To:	Mr Nicholas Ong			From: Lyndall Smith
Company: ASX			Pages: 9
Fax:	9221 2020		Pate:	4 ^m February 2005
Re:	Qtrly Report period ending Dec 04			Ret
$\Box$ Urgent	$\square$ For Review	□ Please Comment		□ Picase Reply	□ Please Recycle

Please find attached our amended Quarterly Report for period ending 31 December 2004 - Geology and
Mining, per your letter dated 2 February 2005.

If you require any further information please do not hesitate to contact our office.

Kind Regards
Lyndall Smith

Rend Mining NI.
ABN 41 004 669 658
Suite G1/2, 49 Meiville Parada South Perth. WA 6151 Australia
Correspondence: PO Rox 307, West Perth. WA 6872 Australia
Telephone (08) 9474 2113. Fax (08) 9367 9386

$\overline{1}$

4^th February 2005

The Listing Manager Australian Stock Exchange Level 10 20 Bond Street SYDNEY NSW 2000

Quarterly Report for period ending 31 December 2004 Geology and Mining

REVIEW OF OPERATIONS

East Kundana Joint Venture (Rand's Interest 12.25%)

The East Kundana Joint Venture has combined resources of 1.382 million ounces inclusive of an estimated 0.594 million ounces in reserves remaining as at 31 December 2004 (refer attached tables).

The construction phase of the Raleigh Underground project commenced during the quarter. The first cut in the main decline was fired at 1.35pm on the twenty first of December 2004. Fifteen metres of decline development had been completed by the end of the quarter.

No production occurred on the East Kundana Joint Venture tenements.

A programme of 9 reverse circulation pre-collars totaling 1059m and 11 DDH 1398m diamond core drilling were completed as part of the ongoing drilling programme designed to upgrade resources to reserves for the Rubicon deposit.

The joint venture project continues to be the main focus of the company.

Rand Mining NL ACN 004 669 658 Suite G1/2, 49 Melville Parade, South Perth. WA 6151 Australia Correspondence: PO Box 307, West Perth. WA 6872 Australia Telephone (08) 9474 2113, Fax (03) 9367 9386

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EKJV Resource inclusive of reserves remaining as at 31 December 2004

VALIDODY	MEASCRED RESOURCE		MDICATED RESOURCE		RESOUR INFERRED	G		TOTAL RESOURCE
	tomes)	डू	[tommes]	G G	(sances)	किंग ्रे	(samas)	$\mathbb{G}^{(1)}$	(sacuro)
RALEIGH SURFACE	e			$\ddot{\phantom{1}}$	$\bullet$
NEW YEAR RALEIGH UNDERGROUND			487,000	26.8	445,000	174	000'ZE6	$\Omega$	668,562
HANGINGWALL VEIN RALBIGH UNDRRGROUND					000'9	35 A	000'9	35.4	628'9
HORNEY UNDERCRODED HORNET SURFACE	0 ¢		000'000 294,000	ិ៍ 2.9	370,000 277.000	ti Li	000°125 135	2 P	238,462 42.52
RUBICON UNDERGROUND RUBICON SURFACE			213,000	$\overline{116}$ $\frac{1}{2}$	752,000	n Si	000'596	$\frac{5}{20}$	205,160
PEGASUS SURFACE			191,000	$\frac{c}{2}$	000'I8E	a Sid	572,000	a u a u	61,305 02,726
PEGASUS UNDERGROUND				៓	CHO, PIO		719,000
DRAKE				ີຣ	GOO'OOO	ζ,	100,000	ى:	0679
Compresent Party: R. Cloper and J. Ahlout. Seniors Conforts Project Development Kulturers Kulturers (Compress) TVLOL	Ξ	$\bullet$	000'498'1	$\overline{121}$	3,050,000	e C	1,951,000	۹.	1,382,053

Comprent Persons: R. Cicoper and J. Abbott; Senior Resource Goodogist Project Development Kalgondie West

הזמני יצפטפר יפי היים היה המוווח המווחמו ב-1950 ב-1956.
ACCURRICI	NEGRATION PROVED		PROBABLE RESERVE			LOUVE RESERVE		TOTAL RESERVE AT 30 JUN 04
			$\left($ (graves) $\left($ $gt$ $gt$ $gt$ $gt$ $gt$ $gt$ $gt$ $gt$ $gt$ $gt$		(sonnes)	G) G	(sputces)	(samca)	G	(Contoc)
RALEIGH SURFACE
IRALENCE UNDERGROUND MAIN VEIN (2)			000.000	$\overline{121}$	000'936	$\overline{12.1}$	375.4 59	DOD'S96	Ξ	375,408
RALENGE DNDRGROOMD HANGPNOWALL VEDT				g		Ŝ
HORNET SURRACE (3)			I36,00X		DKA , AND	ىي ج		136, POL		11/51
HORNET UNDERGROUND (3)			DOO'OSS	بي ما	DOO,000	ر :	15,741 14,295	SSQ,000	ಀಀ	139.69
RUBICON SURFACE				$\overline{c}$		S
RUHICON UNDERGROUND (3)			177,000	$\overline{1}$	177,000	$\Xi$	63,167	177,000		83,167
TVIOL	c	$\bullet$	1,826,000 10.1		1,828,000 10.1		$0'$ 765	1828, AHA	Ē	110765
Connetent Persons: M Kassehagen Business Development - Project Development Kalgoodie West &

EKJY Reserves recretion at 31 December 2004

A Law Manager Mining Open Pits Kalgoorlic West Operations.

Note 1:

ASX PERTH

which is relevant to the style of mineralisation and type of deposit under consideration to undertake the activity to qualify as Competent Persons as defined in the
2004 Edition of the "Australasian Code for Reporting of M inclusion in the report of the matters based on their information in the form and context in which it appears. Muetal Resources or Cre Reserves is based on information compiled by R. Coopter, J Abbott, M. Kaeschagen and A. Law, who are Members of the Australasian lasitate of Mining and Metallugy and full-time employees of Placer Done Asia Pacific Limited All of the aforementioned persons have sufficient experience In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the information in the tables to which this statement is wincreed that relates to

Note 2:

Ore Reserve at a bankable feasibility standard.

Note 3:

Ore Reserve at a pre-feasibility standard

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Seven Mile Hill Joint Venture (Rand's Interest 50%)

Mineralisation previously defined at the Binduli project was evaluated by 7 RC holes totaling 798m was completed during the Quarter. The holes, angled 60 towards grid east tested the target to depths varying up to 150 metres deep. The results are being evaluated to determine the next phase of exploration. The following table tabulates 1 metre mineralized down hole intercepts grading greater than 1 g/t for gold determined by FA50 assays with no top cut applied.

Hole	Northing	Easting	From	To	g/t Au
BRC010	6582300	349275	57	58	2.77
			90	91	3.48
BRC011	6582300	349225	33	34	1.48
			60	61	3.46
			65	66	1.15
			67	68	1.69
BRC013	6583100	348615	44	45	1,13
			54	55	2.61
BRC014	6582900	348715	36	37	2.16
			56	57	1.00
BRC015	6582900	348665	55	56	4.54

Yours faithfully A Billis Director

Notes: In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the information provided to which this statement is attached that relates to Mineral Resources or Ore Reserves is based on information compiled by Dr J Robertson, a full time emplayee of Rand Mining NL who is a Fellow of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to undertake the activity to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" I. Robertson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Appendix 5B

Mining exploration entity quarterly report

Name of entity .		-- __	--		--
RAND MINING NL	.	.		--	--- ___

ACN or ARBN

004 669 658

$\frac{1}{4}$

Quarter ended (current quarter)

31 December 2004

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarter SA=000	Year to date $(6$ months) SA=000
11	Receipts from product sales and related debtors
12	Payments for exploration and evaluation (a) development (b) (c) (d) production administration (note 2)	(27) (355) (289)	(59) (402) (3) (540)
13	Dividends received
14	Interest and other items of a similar nature received	14	15
1.5	Interest and other costs of finance paid	(20)	(20)
1.6	Taxes paid	17	(7)
17	Re-imbursement of Exploration Costs
	Net operating cash flows	(660)	(1,016)
	Cash flows related to investing activities
1.6 1.9	Payment for purchase of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from eale of: (a) prospects (b) equity investments (c) other fixed assets	(610) (9) 171	(974) (9) 171
1.10	Loans to other entities (note 3)	(354)	(363)
111	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows	(602)	(1, 175)
7.13	Total operating and investing cash flows (camed forward)	(1.462)	(2, 191)

1,13	Total operating and investing cash flows (brought forward)	(1.462)	(2.191)
	Cash flows related to financing activities
1,14	Proceeds from issues of shares, options, etc.
1.15	Proceeds from sale of forfelted shares
1.16	Proceeds from borrowings	875	875
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Commissions on capital reising
	Net financing cash flows	875	875
	Net increase (decrease) in cash held	(587)	(1,316)
1.20	Cash at beginning of quarter/year to date	4,087	4,745
1,21	Exchange rate adjustment to item 1,20	(97)	(26)
$\sqrt{122}$	Cash at end of quarter	3,403	3,403

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A
Details of outlays made by other entities to establish or increase their share in projects in which the $2.2$ reporting entity has an interest $N/A$

Financing facilities available

Add notes as necessary for an understanding of the position.

The joint limited recourse loan facilities are provided to Rand Mining NL and Tribune Resources NL by ANZ
investment Bank. The funds are to cover the companies' share of construction, development and operating costs at Raleigh underground, as well as discretionary exploration and capital expenditure for the rapid development of other projects within the joint venture.

	Amount available \$A=000	Amount used \$4=000
-3.1 Loan facilities	4,750	875
3.2 Credit standby arrangements	м.

Estimated cash outflows for next quarter

		\$A=000
-4.1	Exploration and evaluation	900
$-4.2$	Development	$-200$
	Total	1.100

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter SA-000	Previous quarter SA=000
5.1	Cash on hand at bank	1.092	1,266
5.2	Deposits at call (performance bonds)	97	97
5.3	Bank overdraft
54	Other – gold bullion on hand	2.214	2.724
	Total: cash at end of quarter (tem 1,22)	3,403	4.0B7

Changes in interest in mining tenements

		Tenement reference	Nature of interest (note (4))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	26/2992		80%
62	Interest in mining tenements acquired or increased	-

Issued and quoted securities at end of current quarter
Description includes rate of Interest and any redemption or conversion rights together with process and dates

		Number issued	Number quoted	Par value (cents)	paid-up value (cents)
7.1	Preference socurities (description)
7.2	issued during quarter
7,3	Ordinary Securities	38,260,813	38,260,813	20 cents	20 cents
7.4	issued during quarter
7.5	Convertible dabt securities (description)
7.6	lasued during quarter
7,7	Options (description)	2,300,000		Exercise Price 20 cents	Expiry Date 30 April 2005
7,6	Issued during quarter	٠	٠
7.9	Exercised during quarter		٠
	7.10 Expired during quarter			$\blacksquare$
7,11	Debanturas (totals only)
7.12	Unsecured notes (Totals only)		м

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Compliance statement

$\blacksquare$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 6).
$\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here: ...................................

Print name: Dr William Jav

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
$\overline{2}$ The aggregate amount of payments to suppliers and employees (item 1.2) made to directors of the entity and its related entities, associates of directors and associates of the entities (specified parties) must be disclosed by way of note with additional explanations necessary for an understanding of the transactions.

\$ 59,091 was paid to STT Pty Ltd for salaries and management fees for the period ending December.

3 The aggregate amount of loans (item 1.10) made to specified parties must be disclosed by way of note.

The aggregate amount of loans made to specified parties are as follows:

SNIL

The Nature of Interest (items 6.1 and 6.2) includes options in respect of interests in mining 4 tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
An exchange rate adjustment (item 1.21) is caused by the Company including gold bullion in $\mathbf{S}$ its cash balances. As bullion is converted into Australian dollars, this may give rise to exchange variances which are separately disclosed in the cash flow statement as exchange gains or losses.
6 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
Accounting Standards ASX will accept, for example, the use of international Accounting $\overline{7}$ Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

2 February 2005

Mr Gordonn Sklenka Director Rand Mining NL Suite G5 49 Melville Parade SOUTH PERTH WA 6151

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

GPO Box D187 Perth WA 6840

Telephone 61 8 9224 0017 Facsimile 61 8 9221 2020 Internet http://www.asx.com.au

Dear Gordon.

Rand Mining NL (the "Company")

We refer to the announcement lodged with Company Announcements on 31 January 2005 entitled " Quarterly Report for period ending 31 December 2004 - Geology and Mining" (the "Announcement").

The Announcement contains a comment that "the East Kundana Joint Venture has combined resources of 1.382 million ounces inclusive of an estimated 0.594 million ounces in reserves..." Australian Stock Exchange Limited ("ASX") requests that the Company provide each of the following.

A JORC-compliant table detailing the tonnage, grades, and the estimated ounces $\mathbf{L}$ of the mineral resources and ore reserves.
A statement regarding the relevant competent person, as required under listing $2.$ rule 5.6.
The basis of the cut-off grades or quality parameters applied. 3.

The Announcement also contains Negative receipts from product sales and related debtors of \$97,000, which is not compliant with the International Financial Reporting Standard ("IFRS"). ASX requests that the Company to re-lodge its mining exploration entity quarterly report in the form of an Appendix 5B incompliance with the reporting standards.

We would appreciate your response, in a format suitable for release to the market, as soon as possible and in any event, by no later than 5.00 pm W.S.T, Friday 4 February 2005.

Your response should be sent to me by facsimile on facsimile number (08) 9221 2020. It should not be sent to the Company Announcements Office.

Yours sincerely,

Nicholas Ong Companies Adviser

AI assistant

RAND MINING LIMITED Interim / Quarterly Report 2005

65721_rns_2005-02-03_cb5666bb-0f25-4cc2-a886-754cc39653c9.pdf