IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2004

Oct 28, 2004

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

ABN

71 095 047 920

Quarter ended ("current quarter") 30 September 2004

Year to date

Current quarter

Consolidated statement of cash flows

Cash flows related to operating activities

Cash flows related to operating activities			\$A'000	$\binom{3}{1}$ months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) evaluation	exploration and (b) development (c) production (d) administration	(694) (752) (402)	(694) (752) (402)
1.3	Dividends received
1.4 1.5	Interest and other items of a similar nature received Interest and other costs of finance paid		45	45
1.6 1.7	Income taxes paid Other - Option Fees		$10^{\circ}$	10
	Net Operating Cash Flows		(1,793)	(1,793)
1.8	Cash flows related to investing activities Payment for purchases of:	(a)prospects	(13)	(13)
		(b)equity investments fixed other (c) assets	(1,301) (41)	(1,301) (41)
1.9	Proceeds from sale of:	(a)prospects (b)equity investments fixed (c)other
1.10	Loans to other entities	assets
1.11	Loans repaid by other entities
1.12	Other - Bond
	Net investing cash flows		(1, 355)	(1, 355)
1.13	Total operating and investing cash flows (carried forward)		(3,148)	(3, 148)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(3,148)	(3,148)
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid - repayment of issue proceeds Other costs of share issues cash acquired from merger	181 (105)	181 (105)
	Net financing cash flows	76	76
	Net increase (decrease) in cash held	(3,072)	(3,072)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	6,936	6.936
1.22	Cash at end of quarter	3,864	3,864

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 SA'000
1.23	Aggregate amount of payments to the parties included in item 1.2	98
1.24	Aggregate amount of loans to the parties included in item 1.10

Explanation necessary for an understanding of the transactions $1.25$

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	1,200
-4.2	Development	900
4.1	Exploration and evaluation	300
		\$A'000

Reconciliation of cash

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 SA'000	Previous quarter SA'000
5.1	Cash on hand and at bank	390	390
5.2	Deposits at call	3.474	3,474
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	3,864	3,864

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
6.I	Interests in mining tenements relinquished, reduced or lapsed	E77/957 E77/958 E77/959		100% 100% 100%	$0\%$ $0\%$ $0\%$
6.2	Interests in mining tenements acquired or increased	E77/1141		$0\%$	100%

$+$ 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)
7.1	Preference r securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3	i Ordinary securities	139,153,532	139, 153, 532
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	11,000	11,000
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)	6,500,000 3,100,000 550,000 500,000		Exercise price 35 cents 40 cents 45 cents 39 cents	Expiry date 30 June 2005 31 August 2005 22 October 2008 9 February 2009
7.8	Issued during
7.9	quarter 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

• $\mathbf{I}$ 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 give a true and fair view of the matters disclosed.

Sign here:

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, (Director/Company secretary)

Date: .29 October 2004....

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

Notes

• $\mathbf{I}$ The quarterly report provides a basis for informing the market how the entity's 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 $\overline{4}$ 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.

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⁺ See chapter 19 for defined terms.