FORM 10-Q

               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C. 20549

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

For the Quarterly period ended January 31, 1999

                               OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 159D0 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to___________

Commission File No. 0-9558

                  INTERMOUNTAIN RESOURCES, INC.
     (Exact name of registrant as specified in its charter)

    NV                                           84-0817164
(State or other jurisdiction of              (I.R.S. Employer
incorporation or organization)               Identification No.)

P. O. Box 51600, Sparks, NV                              89435
(address of principal executive offices)               (zip code)

Registrant's telephone number, including area code (775) 359-2884

                         Not Applicable
   Former name, former address, former fiscal year, if changed

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 [ ]

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

13,700,000 shares of Common Stock, $.01 par value at January 31,
1999

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<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    January 31,
ASSETS:                                    1998           1999
                                           ----           ----
<S>                                     <C>            <C>
Current asset - Cash                       117,281         87,699
Mineral Properties                           6,038          6,514
                                          --------       --------
                                           123,319         94,213
                                          ========       ======== 
LIABILITIES AND EQUITIES:

Current liabilities--accrued expenses       10,000          3,794
                                          --------       -------- 
Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares          137,000        137,000
Additional paid-in capital               1,351,318      1,351,318
Accumulated deficit                     (1,374,999)    (1,397,899)
                                       -----------    -----------
                                           113,319         90,419
                                       -----------    -----------
                                           123,319         94,213
                                       ===========    ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
                           Three Months Ended    Nine Months Ended
                             January 31,           January 31,
                           1998       1999       1998     1999 
                           ----       ----       ----     ----
<S>                       <C>         <C>       <C>       <C>
Revenues:
Sale of mineral property  150,000       -       150,000      -
Mineral royalties            -          -        20,000    20,000
Interest                     -           763       -        3,022
                          -------    -------    -------   -------
                          150,000        763    170,000    23,022
                          -------    -------    -------   -------
Expenses:
Unallocated exploration                            
   expenses and rentals      -           878      1,150     2,028
Amortization and 
   property abandonment    67,743       -        67,743      - 
General and
   administrative          15,958     13,071     43,552    43,894
Franchise tax              10,000       -        10,000      -
                          -------     ------    -------   -------
Total expenses             93,701     13,949    122,445    45,922
                          -------     ------    -------   -------
Net earnings (loss)        56,299    (13,186)    47,555   (22,900) 
                          =======     ======    =======   ======= 
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period

See accompanying notes to unaudited financial statements.
</TABLE>

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<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
                                           Nine Months Ended 
                                               January 31,
                                              1998     1999           
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                         47,555   (22,900)       
Increase (decrease) in current liabilities  10,000   ( 6,206)   
Amortization and property abandonment       67,743      -
                                           --------  ------- 
Net cash provided by (used in) operations  125,298   (29,106)       

Investing activities--Mineral properties      -      (   476)

Cash at beginning of period                  2,606   117,281      
                                           --------  -------
Cash at end of period                      127,904    87,699       
                                           =======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

<PAGE>
INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements 
January 31, 1999
 _________________________________________________________________

1.  The financial statements as of January 31, 1999 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.

The only computer based records of the Company are its stock
transfer records which are maintained by an independent transfer
agent.  The transfer agent has advised the Company that its systems
are prepared for the year 2000 conversion.  The Company may suffer 
some inconvenience if the US banking system, national power grid, etc.
were to shut down as a result of Y2K problems; however, these matters
are outside the control or influence of the Company.

2.  On November 18, 1997, the Company sold all of its interest in 
the Sonrisa claims for $150,000.  The Company has no other property
which might give rise to any similar transaction in the foreseeable
future.  
  
The decline in gold prices to the $300 per ounce range prompted 
the Company to write down the carrying value of its patented claim
block in the Aurora Mining District to $6,000 (assessed value for
property tax purposes) during the quarter ended January 31, 1998.

3.  As disclosed in the Forms 10-K for the years April 30, 1994, through
1998, the U. S. Forest Service has determined a release of hazardous
substances covered under the Comprehensive Environmental Response,
Compensation, and Liability Act occurred at Siskon Mine, a property
which the Company once had under option.  The Company is not aware
of any developments in this matter since the filing of the April 30,
1998 Form 10-K.

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 1998 for a description of its
accounting policies which have continued without change.  Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations.  The details in those notes have not changed except as
a result of normal transactions in the interim.

<PAGE>

   MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS

     Production royalty income from the Sonrisa claims for the three
months and nine months ended January 31, 1997 were zero and $1,000
respectively.  The Lessee of the Sonrisa claims had shut down the 
Baltic leach pad, making future production royalties from this source
unlikely.  Consequently, on November 18, 1997, the Company sold all
of its interest in the Sonrisa claims for $150,000.  After transaction
costs and income taxes, the gain on this transaction approximated 
$130,000 or about $.01 per share.  The Company has no other property
which might give rise to any similar transaction in the               
foreseeable future.

     The Iron Point prospect was leased out during 1996.  The lease generated 
$20,000 during the nine months ended January 31, 1998 and 1999.  The lease 
may be terminated by the Lessee on 30 days notice so there is no way to 
predict whether this revenue source will continue.

     Unallocated exploration and rental expenses and general and
administrative expenses were comparable for the quarter and nine month
periods.  Franchise taxes measured by income of $10,000 were recorded
during the 1998 period but were zero in 1999.

     As described elsewhere herein, the Company wrote down the carrying
value of its patented Aurora Mining District claims by $67,743 during
the quarter ended January 31, 1998.  
<PAGE>
                          PART II - OTHER INFORMATION

Item #6 Exhibits and Reports on Form 8-K

     a.  Exhibits

         Exhibit 27.  Financial Data Schedule

     b.  Reports on Form 8-K

         None


                            SIGNATURE

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

Dated:  March 9, 1999              INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

                                   /s/L. W. Watson
                                   ------------------------
                                   L. W. Watson, President,
                                   Treasurer, and principal
                                   accounting officer