UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                                    FORM 10-QSB

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended:  April 30, 2000          Commission File Number: 33-18437-LA

                          INTERACTIVE MOTORSPORTS, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Nevada                                      88-0230400
--------------------------------------------------------------------------------
(State or other jurisdiction of              I.R.S. Employer Identification No.
incorporation or organization)

    3675 Pecos-McCloud Road, Las Vegas                     89121
----------------------------------------------------------------------------
(Address of principal executive offices)                (Zip Code)

                                 61-2-9417 7226
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                           PRECIOUS METAL MINES, INC.
                            -------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

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  proceeding 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.

[x] Yes           [  ] No

Indicate the number of shares  outstanding  of each of the  issuer/s  classes of
common stock as of the last practicable date:

         Date:                                             April 30, 2000

         Common Stock - Number of shares
         outstanding at April 30, 2000                        4,165,705



<PAGE>


                          INTERACTIVE MOTORSPORTS, INC

                                      INDEX

PART I                       FINANCIAL INFORMATION


   Item 1           Financial Statements

                         Balance Sheets
                         Statement of Operations
                         Statement of Cash Flows
                         Notes of Consolidated Financial Statements (Unaudited)

   Item 2           Management Discussion and Analysis of Financial



PART II                          OTHER INFORMATION

   Item 6           Exhibits and Reports on Form 8-K

                    Signature Page


<PAGE>

                          INTERACTIVE MOTORSPORTS, INC.

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                       April 30, 2000               October 31, 2000
                                                                       ------------------------     --------------------

CURRENT ASSETS

<S>                                                                    <C>                          <C>
                   Notes Receivable                                                     20,750                   20,750

MINING PROPERTIES                                                                            0                        0

                                                                       ------------------------     --------------------
TOTAL ASSETS                                                                            20,750                   20,750
                                                                       ------------------------     --------------------



                                                                       April 30, 2000               October 31, 2000
                                                                       ------------------------     --------------------

CURRENT LIABILITIES

                   Accounts Payable                                                     67,535                   64,835

                   Unsecured Loans                                                      15,000                   15,000

                                                                       ------------------------     --------------------
TOTAL CURRENT LIABILITIES                                                               82,535                   79,835
                                                                       ------------------------     --------------------

STOCKHOLDERS' EQUITY

Common Stock, Par Value $0.01 per share
Authorized                   50,000,000 shares
                   ---------------------
For property                    750,000 shares issued
For services                    273,000 shares issued
for cash                      3,142,705 shares issued
                   ---------------------
Total Issued                  4,165,705 shares                                          41,657                   41,657
                   ---------------------

Capital Surplus                                                                        128,833                  128,833
                                                                       ------------------------     --------------------
Total Paid in Capital                                                                  170,490                  170,490
                                                                       ------------------------     --------------------

DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE                                           233,276                  229,576

TOTAL STOCKHOLDERS EQUITY                                                              -61,786                  -59,086

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                              20,750                   20,750
</TABLE>



<PAGE>

                          INTERACTIVE MOTORSPORTS, INC.

                             STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                                       Six Months Ended             Year Ended
                                                                       April 30, 20                 October 31, 1999
INCOME

<S>                                                                                 <C>                       <C>
                   Sales                                                                     0                        0
                   Received for Lease                                                        0                        0
                                                                       ------------------------     --------------------
TOTAL INCOME                                                                                $0                       $0
                                                                       ------------------------     --------------------

EXPENSES

                   Administration                                                        2,700                   20,850
                   Financial                                                                 0                        0
                   Property                                                                  0                        0
                   Organization                                                              0                        0
                                                                       ------------------------     --------------------
Total Expenses                                                                          $2,700                  $20,850
                                                                       ------------------------     --------------------

Loss from Operations                                                                    $2,700                  $20,850

Average Shares Outstanding                                                           4,165,705                4,165,705

Loss per Share                                                                        $0.00065                 $0.00501

Deficit at Beginning of Period                                                        $229,576                 $208,726

Deficit at End of Period                                                              $232,276                 $229,576
</TABLE>


<PAGE>

                          INTERACTIVE MOTORSPORTS, INC.

                             STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                       Six Months Ended             Year Ended
                                                                       April 30, 20                 October 31, 1999

<S>                                                                                      <C>                     <C>
Cash Received from Subscription to Companies Shares                                          0                        0

Cash Received from Officers                                                              2,700                   20,850

Cash Received from Operations                                                                0                        0

Total Cash Received During Period                                                        2,700                   20,850

Cash Used in Operations                                                                  2,700                   20,850

Increase in Cash                                                                             0                        0

Cash at Beginning of Period                                                                  0                        0

Cash at End of Period                                                                        0                        0
</TABLE>



<PAGE>

                          INTERACTIVE MOTORSPORTS, INC.

                          Notes to Financial Statements

1.       Basis of Preparation

         The unaudited  information included herein includes,  in the opinion of
         management,  all adjustments  necessary for a fair  presentation of the
         results of operations for the period covered hereby.

         The  preparation  of  the  Company's   financial   statements  requires
         management to make  estimates and  assumptions  that affect the amounts
         reported in the financial  statements and  accompanying  notes.  Actual
         results could differ from these estimates.

                     Management's Discussion and Analysis of
                 Financial Conditions and Results of Operations.

         Results of Operations

                  The Company had no  business  operations  during the period to
                  which this report relates.

         Liquidity and Capital Resources

                  The  Company had no income  from  operations  in the period to
                  which this report relates.  As of April 30, 2000  shareholders
                  and other parties had provided  cash and/or other  services to
                  the value of $2,700.00.

Part II - Other Information

         Item 6 - Exhibits and reports in Form 8-K

                                      None


<PAGE>


                                   SIGNATURES

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

Interactive Motorsports, Inc.
(Registrant)



By   /s/ Francis F. Joslin
     -----------------------------------------------
     President, Chief Financial Officer and Director