IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2004

Apr 21, 2004

INTERNATIONAL GOLDFIELDS LIMITED

International GoldSeids Limited: ABN 73-095-047-920-Ground Ploor 18 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimilie +618 9382 1411 PO Box 144 West Perth Western Australia 6872 www.internationalgoidfelds.com

April 22, 2004

Company Announcements Office Australian Stock Exchange Limited

Via: E Lodgement

QUARTERLY REPORT FOR THE PERIOD ENDING 31 MARCH 2004 AND MEDIA RELEASE

Please find attached the quarterly report for the period ending 31 March 2004 and a media release; the latter to be released upon ASX confirmation of this announcement. Should there be any queries on this matter please do not hesitate to contact the writer.

Yours faithfully

Tony Sage Executive Chairman

INTERNATIONAL GOLDFIELDS LIMITED

International Goldfields Limited: ABN 71-095-047-920 Ground Picor 18 Oxford Close Leederville Peeth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 1411 PO Box 144 West Perth Western Australia 6872 www.internationalgoidfields.com

MEDIA RELEASE

April 22, 2004

Junior Explorer Buoyed By Quarterly Results

Drilling results and commencement of mining highlights of quarter

• Commencement of mining at BALDOCK
• High-grade strikes at Meteor, Baldock and Baldock South
• Profitable divestments of non-core business assets at profit
• Share Price $42c (+42%)$
• Market Cap A\$52 million (+16%)
• Cash in Bank of A\$6.7 million

WA-based junior explorer International Goldfields Limited (ASX:IGL) has seen a sustained rise in the share price and market capitalisation of the Company as a direct result of a series of positive events in the quarter ended 31 March 2004.

Institutional investors in both Australia and Europe have also shown strong support for the Company, which was highlighted by European fund manager Commerzbank Ag recently lifting its stake in the Company to more than 7%.

Tony Sage, IGL Executive Chairman said: "The quarter has been extremely positive for the Company. We have undertaken a comprehensive drilling campaign at our Mt Ida Gold Project in the Eastern Goldfields of Western Australia and commenced mining operations at the Baldock lode. "

During this quarter, the State Government granted approval for the commencement of mining activities and future production at Baldock, part of IGL's Mount Ida Project. Some 94 per cent of the 46,000 ounce resource at Baldock is proved, with an average ore grade of 21.2 grams per tonne of gold.

IGL also divested, at a profit, a series of non-core assets. This was done through the vending of the Northcote Gold Project and the Sophie Downs Gold Project to Republic Gold Limited (ASX:RAU) and Great Australian Resources (ASX:GAU) respectively.

INTERNATIONAL GOLDFIELDS LIMITED International Goldfields Limited: ABN 71-095-047-920 Ground Picor 18 Oxford Close Leederville

Peeth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 1411 PO Box 144 West Perth Western Australia 6872 www.internationalgoidfields.com

Mr Sage said of this move: "While still maintaining a holding in these companies, IGL is able to maintain exploration and management focus on our key projects at Mt Ida and Evanston in the Eastern Goldfields of Western Australia and the Sacu Project in Romania".

Promising drilling results to a vertical depth of nearly 350 metres were returned along the previously untested plunge extensions of the Meteor, Baldock and Baldock South Lodes. The results include assays of 65.1q/t Au at the Meteor Lode, 19.0q/t at the Baldock Lode and 6.3q/t at the Baldock South Lode.

Mr Sage said there were also highly prospective rock types at IGL's Evanston Project in the Eastern Goldfields.

"Our fieldwork indicates that the Marda-Diemals Greenstone Belt offers plenty of potential to locate further gold resources, and we're currently drawing up an exploration programme for that area," he said.

"IGL is well positioned for future growth because it's well funded, controls three large projects in well-mineralised belts, has a proven technical team and, in the near term, will receive cash flow from its mining ventures."

ENDS

For further information:	Tony Sage, Executive Chairman, International Gold fields Limited Ph: 08 9388 0744 / 0419 905 908
	Bob Annett, Executive Director - Technical, International Goldfields Limited Ph: 08 9388 0744 / 0400 998 981
	David Tasker, Professional Public Relations Ph: 08 9388 0944 / 0433 112 936

INTERNATIONAL GOLDFIELDS LIMITED

International Goldfields Limited: ABN 71 095 047 920 Ground Roor 18 Oxford Close Leederville Perth Western Australia 6007 Telephone +618 9388 0744 Facsimile +618 9382 141 PO Box 144 West Perth Wastern Australia 6872 www.internationalgoidfields.com

REPORT FOR THE QUARTER ENDING 31st MARCH 2004

HIGHLIGHTS

AT MOUNT IDA – WESTERN AUSTRALIA

• Mining of the BALDOCK deposit commenced. Independent mining consultant Golder Associates indicated that "the Baldock Project is a robust project that has the potential to generate healthy returns for International Goldfields shareholders". Significant mine site achievements for the period include:
• Mine Contract Awarded and Contractor Mobilised to Site,
• Head Frame Installed,
• Shaft Refurbishment Underway,
• Dewatering on Schedule, and
• Mine Planning Optimisation Underway for Reserve Upgrade.
• Promising drilling results to a vertical depth of nearly 350m were returned along the previously untested plunge extensions of the METEOR, BALDOCK AND BALDOCK SOUTH LODES. These results include assays of 65.1g/t Au at the Meteor Lode, 19.0g/t Au at the Baldock Lode and 6.3g/t Au at the Baldock South lode.

• New ore-predictive structural model provides new gold targets along the 'host structure', which extends for some considerable distance outside of the immediate Mt Ida mine area.

• South Nell, Crystal Palace and Gold Rock prospects await RC followup drilling, and

• A number of RAB targets generated from regional geological mapping along the 'Kestrel Line' and 'Carida Line', where rock chip sampling returned assay results of 70.5, 48.0 and 26.2g/t Au from mullock sampling and 5.3 and 3.1g/t Au from surface outcrops.

AT EVANSTON - WESTERN AUSTRALIA

• Geophysical interpretation, data review and fieldwork have been conducted to better understand the controls on mineralisation in the Marda Greenstone Belt. Several new gold targets have been generated in the northern portion of the tenement package.

AT ROMANIA

• Ground exploration has been on hold throughout the winter months. Drill hole data are currently being obtained from the State Government exploration database following the discovery of a number of drill holes located in the vicinity of the Gladna copper-gold project.

CORPORATE

• Further divestment of non-core business assets at a profit. The: Northcote and Sophie Downs Projects were successfully vended into newly ASX listed Republic Gold Limited and Great Australian Resources Limited, thereby allowing exploration and management to focus on key projects, and
• Cash in bank of A\$6.7 million.

QUARTERLY REPORT FOR THE PERIOD ENDING $31^st \text{MARCH } 2004$

MOUNT IDA PROJECT - WESTERN AUSTRALIA

During the reporting period work focused on;

• commencement of Baldock mining operations, and
• exploration of both near-mine and regional prospects.

1. Mining Operations

Introduction

Mining is programmed to be carried out in two phases, phase one will see the refurbishment of the nearby Timoni shaft and the extraction of a 3,000 tonne bulk sample from the 1270 level – this bulk sample is essentially the sub level development for the 1270 level. On successful completion and metallurgical test work of the bulk sample the second phase will re-establish the shaft access to the lower (1210) level to facilitate development and stoping of the bulk of the ore body.

Mine Activities

Key on-site activities undertaken during the reporting period include:

• Government Approval for Commencement of Mining Activities and Future $\bullet$ Production.
• Camp construction upgrade to 15 man camp, $\bullet$
• Dewatering of main shaft to 120m beneath ground surface. $\bullet$
• Mine Contract Awarded and Contractor Mobilised to Site
• Installation of Head Frame, and
• Mine Planning Optimisation Underway for Reserve Upgrade. $\bullet$

Reserve Status

Due to an oversight in the previous reporting of the ore reserves for the Baldock project, Golder and Associates re-estimated the ore reserves based on their Mineral Resource estimate (in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC 1999)), using a 6g/t Au mineralised envelope, a 150g/t top cut and a fresh ore in-situ bulk density of 3.06t/m³. The revised figures are listed below; with some 94% of the tonnage and ounces now classed as Proved.

Lode	Class	Ore (tonnes)	Grade g/t(Au)	Contained Gold (oz)
W2 Lode	Proved	63,766	21.1	43,305
	Probable	3,828	22.3	2,745
	Total	67,594	21.2	46,050

2. Exploration - Mine Area

A 'work in progress' structural model for the immediate mine area has been constructed (additional ground work is planned to follow). The model is intended to explain many of the unique features of the area and offer ore-predictive capacity. Salient features of the model include:

• At the mine area, a number of minor, parallel reverse faults have formed symmetrically to the east and west of a major fault, and these faults host the gold bearing quartz lodes,
• In the mine area the best known of the subsidiary faults host the Timoni Line and the Dave Line of workings (amongst many others).
• Gold mineralisation occurs in laminated fault-fill quartz veins that plunge at low angles to the south within the extensive and continuous fault(s),
• Individual shoots appear to be 'stacked', one on top of each other and approximately 150 metres apart, and displaced vertically across NE and EW trending cross faults, and
• While an individual gold bearing quartz lode might pinch out, the structure containing it will not - and thus further drilling along the host structure may locate new, blind mineralisation.

RC drilling undertaken this reporting period tested a number of the above hypotheses by targeting:

• The 'host structure' outside of the immediate mine area,
• The 'blind' and untested down plunge extension of the Meteor Lode,
• The untested down plunge extensions of the Baldock and Baldock South Lodes, and
• Down plunge of the Whinnen Lode (Figure 1).

The drilling proved very successful (refer Table 1 for Summary of Results).

Outside of the immediate mine area all seven RC holes (TIC 0209 to TIC 0214 and the re-entry of TIC015) intersected the 'host structure' over a strike length of 350m and returned best results of 2m @ 9.4g/t Au from 83m and 9m @ 4.43g/t Au from 118m, including 2m at 15.3g/t Au from 124m (TIC 0211). While further step-out and infill drilling is required, the results to date have highlighted the potential of the area, termed the Barrassi prospect, to be equal in size to that of the Timoni mine and the Baldock deposit.

At the Meteor Lode, RC drilling discovered significant high grade gold mineralisation in a previously untested area of the Meteor Shoot - i.e. 'blind mineralisation'. Best results include 2m @ 24.5 g/t Au from 182m (TIC226), 1m @ 2.7 g/t Au from 186m (TIC227), 1m @ 65.1g/t Au from 179m (TIC228) and 7m at 10.3 g/t Au from 188m, including 3m at 18.7g/t Au (TIC230). The Meteor shoot is up to 200 metres wide and remains open along strike, down dip and down plunge.

At the Baldock Lode the deepest hole drilled into the plunge extensions of the gold bearing quartz lode(s), returned the very encouraging result of 1 $m \omega$ 19.0g/t Au from 380m (TIC231). This not only confirms the gold mineralisation remains open at depth - greater than 350m beneath ground surface - but, more importantly, it is the first indication that the Baldock resource may extend at least 80m beneath the lowest part of the current mine plan. This likely resource extension may well provide an opportunity to add to the existing mine reserve.

At the Baldock South Lode, probable extensions of the gold mineralisation previously intersected in TID14 (1.2m $\omega$ 59.6g/t Au), have been intersected again some 80m to the south with a promising assay result of $1m$ @ 6.3g/t Au from 324m (TIC233). The Baldock South Lode like the Meteor Lode remains open both along strike and down plunge.

And finally additional resources, which could lead to an immediate but modest increase in mine reserves, could also be obtained from the lower portion of the Whinnen Shoot where recent drill results from TIC223 and 224 returned 1m @ 4.9a/t Au and 7.6a/t Au respectively.

3. Exploration - Regional

Eight RC holes were drilled at the Golden Ridge prospect and targeted the shearhosted quartz vein immediately beneath old workings (Table 2). All drill holes intersected the structure and best results included $2m$ @ 3.14g/t Au and $2m$ @ 1.48g/t Au from 24 and 28m respectively (TIC221).

RAB drilling was undertaken at the Gold Rock prospect, in an area where the possible extensions of the Timoni mine stratigraphy outcrops on the eastern side of the Copperfield granite (Table 3). The drilling was successful in tracing, over a strike length of at least 400 metres, a 10 metre wide pyrite unit which is believed to be equivalent to the Timoni mine marker horizon. The drilling also intersected substantial widths of alteration with quartz/sulphide veining and returned best results of 1m @ 1.0g/t Au from 13m (MIB480), 8m @ 0.43g/t Au from 36m to EOH (MIB491) and 4m @ 1.2a/t Au from 40m to EOH (MIB492).

Regional studies, including geological and regolith studies together with ground truthing and rock chipping, were also undertaken along the Carida, Pianto, Black Kite and Bombay prospects, and a number of RAB targets have been generated.

EVANSTON PROJECT - WESTERN AUSTRALIA

The Evanston Project covers a large portion (approximately 900 square kilometres) of the Marda – Diemals Greenstone Belt which is located north of Bullfinch. Current resources controlled by IGL include the Marda Central deposits totalling 1.3Mt @ 2.4 g/t Au, the Golden Orb and King Brown deposits totalling 0.6Mt @ 3.3g/t Au and the Mt King deposit of 0.2Mt @ 8.0g/t Au.

Geophysical interpretations, data reviews, and fieldwork have been conducted in an attempt to understand the controls on mineralisation in the northern portion of the tenement package (north of Die Hardy Ranges).

The work indicates that previous exploration endeavours focussed primarily on the results of extensive soil surveys. It is apparent that soil anomalism is biased by the weathering profile, in which BIFs and cherts are most resistant. Consequently very little exploration has been carried out over the mafic and ultramafic lithologies, despite the fact that these are highly prospective rock types throughout the Eastern Goldfields, and host to the 2 largest historical mines in the Marda region.

The findings of this work indicate that the Marda Greenstone Belt offers plenty of potential to locate further gold resources, particularly in light of the structural framework that has been developed, and an exploration programme is currently being drawn up.

SACU PROJECT - ROMANIA

The Sacu project is situated approximately 30 km to the Southwest of the famous 'Golden Quadrilateral' region of Romania. The project was originally generated by BHP in the 1990's as part of their world wide search for large porphyry hosted copper-gold deposits.

No ground exploration was undertaken during the inclement winter months of January and February.

In early March a field visit was made by IGL staff to the project area to review data and. in conjunction with local staff, prepare the exploration programme for the next field While on-site at the Gladna prospect a number of old drill holes were season. discovered; several in the immediate vicinity of a high gold in soils anomaly associated with granodiorite intrusives, and two on the flanks of a large magnetic anomaly, which is thought to represent a porphyry intrusive body capable of hosting significant copper-gold mineralisation. The drill data are currently being retrieved from the State Geological Department.

While the exploration programme has yet to be finalised it is expected that significant ground exploration by way of detailed mapping, soil and rock chip sampling (50m and closer spacing) together with ground geophysical surveys will be undertaken at the Gladna, Bat, Rosu and Fara prospects.

CORPORATE

During the reporting period IGL received 1,000,000 fully paid ordinary shares in Republic Gold Limited (ASX:RAU) by virtue of the vending of the Northcote Gold Project, and 125,000 fully paid shares in Great Australian Resources Limited (ASX:GAU) by virtue of the vending of the Sophie Downs Gold Project.

The agreements between IGL and RAU and GAU are entirely consistent with its business plan of divesting non-core assets at a profit, to allow exploration and management focus on our key projects at Mt Ida, Evanston and the Sacu Project in Romania.

IGL currently has A\$6.7 million cash in hand.

SUMMARY

The Company continues its solid growth strategy through:

• Continued exploration success,
• Cash flow through development and operation of high margin gold projects, and
• Alliances with key long term quality investors, both European and Australian.

The Company is uniquely positioned for future growth as it is well funded, controls three large projects situated in well mineralised belts, has a proven technical team and, in the near term, will receive cash flow from its mining ventures.

A comprehensive website, www.internationalgoldfields.com is maintained providing all current information relating to the Company. Furthermore, should you wish to be placed electronic mailing list for announcements please on the all contact cher@internationalgoldfields.com.

Tony Sage

Executive Chairman

Information in this report pertaining to mineral resources and exploration results was compiled by Mr. RW Annett who is a Member of the Aus.I.M.M with not less than 5 years experience in the relevant fields, and who consents to the report appearing in the form and context in which it appears.

Rule 5.3

Figure 1

MOUNT IDA MINE AREA - DAVE LODE (Long Section Looking East)

Table 1. Summary Results – Mine Area:
---------------------------------------

Hole	Northing	Easting	From	$\overline{\text{To}}$	Interval		Au	Lode/Remarks
						m@	g/t
TIC154	109,400	10,189						No significant result
TIC209	109,550	10,254						No significant result
TIC210	109440	10,290	24	26	2	$m$ $@$	1.33
TIC211	109,360	10,237	83	85	2	m@	9.39
			118	127	9	m@	4.43
TIC212	109,310	10,213				$m$ $@$		No significant result
TIC213	109210	10,290	8	12	4	$m$ $@$	1.36
			122	126	4	m@	0.94
TIC214	109,250	10,250				m@		No significant result
						m@
TIC223	110,115	10,140	154	155	1	m@	4.9	W 2
TIC224	110,115	10,090	247	248	1	m@	7.6	W 2
TIC225	110,450	10,170	66	67	1	$m$ $@$	4.3	W 5
			192	196	4*	m@	0.14	W 2
TIC226	110,400	10,140	182	184	$\overline{\mathbf{z}}$	m@	24.5	W 2
TIC227	110,350	10,115	186	187	1	$m$ $@$	2.7	W 2
TIC228	110,300	10,125	179	180	1	m@	65.1	W 2
TIC229	110,070	10,240						Abandoned hit fault
TIC230	110,250	10,115	188	195	7	m@	10.3	W 2
		Including	191	194	3	$m$ $@$	18.7
TIC231	110,040	10,080	380	381	1	m @	19.0	W 2
TIC232	109,875	10,040						Hit fault, abandoned for now, booster required
TIC233	109,775	10,035	324	325	1	$m$ $@$	6.32	W 2

NB

1. All drill holes were drilled towards an azimuth of grid east (090) at a declination of 60 degrees.

2. Down hole intersections approximate to 75% of the true width.

3. Samples were analysed at the Leonora Laverton Assay Laboratories using Fire Assay with an AAS finish, except the 4m composites (marked*) which were analysed by Aqua Regia (resample results are awaited).

Hole	Northing	Easting	From	To	interval		Au	Lode/Remarks
						m@	g/t
TIC215	6780506	259545	35	36		m @	0.88
			40	42	2	m @	0.96
TIC216	6780507	259561	64	65		m @	1.00
TIC217	6780562	259531	43	44		m@	1.10
TIC218	6780563	259555	87	89	2	m@	1.15
TIC219	6780622	259507
TIC220	6780621	259534	36	48	$12*$	m@	0.86
TIC221	6780437	259551	24	26	2	m @	3.14
			28	30	2	m@	1.48
TIC222	6780438	259573

Table 2. Summary RC Results - Regional (Golden Ridge Prospect):

NB

• 1. All drill holes were drilled towards an azimuth of grid west (MGA_94) at a declination of 60 degrees.
• 1. Down hole intersections approximate to 75% of the true width.
• 1. Samples were analysed at the Leonora Laverton Assay Laboratories using Fire Assay with an AAS finish, except the 4m composites (marked*) which were analysed by Aqua Regia (resample results are awaited).

Table 3. Summary RAB Drilling

Hole ID	East	North	RL	Depth	Tenement
MIB470	258090	6779550	470	50	E29/0378
MIB471	258120	6779550	470	37	E29/0378
MIB472			470	30
	258105	6779550			E29/0378
MIB473	258150	6779550	470	47	E29/0378
MIB474	258170	6779550	470	40	E29/0378
MIB475	258190	6779550	470	40	E29/0378
MIB476	258210	6779550	470	40	E29/0378
MIB477	258230	6779550	470	40	E29/0378
MIB478	258250	6779550	470	40	E29/0378
MIB479	258270	6779550	470	40	E29/0378
MIB480	258175	6779525	470	32	E29/0378
MIB481	258195	6779525	470	38.5	E29/0378
MIB482	258195	6779500	470	30	E29/0378
MIB483	258180	6779500	470	37.5	E29/0378
MIB484	258153	6779450	470	41	E29/0378
MIB485	258170	6779450	470	40	E29/0378
MIB486	258190	6779450	470	40	E29/0378
MIB487	258210	6779450	470	41	E29/0378
MIB488	258230	6779450	470	40	E29/0378
MIB489	258250	6779450	470	40	E29/0378
MIB490 MIB491	258092 258120	6778797 6778801	470 470	60 44	E29/0378 E29/0378
MIB492	258142	6778798	470	44	E29/0378
MIB493	258162	6778795	470	40	E29/0378
MIB494	258182	6778796	470	40	E29/0378
MIB495	258201	6778797	470	40	E29/0378
MIB496	258221	6778800	470	40	E29/0378
MIB497	258240	6778795	470	40	E29/0378
MIB498	258261	6778792	470	40	E29/0378
MIB499	258092	6778702	470	59	E29/0378
MIB500	258121	6778704	470	59	E29/0378
MIB501	258138	6778710	470	40	E29/0378
MIB502	258160	6778704	470	40	E29/0378
MIB503	258180	6778698	470	35	E29/0378
MIB504	258196	6778698	470	40	E29/0378
MIB505	258213	6778700	470	40	E29/0378
MIB506	258238	6778701	470	40	E29/0378
MIB507	258255	6778708	470	40	E29/0378
MIB508	258089	6778900	470	40	E29/0378
MIB509	258109	6778900	470	40	E29/0378
MIB510	258129	6778902	470	40	E29/0378
MIB511	258147	6778900	470	40	E29/0378
MIB512	258171	6778909	470	40	E29/0378

Hole ID	East	North	RL	Depth	Tenement
MIB513	258191	6778908	470	40	E29/0378
MIB514	258211	6778901	470	40	E29/0378
MIB515	258231	6778894	470	40	E29/0378
MIB516	258252	6778904	470	40	E29/0378
MIB517	258272	6778904	470	40	E29/0378
MIB518	258092	6778999	470	40	E29/0378
MIB519	258112	6778999	470	40	E29/0378
MIB520	258129	6779002	470	40	E29/0378
MIB521	258151	6778998	470	40	E29/0378
MIB522	258169	6778997	470	40	E29/0378
MIB523	258188	6778997	470	40	E29/0378
MIB524	258209	6778996	470	40	E29/0378
MIB525	258229	6778997	470	40	E29/0378
MIB526	258250	6778999	470	40	E29/0378
MIB527	258270	6779002	470	40	E29/0378
MIB528	258093	6779099	470	40	E29/0378
MIB529	258111	6779098	470	40	E29/0378
MIB530	258130	6779096	470	40	E29/0378
MIB531	258150	6779096	470	40	E29/0378
MIB532	258170	6779095	470	40	E29/0378
MIB533	258187	6779101	470	38	E29/0378
MIB534	258208	6779099	470	40	E29/0378
MIB535	258231	6779098	470	37	E29/0378

NB

All drill holes were drilled towards an azimuth of grid west (MGA_94) at a declination of 60 $\mathbf{1}$ . degrees.