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, 1998

                               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 (702) 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,
1998

<PAGE>
<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    January 31,
ASSETS:                                    1997           1998
                                           ----           ----
<S>                                     <C>            <C>
Current asset - Cash                         2,606        127,904
Mineral Properties                          73,781          6,038
                                          --------       --------
                                            76,387        133,942
                                          ========       ======== 
LIABILITIES AND EQUITIES:

Current liabilities--accrued expenses          -           10,000
                                          --------       -------- 
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                     (1,411,931)    (1,364,376)
                                       -----------    -----------
                                            76,387        123,942
                                       -----------    -----------
                                            76,387        133,942
                                       ===========    ===========
<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,
                           1997       1998       1997     1998 
                           ----       ----       ----     ----
<S>                       <C>         <C>       <C>       <C>
Revenues:
Sale of mineral property     -       150,000       -      150,000
Mineral royalties            -          -        18,146    20,000
                           ------    -------     ------   -------
                             -       150,000     18,146   170,000
                           ------    -------     ------   -------
Expenses:
Unallocated exploration                            
   expenses and rentals      -          -           932     1,150
Amortization and 
   property abandonment      -        67,743       -       67,743 
General and
   administrative          13,199     15,958     38,851    43,552
Franchise tax                -        10,000       -       10,000
                          -------     ------     ------   -------
Total expenses             13,199     93,701     39,783   122,445
                          -------     ------     ------   -------
Net earnings (loss)       (13,199)    56,299    (21,637)   47,555 
                          =======     ======     ======    ====== 
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period

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

<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
                                           Nine Months Ended 
                                               January 31,
                                              1997     1998           
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                        (21,637)   47,555       
Increase in current liabilities               -       10,000    
Amortization and property abandonment         -       67,743
                                            -------  ------- 
Net cash provided by (used in) operations  (21,637)  125,298       

Cash at beginning of period                 27,315     2,606      
                                            -------  -------
Cash at end of period                        5,678   127,904       
                                            ======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

<PAGE>
INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements 
January 31, 1998
 _________________________________________________________________

1.  The financial statements as of January 31, 1998 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.

2. 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 April 30, 1994, 1995, 1996, and 1997 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.  On November 27, 1996, the Company received a
letter from the Forest Service inviting the submission by November
29, 1996 of an offer to settle the matter.  The Company requested
an extension of time to January 15, 1997 to respond.  By letter dated
January 13, 1997, the Company denied any responsibility for the matters
described by the Forest Service, and advised them that the Company has
neither the technical expertise nor financial capability to conduct the
response actions contemplated by them.  No further substantive communi-
cation has occurred with respect to the matter.

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 1997 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 Company received advance minimum royalties of $17,000 and 
$20,000 during the nine months ended January 31, 1997 and 1998 respectively
from the Lessee of its Iron Point prospect.  The lease on the Iron
Point prospect may be terminated by the Lessee on 30 days notice.

     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 1997.

     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 10.  Purchase Agreement between Glamis Rand Mining Company
                      and Intermountain Resources, Inc.
         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 6, 1998              INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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