IRON BEAR RESOURCES LTD — Interim / Quarterly Report 2004

Jan 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 December 2003

Year to date

Current quarter

Consolidated statement of cash flows

Cash flows related to operating activities

Cash flows related to operating activities			\$A'000	$($ months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) evaluation	exploration and	(976)	(1,619)
		(b) development	(121)	(121)
		(c) production
1.3	Dividends received	(d) administration	(119)	(364)
1.4	Interest and other items of a similar nature
	received		44	63
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other - Option Fees		20	20
	Net Operating Cash Flows		(1,152)	(2,021)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a)prospects	$(\cdot)$	(25)
		(b)equity
		investments	(10)	(28)
		fixed other $\left( c\right)$	(53)	(59)
		assets
1.9	Proceeds from sale of:	(a)prospects (b)equity	165	165
		investments	32	32
		$(c)$ 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		134	85
1.13	Total operating and investing cash flows
	(carried forward)		(1018)	(1,936)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(1.018)	(1,936)
1.14 1.15 1.16 1.17	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	6,846	8,367
1.18 1.19	Dividends paid Other - repayment of issue proceeds costs of share issues eash acquired from merger	(62)	(138) 1,204
	Net financing cash flows	6,784	9,433
	Net increase (decrease) in cash held	5.766	7,497
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	2,019	288
1.22	Cash at end of quarter	7.785	7,785

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	141
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

4.2	Development	$\omega$
	Total	400

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 SA'000
5.1	Cash on hand and at hank	4.053
5.2	Deposits at call	3.732	2,012
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	7.785	2,019

$+$ See chapter 19 for defined terms.

					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	M24/0380	100%	100%	$\theta$
	tenements relinquished,	M24/0400	100%	100%	$\pmb{0}$
	reduced or lapsed	M24/0429	100%	100%	$\theta$
		E27/0277	100%	100%	$\mathbf 0$
		P27/1563	100%	100%	$\theta$
		P27/1564	100%	100%	$\boldsymbol{0}$
		P27/1565	100%	100%	0
		P26/3116	100%	100%	$\theta$
		P 26 /3128	100%	100%	$\theta$
		P26/3163	100%	100%	$\pmb{0}$
		P29/1744	100%	100%	$\boldsymbol{0}$
		P29/1745	100%	100%	$\theta$
		P29/1746	100%	100%	$\theta$
		P29/1747	100%	100%	$\boldsymbol{0}$
		P29/1748	100%	100%	$\theta$
		P29/1749	100%	100%	0
		P29/1750	100%	100%	$\theta$
		P29/1751	100%	100%	$\theta$
		P29/1752	100%	100%	$\theta$
		P29/1753	100%	100%	$\theta$
		P29/1732	100%	100%	$\pmb{0}$
		P29/1733	100%	100%	$\boldsymbol{0}$
		P29/1776	100%	100%	$\theta$
		P29/1777	100%	100%	$\theta$
		P29/1778	100%	100%	$\theta$
		P29/1779	100%	100%	$\theta$
		P29/1780	100%	100%	$\theta$
		P25/1271	100%	100%	$\theta$
		P25/1272	100%	100%	$\boldsymbol{0}$
		P25/1273	100%	100%	$\theta$
		P25/1274	100%	100%	$\theta$
		P31/1420	100%	100%	$\theta$
6.2	Interests in mining	E29/0540	100%	$\overline{0}$	100%
	tenements acquired or	E29/0541	100%	$\hat{0}$	100%
	increased	E30/0245	100%	$\theta$	100%
		E77/0862	20%	$\theta$	20%
		E77/0864	20%	0	20%
		E77/1106	10%	10%	10%

⁺ 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 + securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3	+ Ordinary securities	130,227,027	118,021,311
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	26,629,803	26,629,803
7.5	+ Convertible debt securities (description)
7.6	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 w	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 quarter	550,000	÷	45 cents	22 October 2008
7.9	Exercised during quarter	17,211,398	17,211,398
7.10	Expired during quarter	238,607	238,607
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 $ASK$ (see note 4).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:		Date: .27 January 2004
	(Director/Company secretary)

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 $6.2$ .
• Issued and quoted securities The issue price and amount paid up is not required in 3 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.
• 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.