U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB



[ x ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
             OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2004

[ ] 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: 0-13597


                           AVALON GOLD CORPORATION
                     (Formerly Iceberg Brands Corporation)
            (Exact name of registrant as specified in its charter)
             NEVADA                                      88-0195105
  (State or other jurisdiction of
  incorporation or organization)          (I.R.S. Employer Identification No.)

1288 Alberni  Street, Suite 806, Vancouver, British Columbia, Canada   V6E 4N5
       (Address of registrant's principal executive offices)   (Zip Code)

                                  604.664.0499
              (Registrant's Telephone Number, Including Area Code)


APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practical date.  As of March 31, 2004 there were
12,905,492 shares of the issuer's $0.001 par value common stock issued and
outstanding.
===============================================================================


INDEX
                                                                       PAGE
Part I. FINANCIAL INFORMATION

Item 1.   Financial Statements.........................................F1-F14

Item 2.   Management's Discussion and Analysis or Plan of Operation.....2-8

Item 3.   Controls And Procedures........................................8

Part II. OTHER INFORMATION

Item 1.   Legal Proceedings..............................................8

Item 2.   Changes in Securities and Use of Proceeds......................8

Item 3.   Defaults Upon Senior Securities................................9

Item 4.   Submission of Matters to a Vote of Security Holders............9

Item 5.   Other Information..............................................9

Item 6.   Exhibits and Reports on Form 8-K...............................9

SIGNATURES...............................................................9

===============================================================================

ITEM 1. Financial Statements


                             AVALON GOLD CORPORATION
                      (Formerly Iceberg Brands Corporation)
                          (An Exploration Stage Company)

                                  BALANCE SHEETS

 <table>
 <caption>
 
                                                        <c>                       <c>
                                                              March 31,          December 31,
                                                                2004                  2003
                                  ASSETS                     (Unaudited)

 CURRENT ASSETS
         Cash                                          $          1,625        $        2,262
         Taxes recoverable                                        1,020                 1,521
         Current portion of prepaid service contracts           428,707               365,707
                                                              ----------            ----------
                                                                431,352               369,490

 INVESTMENT IN LEGACY MINING LTD (Note 3)                       125,639                     -
 DUE FROM GOLDEN SPIRIT MINERALS LTD. (                          42,086               167,899
 PREPAID SERVICE CONTRACTS (Note 6)                              66,504               107,337
 DEPOSIT ON ACQUISITION OF MINERAL PROPERTY (Note 4)              9,000                 9,000
 OIL AND GAS PROPERTIES (Note 5)                                      2                     2
                                                             ----------            ----------
                                                       $        674,583        $      653,728
                                                             ==========            ==========

                  LIABILITIES AND STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES
         Accounts payable and accrued liabilities      $         18,019                19,621
         Due to related parties (Note 8)                        109,400               292,473
                                                             ----------            ----------
                                                                127,419               312,094
                                                             ----------            ----------

 CONTINGENCIES (Note 1 and 9)

 STOCKHOLDERS' EQUITY (Note 7)
      Common stock, $.001 par value, 200,000,000
          shares authorized 12,905,492 (2003 -
          4,088,825) shares issued and outstanding               52,620                49,021
         Additional paid-in capital                          18,154,544            17,751,644
         Share subscriptions receivable                               -              (232,094)
         Deficit accumulated during the development
         stage                                              (17,660,000)          (17,226,937)
                                                             ----------            ----------
                                                                547,164               341,634
                                                             ----------            ----------
                                                       $        674,583        $      653,728
                                                             ==========            ==========

 The accompanying notes are an integral part of these financial statements

 </table>



                             AVALON GOLD CORPORATION
                      (Formerly Iceberg Brands Corporation)
                          (An Exploration Stage Company)

                         INTERIM STATEMENTS OF OPERATIONS
                                   (Unaudited)
 <table>
 <caption>
 
                                                   <c>                 <c>          <c>
                                                                                          Cumulative
                                                     Three Months      Three Months       from January 1,
                                                     ended March 31,   ended March 31,    1996 to March 31,
                                                         2004             2003                2004
                                                      -----------     -----------        -----------
 GENERAL AND ADMINISTRATIVE EXPENSES
         Litigation settlement                       $          -    $          -       $  2,291,070
         Management and consulting fees                   148,576         231,438          2,439,447
         Consulting fees - stock based
         Exploration Cost                                 112,500               -            112,500
         Loss on settlement of debt (Note 7)               62,000               -            718,784
         General and administrative                        86,159         108,368          1,660,781
         Professional fees                                 23,829          22,856            748,267
         Interest expense                                       -               -             98,282
         Software development costs                             -               -            737,300
                                                      -----------     -----------        -----------
 LOSS BEFORE THE FOLLOWING                               (433,064)       (691,562)         9,457,431

 Write-down of interest in ACGT Corporation                     -               -          1,406,000
 Write-down of  oil and gas properties                          -               -          2,250,937
 Loss on Iceberg Drive Inn Investment (Note 6)                  -               -             85,000
                                                      ------------    ------------       ------------


 NET LOSS FOR THE PERIOD                             $   (433,064)   $   (691,562)     $ (13,199,368)
                                                       ===========     ===========       ============



 BASIC NET LOSS PER SHARE                            $      (0.04)    $     (0.19)
                                                       ===========     ===========
 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING            11,286,810       3,523,509
                                                       ===========     ===========

 The accompanying notes are an integral part of these financial statements

 </table>

 <PAGE>F-3







                               AVALON GOLD CORPORATION
                        (Formerly Iceberg Brands Corporation)

                            (An Exploration Stage Company)

                         INTERIM STATEMENTS OF CASH FLOWS
                                   (Unaudited)

 <table>
 <caption>
 
                                                                   <c>                 <c>              <c>
                                                                                                             Cumulative
                                                                  Nine Months ended   Nine Months ended     from January 1,
                                                                    September 30,      September 30,           1996 to
                                                                        2003               2002              September 30,
                                                                                                                 2003
                                                                      -----------        -----------         -----------
 CASH FLOWS FROM OPERATING ACTIVITIES
        Net loss for the period                                     $    (433,064)     $     (691,562)      $  (13,199,368)
        Adjustments to reconcile net loss to net cash from
         operating activities:
         - non-cash fees and services paid for with common shares         212,333             295,520            2,726,043
         - stock-based compensation                                             -             328,900              651,000
         - non-cash interest paid for with common shares                        -                   -               80,872
         - loss on settlement of debt                                      62,000                   -              718,784
         - software development costs paid for with common shares               -                   -              600,000
         - write-down of interest in oil and gas properties                     -                   -            2,250,937
         - write-down of interest in ACGT Corporation                           -                   -            1,406,000
         - Loss on Iceberg Drive Inn Investment                                 -                   -               85,000
         - other non-cash expenses                                              -                   -            2,557,382
                                                                       -----------          -----------         -----------
                                                                          (48,731)            (67,142)          (2,013,350)
         - net changes in working capital items                          (134,979)           (223,729)             444,040
                                                                       -----------          -----------         -----------
 CASH USED IN OPERATING ACTIVITIES                                       (183,710)           (290,871)          (1,569,310)
                                                                       -----------          -----------         -----------

 CASH FLOWS USED IN INVESTING ACTIVITIES
    Investment in Iceberg Acquistion Corporation                                -             (95,000)            (120,000)
    Oil and gas property acquistions                                            -                   -             (684,934)
                                                                       -----------          -----------          -----------
 CASH USED IN INVESTING ACTIVITIES                                              -             (95,000)            (804,934)
                                                                       -----------          -----------          -----------
 CASH FLOWS FROM FINANCING ACTIVITIES
    Bank overdraft                                                              -               2,341                    -
    Net proceeds on sale of common stock                                        -             505,000              653,740
    Net proceeds from common stock subscriptions                                -                   -              633,000
    Net advances (to) from related parties                                183,073            (121,470)             669,129
    Advances receivable                                                         -                   -              420,000
                                                                       -----------          -----------           -----------
 CASH FLOWS FROM FINANCING ACTIVITIES                                     183,073             385,871            2,375,869

 (DECREASE) INCREASE IN CASH                                                 (637)                  -                1,625

 CASH, BEGINNING OF PERIOD                                                  2,262                   -                    -
                                                                       -----------        -----------           -----------
 CASH, END OF PERIOD                                                  $     1,625       $           -          $     1,625
                                                                       ===========        ===========           ===========

Other non-cash transactions:
During the quarter ended March 31, 2004, the Company issued 1,050,000 restricted common shares for prepaid investor
relations and investment banking service contracts valued at $126,000 (Refer to Note 6).
During the quarter ended March 31, 2004, the Company issued 1,550,000 shares with a fair value of $170,500 in settlement
of $88,550 of consulting fees, $14,350 of professional fees and $5,600 in office and administrative salaries.
During the quarter March 31,2004, the Company issued 1,000,000 restricted commons shares valued at
$110,000 towards the acquisition of a mineral property

 The accompanying notes are an integral part of these interim financial statements
 </table>
 <PAGE>F-4

                             AVALON GOLD CORPORATION
                      (Formerly Iceberg Brands Corporation)
                          (An Exploration Stage Company)

                      NOTES TO INTERIM FINANCIAL STATEMENTS
                                  MARCH 31, 2004
                                   (Unaudited)

 NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

 The Company was incorporated as Venture Investments Inc. under the Laws of the
 State of Nevada on November 29, 1983.  The company underwent a name change to
 Asdar Group on December 10, 1997, a name change to Precise Life Sciences Ltd.
 on April 30, 2002, a name change to Iceberg Brands Corporation on March 3, 2003
 and a name change to Avalon Gold Corporation on September 8, 2003.  The company
 was dormant from 1991 to 1996 and currently has no revenue generating
 operations. In accordance with SFAS #7, the company was considered a
 development stage company since January 1, 1996 and as a result of changing its
 business focus to acquisition and exploration of mineral properties is
 considered to be an exploration stage company.

 The financial statements have been prepared on the basis of a going concern
 which contemplates the realization of assets and the satisfaction of
 liabilities in the normal course of business.  The Company is in the
 development stage, has not generated any revenues or completed development of
 any commercially acceptable products or services to date and further
 significant losses are expected to be incurred in developing its business.  The
 ability of the Company to continue as a going concern is dependent on raising
 additional capital and ultimately on generating future profitable operations.

 Unaudited Interim Financial Statements

 The accompanying unaudited interim financial statements have been prepared in
 accordance with generally accepted accounting principles for interim financial
 information and with the instructions to Form 10-QSB of Regulation S-B. They do
 not include all information and footnotes required by generally accepted
 accounting principles for complete financial statements. However, except as
 disclosed herein, there has been no material changes in the information
 disclosed in the notes to the financial statements for the year ended December
 31, 2002 included in the Company's Annual Report on Form 10-KSB filed with the
 Securities and Exchange Commission. The interim unaudited financial statements
 should be read in conjunction with those financial statements included in the
 Form 10-KSB. In the opinion of Management, all adjustments considered necessary
 for a fair presentation, consisting solely of normal recurring adjustments,
 have been made. Operating results for the three months ended March 31, 2004 are
 not necessarily indicative of the results that may be expected for the year
 ending December 31, 2004.

 <PAGE>F-5

 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of presentation

 The accompanying financial statements are presented in United States dollars
 and are prepared in accordance with accounting principles generally accepted in
 the United States.

 Use of Estimates and Assumptions

 Preparation of the Company's financial statements in conformity with generally
 accepted accounting principles requires management to make estimates and
 assumptions that affect certain reported amounts and disclosures.  Accordingly,
 actual results could differ from those estimates.

 Cash and Cash Equivalents

 The Company considers all liquid investments, with an original maturity of
 three months or less when purchased, to be cash equivalents.

 Mineral property costs

 Mineral property acquisition, exploration and development costs are expensed as
 incurred until such time as economic reserves are quantified.  To date the
 Company has not established any proven or probable reserves on its mineral
 properties.  The Company has adopted the provisions of SFAS No. 143 "Accounting
 for Asset Retirement Obligations" which establishes standards for the initial
 measurement and subsequent accounting for obligations associated with the sale,
 abandonment, or other disposal of long-lived tangible assets arising from the
 acquisition, construction or development and for normal operations of such
 assets.  The adoption of this standard has had no effect on the Company's
 financial position or results of operations.  As at March 31, 2004 any
 potential costs relating to the retirement of the Company's mineral property
 interest are not yet determinable.

 Oil and Gas Properties

 The Company follows the full cost method of accounting for its oil and gas
 operations whereby all cost related to the acquisition of petroleum and natural
 gas interests are capitalized.  Such costs include land and lease acquisition
 costs, annual carrying charges of non-producing properties, geological and
 geophysical costs, costs of drilling and equipping productive and non-
 productive wells, and direct exploration salaries and related benefits.
 Proceeds from the disposal of capital assets are recorded as a reduction of the
 related expenditures without recognition of a gain or loss unless the disposal
 would result in a change of 20 percent or more in the depletion rate.

 <PAGE>F-6

 Depletion and depreciation of the capitalized costs will be computed using the
 unit-of-production method based on the estimated proven reserves of oil and gas
 determined by independent consultants.

 A ceiling test will be applied to capitalized costs to ensure that such costs
 do not exceed estimated future net revenues from production of proven reserves
 at year end market prices less future production, administrative, financing,
 site restoration, and income tax costs plus the lower of cost or estimated
 market value of unproved properties.  The Company has not established proven
 recoverable reserves on properties held, and the Company has provided an
 impairment provision for costs incurred to date on unproven properties.

 Marketable Equity Securities

 The Company follows the equity method of accounting for its long-term
 investments in which it holds less than 50% of the investee's voting shares and
 over which it exercises significant influence.  Under this method, the Company
 records its shares of the earnings or losses of the investee.  Management
 reviews the carrying value of these investments on a quarterly basis to
 determine if their carrying value has been impaired.  Declines in value that
 are other than temporary are recognized by writing down the investment to its
 estimated recoverable amount.

 The Company's other investments consist of marketable equity securities which
 are not yet available-for-sale and as such, their carrying value is at cost.
 Management reviews the carrying value of these instruments on a quarterly basis
 to determine if their carrying value has been impaired.

 As the marketable equity securities become available-for-sale, their carrying
 value is adjusted to market at the end of each quarter.  As required by SFAS
 130, unrealized gains and losses on these investments are recorded as a
 component of accumulated other comprehensive income and are recorded as a
 component of net income when realized.  However, if there is a permanent
 decline in the available-for-sale securities, this adjustment is taken into
 income in the period.

 Fair Value of Financial Instruments

 <PAGE>F-5

 The following disclosure of the estimated fair value of financial instruments
 is made in accordance with the requirements of SFAS No. 107 Disclosures about
 Fair Value of Financial Instruments. The estimated fair value amounts have been
 determined by the Company, using available market information and appropriate
 valuation methodologies.  The fair value of financial instruments classified as
 current assets or liabilities including cash and cash equivalents and notes and
 accounts payable approximate carrying value due to the short-term maturity of
 the instruments.

 Foreign Currency Translation

 The financial statements are presented in United States dollars.  In accordance
 with Statement of Financial Accounting Standards No. 52, "Foreign Currency
 Translation", foreign denominated monetary assets and liabilities are
 translated to their United States dollar equivalents using foreign exchange
 rates which prevailed at the balance sheet date.  Revenue and expenses are
 translated at average rates of exchange during the year. Related translation
 adjustments are reported as a separate component of stockholders' equity,
 whereas gains or losses resulting from foreign currency transactions are
 included in results of operations.

 Stock-based compensation

 In December 2002, the Financial Accounting Standards Board issued Financial
 Accounting Standard No. 148, "Accounting for Stock-Based Compensation -
 Transition and Disclosure" ("SFAS No. 148"), an amendment of Financial
 Accounting Standard No. 123 "Accounting for Stock-Based Compensation" ("SFAS
 No. 123").  The purpose of SFAS No. 148 is to: (1) provide alternative methods
 of transition for an entity that voluntarily changes to the fair value based
 method of accounting for stock-based employee compensation, (2) amend the
 disclosure provisions to require prominent disclosure about the effects on
 reported net income of an

 entity's accounting policy decisions with respect to stock-based employee
 compensation, and (3) to require disclosure of those effects in interim
 financial information.  The disclosure provisions of SFAS No. 148 were
 effective for the Company for the year ended December 31, 2002 and the required
 disclosures have been made below.

 <PAGE>F-7

 The Company has elected to continue to account for stock-based employee
 compensation arrangements in accordance with the provisions of Accounting
 Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees",
 ("APB No. 25") and comply with the disclosure provisions of SFAS No. 123 as
 amended by SFAS No. 148 as described above.  In addition, in accordance with
 SFAS No. 123 the Company applies the fair value method using the Black-Scholes
 option-pricing model in accounting for options granted to consultants. Under
 APB No. 25, compensation expense is recognized based on the difference, if any,
 on the date of grant between the estimated fair value of the Company's stock
 and the amount an employee must pay to acquire the stock.  Compensation expense
 is recognized immediately for past services and pro-rata for future services
 over the option-vesting period.

 The following table illustrates the pro forma effect on net income (loss) and
 net income (loss) per share as if the Company had accounted for its for stock-
 based employee compensation using the fair value provisions of SFAS No. 123
 using the assumptions as described in Note 6:


 <table>
 <caption>
 
                                       <c>             <c>            <c>


                                                 March 31, 2004  March 31, 2003
                                        ---------------------------------------------
 Net Loss for the period                 As reported  $    (433,064)  $    (691,562)
 SFAS 123 compensation expense           Pro-forma                -        (251,100)
                                                       ------------     -------------
 Net loss for the period                 Pro-forma    $    (433,064)  $    (942,662)
                                                       ============     =============
 basic net loss per share                Pro-forma    $      (0.03)   $     (0.067)
                                                       ============     =============
 </table>

 <PAGE>F-8

 The Company accounts for equity instruments issued in exchange for the receipt
 of goods or services from other than employees in accordance with SFAS No. 123
 and the conclusions reached by the Emerging Issues Task Force in Issue No.
 96-18, "Accounting for Equity Instruments That Are Issued to Other Than
 Employees for Acquiring or in Conjunction with Selling Goods or Services"
 ("EITF 96-18").  Costs are measured at the estimated fair market value of the
 consideration received or the estimated fair value of the equity instruments
 issued, whichever is more reliably measurable.  The value of equity instruments
 issued for consideration other than employee services is determined on the
 earlier of a performance commitment or completion of performance by the
 provider of goods or services as defined by EITF 96-18.

 The Company has also adopted the provisions of the Financial Accounting
 Standards Board Interpretation No.44, Accounting for Certain Transactions
 Involving Stock Compensation - An Interpretation of APB Opinion No. 25 ("FIN
 44"), which provides guidance as to certain applications of APB 25.  FIN 44 is
 generally effective July 1, 2000 with the exception of certain events occurring
 after December 15, 1998.

 Income Taxes

 The Company follows the liability method of accounting for income taxes.  Under
 this method, deferred tax assets and liabilities are recognized for the future
 tax consequences attributable to differences between the financial statement
 carrying amounts of existing assets and liabilities and their respective tax
 balances.  Deferred tax assets and liabilities are measured using enacted or
 substantially enacted tax rates expected to apply to the taxable income in the
 years in which those differences are expected to be recovered or settled.  The
 effect on deferred tax assets and liabilities of a change in tax rates is
 recognized in income in the period that includes the date of enactment or
 substantial enactment.  A valuation allowance is provided for deferred tax
 assets if it is more likely than not that the Company will not realize the
 future benefit, or if future deductibility is uncertain.


 NOTE 3 - INVESTMENT IN LEGACY MINING LTD.

 On December 31, 2003, the Company agreed to settle $122,988 of the its
 receivable from Legacy Mining Ltd. ("Legacy") for the issue of 1,229,880
 restricted shares of Legacy at a value of $0.10 per share. These restricted
 shares were issued to the Company on February 20, 2004. Legacy is a non-
 reporting entity with a director in common with the Company. Legacy has applied
 to NASD for a listing on the pink sheets and intends to become a fully
 reporting company in 2004. The Company is carrying the value of these
 restricted shares at cost and will review the carrying value of these shares
 when they become available for sale. The balance of $2,651 represents
 additional advances made to Legacy. These amounts are non-interest bearing and
 have no specific terms of repayment.

 <PAGE>F-9

 NOTE 4 -  MINERAL PROPERTIES

 Deposit on acquisition of Mayske Gold Property, Ukraine

 On September 22, 2003, the Company signed a Letter of Intent to acquire the
 Mayske Gold Property located in the Odessa Region, Ukraine. The Company intends
 to acquire a 75% interest in the property and possibly up to a 90% interest. If
 negotiations are successful, all terms and conditions will be confirmed with a
 signed agreement. The Company issued 50,000 restricted post-reverse split
 common shares valued at $9,000 as a deposit towards the acquisition. An
 additional 450,000 restricted post-reverse split shares will be issued when the
 additional 15% is included. The Company issued 15,000 post-reverse split common
 shares valued at $1,500 to an individual as consideration for representing the
 Company's interest in the Ukraine.  The Company continues to complete its due
 diligence in Ukraine and will not confirm a signed agreement until a proper
 elected government official in the mining sector has reviewed the Company's
 proposals.

 LSA Mineral Claims

 By Agreement dated January 26, 2004 and subsequent amendment dated March 8,
 2004, the Company agreed to acquire a ninety-percent (90%) interest in seven
 (7) lode mining claims known as the LSA claims, located in Lander County,
 Nevada. The Company issued 1,000,000 restricted common shares valued at
 $110,000 and paid $1,000 upon signing the agreement. Under the terms of the
 agreement(s), the Company will pay $2,500 in cash and issue a fair value of
 $2,500 in restricted shares to the vendor by April 26, 2004. Thereafter, on the
 last day of each month from May, 2004 to February, 2005, the Company will pay
 an additional $500 in cash and issue a fair value of $1,500 in restricted
 shares to earn its ninety-percent (90%) interest. The Company will be required
 to perform annual assessment work to keep the claims in good standing. The
 Company will have an independent engineering report prepared on the property,
 which will contain recommendations for a work program.


 NOTE 5 - OIL AND GAS PROPERTIES

 Harvester Property, California, USA:

 <PAGE>F-9

 The Company owns a 2% royalty interest carried at a nominal value of $1 due to
 the uncertainty of realization.

 LAK Ranch Oil Project, Wyoming, USA:

 The Company owns a 0.7% gross overriding royalty interest on 6,360 acres of oil
 and natural gas rights located in the Powder River Basin of eastern Wyoming
 carried at a nominal value of $1 due to the uncertainty of realization.


 NOTE 6 - SERVICE CONTRACTS

 On November 15, 2001, the Company entered into an agreement with Palisades
 Financial Ltd., a private company controlled by a significant shareholder, with
 a three-year term, whereby Palisades will provide investment-banking services
 to the Company (valued at $94,000) in exchange for 200,000 restricted shares of
 the Company's common stock.

 On December 13, 2002, the Company entered into an agreement with Advantage
 Nevada Corporation, a private company, with a two and one-half year term,
 whereby Advantage will provide consulting services to the Company (valued at
 $270,000) in exchange for 2,250,000 restricted shares of the Company's common
 stock. The consultant will provide such services and advice to the Company in
 business development, business strategy and corporate image. In addition, the
 consultant will assist the Company in developing, studying and evaluating
 acquisition proposals within North America.

 On December 13, 2002, the Company entered into an agreement with HBK
 Investments Services Ltd., a private company controlled by a shareholder, with
 a two year term, whereby HBK will provide investor relations services to the
 Company (valued at $90,000) in exchange for 750,000 restricted shares of the
 Company's common stock. The investor relations individual will provide such
 services as researching, editing and generating a company profile, technical
 chart analysis, relaying the Company's business perspectives and distribution
 of corporate updates, including press releases.

 On December 13, 2002, the Company entered into an agreement with Asiatic
 Management Consultants Ltd., a private company controlled by a significant
 shareholder, with a two and one-half year term, whereby Asiatic will provide
 investment-banking services to the Company (valued at $300,000) in exchange for
 2,500,000 restricted shares of the Company's common stock. The investment
 banker will provide access to investors and ongoing funding for the Company's
 investment in Iceberg Acquisition Corporation.

 <PAGE>F-10

 On December 13, 2002, the Company entered into an agreement with a shareholder,
 with a two and one-half year term, whereby the shareholder will provide
 consulting services to the Company (valued at $120,000) in exchange for
 1,000,000 restricted shares of the Company's common stock. The consultant will
 provide such services and advice to the Company in business development,
 business strategy and corporate image. In addition, the consultant will assist
 the Company in developing, studying and evaluating acquisition proposals
 outside of North America.

 On January 15, 2004, the Company entered into an agreement with Y.E.N.N. Asset
 Management, a private company controlled by a significant shareholder, for a
 two year term, whereby Y.E.N.N. will provide investment-banking services to the
 Company (valued at $54,000) in exchange for 450,000 restricted shares of the
 Company's common stock. The investment banker will provide access to investors
 and ongoing funding for the Company's investments.

 On January 15, 2004, the Company entered into an agreement with Inter-Orient
 Investments Ltd., a private company controlled by an significant shareholder,
 for a two year term, whereby Inter-Orient Investments Ltd. will provide
 investor relations services to the Company (valued at $72,000) in exchange for
 600,000 restricted shares of the Company's common stock. The investor relations
 individual will provide such services as researching, editing and generating a
 company profile, technical chart analysis, relaying the Company's business
 perspectives and distribution of corporate updates, including press releases.

 At March 31, 2004 the current portion of the prepaid service contracts totaled
 $428,707.

 NOTE 7 - CAPITAL STOCK

 During the quarter ended March 31, 2004, the Company issued 1,050,000
 restricted common shares for prepaid investor relations and investment banking
 service contracts valued at $126,000 (Refer to Note 6).

 During the quarter ended March 31, 2004, the Company issued 1,550,000 shares
 with a fair value of $170,500 in settlement of  $88,550 of consulting fees,
 $14,350 of professional fees and $5,600 in office and administrative salaries.
 The difference of $62,000 has been recorded as a loss on settlement of debt.

 <PAGE>F-11

 During the quarter ended March 31, 2004, the Company issued 1,000,000
 restricted common shares valued at $110,000 towards the acquisition of a
 mineral property (Refer to Note 4).

 Stock options

 On February 10, 2004, the Company filed a Registration Statement on Form S-8 to
 cover 4,050,000 shares of common stock to be issued, 2,500,000 shares pursuant
 to the Company's 2004 Stock Incentive and Option Plan (the "Plan") and
 1,550,000 shares to be issued for debt in the amount of $108,500. The shares
 issued for debt included 155,000 shares of common stock in settlement of
 $10,850 of administrative salaries and professional fees to two employees. To
 date, none of the 2,500,000 shares pursuant to the 2004 Stock Incentive and
 Option Plan have been granted.

 NOTE 8 - RELATED PARTY TRANSACTIONS

 During the quarter ended March 31, 2004 the Company incurred $14,276 (2003
 -$12,000) in management fees to directors. At March 31, 2004 the Company owes
 $56,000 in management fees to a director.

 During the quarter ended March 31, 2004, the Company incurred $8,384 (2003 -
 $7,310) in rent and office expenses to a private company controlled by an
 employee.

 During the quarter ended March 31, 2004, the Company incurred $Nil (2003 -
 $37,500) in consulting fees to a significant shareholder and $10,850 (2003 -
 $37,500) in professional and consulting fees to two employees.

 During the quarter ended March 31, 2004, three companies controlled by
 significant shareholders earned $53,583 (2003 - $37,833) and a company
 controlled by an employee earned $11,250 (2003 - $11,250) pursuant to prepaid
 services agreements (See note 6).

 At March 31, 2004 an amount of $42,086 is receivable from Golden Spirit
 Minerals Ltd., a public company which have directors in common with the
 Company, an amount of $38,143 is payable to an employee, a net amount of
 $15,257 is owing to a significant shareholder and $56,000 is owing to a
 director for accrued management fees. These amounts are non-interest bearing
 and have no specific terms of repayment.

 NOTE 9 - CONTINGENCY

 On February 21, 2002, the Company issued 350,000 shares valued at $119,000 to
 Empire Sterling Corporation for services to be rendered  with respect to the
 acquisition of ACGT Corporation.  The shares were to be held in trust and not
 sold until all necessary financing was in place to complete the ACGT
 acquisition. Empire Sterling Corporation breached the trust agreement and the
 Company placed a stop transfer on these shares and requested they be returned
 to the Company. Empire Sterling Corporation failed to return the share
 certificate and as such, the Company commenced court proceedings against the
 principals of Empire Sterling Corporation. The Company argued for an interim
 injunction against all parties and was successful. On May 9, 2002, the Court
 ordered Empire Sterling Corporation to deposit the shares with the Court
 pending judicial disposition.  The Company intends to file legal process
 claiming ownership of the shares and breach of trust inter alia. If successful,
 the Company intends to cancel the shares and return them to treasury.

 <PAGE>F-12

ITEM 2.         Plan of Operation

This following information specifies certain forward-looking statements of
management of the company. Forward-looking statements are statements that
estimate the happening of future events and are not based on historical fact.
Forward-looking statements may be identified by the use of forward-looking
terminology, such as "may", "shall", "will", "could", "expect", "estimate",
"anticipate", "predict", "probable", "possible", "should", "continue", or
similar terms, variations of those terms or the negative of those terms.  The
forward-looking statements specified in the following information have been
compiled by our management on the basis of assumptions made by management and
considered by management to be reasonable. Our future operating results,
however, are impossible to predict and no representation, guaranty, or warranty
is to be inferred from those forward-looking statements.

The assumptions used for purposes of the forward-looking statements specified in
the following information represent estimates of future events and are subject
to uncertainty as to possible changes in economic, legislative, industry, and
other circumstances. As a result, the identification and interpretation of data
and other information and their use in developing and selecting assumptions from
and among reasonable alternatives require the exercise of judgment. To the
extent that the assumed events do not occur, the outcome may vary substantially
from anticipated or projected results, and, accordingly, no opinion is expressed
on the achievability of those forward-looking statements. No assurance can be
given that any of the assumptions relating to the forward-looking statements
specified in the following information are accurate, and we assume no obligation
to update any such forward-looking statements.

Our Background. Avalon Gold Corporation was formed under the laws of the State
of Nevada on November 29, 1983 under the name Venture Group, Inc. On February
11, 1986, an amendment to the Articles of Incorporation was filed changing the
corporate name to Asdar Corporation. On December 11, 1987, another amendment to
the Articles of Incorporation was filed changing the corporate name to Asdar
Group.  On February 18, 2001, Asdar Group filed a Certificate of Reinstatement
with the Secretary of State of Nevada. On April 30, 2002, another amendment to
the Articles of Incorporation was filed changing the corporate name to Precise
Life Sciences Ltd. On February 18, 2003, another amendment to the Articles of
Incorporation was filed changing the corporate name to Iceberg Brands
Corporation. On August 28, 2003, another amendment to the Articles of
Incorporation was filed changing the corporate name to Avalon Gold Corporation.

<PAGE>1

Our Business.  Currently, we own certain interests in oil and gas properties.
(described more particularly below) and we are also pursuing opportunities in
mineral exploration and development. As of the date of this quarterly report on
Form 10QSB, we are in the process of researching potential partnerships and
acquisitions which may complement our new business direction. There is no
guarantee that we will be able to successfully enter into relationships which
will produce revenue.  To March 31, 2004, we have suffered an accumulated net
loss of $13,199,368. There is no guarantee that we will not continue to suffer
significant losses in the foreseeable future.

Our Oil and Gas Properities.

The Wyoming Property. The Company owns a 0.7% gross overriding royalty interest
on 6,360 acres of oil and natural gas rights located in the Powder River Basin
of eastern Wyoming carried at a nominal value of $1 due to the uncertainty of
realization. During the three months ended March 31, 2004, there was no
production from the Wyoming Property.

According to public information issued January 20, 2004 Derek Oil and Gas
Corporation (DRKOF :OTC BB) and Ivanhoe Energy (USA) Inc. (IVAN: NASDAQ SC) have
formalized their agreement to jointly develop the LAK Ranch field using thermal
recovery technology. Derek and Ivanhoe state "Surface preparations are under way
and steaming operations are expected to begin before the end of the first
quarter. Assuming successful development of the project, the companies expect to
recover between 30 and 70 million barrels of oil using thermal recovery
techniques. The LAK Ranch oil contains high levels of naphtha and is expected to
command a premium to West Texas Intermediate (WTI) benchmark pricing."

Based on Avalon's ongoing agreement with respect to the LAK Ranch, if Derek
sells any or all of its interest in the LAK Ranch Property, it will pay to
Avalon, subject to adjustments, 7.5% of the net sales proceeds on the first
USD$7,500,000 and 1% on any balance over and above USD$7,500,000.

Under terms of their agreement, Ivanhoe will become operator and earn a 30-per-
cent working interest in the project by financing the $1.1-million in capital
cost of pilot phase. Following the pilot phase, Ivanhoe has the option to
increase its working interest to 60 per cent by providing an additional $3.9-
million in capital costs toward the initial development phase. After the $5-
million (U.S.) threshold is reached, all future capital expenditures will be
shared on a working-interest basis.

<PAGE>2

The LAK Ranch field, originally discovered in the 1920s, covers approximately
7,500 acres in the Powder River basin. Historically, oil production has been
sporadic from a limited number of wells completed in the Newcastle Sand due to
the abnormally low reservoir temperature in this part of the basin. However, the
oil contains high levels of naphtha and the viscosity should respond
dramatically to the application of heat through steam injection. To date, Derek
has completed SAGD test well pair that was drilled to a depth of 1,000 feet and
1,800 feet horizontally into the Newcastle sand formation. More than 5,000
barrels of oil were recovered in limited preliminary testing. Avalon, through
its predecessor Asdar has received royalty payments from the sale of every
barrel of oil sold to date.

Ivanhoe Energy (USA) Inc. received approval on April 13, 2004 from the Wyoming
Oil and Gas Commission to restart steam flooding of the LAK Field and the
associated environmental monitoring plan.

The California Property. The Company owns a 2% royalty interest carried at a
nominal value of $1 due to the uncertainty of realization.

Our Investment in Legacy Mining Ltd.  On December 31, 2003, the Company agreed
to settle $122,988 of the its receivable from Legacy Mining Ltd. ("Legacy") for
the issue of 1,229,880 restricted shares of Legacy at a value of $0.10 per
share. These restricted shares were issued to the Company on February 20, 2004.
Legacy is a non-reporting entity with a director in common with the Company.
Legacy has applied to NASD for a listing on the pink sheets and intends to
become a fully reporting company in 2004. The Company is carrying the value of
these restricted shares at cost and will review the carrying value of these
shares when they become available for sale. The balance of $2,651 represents
additional advances made to Legacy. These amounts are non-interest bearing and
have no specific terms of repayment.

Our Mineral Properties

Deposit on acquisition of Mayske Gold Property, Ukraine On September 22, 2003,
the Company signed a Letter of Intent to acquire the Mayske Gold Property
located in the Odessa Region, Ukraine. The Company intends to acquire a 75%
interest in the property and possibly up to a 90% interest. If negotiations are
successful, all terms and conditions will be confirmed with a signed agreement.
The Company issued 50,000 restricted post-reverse split common shares valued at
$9,000 as a deposit towards the acquisition. An additional 450,000 restricted
post-reverse split shares will be issued when the additional 15% acquisition is
completed. The Company issued 15,000 post-reverse split common shares to an
individual as consideration for representing the Company's interest in the
Ukraine.  The Company continues to complete its due diligence in Ukraine and
will not confirm a signed agreement until a proper elected government official
in the mining sector has reviewed the Company's proposals.

LSA Mineral Claims By Agreement dated January 26, 2004 (See Exhibit 10-1) and
subsequent amendment dated March 8, 2004, the Company agreed to acquire a
ninety-percent (90%) interest in seven (7) lode mining claims known as the LSA
claims, located in Lander County, Nevada. The Company issued 1,000,000
restricted common shares valued at $110,000 and paid $1,000 upon signing the
agreement. Under the terms of the agreement(s), the Company will pay $2,500 in
cash and issue a fair value of $2,500 in restricted shares to the vendor by
April 26, 2004. Thereafter, on the last day of each month from May, 2004 to
February, 2005, the Company will pay an additional $500 in cash and issue a fair
value of $1,500 in restricted shares to earn its ninety-percent (90%) interest.
The Company will be required to perform annual assessment work to keep the
claims in good standing. The Company will have an independent engineering report
prepared on the property, which will contain recommendations for a work program.
For the three month period ended March 31, 2004, $112,500 has been expensed as
exploration costs, being the acquisition costs of $111,000 and $1,500 incurred
for filing fees.

Liquidity and Capital Resources.    For the three month period ended March 31,
2004, we had total assets of $674,583, including cash of $1,625, taxes
recoverable of $1,020, $428,707 as the current portion of $495,211 in prepaid
service contracts. We have a $9,000 deposit on the Mayske Gold Property, Ukraine
and $2 invested in oil and gas properties, which is represented by $1 for an oil
and gas interest located in Wyoming and $1 for an oil and gas interest located
in San Joaquin, California.  We have a long-term investment in Legacy Mining
Ltd. recorded at a cost of $125,639 and a long-term receivable from Golden
Spirit Minerals Ltd. at cost of $42,086. At December 31, 2003, we had total
assets of $653,728. The slight increase in assets was primarily due to an
increase in the amount of prepaid service contracts (See Changes in Securities
below).

At March 31, 2004, we had current liabilities of $127,419, which was represented
by  accounts payable and accrued liabilities of $18,019 and $109,400 due to
related parties. At December 31, 2003 we had current liabilities of $312,095.
The decrease in liabilities was primarily due to a decrease in funds due to
related parties.  At March 31,2004, we had total current assets of $431,352.  At
March 31, 2004, current assets exceeded current liabilities by $303,933. At
December 31, 2003, our total current assets exceeded our total current
liabilities by $57,395.

We do not believe that our current cash resources will be able to maintain our
current operations for an extended period of time.   We will be required to
raise additional funds or arrange for additional financing over the next 12
months to adhere to our development schedule.  No assurance can be given,
however, that we will have access to additional cash in the future, or that
funds will be available on acceptable terms to satisfy our working capital
requirements. If we are not able to arrange for additional funding or if our
officers, directors and shareholders stop advancing funds to us, we may be
forced to make other arrangements for financing such as loans or entering into
strategic alliances. We have not identified any alternative sources of
financing.

Results of Operations.  We have not yet realized any revenue from operations to
date. Loss from operations decreased from $691,562 in the first quarter of 2003
to $433,064 in the first quarter of 2004.  This decrease in the loss was largely
because no stock based compensation expenses were incurred.

The cash and equivalents constitute our present internal sources of liquidity.
Because we are not generating any significant revenues, our only external source
of liquidity is the sale of our capital stock and any advances from officers,
directors or shareholders.

Our Plan of Operation for the Next Twelve Months.  We anticipate that we will
need to raise additional capital within the next 12 months in order to continue
as a going concern.  Such additional capital may be raised through additional
public or private financings, as well as borrowings and other resources.  To the
extent that additional capital is raised through the sale of equity or equity-
related securities, the issuance of such securities could result in dilution of
our stockholders.  There can be no assurance that additional funding will be
available on favorable terms, if at all.  If adequate funds are not available
within the next 12 months, we may be required to curtail our operations
significantly or to obtain funds through entering into arrangements with
collaborative partners or others that may require us to relinquish rights to
certain of our assets that we would not otherwise relinquish.

We do anticipate certain undetermined expenditures within the next 12 months for
our LSA mineral property in Arizona (See Part I above).  We do not anticipate
any significant research and development within the next 12 months, nor do we
anticipate that we will lease or purchase any significant equipment within the
next 12 months. We do not anticipate a significant change in the number of our
employees within the next 12 months. We are not aware of any material commitment
or condition that may affect our liquidity within the next 12 months.

ITEM 3.  Controls and Procedures

(a) Within 90 days prior to the filing date of this report, with the
participation of the Company's management, the Company's President and Chief
Executive Officer and Vice President - Finance and Chief Financial Officer,
evaluated the effectiveness of the Company's disclosure controls and procedures
in accordance with Rule 13a-14 of the Securities Exchange Act of 1934 (the
"Exchange Act"). Based upon that evaluation, the President and Chief Executive
Officer and Vice President - Finance and Chief Financial Officer concluded that
the Company's disclosure controls and procedures are effective in providing
reasonable assurance that information required to be disclosed by the Company in
reports that it files under the Exchange Act is recorded, processed, summarized
and reported within the time period specified in the Commission's rules and
procedures.

<PAGE>9

(b) Changes in Internal Controls. There were no significant changes in the
Company's internal controls or in other factors that could significantly affect
these controls subsequent to the date of the evaluation.

Code of Ethics:

We intend to adopt a code of ethics in 2004 that applies to our principle
executive officer, principal  financial officer, principle accounting officer or
controller, other persons  performing similar functions.  We intend to post the
text of our code of ethics on our website in connection with our "Investor
Relations" materials.  In addition, we intend to promptly disclose (1) the
nature of any amendment to our code of ethics that applies to our principle
executive officer principal  financial officer, principle accounting officer or
controller, other persons  performing similar functions (2) the nature of any
wavier, including an implicit wavier, from a provision of our code of ethics
that is granted to one of these specific officers, the name of such person who
is granted the waiver and the date of the waiver on our web site in the future.

We do not currently have a code of ethics as this is a new regulatory
requirement and we are examining the various form and contents of other
companies written code of ethics, discussing the merits and meaning of a code of
ethics to determine the best form for our Company.

<PAGE>5


PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

On February 21, 2002, we issued 350,000 shares valued at $119,000 to Empire
Sterling Corporation for services to be rendered and future services related to
the acquisition of a former biomedical project.  The shares were to be held in
trust and not sold until all necessary financings were concluded to complete the
acquisition. Empire Sterling Corporation breached the trust agreement and we
placed a stop transfer on the shares and requested they be returned to the
Company.  Empire Sterling Corporation failed to return the share certificate and
as such, we commenced court proceedings to retrieve the shares. We requested an
interim injunction against all parties and were successful. On May 9, 2002, the
Court ordered Empire Sterling Corporation to deposit the shares with the Court
pending judicial disposition.  We intend to file legal process claiming
ownership of the shares and breach of trust interalia. The Company was
successful and has now applied to have the share certificate released and
subsequently cancelled.

Item 2. Changes in Securities.

On January 15, 2004, the Company entered into agreements with:

1. Y.E.N.N. Asset Management (See Exhibit 10-2), a private company controlled by
a significant shareholder, for a two year term, whereby Y.E.N.N. will provide
investment-banking services to the Company (valued at

$54,000) in exchange for 450,000 restricted shares of the Company's common
stock. The investment banker will provide access to investors and ongoing
funding for the Company's investments.

2. Inter-Orient Investments Ltd.(See Exhibit 10-3), a private company controlled
by an significant shareholder, for a two year term, whereby Inter-Orient
Investments Ltd. will provide investor relations services to the Company (valued
at $72,000) in exchange for 600,000 restricted shares of the Company's common
stock. The investor relations individual will provide such services as
researching, editing and generating a company profile, technical chart analysis,
relaying the Company's business perspectives and distribution of corporate
updates, including press releases.

<PAGE>6

On February 7, 2004, the Company issued 1,550,000 shares with a fair value of
$170,500 in settlement of  $88,550 of consulting fees , $14,350 of professional
fees and $5,600 in office and administrative salaries. The difference of $62,000
has been recorded as a loss on settlement of debt.

On February 27, 2004, the Company issued 1,000,000 restricted common shares
valued at $110,000 towards the acquisition of the LSA mineral property (See Item
1 - Our Mineral Properties above).

Item 3. Defaults Upon Senior Securities.

None.

Item 4.  Submission of Matters to Vote of Security Holders

None.

Item 5.  Other Information

A. Security Ownership of Management

The following table sets forth information as of March 31, 2004 with respect to
the ownership of our common stock by each director and by all officers and
directors as a group.

                                            Amount and Nature of   Percent of
Title of Class  Name of Beneficial Owner      Beneficial Owner        Class

Common Stock    Robert Klein Vancouver,            50,000             0.38 %
                4540 Woodgreen PlaceWest
                B.C., CanadaV7S 2V6

Common Stock    Robert Waters#2025 -  B.C.,        50,000             0.38 %
                1358 W. Georgia S.Vancouver,
                CanadaV6E 4S2

Directors' Compensation.  During the three months ended March 31, 2004, the
Company incurred $14,276 in management fees to two directors. At March 31, 2004
the Company owes $56,000 in management fees to one director.

<PAGE>7

Stock Based Compensation. During the three months ended March 31, 2004 $Nil
(2003 - $328,900) in stock based compensation was recorded in our financial
statements.  Stock based compensation is an estimate of the intrinsic value
placed in respect to stock options granted to officers, directors, employees and
an estimate of the fair value of stock options granted to consultants using the
Black-Sholes option pricing model We do expect further stock based compensation
in 2003.

B. Security Ownership of Certain Beneficial Holders of ten percent or more

                                            Amount and Nature of   Percent of
Title of Class  Name of Beneficial Owner      Beneficial Owner        Class
-----------------------------------------------------------------------------
Common Stock    CEDE & Co.                       8,723,140            67.59 %
                The Depository Trust Co.
                P.O. Box 222 Bowling Green Station
                New York, New York 10274

C. Certain Relationships and Related Party Transactions

During the quarter ended March 31, 2004 the Company incurred $14,276 (2003
-$12,000) in management fees to directors. At March 31, 2004 the Company owes
$56,000 in management fees to a director.

During the quarter ended March 31, 2004, the Company incurred $8,384 (2003 -
$7,310) in rent and office expenses to a private company controlled by an
employee.

During the quarter ended March 31, 2004, the Company incurred $Nil (2003 -
$37,500) in consulting fees to a significant shareholder and $10,850 (2003 -
$37,500) in professional and consulting fees to two employees.

During the quarter ended March 31, 2004, three companies controlled by
significant shareholders earned $53,583 (2003 - $37,833) and a company
controlled by an employee earned $11,250 (2003 - $11,250) pursuant to prepaid
services agreements.

At March 31, 2004 an amount of $42,086 is receivable from Golden Spirit Minerals
Ltd., a public company which have directors in common with the Company, an
amount of $38,143 is payable to an employee, a net amount of $15,257 is owing to
a significant shareholder and $56,000 is owing to a director for accrued
management fees. These amounts are non-interest bearing and have no specific
terms of repayment.

D. Description of Property.

Property held by the Company.  As of the dates specified in the following table,
we held the following property in the following amounts:

Property and
Cash Equivalents   March 31, 2004  December 31, 2003  December 31, 2002
                   --------------  -----------------  -----------------
           Total      $ 1,625        $ 2,262               $ (1,934)
                   ==============   ================  =================
We define cash equivalents as all highly liquid investments with maturity of 3
months or less when purchased.   We do not presently own any interests in real
estate or own any inventory or equipment.

<PAGE>8

Item 6.  Exhibits and Form 8-K's.

Index to Exhibits

(i)     Exhibits

10.1 - Agreement between us and Tom Bergman on the LSA Mineral Claims.

10.2 - Agreement between us and Y.E.N.N. Asset Management.

10.3 - Agreement between us and Inter-Orient Investments Ltd.

31.1  Rule 13a-14(a) Certification of Chief Executive Officer

31.2  Rule 13a-14(a) Certification of the Chief Financial Officer.

32.1  Certification Pursuant to 18 U.S.C. Section 1350 Chief Executive Officer

32.2  Certification Pursuant to 18 U.S.C. Section 1350 Chief Financial Officer.

ii) Reports on 8-K
None.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, we
have duly caused this Quarterly Report on Form 10-QSB to be signed on our behalf
by the undersigned; thereunto duly authorized, in the City of Vancouver, British
Columbia, Canada, on May 21, 2004.

Avalon Gold Corporation
a Nevada corporation

By:      /s/ Robert Waters
       -------------------
        Robert Waters

Its:     President


<PAGE>9