate" and has a
responsibility to deal ethically in all aspects of the Company's business and to
comply  fully  with  all laws, regulations, and Company policies.  Anyone who is
employed  by  the  Company is expected to assume the responsibility for applying
these  standards  of  ethical  conduct.  When in doubt any future employees will
have  the  responsibility  to  seek  clarification  from the appropriate Company
representative.  (See  Disclosure,  Guidance  and  Approvals,  below).

Each  director,  officer  and employee of the Company is required to comply with
this  Code  of  Ethics.

CONFLICTS  OF  INTEREST

A  CONFLICT  OF  INTEREST EXISTS WHEN AN INDIVIDUAL'S PRIVATE INTEREST CONFLICTS
WITH  THE INTERESTS OF THE COMPANY.  WHEN AN INDIVIDUAL'S LOYALTY TO THE COMPANY
AND  CONDUCT OF RESPONSIBILITIES AND DUTIES TOWARDS THE COMPANY IS PREJUDICED BY
ACTUAL  OR  POTENTIAL BENEFIT FROM ANOTHER SOURCE A CONFLICT OF INTEREST EXISTS.

We  are confident of the individual loyalty and honesty of our associates.  Good
relations  with  customers and suppliers and the integrity of our associates are
critical sources of goodwill and absolutely necessary to our success. Associates
should  never  be  in a position where their personal interests or third parties
inappropriately  influence  their  judgment  on  Company  matters.

No  associate  should  be  subject,  or even reasonably appear to be subject, to
influences,  interests or relationships that conflict with the best interests of
the  Company.  This means avoiding any activity that might compromise or seem to
compromise  the integrity of the Company or the associate.  All associates shall
avoid  conflicts  of  interests  in connection with the conduct of the Company's
business  except  as  expressly  permitted  by  this  Code.

Common  Sources  of  Conflicts.
-------------------------------

Although  it  is  impossible  to  prepare  a  list  of all potential conflict of
interest  situations,  conflicts of interest generally arise in four situations:

-INTEREST  OF  ASSOCIATE  -  When an associate, a member of the associate's
family  or  a trust in which the associate is involved, has a significant direct
or  indirect  financial  interest  in,  or obligation to, an actual or potential
competitor,  supplier,  lender,  service  provider  or  customer of the Company;

                                              United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 1 of 7
<PAGE>

-INTEREST  OF  RELATIVE  - When an associate conducts business on behalf of
the Company with a supplier or customer of which a relative by blood or marriage
is  a  principal,  partner,  shareholder,  officer,  employee or representative;

-GIFTS  -  When an associate, a member of the employee's household, a trust
in  which  the employee is involved, or any other person or entity designated by
the  employee,  accepts  gifts,  credits, payments, services or anything else of
more  than  token  or  nominal  value  from  an  actual or potential competitor,
supplier  or  customer;  and

-MISUSE  OF INFORMATION - When employee misuses information obtained in the
course  of  employment.


Specific  Examples.
-------------------

While it is not possible to describe every situation, it is useful to consider a
few  examples  in  which  clear conflicts of interest are present so that ground
rules  can  be  established:

-POSITION  OF  INFLUENCE  - If an associate or a member of that associate's
family  has a significant financial or other beneficial interest in an actual or
potential  supplier  or customer, the associate may not, without full disclosure
and specific written clearance by appropriate Company representatives, influence
decisions  with  respect  to  business  with  such  supplier  or customer.  Such
positions include situations where associates draw specifications for suppliers'
raw  materials,  products or services; recommend, evaluate, test or approve such
raw  materials,  products  or  services;  or participate in the selection of, or
negotiating  arrangements  with,  suppliers.

-OTHER  POSITIONS  -  It  is  expressly  acceptable for individuals of this
Company  to  serve  as  officers  and  directors  of  other  companies  at their
discretion.


Advance  Disclosure.
--------------------


Because  conflicts of interest have the potential of serious abuse, all conflict
of  interest  circumstances  affecting  any associate should be disclosed to the
appropriate Company representative. While transactions affected by a conflict of
interest  must  generally  be avoided, there may be times when such transactions
are  nevertheless  fair  and appropriate and in the Company's best interest.  An
associate  who  believes  a  potential  transaction  that  may  be affected by a
conflict  of interest should nevertheless be pursued, must disclose all material
terms  of  the  proposed  matter  to  the  appropriate Company representative in
advance.  No  such transaction may be pursued, however, unless it is approved in
advance  by  the  appropriate, duly authorized and disinterested officers of the
Company,  the  board  of  directors  or  an  appropriate  committee  thereof.

                                              United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 2 of 7

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LAWFUL  CONDUCT

All associates shall carry on the business of the Company in compliance with all
applicable  laws.  Without  limiting  this  obligation, the following conduct is
prohibited:

-Employee  theft,  fraud,  embezzlement,  misappropriation,  or any form of
wrongful  conversion  of  property  belonging  to  the  Corporation  or  another
employee.

-Any  act  of  fraud, deception or intentional misrepresentation against or
involving  the  Corporation,  a  customer,  a  supplier  or  any  other  party.

-Any  act  of  bribery,  including  a  promise,  offer  or gift of money or
anything  of  value  made  or  offered  by  an  employee  to:

1.     A  government  official  or  someone  acting  for  the  government;  or

2.     A  person  employed  by,  or acting on behalf of, a customer, supplier or
other  organization  with which the Corporation does business or has prospective
business,  (except  in  the  case  of  certain permitted gifts described below).

-The  destruction or alteration of Corporation records in order to falsify,
conceal or misrepresent information for any purpose including any motivation to:

1.     Avoid  criticism for errors of judgment or to conceal failure to follow a
supervisor's  instructions;

2.     Show  a  performance  record  better than, or different from, performance
actually  achieved;  or

3.     Misrepresent  the  employee's  performance,  activities,  or  other
transactions,  or  those  of  another  employee.


-Political  contributions  of  money,  services,  or  other property of the
Corporation  that  are  in violation of the law when the contributions are made.

-Violations  of securities laws rules or regulations, including concealment
of  information  required  to be disclosed in filings the Corporation makes with
the  Securities  and  Exchange  Commission.


GIFTS

Associates and their families generally shall not solicit or accept gifts, fees,
bequests,  services  or  entertainment  from customers, suppliers or prospective
customers. A gift is regarded as any type of

                                              United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 3 of 7

<PAGE>

gratuity, favor, loan, legacy, fee,
compensation,  or  anything  of  monetary  value.  All such gifts are prohibited
except:

-Business  entertainment  and  other  courtesies  such  as  meals, sporting
events,  and the like, that involves no more than ordinary amenities, and can be
properly  reciprocated by the employee and charged as a business expense. Lavish
or  extravagant  entertainment,  such  as  weekend  trips,  etc.,  should not be
accepted  unless  the  recipient  makes  full  reimbursement  to  the  donor.

-Gifts  received  because of kinship, marriage, or social relationships and
not  because  of  any  business  relationship.

-Unsolicited  advertising  or  promotional  materials  that are made widely
available.

-Customer  or  supplier  paid  travel  or  lodging  where  the  trip  has a
legitimate business purpose.  An appropriate Company representative must approve
any  such  trips  in  advance  in  writing.

-Fees  or  other  compensation  received  from  an  organization  in  which
membership or an official position is held, subject to prior written approval by
an  appropriate  Company  representative.

Associates  who believe that acceptance of a permitted gift might make them feel
obligated and therefore improperly influenced in the performance of their duties
should not accept it, or turn it over to the Company.  Associates who are unsure
whether a gift is a violation of the law and the Code, should seek guidance from
an  appropriate  Company  representative.

Likewise, no associate of the Company or members of his or her family may extend
a  gift  to  any existing or prospective customer or supplier that will not meet
these  same  criteria.

MISUSE  OF  INFORMATION

No  information  obtained  as  a  result  of  employment or association with the
Company  may  be  used for personal profit or as the basis for a "tip" to others
unless  the Company has made such information generally available to the public.
This is true whether or not direct injury to the Company appears to be involved.
The requirement is not limited to transactions relating to the Company stock but
also  applies  to  securities of any other company and includes any situation in
which  information  may  be  used  as  the  basis  for unfair bargaining with an
outsider.  The public disclosure of confidential data and trade secrets relating
to  our  business  can  have  a  material  adverse  effect on the Company and is
prohibited.

CORPORATE OPPORTUNITIES. A CORPORATE OPPORTUNITY IS AN OPPORTUNITY USEFUL TO THE
COMPANY  THAT  IS DISCOVERED THROUGH THE USE OF COMPANY PROPERTY, OPPORTUNITY OR
POSITION  AS  A  THE  COMPANY  ASSOCIATE.


Associates  are  prohibited  from taking corporate opportunities for themselves.
When  an  associate  uses corporate property, corporate information or corporate
position  for  personal  gain, he or she is taking a corporate opportunity.  You
must  use  corporate  opportunities  only  for advancing the legitimate business
interests  of  the  Company.

                                              United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 4 of 7

<PAGE>

COMPLETE  TRUTHFUL  AND  FULL  DISCLOSURES  IN  PUBLIC  FILINGS

The  Company's  filings  made under the Securities Exchange Act of 1934, such as
quarterly  and  annual reports and proxy statements, are to contain all required
disclosures.  All  such  filings  shall  provide required information in a full,
fair,  accurate,  timely, and understandable manner.  The Company has procedures
in  place  to  achieve  these  goals  with  respect  to  securities  reports and
shareholder  communications. Any employee who has concerns about the accuracy or
adequacy  of  disclosures  being  made  in  these  documents should feel free to
contact  the  Chief  Financial Officer.  No employee shall engage in any conduct
with  the  intent  of  impairing  the  Company's compliance with this provision.

ACCOUNTING  MATTERS

The Company's financial statements and books and records on which they are based
must  accurately  reflect  all  corporate  transactions.  All  receipts  and
disbursements  of corporate funds shall be promptly and properly recorded on the
Company's  books, and the Company's records must disclose the nature and purpose
of  the  transactions.  The  Company's  investors,  creditors and other decision
makers  rely  on  its records and have a right to information that is timely and
accurate.

-All  employees  shall cooperate fully with the independent auditors of the
Company  and  under  no  circumstances  withhold  any  information  from  them.

-A  director, officer or employee may not maintain the Company's accounting
or other records, or cause them to be maintained, in such a way that they do not
reflect  the true nature of transactions, account balances or other matters with
clarity  and  completeness.

-A  director,  officer  or  employee  may  not establish for any purpose an
unauthorized, undisclosed, or unrecorded fund or asset account involving Company
assets.

-A  director,  officer  or  employee  may  not  allow  transactions  with a
supplier,  agent,  or  customer  to  be  structured  or  recorded  in  a way not
consistent  with  normal  business  practice  or  generally  accepted accounting
principles.

-No false, incomplete, misleading or artificial entries or records shall be
made  on the books or records of the Company or its subsidiaries for any reason.
The  shifting  of  charges  or  costs  to  inappropriate accounts is prohibited.

-No  payment  on  behalf  of the Company shall be made or approved with the
understanding  that it will or might be used for something other than the stated
purposes.

-No  undisclosed or unrecorded corporate funds shall be established for any
purpose,  nor shall the Company funds be placed in any personal or non-corporate
account.

-"Slush  funds"  or similar off-book accounts, where there is no accounting
for  receipts  or  expenditures  on  corporate  books,  are  prohibited.

United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 5 of 7

<PAGE>


A system of internal accounting controls shall be maintained which is sufficient
to  provide  reasonable  assurances  that  transactions:

-are  executed  in  accordance  with  management's  authorization,

-are  recorded  in  a  manner  that  permits  preparation  of the Company's
financial statements in conformity with generally accepted accounting principles
and  applicable  regulations,  and

-are  recorded  so  as to maintain accountability for the Company's assets.

No  officer  or  employee  acting  on  behalf of the Company shall engage in any
activity  that  circumvents  or  seeks  to  circumvent  the Company's systems of
internal  controls.

DISCLOSURE,  GUIDANCE  AND  APPROVALS

This  Code  permits  or  requires  associates  in various situations to disclose
certain facts to, and seek guidance or obtain approval from "appropriate Company
representatives".

For  each  associate,  the  "appropriate  Company representative" is as follows:

-In  the  case of any non-officer employee, such employee's supervisor.  If
such  employee  has  concerns  regarding  the  supervisor's  objectivity  or
independence  with respect to the matter, the appropriate Company representative
is  the  Chief  Financial  Officer.

-In  the  case  of  any officer or management employee (other than the CEO,
President,  CFO  or  Controller)  the  appropriate Company representative is the
Chief  Financial  Officer.  If  such  employee  has concerns regarding the Chief
Financial  Officer's objectivity or independence with respect to the matter, the
appropriate  Company  representative  is  the  Chief  Executive  Officer  or the
President.

-In  the  case  of  the  Chief  Executive Officer, the President, the Chief
Financial  Officer  or the Controller, and any director, the appropriate Company
representative  is the Chairman of the Audit Committee of the Board of Directors
or,  if  the  Chairman  so  determines,  the  full  Audit  Committee.



These  are  the  persons  associates should contact to seek guidance, to clarify
issues  and  to  obtain  confirmation  that  a  particular  course of conduct or
transaction is permissible or impermissible under this Code. The Audit Committee
has  adopted  separate procedures for employees to report concerns they may have
regarding financial reporting abuses, illegality or violations of this Code on a
confidential  basis.  The  Company  Corporation Employee Reporting Procedure for
Accounting  and  Auditing  Concerns are circulated periodically and any employee
may  obtain  a  copy  from  the  Chief  Financial  Officer.

CERTIFICATIONS

Employees  may  be  required  periodically to certify their understanding of and
intent  to  comply  or  past  compliance  with  this  Code.

United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 6 of 7

<PAGE>

Any  employee who violates this Code of Ethics is subject to possible suspension
or other disciplinary action, including discharge.  Any employee who assists in,
or  knowingly  fails  to  report,  a  violation  of this Code is also subject to
suspension,  discharge  or other appropriate action. Any employee who suspects a
violation  of these policies (including any material transaction or relationship
that  gives  rise  to  a  conflict  of  interest  which to the knowledge of such
employee  has  not  been disclosed to the appropriate persons) should inform the
appropriate  Company  representatives  by using the Company Corporation Employee
Reporting  Procedure  for  Accounting  and  Auditing  Concerns.

ADOPTED  AND  ACCEPTED  BY  THE BELOW SIGNED DIRECTORS OF UNITED STATES ANTIMONY
CORPORATION.


Signed  this  23rd  day  of  March  2004.



/s/ John C. Lawrence
-----------------------------
John  C.  Lawrence


/s/ Robert A. Rice
-----------------------------
Robert  A.  Rice


/s/ Leo Jackson
-----------------------------
Leo  Jackson

United States Antimony Corporation
                                                                  Code of Ethics
                                                                     Page 7 of 7





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