|OMB APPROVAL                                                                                         
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549



FORM 10-QSB





[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended June 30, 2004



OR



[    ]  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 000-50539



Idaho General Mines, Inc.



(Exact name of registrant as specified in its charter)



Idaho

91-0232000



(State of other jurisdiction of incorporation

(I.R.S. Employer Identification No.)

or organization)



10 N. Post St., Suite 610

Spokane, WA

99201



(Address of principal executive offices)

(Zip Code)



(509) 838-1213



(Issuer's telephone number, including area code)



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 at least the past 90 days.

Yes    [X]     No



State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. 6,328,470 shares of Common Stock outstanding as of June 30,2004.



Transitional Small Business Disclosure Format (check one);  Yes          No     [X]



SEC 2334 (8-03)

Potential persons who are to respond to the collection of information contained in this form are not required to

respond unless the  form displays a currently valid OMB control number.

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Idaho General Mines, Inc.

Form 10-QSB

FOR THE QUARTERLY PERIOD ENDED June 30, 2004







PART 1.  FINANCIAL INFORMATION



The Registrant fall within the provisions of  Rule 13a-13(c)(2)  of the Securities Exchange Act of 1934, as amended, and claims exemption thereunder from the requirement to file Part 1.







PART II.  OTHER INFORMATION



Items deleted are not applicable



Item 2. Changes in Securities



During the Quarter ended June 30, 2004 the Company conducted a private placement of securities.  The company sold 2,563,333 units at a price of $0.15 per unit.  Gross proceeds were $384,500.  Each Unit consisted of one share of Common Stock and one Common Stock Warrant, exercisable for two years from the date of issue, to purchase one additional share of Common Stock at a price of $0.40 per share.



The securities were offered for sale by the Companys officers and directors.  No sales commissions or selling concessions were paid in connection with the sale of the securities.



The securities were offered pursuant to exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D. There were a total of 18 purchasers, 15 of whom were accredited and 3 of whom were unaccredited.  A legend was placed on each certificate indicating that the shares had not been registered and were restricted from re-sales.



Item 5. Other Information



On July 23, 2004 R. Llee Chapman was appointed to the Board of Directors by unanimous consent of the Board of Directors.  It was approved that as an incentive he receive 100,000 Common Stock Options as the price of $.40/share the price at the close of business on July 23, 2004.  These options were issued outside the 2003 Stock Option Plan.



Also, on July 23, 2004 the Board of Directors by unanimous consent authorized  that common shares of the corporation be increased from 25,000,000 shares to 100,000,000 shares and that the par value of the shares be decreased from $0.10 to $0.00.  This will be subject to approval at the next Annual Meeting by the Shareholders.









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Item 6. Exhibits and Reports on Form 8k



(a)

Exhibits



31.1  Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Russell

31.2  Certification Required by Rule 13a-14(a) or Rule 15d-14(a). Moore

32.1-- Certification required by Rule 13a-14(a)  or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Russell

32.1-- Certification required by Rule 13a-14(a)  or Rule 15d-14(b) and section 906 of

the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Moore







Signatures



In accordance with Section 13 or 15(d) of the Exchange Act the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.







IDAHO GENERAL MINES, INC.





/s/ Robert L. Russell

By:___________________________

Date: August 12, 2004

Robert L. Russell

President and Chief Executive Officer



/s/ James H. Moore

By:____________________________

Date: August 12, 2004

James H. Moore

Chief Financial Office