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, 2002


                               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)

    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,
2002


<PAGE>
<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    January 31,
ASSETS:                                    2001           2002
                                           ----           ----
<S>                                     <C>            <C>
Current asset - Cash                        37,847          7,671
Mineral Properties                             513            513
                                          --------       --------
                                            38,360          8,184
                                          ========       ========
LIABILITIES AND EQUITIES:

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)    (1,480,134)
                                       -----------    -----------
                                            38,360          8,184
                                       ===========    ===========
<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,
                           2001       2002       2001     2002
                           ----       ----       ----     ----
<S>                       <C>         <C>       <C>       <C>
Revenues:
Mining activities            -          -        80,000      -
Interest                      436         20      2,032       296
                          -------    -------    -------   -------
                              436         20     82,032       296
                          -------    -------    -------   -------
Expenses:
Unallocated exploration
   expenses and rentals       800        -        3,860     2,688
General and
   administrative          13,682      1,457     48,191    27,784
Write off of mineral
   property                  -          -         6,000       -
                          -------     ------    -------   -------
Total expenses             14,482      1,457     58,051    30,472
                          -------     ------    -------   -------
Net earnings (loss)       (14,046)   ( 1,437)    23,981   (30,176)
                          =======     ======    =======   =======
<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,
                                              2001     2002
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                         23,981   (30,176)
Write off of mineral property                6,000       -
                                           --------  -------
Net cash provided by (used in) operations   29,981   (30,176)

Cash at beginning of period                 20,832    37,847
                                           --------  -------
Cash at end of period                       50,813     7,671
                                           =======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

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INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements
January 31, 2002
 _________________________________________________________________

1.  The financial statements as of January 31, 2002 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.

<PAGE>

   MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS

	Interest income earned on invested cash balances was lower in the
current year due to lower cash balances as well as lower interest rates.
Mining revenues were nil compared to $80,000 in the prior year.  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.

     Unallocated exploration and rental expenses were somewhat higher for
the quarter and nine-months ended January 31, 2001 as a result of a small
mapping project carried out at one Prospect during that year.  General
and administrative expenses were lower for both the quarter and the
nine-month period due primarily to reduced officer compensation and
related payroll taxes in the current year and the fact that the prior
year contained about $9,000 in professional fees incurred for an
independent audit as of April 30, 2000.

<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 11, 2002             INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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