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, 1996

                               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 14100, Reno, NV                              89507
(address of principal executive offices)               (zip code)

Registrant's telephone number, including area code (702) 851-4310

                         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,
1996

<PAGE>
<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    January 31,
ASSETS:                                       1995           1996
<S>                                     <C>            <C>
Current asset - Cash                        43,546         39,950
Mineral Properties                          73,781         73,781
                                          --------       --------
Total Assets                               117,327        113,731
                                          ========       ========
LIABILITIES AND EQUITIES:

Current liabilities                          3,914
                                          --------
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                    (1,374,905)    (1,374,587)
                                       -----------    -----------
     Net stockholders' equity              113,413        113,731
                                       -----------    -----------
Total Liabilities and Equities             117,327        113,731
                                       ===========    ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
                           Three Months Ended    Nine Months Ended
                           January 31,           January 31,
                           1995       1996       1995     1996 
<S>                       <C>         <C>       <C>       <C>
Revenues:
Mineral royalties          13,856     4,548     17,095    51,447
                          -------    ------     ------    ------
Expenses:
Unallocated exploration
expenses and rentals          500                 4,140     4,318
General and
administrative              3,645     16,433      9,519    44,399
Franchise tax                            804                2,412     
                          -------     ------     ------    ------
Total expenses              4,145     17,237     13,659    51,129
                          -------     ------     ------    ------
Net earnings (loss)         9,711    (12,689)     3,436       318 
                          =======     ======     ======    ======
<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,
                                              1995     1996           
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings                                 3,436       318       
Reduction in current liabilities            (1,000)   (3,914)         
                                            -------   ------- 
Net cash provided by (used in) operations    2,436    (3,596)       

Cash at beginning of period                  9,688    43,546      
                                            -------   -------
Cash at end of period                       12,124    39,950       
                                            =======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

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INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements 
January 31, 1996
 _________________________________________________________________

1.  The financial statements as of January 31, 1996 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.  The preparation of financial
statements in conformity with generally accepted accounting 
principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and
expenses during the reporting period.  Actual amounts may differ
from those estimates.

2. The Company has a substantial investment in mineral properties. 
The existence of mineral reserves in commercial quantities on those
properties has not been determined except for the Sonrisa claims. 
Recovery of the investment is dependent on the discovery of
minerals in commercial quantities.

3.  As disclosed in the April 30, 1994 and 1995 Forms 10-K, 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 has received
no communication regarding this matter since the filing of the
April 30, 1995 Form 10-K.

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 1995 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

     Production royalty credits for the three months and nine months
ended January 31, 1995 were $14,000 and $63,000 respectively as
compared to $5,000 and $51,000 for the same periods in 1995. 
However, except for $17,095 the 1995 amounts were applied against
advance minimum royalties previously received and recognized as
revenue.  Production royalties are dependent on both production
quantities and the price of metals.  Neither factor is subject to
the control of the Company.  The Lessee of the claims has announced
suspension of production at the Baltic Pit and commencement of 
operations at the Lamont Pit.  Although the Lessee has provided no
information with respect to its production plans, management expects
production royalties will decline.

     Unallocated exploration and rental expenses were comparable
and general and administrative expenses increased by $13,000 and
$34,000 for the quarter and nine month periods ended in 1996
principally due to salary and related payroll taxes.  Franchise
taxes measured by income of $2,400 were recorded during the period.

<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:  February 29, 1996          INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)


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