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     July 31, 2001

                               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 No.            0-9558

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

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

          P. O. Box 51600  Sparks, Nevada                 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 July 31,
2001
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INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS


                                      April 30,      July 31,
ASSETS                                  2001           2001
                                        ----           ----
Current asset - Cash                   37,847         24,733
Mineral properties                        513            513
                                      -------        -------
                                       38,360         25,246
                                      =======        =======
LIABILITIES AND STOCKHOLDERS'
EQUITY

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                (1,449,958)    (1,463,072)
                                  -----------     ----------
                                       38,360         25,246
                                  ===========     ==========
See accompanying notes to financial statements
_________________________________________________________________
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INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF OPERATIONS


                                   Three Months Ended July 31,
                                   ---------------------------
                                       2000  	        2001
                                       ----	        ----
Revenues - Mining activities           80,000		    -
         - Interest                       692            196
                                      -------        -------
Total revenues                         80,692            196
                                      -------        -------
General and administrative expenses    12,874         13,310
Write off of mineral property           6,000             -
                                      --------       --------
Net earnings (loss)                    61,818        (13,114)
                                      ========       ========

Net earnings (loss) per share is less
than $.005 per share in each period.

See accompanying notes to financial statements.
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INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF CASH FLOWS
(Unaudited)
-----------------------------------------------------------------
                                   Three Months Ended July 31,
                                   ---------------------------
                                         2000           2001
                                         ----           ----
Cash provided by (used in) operating
activities:
   Net earnings (loss)                 61,818        (13,114)
   Write off of mineral property        6,000             -
                                      -------        --------
   Net cash provided by (used in)
   operations                          67,818        (13,114)
Cash at beginning of period            20,832         37,847
                                       ------        --------
Cash at end of period                  88,650         24,733
                                       ======        =======

See accompanying notes to financial statements.
__________________________________________________________
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INTERMOUNTAIN RESOURCES, INC.

NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 2001
1.  The financial statements as of July 31, 2001 are unaudited but,
in the opinion of management, reflect all adjustments necessary for
a fair presentation.

2.  As disclosed in the Forms 10-K for the years April 30, 1994, through
2001, 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 received a letter
dated July 31, 2001, from the Forest Service which stated in part, "Based
on information currently available, the Forest Service has no plans to
seek recovery of its response costs from Intermountain Resources, Inc."

3.  Reference is made to the Company's annual financial statements
for the year ended April 30, 2001 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.

   Management Analysis and Discussion of Financial Statements
   ----------------------------------------------------------
     Interest income earned on invested cash balances was comparable
for both quarters.  Mining revenues were nil compared to $80,000.
The Company, on June 13, 2000, sold its patented mining claims in the
Aurora Mining District, Mineral County, NV for $80,000.  This
transaction resulted in a gain of approximately $74,000 for financial
statement purposes but only about $6,000 for income tax purposes.
The Company has no current expectation that any other similar
transaction will occur.  General and administrative expenses for the
quarter were comparable to those of the prior year.  The $6,000 write
off of mineral property in 2000 represented the value at which the claims
in the Aurora Mining District were carried on the Company's balance sheet.

                            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:  August 24, 2001            INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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