RAND MINING LIMITED — Board/Management Information 2003

May 28, 2003

28 May 2003

Christine Panetta Senior Companies Advisor Australian Stock Exchange Limited Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000

By fax: 9221 2020

Dear Madam

Appointment of Mr A Billis as Director

We refer to your fax of earlier today in connection with the appointment of Mr A Billis as a director of Rand Mining NL ("Company").

We respond to your queries as follows:

• Mr Billis was disqualified from being a company director as from November 1996. $11$
• $2.$ The period of disqualification ceased on 1 March 2002,
• з. Mr Billis was disqualified as a result of his bankruptcy and by virtue of a conviction for concealing assets but the bankruptcy was annulled in 1993.
• 1. Mr Billis was appointed a director as the board considered that he could add significant value to the Company as a result of his depth of experience in the mining industry in general and his detailed knowledge and understanding of the East Kundana Project (being the Company's major asset) in particular. Mr Billis has been involved in the East Kundana Project for over 20 years.

Yours faithfully

የቦ

PO'Kane Director

Rand Mining N.L. ACN 004 669 658 Suite G 1/2, 49 Melville Parade, South Perth, WA 6151 Australia Correspondence: PO Box 507, West Perth, WA 6872 Australia Telephone (08) 9424 2115. Fax (08) 9567 9586

ASX PERTH

NO.372 P.5/5

Mr O Demis Company Secretary Rand Mining NL PO Box 307 WEST PERTH WA 6872

Australian Stock Exchange Limited ABN 98 008 624 691 Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

GPO Box D187 Perth WA 6840

Telephone 61 (08) 9224 0014 Facsimile 61 (08) 9221 2020 Internet http://www.asx.com.au

By facsimile: 9367 9386

Dear Sir

Rand Mining NL (the "Company") Appointment of Mr A Billis as Director

We refer to our letter dated 27 May 2003 on the above subject, and to Mr Billis's reply by letter today.

Australian Stock Exchange Limited ("ASX") requires the Company to disclose to the market the following information.

• Mr Billis's disqualification from being a director. 1.
• The beginning and end dates of the period of his disqualification. 2. 3.
• The reasons for Mr Billis's disqualification, including details of any convictions recorded or orders made against him. 4.
• What review the board undertook in deciding on the appropriateness of appointing Mr Billis as a director.

ASX has formed the view that the above is information that the Company is required to disclose pursuant to its obligations under listing rule 3.1.

ASX requires the above information to be disclosed as soon as possible and in any event by no later than the close of business tomorrow, Thursday 29 May 2003. Please send your response to the undersigned on facsimile 9221 2020 and not to the Company Announcements Office.

Should you have any queries on this letter, please do not hesitate to contact the undersigned.

Yours faithfully

Christine Panetta Senior Companies Advisor

Direct Line: (08) 9224 0014