UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  FORM 10-QSB/A
                                  AMENDMENT # 2


                                   (Mark One)
  [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                                     OF 1934

                  For quarterly period ended September 30, 2003

       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                 For the transition period from _____ to _______
                        Commission file number: 000-30065

             INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
             -------------------------------------------------------

                            FKA IRON MASK MINING CO.
                            ------------------------

             (exact name of registrant as specified in its charter)
                                      IDAHO
                                      -----

         (State or other jurisdiction of incorporation or organization)

     501 West Broadway, Suite 200, Idaho Falls, ID              82304
     ---------------------------------------------              -----
    (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (208) 529-5337


Indicate  by  check  mark  whether  the  registrant:  (1)  has filed all reports
required  by  Section 13 or 15 (d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the registrant was
required  to  file  such  reports),  and  (2)  has  been  subject to such filing
requirements  for  the  past  90 days. Yes X  No     The number of shares of the
                                          ---   ---
Registrant's  Common  Stock,  as  of  November  13,  2003:  93,016,139  shares
outstanding  of  a  total  135,000,000  authorized.

                           EXPLANATION OF AMENDMENT #2
                           ---------------------------

The Registrant, Intrepid Technology & Resources, Inc., (the "Company"), received
a  subsequent  comment  letter from the Securities and Exchange Commission dated
February  27,  2004.  The  Commission made comments and requested the registrant
amend  the  Report  on form 10-QSB/A and apply SFAS 121 Impairment of Long-Lived
Assets  to  the  mineral  rights acquired in the merger, the deficit in retained
earnings  is  rolled  forward to the financial statements along with the changes
resulting  from  the  merger  of March 25, 2002.  Amended hereto is Items 1 & 2,
notes  2  &  3,  and  the  Management's  Discussion  &  Analysis.

                          EXPLANATION OF AMENDMENT # 1
                          ----------------------------

The Registrant, Intrepid Technology & Resources, Inc., (the "Company"), received
two  letters from the Securities and Exchange Commission dated November 24, 2003
and  February 3, 2004. The Commission made comments and requested the registrant
amend  the  original  filing  of  the  Report  on  form  10-QSB  to  include the
substantive  changes  resulting  from  the  merger  of  March 25, 2002.  Amended
thereto  were  Items  1,  &  2  on  February  19,  2004.


<PAGE>
OFFICERS
--------
Dr. Dennis D. Keiser, Chief Executive Officer & President

Dr. Jacob D. Dustin, Vice President, Secretary and Treasurer

DIRECTORS
---------
Dr. Dennis D. Keiser, Chief Executive Officer & President
Chairman of the Board

Dr. Jacob D. Dustin, Vice President, Secretary and Treasurer

Michael F. LaFleur, Board Member

William R. Myers, Board Member

D. Lynn Smith, Board Member

COMMON STOCK
-------------
Par value .005
135,000,000 authorized
93,016,139 issued and outstanding at November 13, 2003
Intrepid Technology & Resources, Inc., and Subsidiaries' common stock trades on
the Bulletin Board under the symbol IESV.

FINANCIAL REPORTS
------------------
A copy of Intrepid Technology & Resources, Inc.'s Financial Reports, filed with
the Securities and Exchange Commission, may be obtained by writing to:
Intrepid Technology & Resources, Inc.
501 West Broadway
Suite 200
Idaho Falls, Idaho 83402
www.intrepid21.com
------------------
or at: The Securities and Exchange Commission office, Public Reference Room 450
--------------------------------------------------------------------------------
Fifth Street, N.W., Washington D.C. 20549 or at the SEC web site address
------------------------------------------------------------------------
(http:// www.sec.gov)
----------------------

TRANSFER AGENT
--------------
Columbia Stock Transfer Company
PO Box 2196
Coeur d'Alene, Idaho 83816-2196
Phone: 208-664-3544
Fax: 208-664-3543
Email: columbia5183@cs.com

AUDITOR
-------
Balukoff, Lindstrom & Co., P.A.
877 West Main Street, Suite 805
Boise, Idaho 83702
208-344-7150


                                        2
<PAGE>
                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

Item   1.  Financial Statements
           Balance Sheets . . . . . . . . . . . . . . . . . . .  4
           Statements of Operations . . . . . . . . . . . . . .  5
           Statements of Cash Flows . . . . . . . . . . . . . .  6
           Notes to Unaudited Financial Statements. . . . . . .  7

Item   2.  Management's Discussion and Analysis . . . . . . . . 11
           Results of Operations. . . . . . . . . . . . . . . . 12
           Capital Requirements . . . . . . . . . . . . . . . . 13
Item   3.  Controls and Procedures. . . . . . . . . . . . . . . 14

                         Part II - OTHER INFORMATION

Item   1.  Legal Proceedings. . . . . . . . . . . . . . . . . . 15
Item   2.  Changes in Securities. . . . . . . . . . . . . . . . 15
Item   3.  Defaults Upon Senior Securities. . . . . . . . . . . 15
Item   4.  Submission of Matters to a Vote of Security Holders. 15
Item   5.  Other Information. . . . . . . . . . . . . . . . . . 15
Item   6.  Exhibits and Reports on Form 8-K . . . . . . . . . . 15
           Signature Page . . . . . . . . . . . . . . . . . . . 17
           Certifications . . . . . . . . . . . . . . . . . . . 18



                                        3
<PAGE>

<TABLE>
<CAPTION>
ITEM 1. FINANCIAL STATEMENTS (AMENDED)


                     INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
                                   CONSOLIDATED BALANCE SHEETS

                          ($ IN WHOLE DOLLARS EXCEPT PER SHARE AMOUNTS)
                                                                       SEPTEMBER      JUNE 30,
                                                                        30, 2003        2003
                                                                       UNAUDITED      AUDITED
                                                                      ------------  ------------
<S>                                                                   <C>           <C>
ASSETS
Current Assets:
  Cash                                                                $   105,291   $    27,175
  Receivables, net of allowance for doubtful
    accounts of $0 and $0 respectively                                    297,214       412,058
  Investments                                                                  --         5,000
  Other assets                                                              9,426         3,986
                                                                      ------------  ------------
      Total current assets                                                411,931       448,219

Equipment, net                                                             34,695        37,177
Deferred tax asset                                                        361,121       385,543
                                                                      ------------  ------------
      Total Assets                                                    $   807,747   $   870,939
                                                                      ============  ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                                    $   207,072   $   245,596
  Accrued liabilities                                                      79,033       163,097
  Deferred compensation                                                   193,232       193,232
  Line of credit                                                               --       199,779
  Note Payable                                                            201,767            --
  Long term debt - current portion                                         86,845        84,800
                                                                      ------------  ------------
      Total current liabilities                                           767,949       886,504

Long term debt                                                                 --            --
                                                                      ------------  ------------
      Total liabilities                                                   767,949       886,504
Commitments and contingencies
Shareholders' equity:
  Common stock, $.005 par value, 135,000,000 authorized, 91,930,584
      and 91,130,584 shares issued and outstanding, respectively          459,652       455,653
  Additional paid-in capital                                            3,650,064     3,644,060
  Notes receivable - shareholders                                         (36,900)      (36,900)
  Retained earnings (deficit)                                          (4,033,018)   (4,078,378)
                                                                      ------------  ------------
      Total shareholders' equity                                           39,798       (15,565)
                                                                      ------------  ------------

Total Liabilities and Shareholders' Equity                            $   807,747   $   870,939
                                                                      ============  ============


The accompanying notes are an integral part of these financial statements.
</TABLE>



                                        4
<PAGE>
<TABLE>
<CAPTION>
             INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                  ($ IN WHOLE DOLLARS EXCEPT PER SHARE AMOUNTS)

                                                  For the Quarter Ended
                                                      September 30,
                                                   2003          2002
                                               ------------  ------------
<S>                                            <C>           <C>

Revenue                                        $    803,938  $   645,113
Direct operating costs                              494,575      573,264
                                               ------------  ------------

Gross profit                                        309,363       71,849
Selling, general and administrative expenses        232,946      257,494
                                               ------------  ------------

Income (loss) from operations                        76,417     (185,645)

Interest expense                                      6,635        6,787
                                               ------------  ------------


Net income (loss) before income taxes                69,778     (192,432)
Provision for income taxes (benefit)                 24,422      (77,804)
                                               ------------  ------------

Net income (loss)                              $     45,360  $  (114,628)
                                               ============  ============

Net income (loss) to common shareholders       $     45,360  $  (114,628)
                                               ============  ============

Basic earnings (loss) per share                $      .0005  $    (.0013)
                                               ============  ============

Diluted earnings per share                     $         --  $        --
                                               ============  ============

Dividends paid per common share                          --           --
                                               ============  ============


The accompanying notes are an integral part of these financial statements
</TABLE>


                                        5
<PAGE>
<TABLE>
<CAPTION>
                             INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
                                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  ($ IN WHOLE DOLLARS EXCEPT PER SHARE AMOUNTS)

                                                                           For the Quarter Ended September 30,
                                                                              2003                  2002
                                                                       -------------------  --------------------
<S>                                                                    <C>                  <C>

Cash flows from operating activities:

  Net income (loss)                                                    $           45,360   $          (114,628)
  Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
  Depreciation                                                                      2,482                 2,461
  Expenses in exchange for issuance of common stock                                10,004                41,190
Changes in assets and liabilities:
  Accounts receivable, net                                                        114,844                44,822
  Prepaids and other assets                                                        (5,440)               (1,299)
  Deferred tax asset                                                               24,422               (77,804)
  Accounts payable                                                                (38,524)               42,308
  Accrued liabilities                                                             (84,058)              (13,331)
  Deferred compensation                                                                --                54,028
                                                                       -------------------  --------------------

Net cash provided by (used) by operating activities                                69,089               (22,253)

Cash flows from investing activities:
  Sale of investment                                                                5,000                    --
                                                                       -------------------  --------------------
Net cash used in investing activities                                               5,000                    --

Cash flows from financing activities:
  Net change in line of credit                                                      1,982                (4,582)
  Proceeds from notes payable                                                       2,045                    --
                                                                       -------------------  --------------------
Net cash provided by (used in) financing activities                                 4,027                (4,582)

Increase (decrease) in cash and cash equivalents                                   78,116               (26,835)
Cash and cash equivalents at beginning of period                                   27,175                71,959
                                                                       -------------------  --------------------
Cash and cash equivalents at end of period                             $          105,291   $            45,124
                                                                       ===================  ====================

Supplemental disclosures of cash flow information:
  Cash paid during the period for:
  Interest paid                                                        $            4,969   $             6,787
Non cash investing and financing transactions

  Expenses in exchange for common stock                                            10,004                35,190
  Payment of accrued expenses with common stock                                        --                 6,000
  Conversion of line of credit to note payable                                    201,767                    --


The accompanying notes are an integral part of these financial statements
</TABLE>


                                        6
<PAGE>
NOTE 1. BASIS OF PRESENTATION

The  accompanying unaudited consolidated financial statements have been prepared
in accordance with United States generally accepted accounting principles ("U.S.
GAAP") for interim financial information and with instructions to Form 10-QSB of
Regulation  S-X.  Accordingly,  they  do  not include all of the information and
footnotes  required  by  U.S.  GAAP  for  complete  financial  statements.  The
preparation  of  the  consolidated  financial statements in conformity with U.S.
GAAP  requires  management  to  make  estimates  and assumptions that affect the
amounts  reported  in  the  consolidated  financial  statements and accompanying
notes. Actual results could differ from estimates. In the opinion of management,
all  adjustments,  which  consist of normal and recurring adjustments, necessary
for  fair  presentation have been included. These financial statements should be
read  in conjunction with the financial statements and notes thereto included in
the  Company's  2003  Annual  Report  on Form 10-KSB for the year ended June 30,
2003,  as  filed  with  the  Securities  and  Exchange  Commission.

The  consolidated  financial  statements include the accounts of the Company and
its  wholly  owned  subsidiaries. All significant inter-company transactions and
balances  have  been  eliminated  in  consolidation.


NOTE 2. MERGER. (AMENDED)

On  March  25,  2002,  the  Company  was created by merging Intrepid Engineering
Services, Inc., an Idaho corporation ("IES"), Western Technology and Management,
Inc.,  an  Idaho  corporation  ("WTM"),  and  Iron  Mask  Mining Company (IMKG).
Originally  the  merger  was  reported  as a business acquisition under SFAS 141
"Business  Combinations,"  with  recognition  of  goodwill  and the reporting of
intangible  assets.  After  consultation  with  the SEC and review of accounting
standards,  it  was  determined  the merger should be accounted for as a capital
transaction  with  IES as the accounting acquiror.  The accounting for this type
of  transaction  is  identical  to  a  reverse merger except that no goodwill or
intangible  assets  are recorded.  The financial statements of the 10-KSB/A have
been  amended  to  reflect  the  change  in  the  accounting  of the merger. For
information  regarding  the  historical financial statements of IES prior to the
merger  please  refer to the report on Form 8-K/A filed with the U.S. Securities
and  Exchange  Commission  on  February  19,  2004.

The  consideration  paid  in  connection  with  the  merger,  determined through
arms-length  negotiations  between executive management resulted in IMKG issuing
24,915,975  shares  of  its  common  stock  for the shares of IES and WTM.  As a
result  of  the merger WTM and IES shareholders own 25% and 6%, respectively, of
the outstanding shares of stock.  Subsequent to the merger, the name was changed
to  Intrepid  Technology  and  Resources,  Inc.

NOTE 3. INTANGIBLE ASSETS. (AMENDED)

The Company acquired certain mineral and mining rights related to the Garnet and
Copper  Cliff  properties  through  the  merger  with  Iron  Mask Mining Company
("IMKG"),  at a value of $3,723,456.  The value of the mineral rights was set at
$3,273,456  based  on  a  mineral  property  valuation  performed by a certified
professional  geologist.  An  agreement  was  written  between  the  parties for
$3,273,456  and  additional mining or surface rights were valued and agreed upon
for a price of $450,000.   SFAS 121, Accounting for the Impairment of Long-Lived
Assets  and  for  Long-Lived Assets to Be Disposed Of, requires an evaluation of
assets  if  a  significant event or changes in circumstances occur.   The merger
constituted  such  a  significant  event,  thus  triggering the need for another
valuation  of  the  mineral rights.  Upon further review of the mineral property
valuation  report  it  was noted that the study did not meet the requirements of
the SEC's Industry Guide 7.   As of June 30, 2002 no final feasibility study had
been  performed on the Garnet and Copper Cliff properties; therefore, sufficient
quality  and  quantity of mineral reserves could not be adequately determined in
estimating  a  fair  value  of the mineral rights.  Based on this conclusion the
Company  has  impaired the mineral and mining rights in accordance with SFAS 121
declaring  the rights to have no fair value and has written the asset down.  For
the  year  ended  June  30,  2002  a  write down of the assets of $3,723,456 was
recorded  and  is  included  in  loss  from  operations.

In  the first quarter of 2002, IMKG recorded a mineral rights option for a price
of  $150,000  with a corresponding note payable of $150,000.  The note was to be
paid  within  a specified amount of time after IMKG had exercised the option for
the  mineral rights.  The options should not have been recorded as an asset with
the  corresponding  liability  until  the  options  were exercised.  The Company
therefore  removed the options and the liability at the time of the merger as of
March  25,  2002.  The  effect  of  writing  down the asset on the June 30, 2002
income  statement  was an


                                        7
<PAGE>
increase  in the deficit to retained earnings, which is carried forward as shown
on  the balance sheet for the quarter ending September 30, 2003. (See footnote d
below)

The  following  table  reports  the Company's condensed and consolidated balance
sheet information as originally reported and amended showing the adjustments for
the  merger  ($  in  whole  dollars):

<TABLE>
<CAPTION>
                                       SEPTEMBER 30,                  SEPTEMBER 30,
                                           2003                           2003
                                      ---------------                ---------------
                                         ORIGINAL      ADJUSTMENT       RESTATED
                                      ---------------  -----------   ---------------
<S>                                   <C>              <C>           <C>
ASSETS
Current Assets:
  Cash                                $      105,291                 $      105,291
  Receivables, net of allowance              297,214                        297,214
  Other receivables                               --                             --
  Other current assets                         9,426                          9,426
                                      ---------------                ---------------
      Total current assets                   411,931                        411,931

Equipment, net                                34,695                         34,695
Goodwill                                     538,947     (538,947)a              --
Mining rights                              3,273,456   (3,273,456)b              --
Deferred tax asset                           361,121                        361,121
                                      ---------------                ---------------

      Total Assets                    $    4,620,150                 $      807,747
                                      ===============                ===============

LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                    $      207,072                 $      207,072
  Accrued liabilities                         79,033                         79,033
  Deferred compensation                      193,232                        193,232
  Line of credit                             201,767                        201,767
  Long term debt - current portion            86,845                         86,845
                                      ---------------                ---------------
      Total current liabilities              767,949                        767,949
Long term debt                                    --                             --
Commitments and contingencies
  Common stock, $.005 par value              459,652                        459,652
  Additional paid-in capital              12,076,394   (8,426,330)c       3,650,064
  Notes receivable - shareholders            (36,900)                       (36,900)
  Retained earnings (deficit)             (8,646,945)   4,613,927 d      (4,033,018)
                                      ---------------                ---------------
      Total shareholders' equity           3,852,201                         39,798
                                      ---------------                ---------------
Total Liabilities and Shareholders'
Equity                                $    4,620,150                 $      807,747
                                      ===============                ===============
</TABLE>

_______________________________
a  As a result of the merger no goodwill or intangible assets are to be recorded
b  To  eliminate  all  value(s)  associated  with  the  Garnett and Copper Cliff
properties  in  Montana
c  As  a result of the merger the equity of the Company is reduced by the amount
of  the  mining  rights  and  intangible  assets  that  were  eliminated
d  Amount changed to reflect the changes as a result of the change in accounting
acquiror and the write down of the mineral and mining assets as of June 30, 2002


                                        8
<PAGE>
NOTE 4. DESCRIPTION OF BUSINESS



In  March  2002,  Iron  Mask  Mining  Company  merged  with Intrepid Engineering
Services  and  Western  Technology  Management.  The  Company  now  operates  as
Intrepid  Technology  and  Resources, Inc., and subsidiaries ("the Company"), an
Idaho  corporation.

The  Company  is  a  biofuels  renewable  and alternative energy development and
operating  company  with  strengths  in  engineering and technology.   While the
Company's  primary source of current revenue is the sale of engineering services
to  a  variety of clients, it is posturing itself for a primary business purpose
of  developing,  constructing,  and  operating  a  portfolio  of projects in the
Renewable  and  Alternative Energy sector, with a special emphasis on production
of biofuels - particularly, biogas (methane), ethanol and, eventually, hydrogen.
The  Company's  strategy  is  to  provide  the overall technical and integration
management  for  planning,  coordinating, developing, operating and implementing
such  projects.  The  Company's  initial  emphasis  is  on  establishing several
geographically  dispersed  complexes  in  the  Southern  Idaho  region  and then
expanding  to  other  locations within Idaho and the Western United States.  The
Company  provides  credit  in the normal course of business to its customers and
performs ongoing credit evaluations of those customers.  It maintains allowances
for  doubtful  accounts based on factors surrounding the credit risk of specific
customers,  historical  trends,  and  other  information.  Credit  losses,  when
realized,  have  been  within  the  range  of  the  Company's  expectations and,
historically,  have  not  been  significant.

SCIENCE AND TECHNOLOGY DIVISION

The  Science  and  Technology Division, is a collection of nationally recognized
experts  in  various Scientific and Engineering disciplines that have consulting
arrangements  with  the  Company  to  provide  expert  advice  and service on an
as-needed  basis.  Over  200 such experts have made arrangements to consult with
the  Company in a host of industries-Nuclear Science, Renewable Energy, Material
Science,  Construction  Management,  Soil  Science,  Crop  Management,  Process
Engineering,  and  others.  Individual  staff members typically possess advanced
academic  credentials  and  extensive  science  or  engineering work experience.

ENGINEERING SERVICES DIVISION

The  Engineering Services Division brings together a team of highly experienced,
professionally  registered  engineers  and  construction management personnel to
provide complete in-house "design-build-operate" capability.  Besides support of
internal  Company projects and initiatives, the Division also services a diverse
external customer base ranging from the federal government to private commercial
and  industrial  clients.  The  Engineering  Services Division has experienced a
doubling of its "work-for-others" load each year for the past 3 years - a strong
indication  of  customer satisfaction and recognition of the quality of services
provided.

MINING AND MINERAL RIGHTS

In  May  2000,  the  Company  entered into an agreement with American Diatomite,
L.L.C.,  an  Idaho  limited  liability  company ("American") wherein the Company
acquired  the  right  to  develop  and  mine  forty-two unpatented mining claims
located  in  Gooding  County, Idaho that contain diatomaceous earth (diatomite).
The  agreement  also included an option to purchase said claims at a future date
and  a  continuing annual maintenance obligation.   After extensive research and
consultation, Intrepid determined that the available supply of already developed
diatomaceous  earth  deposits exceed the current demand and was unable to find a
viable  market  for the diatomite in question.  For that reason, the Company saw
little  to  no  opportunity  or  benefit  associated with continuing to maintain
either  the  development  and  mining  rights or the future purchase option with
their  attendant  obligations.  Consequently,  the  Company  entered  into  an
agreement effective October 14, 2003 to return the development and mining rights
to  American  Diatomite,  L.L.C.,  and  forego the purchase option in return for
forgiveness  of  any accrued financial obligations and cancellation the original
May  2000  agreement.  The  Company is not recording any value for these rights.

The  Company  entered into an agreement dated August 23, 2001 and Addendum dated
September  24,  2001  with  Cordoba  Corporation  and Garnet Mining Corporation,
whereby in exchange for the issuance of 16,367,280 shares of the common stock of
the  Company  (subject  to  later adjustment depending on the share value of the
market  trading  price  of  the Company's common shares) it acquired the mineral
rights  to  lands  that  have been drilled in the past on approximately 250-foot
centers.  These  lands  are located in Western Montana approximately fifty miles
northeast of


                                        9
<PAGE>
Missoula,  Montana.  There  is  insufficient data to support whether or not this
property  has  any  definable  reserves or tonnages of mineralized materials and
further  exploration  would  be needed in order to make such a determination and
therefore  the  Company  is  not  reporting  any  value  for the mineral rights.

The Company will continue to explore opportunities to maximize shareholder value
from  this  asset.

CUSTOMERS

At present, Company revenue is derived from "work-for-others" by the Engineering
Services  Division, with any profits being used to develop the Biofuels business
line.  In 2003, the Company managed several engineering services agreements with
Idaho  National  Engineering  and  Environmental  Laboratory  ("INEEL") at Idaho
Falls,  Idaho, which constituted the majority of the Company's revenue. In 2003,
only  INEEL  provided  more  than  ten  percent  of  the  total.

Development Activities.  The primary purpose of the Company is to obtain, permit
----------------------
and develop favorable properties for alternative/renewable energy production and
provide  the  associated engineering design and construction management services
required  to  support  the construction and operation of the related facilities.
Secondarily,  the Company will continue to expand its engineering services "work
for  others"  base  to  generate  additional  revenue to augment working capital
requirements  in  support  of its alternative and renewable energy efforts.  The
realization  of profits are dependent upon successful execution of that business
model  and  inducing  larger  companies  or  private investors to purchase these
"turn-key"  alternative/renewable  energy  generation/production  facilities;
increasing the number and value of "work for others" services contracts; and the
sale  of  mineral  rights.


NOTE 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The  significant  accounting policies applied in the annual financial statements
of  the Company as of June 30, 2003, are applied consistently in these financial
statements.  In  addition,  the  following  accounting  policy  is  applied:

The  accompanying  unaudited  consolidated  financial  statements  for the three
months  ended  September  30,  2003  reflect all adjustments (consisting only of
normal recurring adjustments) which are, in the opinion of management, necessary
for  a fair presentation of the financial position and operating results for the
interim  period.  The condensed consolidated financial statements should be read
in  conjunction  with  the  consolidated financial statements and notes thereto,
together  with  management's  discussion and analysis of the financial condition
and results of operations, contained in the Company Annual Report on Form 10-KSB
for the fiscal year ended June 30, 2003. The results of operations for the three
months  ended  September  30, 2003 are not necessarily indicative of the results
for  the  entire  fiscal  year  ending  June  30,  2004.

NOTE 6. EARNINGS PER COMMON SHARE

Basic  earnings  per  share  are  computed  based on net income and the weighted
average  number  of  common  shares  outstanding.  The Company does not have any
securities  that  would  cause  diluted  earnings  per  share.


<TABLE>
<CAPTION>
                                          (000's except per share amounts)
                                            Quarters Ended September 30,
                                       ------------------  -----------------

                                              2003               2002
                                       ------------------  -----------------
<S>                                    <C>                 <C>

Net income (loss)                      $               45  $           (114)

Weighted average shares outstanding-
  Common shares                                91,130,000        83,896,344

Basic earnings per share               $            .0005  $         (.0013)
                                       ==================  =================
Diluted earnings per share             $               --  $             --
                                       ==================  =================
</TABLE>


                                       10
<PAGE>
NOTE 7. LINE OF CREDIT/TERM LOAN.

The  Company  had  a  line  of credit of $200,000.  As of September 25, 2003 the
Company  converted  this line of credit to a term loan at the same interest rate
of  prime  plus  two percent.  The Company makes monthly payments of $5,000 with
final payment due on March 15, 2004.  The loan is secured by all business assets
and  personally  guaranteed  by  the  principals  of the Company.  The following
employees  of the Company have given unlimited personal guarantees for the loan:
Dennis  Keiser  (President),  Jacob  Dustin (Vice President), Donald Kenoyer, S.
Scott  Francis,  and  Gary  Mecham.

Shareholder  Notes - The following shareholders who are also officers, employees
------------------
or  directors have personally lent money to the Company. The notes are unsecured
demand notes. It is not anticipated by the Company that the notes will be called
in  the  next  year. The following are shareholder creditors to the Company: The
loans  from  Mr. Kenoyer of $21,864 and Mr. Dustin of $43,709 accrue interest at
an  annual  rate  of  10  percent  payable  on  demand.

NOTE 8. STOCK BASE COMPENSATION

At  December  31, 2002, the Company approved a stock-based employee compensation
plan.  The  stock  option  plan, which allows officers, directors, employees and
consultants  of the company to receive non-qualified and incentive stock options
for a total of 25 million shares. No options were issued for the quarters ending
September  30,  2003  and  2002.  The  Company accounts for employee stock-based
compensation  using  the  intrinsic value method for each period presented under
the  recognition  and  measurement principles of APB Opinion No. 25, "Accounting
for  Stock  Issued  to  Employees," and related interpretations. No compensation
cost is reflected in net income for options granted to employees, as all options
granted  under  those plans had an exercise price equal to the fair market value
of  the  underlying  common stock on the date of grant. The Company accounts for
stock  options  granted  to non-employees using the fair value method under SFAS
No.  123,  "Accounting  for  Stock-Based  Compensation."  A  total of 13,385,000
options  were  available  for  future  option  grants  as of September 30, 2003.

The  following  table  illustrates  the effect on net income (loss) and earnings
(loss) per share as if the fair value method had been applied to all outstanding
and  unvested  awards  in  each  period:

<TABLE>
<CAPTION>
                                         Quarter Ended September 30,
                                       --------------  ---------------
                                            2003            2002
                                       --------------  ---------------
<S>                                    <C>             <C>

Net income / (loss)                    $       45,360  $     (114,628)

Deduct: Stock based employee
Compensation expense
determined under fair value based                  --              --
                                       --------------  ---------------
method, net of tax

Pro forma net income / (loss)          $       45,360  $     (114,628)

Basic earnings per share as recorded   $        .0005  $       (.0013)
                                       ==============  ===============
Basic earnings per share pro forma     $        .0005  $       (.0013)
                                       ==============  ===============
</TABLE>


ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS

The  following discussion contains forward-looking statements that involve known
and  unknown  risks  and  uncertainties which may cause actual results in future
periods to differ materially from those indicated herein as a result of a number
of  factors,  including, but not limited to, those set forth under "Factors That
May Affect Future Results," Notes to the Consolidated Financial Statements, Part
I, Item 1., Legal Proceedings, and the discussion


                                       11
<PAGE>
below.  When  the  Company  uses  words  like  "may,"  "believes,"  "expects,"
"anticipates,"  "should,"  "estimate,"  "project,"  "plan,"  their opposites and
similar  expressions,  the  Company  is making forward-looking statements. These
expressions  are  most  often  used  in  statements  relating to business plans,
strategies,  anticipated benefits or projections about the anticipated revenues,
earnings  or other aspects of our operating results. We make these statements in
an  effort  to  keep stockholders and the public informed about our business and
have based them on our current expectations about future events. Such statements
should  be  viewed  with  caution. These statements are not guarantees of future
performance  or  events.  As  noted  elsewhere in this report, all phases of our
business are subject to uncertainties, risks and other influences, many of which
the  Company  has  no  control  over. Additionally, any of these factors, either
alone or taken together, could have a material adverse effect on the Company and
could  change  whether  any forward-looking statement ultimately turns out to be
true.  The  Company  undertakes  no  obligation  to  publicly release updates or
revisions  to  these  statements.  The  following  discussion  should be read in
conjunction  with  audited consolidated financial statements and the notes filed
thereto  on  Form  10-KSB/A with the U.S. Securities and Exchange Commission for
the  year  ending  June  30,  2003.

RESULTS OF OPERATIONS (AMENDED)
-------------------------------

The  Company's  revenue result primarily from contracts, which are substantially
short  term,  with  the  U.S.  Government, commercial customers, state and local
governments,  or  from  subcontracts with other contractors engaged in work with
such customers. The Company performs under a variety of contracts, some of which
provide  for reimbursement of costs plus fees, and others, which are fixed-price
or  time-and-materials, type contracts. Revenue and fees on the reimbursement of
costs  plus  fees  and  time-and-material  contracts  are  recognized  using the
percentage-of-completion method of accounting, primarily based on contract costs
incurred to date compared with total estimated costs at completion. Revenues and
fees  on  the  fixed price contracts are recognized based on contract benchmarks
obtained as of the end of the period.   Cost-reimbursement contracts provide for
the  reimbursement  of  direct costs and allowable indirect costs, plus a fee or
profit  component.  Time-and-materials  contracts  typically  provide  for  the
payment  of  negotiated  fixed  hourly  rates  for  labor  hours  incurred  plus
reimbursement  of  other  allowable  direct  costs at actual cost plus allocable
indirect  costs.  Firm  fixed-price  contracts  require us to provide stipulated
services  for  a  fixed  price.



REVENUE

Revenue  for  the  first  quarter  ended  September 30, 2003, increased 24.6% to
$803,938  compared  to  $645,113 for the same period of 2002.  This increase was
mainly  the  result of higher dollar engineering services contracts performed in
the  first  quarter  of  fiscal  year  2003.

Throughout  calendar year 2002, and 2003, the Company has managed an engineering
services  agreement with Idaho National Engineering and Environmental Laboratory
("INEEL") at Idaho Falls, Idaho, which constituted the majority of the Company's
revenue.  The  Company's  other  primary customers were: Fluor Federal Services,
Inc.,  Duratek,  Argonne National Laboratory West, the Bureau of Land Management
and  the State of Idaho.  Only INEEL provided more than ten percent of the total
revenue  recognized  by  the  Company  in  2003.

DIRECT OPERATING COSTS

For  the quarter ending September 30, 2003, the Company's direct operating costs
decreased  13.7%  to $494,575 from $573,264 for the same period ending September
30,  2002.  The  Company  made many efforts to reduce direct costs by using less
subcontracted services, eliminating certain rental fees, closing the Montana and
Washington  offices,  making  better  use  of  supplies,  and  exercising better
management  of  direct  payroll  costs.

GROSS PROFIT

The  Company  had gross profit of $309,363 in the first quarter 2003 compared to
$71,849  for  the  same quarter ended September 30, 2002.  This 330% increase in
gross  profit is a mark of increased sales and better management and utilization
of  available  resources.


                                       12
<PAGE>
GENERAL SELLING AND ADMINISTRATIVE EXPENSES

For  the first quarter ended September 30, 2003, the Company had general selling
and  administrative  expenses  of $232,946 compared to $257,494 at September 30,
2002.  This  9.5% decrease in general selling and administrative expenses in the
first  quarter  of  fiscal  year  2004,  is  mainly  due  to  the reduced legal,
accounting  and  consulting  fees.   The  Company  also discontinued the rent of
certain  office  space.  The  general  selling  and  administrative expenses for
September  30,  2002  is  $4,539  less  than  originally reported as a result of
amortization  of  intangible  assets  through  the  merger  which  have now been
eliminated  as  a  part  of  the  amendment  to  this  report  on  Form  10-QSB.


WRITE-DOWN OF ASSETS (AMENDED)

As a result of the comment letter received from the U.S. Securities and Exchange
Commission  dated February 27, 2004 the Company has applied SFAS 121, Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of,  to  the  mining  and  mineral  rights acquired in the merger with Iron Mask
Mining  Company  ("IMKG").  These  mining rights relate to the Garnet and Copper
Cliff  properties and were recorded by IMKG at a value of $3,723,456.  The value
of  the  mineral  rights was based on a mineral property valuation of $3,273,456
performed  by  a  certified  professional geologist,  and the mining rights were
valued at an agreed upon price of $450,000.   SFAS 121 requires an evaluation of
assets  at the time of a significant event or if changes in circumstances occur.
The  merger  constituted  such  an  event,  thus triggering the need for another
valuation  of  the  mineral rights.  Upon further review of the mineral property
valuation  report  it  was noted that the study did not meet the requirements of
the SEC's Industry Guide 7.   As of June 30, 2002 no final feasibility study had
been  performed on the Garnet and Copper Cliff properties; therefore, sufficient
quality  and  quantity of mineral reserves could not be adequately determined in
estimating  a  fair  value  of the mineral rights.  Based on this conclusion the
Company  has  impaired the mineral and mining rights in accordance with SFAS 121
declaring  the rights to have no fair value and has written the asset down.  For
the  year  ended  June  30,  2002  a  write down of the assets of $3,723,456 was
recorded  and  was included in loss from operations.  The effect of writing down
the  asset  on the June 30, 2002 income statement was in increase in the deficit
to retained earnings, which is carried forward as shown on the balance sheet for
the  quarter  ending  September  30,  2003.



INTEREST EXPENSE

Interest  expense  decreased  slightly  by  2.2%  for  the  first  quarter ended
September  30,  2003  as  compared  to the same period ending September 30, 2002
($6,639  vs. $6,787).  The interest expense was for interest paid on the line of
credit  and  10%  interest accrued on notes payable to officers and employees of
the  Company.

NET INCOME (LOSS)

The  Company  realized  a  profit of $69,778 before taxes for the first quarters
ended  September 30, 2003 compared to a net loss of $192,432 for the same period
ending  September 30, 2002.  For the first quarter ending September 30, 2003 the
net  income  after  tax  was  $45,360  and  can be attributed to the increase in
revenue  and  corresponding decreases in both direct and indirect expenses.  The
loss  for September 30, 2002 is $4,539 less than originally reported as a result
of  amortization  of  intangible  assets through the merger, which have now been
eliminated  as  a  part  of  the  amendment  to this report on Form 10-QSB.  The
revision  of  the  report  on Form 10-KSB/A for the year ended June 30, 2003 has
since  removed all goodwill and intangible assets, and therefore no other merger
costs  remain  on  the  balance  sheet  to  be  amortized  over  future periods.

CAPITAL RESOURCES AND LIQUIDITY

The  Company  has made reasonable efforts to meet cash flow demands from ongoing
operations and has improved its capital position over that of one year ago.  The
Company finished the first quarter ending September 30, 2003 with cash available
of  $105,291 compared to $27,175 at June 30, 2003.  The Company believes that it
will  still be necessary to continue to supplement the cash flow from operations
with  the  use  of  outside  resources  such  as  additional  loans and possibly
investment  capital  by  issuance of debenture notes and preferred stock.  As of
September  30,  2003,  the  Company had a working capital of deficit of $356,018
compared  to  a  deficit  of  $438,285  for  the year ending June 30, 2003.  The
current  ratio  at  September  30,  2003  was: .54:1 and .51:1 at June 30, 2003.


                                       13
<PAGE>
The Company has had ongoing capital-intensive engineering projects and continues
to  search  for  new  investment  capital  through  private  preferred stock and
debenture  bonds to fund the start up of renewable energy projects.  The Company
believes  that  with  new  engineering  and  technical  services  contracts  and
prospects  for  bringing these renewable energy projects on line that it will be
able to meet obligations as they become due.  The Company is also continuing its
aggressive  collection  of its accounts receivable.  No receivables appear to be
uncollectible.

The  Company  had  an available line of credit of $200,000 of which $190,000 was
converted  to  a  term  loan  as  of September 25, 2003.   The term loan or note
payable  bears interest at the prime rate plus two percent and is secured by all
business  assets  and personally guaranteed by the officers and key employees of
the  Company.  As  of  September  30,  2003, the loan was in good standing.  The
Company  also  has shareholder notes payable from certain officers, employees or
directors.  The  notes  are unsecured demand notes. It is not anticipated by the
Company  that  the  notes  will  be  called  in the next year. The following are
shareholder  creditors to the company: the loans from Mr. Kenoyer of $21,894 and
Mr. Dustin of $43,709 accrue interest at an annual rate of 10 percent payable on
demand.

Access  to  Capital  -  Over the next twelve months the Company believes that it
-------------------
will  be  necessary  to supplement the cash flow from operations with the use of
outside  resources  such  as additional loans and possibly investment capital by
issuance  of  debenture  notes  or  preferred  stock.

Material  Commitments  for Capital Expenditures - The Company has no outstanding
-----------------------------------------------
commitments  at  this time, though it anticipates purchase of engineering design
hardware  and software, additional computers, and office furniture to expand its
operations.  The  Company  also intends to purchase a proprietary process design
for  ethanol production. Source of funding for office-related expenses will come
from  ongoing  operations  generated  by  engineering  services.  The  source of
funding  for  proprietary  design  and  potential  acquisitions  will be made by
outside  capital  resources.

Seasonal  Changes  -The Company's operating revenue is generally not affected by
-----------------
seasonal  changes.


ITEM 3. CONTROLS AND PROCEDURES

(a)     Under  the  supervision  and  with  the participation of our management,
including  our  principal  executive officer and principal financial officer, we
conducted  an evaluation of our disclosure controls and procedures, as such term
is defined under Rule 13a-14(c) promulgated under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), within 90 days of the filing date of this
report.  Based on this evaluation, our principal executive officer and principal
financial  officer  concluded  that  our  disclosure controls and procedures are
effective in alerting them on a timely basis to material information relating to
our Company (including its consolidated subsidiaries) required to be included in
our  reports  filed  or  submitted  under  the  Exchange  Act.

(b)     There  have  been  no  significant changes (including corrective actions
with  regard to significant deficiencies or material weaknesses) in our internal
controls  or  in  other  factors  that could significantly affect these controls
subsequent  to  the  date  of  the evaluation referenced in paragraph (a) above.


                                       14
<PAGE>
                            PART II OTHER INFORMATION
                            -------------------------

ITEM 1. LEGAL PROCEEDINGS.

None

ITEM 2. CHANGES IN SECURITIES.

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

     (a)     Financial  Statements,  Schedules  and  Exhibits
     (b)     Three  exhibits  are  filed  as  part  of  this  report.
     (c)     The  Company  filed  no reports on Form 8-K in the first quarter of
2004

             1.  Exhibits

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                                                                    <C>
  Exhibit.   Description                                                            Incorporated by Reference from
    No                                                                              Registrant's
-----------  ---------------------------------------------------------------------  -------------------------------------------
   3.1       Articles of Incorporation.                                             Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
   3.2       Bylaws.                                                                Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
   3.3       Amended Articles of Incorporation.                                     Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
   3.4       Amended Articles of Incorporation.                                     Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
   4.1       Specimen Stock Certificate.                                            Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.1       Yellow Pines Resources Agreement.                                      Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.2       American Diatomite Agreement.                                          Form 10SB Registration March 22, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.3       American Diatomite Agreement.                                          Form 10-KSB October 20, 2000
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.4       Agreement to Sell and Purchase Mineral Reserves, Real Property and
             Shares of Common Stock                                                 Form 10-KSB October 15, 2001
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.5       Addendum to Agreement to Sell and Purchase Mineral Reserves, Real
             Property and Shares of Common Stock                                    Form 10-KSB October 15, 2001
-----------  ---------------------------------------------------------------------  -------------------------------------------
  10.7       2003 Stock Option Plan                                                 Schedule 14(a) October 24, 2002
-----------  ---------------------------------------------------------------------  -------------------------------------------
  31.1       Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
-----------  ---------------------------------------------------------------------  -------------------------------------------
  31.2       Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
             by Vice-President, Secretary and Treasurer
-----------  ---------------------------------------------------------------------  -------------------------------------------
  32         Certification pursuant to 18 U.S.C. SECTION 1350 by Chairman and
             Chief Executive Officer and Vice-President, Secretary and Treasurer
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       15
<PAGE>
Reports  on  Form  8-K

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
<S>   <C>                                                                    <C>
10.6  Iron Mask Mining Company merger agreement with Intrepid
      Engineering Company and Western Technology and Management, Inc.        Form 8-K April 8, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Intrepid Technology and Resources, Inc. change of certifying
      accountants                                                            Form 8-K May 24, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Amendment to report pro forma financial information on merger filed
      on Form 8-K April 8, 2002                                              Form 8-K/A June 11, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Amendment, Item 7.  Letter from accountant and Company
      correspondence                                                         Form 8-K/A June 20, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Resignation of Registrant's Directors and change in management         Form 8-K July 8, 2002
      ---------------------------------------------------------------------  -----------------------------
      Resignation of Registrant's Directors                                  Form 8-K August 21, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Amendment to Form 8-K filed on May 24, 2002 for change of
      certifying accountants.  Correction letter of predecessor accountant.  Form 8-K/A September 10, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Election of Lynn Smith to the Board of Directors and Chairman of the
      Audit Committee                                                        Form 8-K September 13, 2002
----  ---------------------------------------------------------------------  -----------------------------
      Serving of Cure Notice to Cordoba Corporation for Delivery of Lein-    Form 8-K February 6, 2003
      Free Deeds to Garnet Mineral Properties
----------------------------------------------------------------------------------------------------------
</TABLE>


                                       16
<PAGE>
SIGNATURES
----------

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.



                          INTREPID TECHNOLOGY & RESOURCES, INC.
                                       (Registrant)



Date: April 23, 2004     By: /s/ Dr. Dennis D. Keiser,Chief Executive Officer &
                             ------------------------------------------------
                             President
                             ---------


Date: April 23, 2004     By: /s/ Dr. Jacob D. Dustin, Vice President, Secretary,
                             ---------------------------------------------------
                             and Treasurer
                             -------------



                                       17
<PAGE>