IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2004

Jul 29, 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 June 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	$($ 12 months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a)	exploration and evaluation	(279)	(2,378)
		(b) development (c) production	(502)	(906)
1.3	Dividends received	(d) administration	(154)	(751)
1.4	Interest and other items of a similar nature received		82	234
1.5 1.6	Interest and other costs of finance paid Income taxes paid
1.7	Gold Sales Option Fees		32 155	32 165
	Other		49	60
	Net Operating Cash Flows		(617)	(3, 544)
	Cash flows related to investing activities
1.8	Payment for purchases of: (a)prospects	(b)equity	(32)	(159)
		investments other fixed	(904)	(960)
		(c) assets	(10)	(86)
1.9	Proceeds from sale of:	(a)prospects (b)equity		165
		investments fixed (c) other	15	62
		assets
1.10	Loans to other entities
1.11 1.12	Loans repaid by other entities Other - Bond			(136)
	Net investing cash flows		(931)	(1,114)
1.13	Total operating and investing cash flows (carried forward)		(1, 548)	(4,658)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(1, 548)	(4,658)
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	1,940 (140)	10,450 (418) 1,224
	Net financing cash flows	1,800	11,256
	Net increase (decrease) in cash held	252.	6,598
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	6,681	335
1.22	Cash at end of quarter	6,933	6.933

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	117
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-cash 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.

$3.1$ Loan facilities

$3.2$ Credit standby arrangements

Amount available \$A'000	Amount used \$A'000

⁺ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

4.1	Exploration and evaluation	\$A'000 400
4.2	Development	700
	Total	1.100

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 \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	371	461
5.2	Deposits at call	6,562	6,220
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	6,933	6,681

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	P29/1710 P29/1711 P29/1712 P29/1713		100% 100% 100% 100%	0% $0\%$ 0% 0%
6.2	Interests in mining tenements acquired or increased	P15/4531		$0\%$	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
	i securities
	(description)
7.2	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns of
	capital, buy-
	backs, redemptions
7.3	i Ordinary	137,416,063	125,236,337
	securities
$7.4\,$	Changes during
	quarter
	(a) Increases
	through issues	8,485,715	8,485,715
	(b) Decreases
	through returns of capital, buy-backs
7.5	+ Convertible
	debt securities
	(description)
7.6	Changes during
	quarter
	(a) Increases through issues
	(b) Decreases
	through securities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and conversion factor)	6,500,000 3,100,000		35 cents 40 cents	30 June 2005 31 August 2005
		550,000		45 cents	22 October 2008
		500,000		39 cents	9 February 2009
7.8	Issued during	500,000		39 cents	9 February 2009
	quarter
7.9	Exercised during	8,485,715	8,485,715
	quarter
7.10	Expired during quarter	11,000	11,000
7.11	Debentures
	(totals only)
7.12	Unsecured notes
	(totals only)

$\div$ 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 give a true and fair view of the matters disclosed.

Sign here:	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	Date: .30 July 2004
	(Director/Company secretary)

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

Notes

• $\mathbf{1}$ 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.
• The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in $\overline{\mathcal{L}}$ 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.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• Accounting Standards ASX will accept, for example, the use of International 5 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.