RAND MINING LIMITED — Capital/Financing Update 2005

Jul 6, 2005

$7^th$ July 2005

Australian Stock Exchange Limited Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000

EAST KUNDANA JOINT VENTURE

RALEIGH UNDERGROUND MINE DEVELOPMENT.

$\bullet$ Raleigh underground mine development reaches ore zone.

Tribune Resources NL is pleased to advise that the Raleigh mine has completed over 1 kilometre of underground development, and has commenced mining high grade development ore which will be temporarily stockpiled on the surface awaiting treatment.

The Raleigh deposit is managed by Placer Dome Asia Pacific Limited (PDAP) on behalf of the East Kundana Joint Venture Partners, PDAP (51%), Rand Mining NL (12.25%) and Tribune Resources NL (36.75%). The underground development is being carried out by Barmineo mining contractors. High grade stope ore is expected to be mined during the first quarter of 2006. The resources remain to be defined at depth and have the potential to extend the mine life beyond 5 years.

The terms and conditions for the processing of the Raleigh high grade ore are currently under negotiation by the partners.

Yours faithfully

A Billis