U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


   [X]     Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities
                              Exchange Act Of 1934

                For the quarterly period ended NOVEMBER 30, 2004

   [ ]     Transition Report Under Section 13 Or 15(D) Of The Securities
           Exchange Act Of 1934

                        Commission File Number 000-50298


                              IGUANA VENTURES LTD.
                              --------------------
                 (Name of small business issuer in its charter)


             NEVADA                                      98-0376008
             ------                                      ----------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation or organization)


SUITE 1500, 885 WEST GEORGIA STREET
VANCOUVER, B.C., CANADA                                   V6C 3E8
----------------------------------------                 ----------
(Address of principal executive offices)                 (Zip Code)


(604) 728-3004
-------------------------
Issuer's telephone number

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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  [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:  17,331,141 shares of Common Stock
with a par value of $0.001 per share outstanding as of June 7, 2005

Transitional Small Business Disclosure Format (check one): Yes  [ ]   NO  [X]



                         PART 1 - FINANCIAL INFORMATION

ITEM 1.          FINANCIAL STATEMENTS.





                              IGUANA VENTURES LTD
                         (AN EXPLORATION STAGE COMPANY)
                                  BALANCE SHEET
                                NOVEMBER 30, 2004
                                  (UNAUDITED)


                                     ASSETS
                                                                
Total assets:                                             $                 - 
                                                          ====================

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Total liabilities                                         $                 - 

Commitments                                                                 - 

Stockholders' equity:

  Common stock, par value $.001, 200,000,000 shares
    authorized; 17,331,141 shares issued and outstanding               17,331 
  Paid in capital                                                     330,360 
  Other comprehensive loss                                                (16)
  Deficit accumulated during the exploration stage                   (347,675)
                                                          --------------------

    Total stockholders' equity                                              - 
                                                          --------------------

    Total liabilities and stockholders' equity            $                 - 
                                                          ====================








                              IGUANA VENTURES LTD.
                         (AN EXPLORATION STAGE COMPANY)
                             STATEMENTS OF EXPENSES
               THREE MONTHS ENDED NOVEMBER 30, 2004 AND 2003, AND
        PERIOD FROM APRIL 12, 2002 (INCEPTION) THROUGH NOVEMBER 30, 2004
                                   (UNAUDITED)


                                                     Inception
                                                      through
                            2004          2003         2004
                         -----------  ------------  ----------
                                              
OPERATING EXPENSES       $         -  $     1,697   $ 347,765 
                         -----------  ------------  ----------

NET LOSS                 $         -  $    (1,697)  $(347,765)
                         ===========  ============  ==========

BASIC AND DILUTED NET
  LOSS PER COMMON SHARE  $         -  $     (0.00)
                         ===========  ============            

WEIGHTED AVERAGE SHARES
  OUTSTANDING             17,331,141   34,828,200 
                         ===========  ============            









                               IGUANA VENTURES LTD
                         (AN EXPLORATION STAGE COMPANY)
                             STATEMENTS OF CASH FLOW
               THREE MONTHS ENDED NOVEMBER 30, 2004 AND 2003, AND
        PERIOD FROM APRIL 12, 2002  (INCEPTION) THROUGH NOVEMBER 30, 2004
                                   (UNAUDITED)


                                                                  Inception
                                                                  through
                                                2004     2003       2004
                                                -----  --------  ----------
                                                            
CASH FLOWS FROM OPERATING ACTIVITIES:

  Net loss                                      $   -  $(1,697)  $(347,675)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
    Changes in:
      Accounts payable                              -   (1,589)     10,929 
      Due to shareholder                            -    3,301       8,062 
                                                -----  --------  ----------

    Net cash used in operating activities           -       15    (328,684)
                                                -----  --------  ----------

CASH FLOWS FROM FINANCING ACTIVITIES:

  Issuance of common stock for cash                 -        -     328,700 

    Net cash provided by financing activities       -        -     328,700 
                                                -----  --------  ----------

EFFECT OF EXCHANGE RATE ON CASH                     -        -         (16)
                                                -----  --------  ----------

NET CHANGE IN CASH                                  -       15           - 
CASH AND CASH EQUIVALENTS, beginning of period      -    1,014           - 
                                                -----  --------  ----------

CASH AND CASH EQUIVALENTS, end of period        $   -  $ 1,029   $       - 
                                                =====  ========  ==========




                              IGUANA VENTURES LTD.
                         (AN EXPLORATION STAGE COMPANY)
                                NOVEMBER 30, 2004
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)


NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Iguana Ventures Ltd.
("Iguana") have been prepared in accordance with accounting principles generally
accepted in the United States of America and the rules of the Securities and
Exchange Commission ("SEC"), and should be read in conjunction with the audited
financial statements and notes thereto contained in Iguana's Annual Report filed
with the SEC on Form 10-KSB.  In the opinion of management, all adjustments,
consisting of normal recurring adjustments, necessary for a fair presentation of
financial position and the results of operations for the interim periods
presented have been reflected herein.  The results of operations for the interim
periods are not necessarily indicative of the results to be expected for the
full year.  Notes to the financial statements which would substantially
duplicate the disclosure contained in the audited financial statements for
fiscal 2004 as reported in the 10-KSB have been omitted.



ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

FORWARD-LOOKING  STATEMENTS

The information in this Quarterly Report on Form 10-QSB contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and uncertainties, including
statements regarding Iguana's capital needs, business plans and expectations.
Such forward-looking statements involve risks and uncertainties regarding the
market price of natural resources, availability of funds, government
regulations, common share prices, operating costs, capital costs and other
factors.  Forward-looking statements are made, without limitation, in relation
to operating plans, property exploration and development, availability of funds
and operating costs.  Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "may",
"will", "should", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential" or "continue", the negative of such terms or
other comparable terminology. Actual events or results may differ materially. In
evaluating these statements, you should consider various factors, including the
risks outlined below, and, from time to time, in other reports Iguana files with
the SEC, including Iguana's Annual Report on Form 10-KSB for the year ended
August 31, 2004. These factors may cause Iguana's actual results to differ
materially from any forward-looking statement. Iguana disclaims any obligation
to publicly update these statements, or disclose any difference between its
actual results and those reflected in these statements.  The information
constitutes forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.  Given these uncertainties, readers
are cautioned not to place undue reliance on such forward-looking statements.

OVERVIEW

We were incorporated on April 12, 2002, under the laws of the State of Nevada.

We are an exploration stage company engaged in the acquisition and exploration
of mineral properties.  We own four mineral claims that we refer to as the Saucy
mineral claims and six mineral claims that we refer to as the Salsa mineral
claims.  The Saucy and Salsa mineral claims are located adjacent to each other
in the Province of British Columbia, Canada.  Both the Saucy and the Salsa
mineral claims are held in the name of our wholly owned subsidiary, Iguana
Explorations Inc.  Further exploration of these mineral claims is required
before a final determination as to their viability can be made.  No commercially
viable mineral deposit may exist on our mineral claims.  Our plan of operations
is to carry out exploration work on these claims in order to ascertain whether
they possess deposits of gold, copper or silver.  We can provide no assurance
that our mineral claims contain a mineral deposit until appropriate exploratory
work is done and an evaluation based on that work concludes further work
programs are justified.  At this time, we have no known reserves on our mineral
claims.

GEOLOGY  OF  THE  MINERAL  CLAIMS

We engaged Mr. W.G. Timmins to prepare a geological evaluation report on the
Saucy mineral claims.   Mr. Timmins is a consulting geologist and registered
professional engineer in the Geological Section of the Association of
Professional Engineers and Geoscientists of British Columbia.  Mr. Timmins has
practiced in his profession for 39 years and been a registered professional
engineer since 1969.

Mr. Timmins recommended a two-stage exploration program for the Saucy mineral
claims to determine whether there are mineral deposits of gold, silver or copper
on those claims: Stage 1 consisting of reconnaissance geology and sampling at an
estimated cost of $5,000; and Stage 2 consisting of trenching, sampling,
prospecting and mapping at an estimated cost of $10,000.



We completed Stage 1 in 2002 and Mr. Timmins recommended proceeding to Stage 2,
which was completed in November of 2003.

We received a report from Mr. Timmins dated December 10, 2003 reporting on
completion of Stage 2 of the program.  Mr. Timmins reported that the main
mineral vein on the Saucy claims narrowed in width and had decreasing gold
values.  Mr. Timmins advised that it is normal for this type of quartz vein to
exhibit pinching and swelling with variable gold values.  Based on the work on
the Saucy claims and on information contained in previously reported work on
ground adjacent to the Saucy claims, Mr. Timmins reported that the vein
structure on the Saucy claims may extend into a wider vein on the adjacent areas
which reportedly carry significant gold values.  Based on that conclusion, Mr.
Timmins recommended that we acquire the Salsa claims.  Mr. Timmins also
recommended that we conduct a work program on the Salsa mineral claims
consisting of blasting, sampling, prospecting, geological mapping and assays at
an estimated cost of $7,000.

PLAN  OF  OPERATIONS

Our business plan is to follow the recommendations of our consulting geologist
and proceed with completion of the work program recommended for the Salsa
mineral claims at an estimated cost of $7,000.

We anticipate that we will incur $15,000 in operating expenses over the next
twelve months. Operating expenses will include mineral claims renewal and
professional legal and accounting expenses associated with being a reporting
issuer under the Securities Exchange Act of 1934.

Our total expenditures over the next twelve months are anticipated to be
approximately $22,000.   Our present cash reserves are not sufficient for us to
carry out our plan of operations without additional financing.  Our directors
have made an oral commitment to loan us the necessary funds to complete our
business plan, however they are under no obligation to do so.  We do not have
any other financing arrangements in place and there is no assurance that we will
be able to secure the necessary financing.

In the next twelve months, we do not plan to make any purchases or sales of
significant equipment, nor do we plan to make any significant changes in our
number of employees.

RESULTS  OF  OPERATIONS  FOR  PERIOD  ENDING  NOVEMBER  30,  2004

We did not earn any revenues during the period ending November 30, 2004.  We do
not anticipate earning revenues until such time as we enter into commercial
production of our mineral properties.  We are presently in the exploration stage
of our business and we can provide no assurance that we will discover
commercially exploitable levels of mineral resources on our properties, or if
such deposits are discovered, that we will enter into further substantial
exploration programs.

We incurred no operating expenses for the three months ended November 30, 2004
compared to $1,697 for the three months ended November 30, 2003. The expenses in
2003 included transfer agent fees and sundry expenses. We anticipate our
operating expenses will increase as we undertake our plan of operations.  The
increase will be attributable to our beginning of the geological exploration
program on the Salsa mineral claims and the professional fees to be incurred in
complying with the reporting requirements under the Securities Exchange Act of
1934.

LIQUIDITY AND CAPITAL RESOURCES

We have no cash or working capital as of November 30, 2004.  We estimate the
geological exploration program will cost approximately $7,000.  Our working
capital is insufficient to pay for the costs of our exploration programs.  Our
directors have made an oral commitment to provide adequate funding to enable us
to complete the exploration programs.  However, our directors are under no legal
obligation to do so.



We have not attained profitable operations and are dependent upon obtaining
financing to pursue any extensive exploration activities.  For these reasons,
there is substantial doubt that we will be able to continue as a going concern.

ITEM 3.     CONTROLS AND PROCEDURES.

Iguana has adopted and implemented internal disclosure controls and procedures
designed to provide reasonable assurance that all reportable information will be
recorded, processed, summarized and reported within the time period specified in
the SEC's rules and forms.  Under the supervision and with the participation of
Iguana's management, including Iguana's Chief Executive Officer and Chief
Financial Officer, Iguana has evaluated the effectiveness of the design and
operation of its disclosure controls and procedures pursuant to Exchange Act
Rule 13a-15(e) as of the end of the fiscal quarter covered by this report.
Based on that evaluation, the Chief Executive Officer and Chief Financial
Officer have concluded that these disclosure controls and procedures are
effective.  There were no changes in Iguana's internal controls or in other
factors during or since the end of the fiscal quarter covered by this report
that have had a material effect or are reasonably likely to have a material
effect on internal controls subsequent to the end of the fiscal quarter covered
by this report.

ITEM 6.     REPORTS ON FORM 8-K.

We did not file any Current Reports on Form 8-K during our fiscal quarter ended
November 30, 2004.




                                   SIGNATURES

In  accordance with 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,  thereunto  duly  authorized.

IGUANA VENTURES LTD.

Date:  June 7, 2005


By:     /s/ Randy White
        ---------------
        Randy White
        Director

By:    /s/ Murray Fleming
       ------------------
       Murray Fleming
       President and Director