IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2004

Apr 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 (formerly Hamill Resources Limited)

ABN

71 095 047 920

Quarter ended ("current quarter") 31 March 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	$($ .9 , 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	(564) (270) (238)	(2,112) (391) (596)
1.3	Dividends received
1.4 1.5	Interest and other items of a similar nature received Interest and other costs of finance paid		87	153
1.6 1.7	Income taxes paid Other - Option Fees		$10^{\circ}$	21
	Net Operating Cash Flows		(975)	(2,925)
1.8	Cash flows related to investing activities Payment for purchases of:	(a)prospects		(127)
		(b)equity investments fixed other (c) assets	(47) (18)	(57) (77)
1.9	Proceeds from sale of:	(a)prospects (b)equity		165
		investments fixed (c)other assets		47
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other - Bond			(136)
	Net investing cash flows		(65)	(185)
1.13	Total operating and investing cash flows (carried forward)		(1,040)	(3,110)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(1,040)	(3, 110)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	139.	8,510
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other - repayment of issue proceeds
	costs of share issues	(140)	(278)
	cash acquired from merger w		1,224
	Net financing cash flows	(1)	9,456
	Net increase (decrease) in cash held	(1,041)	6,346
1.20	Cash at beginning of quarter/year to date	7,722	335
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	6,681	6,681

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	116
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	600
-4.2	Development	w
4.1	Exploration and evaluation	600
		\$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.I	Cash on hand and at bank	461	4,053
5.2	Deposits at call	6.220	3,732
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	6.681	7,785

Changes in interests in mining tenements

		Tenement	Nature of interest	Interest at	Interest at
		reference	(note(2))	beginning	end of
				of quarter	quarter
6.1	Interests in mining	E29/551	100%	100%	$\Omega$
	tenements relinquished,	P15/4549	100%	100%	$\theta$
	reduced or lapsed	P15/4550	100%	100%	0
		P15/4551	100%	100%	0
		P15/4552	100%	100%	0
		P15/4553	100%	100%	0
		P15/4554	100%	100%	0
		P15/4555	100%	100%	0
		P15/4556	100%	100%	0
		P15/4557	100%	100%	0
		P77/3308	20%	90%	20%
		P77/3309	20%	90%	20%
		P77/3310	20%	90%	20%
		P77/3311	20%	90%	20%
		P77/3312	20%	90%	20%
		P77/3340	20%	90%	20%
		P77/3341	20%	90%	20%
		P77/3342	20%	90%	20%
		P77/3343	20%	90%	20%
		P77/3344	20%	90%	20%
		P77/3345	20%	90%	20%
		P77/3346	20%	90%	20%
		P77/3353	20%	90%	20%
		E77/1063	20%	90%	20%
		E77/1074	20%	90%	20%
		EPM/9869	10%	100%	10%

$+$ See chapter 19 for defined terms.

6.2	Interests in mining	E29/559	100%	100%
	tenements acquired or	M29/334	100%	100%
	mereased

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,
7.3	redemptions + Ordinary	130,227,027	118,021,311
	securities
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	238,605	238,605
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 8,571,429 550,000	8,571,429	Exercise price 35 cents 40 cents 25 cents 45 cents	Expiry date 30 June 2005 31 August 2005 30 June2004 22 October 2008
7.8	Issued during
7.9	quarter Exercised during quarter
7.10	Expired during quarter
7.11	Debentures
7.12	(totals only) 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: .30 April 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 Industries $\overline{4}$ 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.