SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q/A

               Quarterly Report Pursuant to Section 13 or 15(d) of
                         Securities Exchange Act of 1934

                  For the quarterly period ended June 30, 1997

                         Commission File Number 0-16019

                    INTERNATIONAL PRECIOUS METALS CORPORATION
                    -----------------------------------------
             (Exact name of Registrant as specified in its Charter)

                           Province of Ontario, Canada
                           ---------------------------
                           (Jurisdiction of formation)

                                   86-0766060
                         Employer Identification Number

                  4633 South 36th Place, Phoenix, Arizona 85040
                  ---------------------------------------------
                    (Address of principal executive offices)

                                 (602) 414-1830

                         (Registrant's telephone number)




The registrant had 20,778,263  shares of outstanding  common shares as of August
13, 1997.


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  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___.







<PAGE>

Item 6: Exhibits and reports on Form 8-K

     (a)  The following exhibits are filed with this report:


           3(a)     By-Laws of the Company as adopted on June 20,1997


          10(bb)    Amended Property  Purchase  Agreement dated as of July 29,
                    1997 among the Company,  International  Precious Metals of
                    Arizona and Omega International Corporation

          27        Financial Data Schedule

    









                                      -2-



<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.


                                     INTERNATIONAL PRECIOUS METALS CORPORATION



August 20, 1997
                                     /s/ Billie J. Allred
                                     ----------------------------------
                                     Billie J. Allred
                                     Chief Financial Officer


August 20, 1997
                                     /s/Tanya Nelson
                                     ----------------------------------
                                     Tanya Nelson
                                     Chief Accounting Officer



                                      -3-



<PAGE>


                    INTERNATIONAL PRECIOUS METALS CORPORATION
                        Quarterly Report on Form 10-Q For
                         The Quarter Ended June 30, 1997


                                  EXHIBIT INDEX


Exhibit      Description                                                   Page
-------      -----------                                                   ----

3(a)         By-Laws of the Company as adopted on June 20, 1997

10(bb)       Amended Property Purchase Agreement dated as of 
             July 29, 1997 among the Company, International 
             Precious Metals of Arizona and Omega International 
             Corporation

27           Financial Data Schedule