IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2003

Jul 30, 2003

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

INTERNATIONAL GOLDFIELDS LIMITED (now International Goldfields (Romania) Limited)

ABN

091 744 437

Quarter ended ("current quarter") 30 June 2003

Consolidated statement of cash flows

Cash flows related to operating activities			Current quarter \$A'000	Year to date $\binom{12}{12}$ months)
				\$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a)	exploration and evaluation (b) development	(210)	(1104)
		(c) production (d) administration	(89)	(586)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		16	103
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other - Option Fees
	Net Operating Cash Flows		(283)	(1, 587)
1.8	Cash flows related to investing activities Payment for purchases of: (a)prospects	(b)equity
1.9	Proceeds from sale of:	investments fixed other (c) assets (a)prospects (b)equity investments
		(c)other fixed assets
1.10.	Loans to other entities.
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows
1.13	Total operating and investing cash flows (carried forward)		(283)	(1,587)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows
	(brought forward)	(283)	(1,587)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.		26
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings		(224)
1.18	Dividends paid
1.19	- repayment of issue proceeds Other		(142)
	- costs of share issues		(393)
	Net financing cash flows		(733)
	Net increase (decrease) in cash held	(283)	(2,320)
1.20	Cash at beginning of quarter/year to date	1,507	3.544
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	1.224	1,224

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	62
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Non-eash financing and investing activities

• $2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• $2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available SA'000	Amount used SA'000
-3.1	Loan facilities
3.2	Credit standby arrangements

⁺ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

	Total	$\mathbf{H}$
4.2	Development	$\overline{\phantom{a}}$
4. I	Exploration and evaluation
		\$A'000

Reconciliation of cash

$\overline{a}$

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter SA'000
5.1	Cash on hand and at bank	407	93
5.2	Deposits at call	797	1,414
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1.224	1.507

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased

$+$ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note $3)$ (cents)	Amount paid up per security (see note 3) (cents)
71	Preference r securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3	+ Ordinary securities	68,123,802	35,338,639
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs
7.5	+ Convertible debt securities
7.6	(description) Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7	Options (description and conversion factor)	10,000,000 1,580,000		Exercise price 25 cents \$5.00	Expiry date 30 June 2004 1 April 2005
7.8	Issued during quarter	10,000,000	w.	25 cents	30 June 2004
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

$+$ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here:	_______	Date: 31 July 2003
	(Director/Company secretary)

Print name: ............ Kent Hunter....................................

Notes

• The quarterly report provides a basis for informing the market how the entity's $\mathbf{I}$ activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive 4 Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

man men men men men

• See chapter 19 for defined terms.