RAND MINING LIMITED — Interim / Quarterly Report 2006

Apr 26, 2006

28 April 2006

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

Quarterly Report for period ending 31 March 2006 Geology and Mining

REVIEW OF OPERATIONS

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

The first treatment campaign of the combined share of Rand Mining NL and Tribune Resources NL (R&T) of Raleigh ore was completed during the March 06 Quarter.

The mining project costs are:

	March 06 O	December 05 O	Project to date
Cost per tonne mined $$109$		\$103	\$108
Cost per ounce mined \$246		\$168	\$197

The construction phase of the Raleigh Underground project was completed during the March 06 Quarter. The total project construction costs are now estimated to be \$52.4 M.

Construction

Construction of surface infrastructure was completed during the quarter with the successful commissioning and operation of the Paste Fill Plant placing $1,160 \text{ m}^3$ of paste fill into the stope voids. This marks a major milestone for the Raleigh Underground mine to minimize the impact of geotechnical risks.

Raleigh Underground Development

The Raleigh Underground decline was extended to the 6102m Level accesses. Capital development was completed in the 6119m, 6111m 6102m level accesses, 6108 sump, 6111m exhaust raise access and 6095m fresh air raise access and refuge chamber. Installation of the main underground 6164 RL pump station was completed.

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 (08) 9367 9386

RALEIGH UNDERGROUND DEVELOPMENT
		Capital Development		Operating Development
Month	Decline $(m)$	Secondary $(m)$	Waste $(m)$	$Ore$ (m)	Total (m)
January 06	88.5	76.8	43.6	268.5	477.4
February 06	92.2	77.1	65.2	242.1	476.6
March 06	52.5	123.5	89.2	227.8	493
March 06 Q	233.2	277.4	198	338.4	1047
December 05 Q	218.5	213.1	87.7	858.2	1,377.5
Project to date	1,222.6	1,296.1	285.7	1,755.4	4,559

Ore development continued on 6185m, 6168m and commenced on 6152m Level and 6136 Level. The ground conditions encountered were within the expected geotechnical design parameters.

Raleigh Underground Mine Production

Stope production commenced on the 6185 with two panels completed and a third started.

Stope development and stope ore mined estimated by grade control face chip sampling during the March 06 Quarter and stockpiled for processing is tabulated as follows:

	Tonnes	Grade	Ounces
Month		g/t	Troy ounces
January 06	10,332	14.5	4,831
February 06	10,002	13.19	4,242
March 06	12,422	13.55	5,411
March Q 06	32,755	13.75	14,484
Project to date	90,003	17.05	49,332

The Raleigh underground mine straddles the lease boundary between M5/993 (100% EKJV) and M16/157 (100% Kundana Gold Pty Ltd). Of the project to date the EKJV has mined an estimated 36,048 tonnes grading 10g/t for 11,866 ounces from M16/157 for which the EKJV pays a lease fee per ounce mined in return for the use of EKJV capital. The rent ceases when the ounces of gold mined exceeds 122,300 ounces.

A total of 33,000 tonnes of Raleigh Ore being R&T's share of development ore mined and stockpiled between July 2005 and 31 January 2006 was hauled to Higginsville's Greenfields processing plant at Coolgardie. Processing was completed between 16^th January 2006 and 25^th February 2006. A total 18,451 ounces of fine gold and 2,799 ounces of fine silver were recovered (Rand's share 25%). Ore mined in February 2006 and March 2006 totaling 22,424 tonnes at an estimated grade of 13.4g/t containing 9,653 ounces of gold has been placed on bed blend stockpiles each month near the Raleigh mine. A total of 11,464 tonnes of Raleigh Ore, being R&T's share has been hauled to Greenfields and stockpiled for the second processing campaign expected to commence in early May 2006 (Rand's share $25%$ ).

Raleigh Underground Resource Delineation Drilling

Two holes of a nine hole diamond drilling program commenced at the end of the March 2006 Quarter.

Resource Development

The bankable feasibilities for the development of the Hornet and Rubicon Underground mines continued during the period.

An infill drill program consisting of 15 diamond holes is scheduled to commence in April 2006 to test the Pegasus Underground project.

EKJV EXPLORATION

Exploration Drilling
	Prospect	Air Core		Reverse Circulation		Diamond Core
		holes	metres	holes	metres	hole	metres
January 06	Wards	0			490		1745
	Wicked Witch 0				270		237
February 06	Wards	0			0		-0
	Wicked Witch 0				$\theta$		807
March 06	Wards	$\theta$			0
March 06 Q				10	760	10	2,789

Wards

Drilling during the quarter intercepted extensional quartz stockwork veins with traces of pyrrhotite. arsenopyrite and scheelite in sheared strongly altered silica, albite and biotite zones within granophyric tonalite. A report on a petrographic and isotope study identified hydrothermal magnetite in chlorite halos within strong albite, biotite and calcite alteration zones within the granophyric tonalite unit. On completion of geological logging and assaying the information available will be collated to produce a refined 3D model of the mineralization upon which a phase III drilling program will be generated to target potential structural traps beneath known mineralization and strike extensions along the granophyric host.

HOLE	COLLAR	FROM	TО	$GRAPH > 1g/t$	INTERVAL
WAD05-101	MGA N 6607812	145	146	10.26
	MGA E 327040 AHD 374.5m	146	147	20.23
	Azimuth 51	147	148	8.71
	$Dip - 55$ Depth 229.7m	148	149	35.81
		149	150	4.72	8.2m downhole at 17.4g/t
		150	151	0.78
		151	151.5	4.22
		151.5	152.2	20.83
		152.2	153.2	45.46
		156.	157	1.47	Im downhole at 1.47g/t
WAD05-102	MGA N 6607916	293	294	1.29	Im downhole at 1.29g/t

HOLE	COLLAR	FROM	TO	$GRAPH > 1g/t$	INTERVAL
	MGA E 326846 AHD 374.3m	299	299.3	3.96	0.3m downhole at 3.96g/t
	Azimuth 49.2	308	309	1.05
	Dip -55.6 Depth 440.6m	309	310	1.28
		310	311	3.56	5m downhole at 1.50g/t
		311	312	0.46
		312	313	1.17
WAD05-103	MGA N 6607593 MGA E 327108	246	247	1.37	Im downhole at 1.37g/t
	AHD 374.2	260	261	1.91
	Azimuth 52.2 Dip -60.1				2m downhole at 1.65g/t
	Depth 347.5m	261	262	1.38
WAD05-105	MGA N 6607921 MGA E 327031	158	159	2.28
	AHD 374.7m				Im downhole at 2.28g/t
	Azimuth 120.2 Dip -62.2
	Depth 277.2m
WAD05-107	MGA N 66078852 MGA E 327175	84	88	1.32	Im downhole at 1.32g/t
	AHD 375.9m Azimuth 278.6	110	111	1.6	3m downhole at 1.88g/t
	Dip -64.9	111 112	112 113	1.51 2.52
	Depth 273m	119	120	3.39	Im downhole at 3.39g/t
		128	129	6.12	Im downhole at 6.12g/t
		133	134	1.32	Im downhole at 1.32g/t
		144	145	1.12
		145	146	9.66	4m downhole at 5.45g/t
		146	147	7.84
		147	148	3.18
		159	160	1.94	3m downhole at 1.37g/t
		160 161	161 162	1.06 1.11
		183	184	1.18
		184	185	2.35	2m downhole at 1.77g/t
WAD05-110	MGA N 6607715
	MGA E 326905 AHD 372.9m
	Azimuth 48.7				Assays pending
	Dip -59.8 Depth 399m
WAD05-111	MGA N 6607856	79.	80	1.56	Im downhole at 1.56g/t
	MGA E 327160 AHD 375.8m	82	83	1.43	2m downhole at 2.75g/t
	Azimuth 309.6 Dip -55.3	83	84	4.07
	Depth 240.4m	87	88	7.2	Im downhole at 7.2g/t
		100	101	1.12	Im downhole at 1.12g/t
		103	104	1.13	2m downhole at 1.37g/t
		104	105	1.61	Im downhole at 4.41g/t
		108	109	4.41	1m downhole at 1.54g/t
		110 114	$\mathbf{H}$ 115	1.54 1.76	1m downhole at 1.76g/t
		119	120	4.06	Im downhole at 4.06g/t
		125	126	27.06	Im downhole at 27,06g/t
		129	130	4.57	3m downhole at 5.11g/t

HOLE	COLLAR	FROM	TO	$GRAPH > 1g/t$	INTERVAL
		130	131	6.28
		131	132	4.48
		133	134	1.23	2m downhole at 1.27 $g/t$
		134	135	1.31
		137	138	1.47	Im downhole at 1.47g/t
		139	140	3.04	2m downhole at 2.05g/t
		140	14	1.07
		148	149	8.54	Im downhole at 8.54g/t
		154	155	1.78	Im downhole at 1.78g/t
		178	179	4.39
		179	180	1.53	4m downhole at 2.23g/t
		180 181	181 182	$1.01\,$ 2.01
		183	184	1.16	Im downhole at 1.16g/t
		188	189	2.18
		189	190	1.87	2m downhole at 2.03g/t
		193	194	2.12	Im downhole at 2.12g/t
		200	201	1.47	Im downhole at 1.47g/t
		217	218	1.82	Im downhole at 1.82g/t
		225	226	12.20	Im downhole at 12.20g/t
WAD05-112	MGA N 6607726 MGA E 327123 AHD 374.9m Azimuth 353.5 Dip -62.4 Depth 3454m				Assays pending
WAD05-113	MGA N 6607742 MGA E 327101 AHD 374.6m Azimuth 357.8 Dip -61.9 Depth 255m				Assays pending
WAD05-114	MGA N 6607749 MGA E 327140 AHD 375.3m Azimuth 352.2 Dip -62.7 Depth 243m				Assays pending
WAD05-115	MGA N 6607852 327101 MGA E	114	115	4.23	20m downhole at 3.64g/t
	AHD 375.2m	115	116	1.54
	Azimuth 351.7 $Dip-61$	116	117	1.25
	Depth 216.6m	117	118	$0.50 -$
		118	119	28.31
		119	120	15.23
		120	121	2.07
		121	122	3.39
		122	123	0.17
		123	124	2.05
		124	125	0.41
		125	126	0.27
		126	127	4.88
		127	128	0.24

HOLE	COLLAR	FROM	TO	$GRAPH > 1g/t$	INTERVAL
		128	129	1.35
		129	130.	0.12
		130	131	0.52
		131	132	3.07
		132	133	0.79
		133	134	2.48
WAD05-116	MGA N 6607852 MGA E 327126	78	79	1.88	Im downhole at 1.88g/t
	AHD 375.4m	83	84	4.25
	Azimuth 353.2	84	85	2.89
	Dip collar -62.6 Depth 180m	85	86	.26	5m downhole at 6.64g/t
		86	87	1.17
		87	88	23.71
		93	94	4.56	Im downhole at 4.56g/t

The information in this table to which this statement is attached that relates to Exploration Results is based on information compiled by Robert Henderson, who is a member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Barrick Gold Ltd., and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Revised e-Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". This report was compiled by Dr lan Robertson who is a Fellow of the Australasian Institute of Mining and Metallurgy and AIG who is a full time employee of Rand Mining N.L. and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person. Robert Henderson and lan Robertson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Wicked Witch

A program of three diamond holes were drilled between January and February 2006 to test for mineralization beneath a coherent tungsten-arsenic-antimony base of hole multi-element anomaly above an interpreted rotation in the dip of the stratigraphy and Strezlecki Shear. The drilling intercepted quartz vein stockwork zones within a gabbro showing minimal alteration and no interpreted rotation of the Strezlecki Shear. No assays of the sampled diamond core have been received.

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

The potential for further exploration targets for drill testing within the Seven Mile Hill tenements are limited and discussions to farm out the tenements is continuing.

Jaurdi Little Nipper Project

The Little Nipper assets were disposed of during the quarter. A gross royalty on gold produced from the tenements has been retained.

Yours faithfully Rand Mining NL

Anthony Billis

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Rand Mining NL

ABN

41 004 669 658

31^st March 2006

г

Consolidated statement of cash flows

		Current quarter	Year to date
	Cash flows related to operating activities	SA'000	$(9$ months)
			\$A'000
$\mathsf{L}$	Receipts from product sales and related debtors	2,454	4,872
1.2	Payments for (a) exploration and
	evaluation	(79)	(277)
	(b) development	(323)	(494)
	(c) production	(1,900)	(2,511)
	(d) administration	(142)	(584)
1.3	Dividends received
$\mathsf{L}4$	Interest and other items of a similar nature received	28	57
1.5	Interest and other costs of finance paid	(96)	(259)
L6	Income taxes paid	(139)	(218)
1.7	Other (provide details if material)
	Net Operating Cash Flows	(197)	586
1.8	Cash flows related to investing activities Payment for purchases of: (a) prospects
	(b) equity investments	(135)	(267)
	(c) other fixed assets	(875)	(2,831)
1.9	Proceeds from sale of: (a) prospects
	(b) equity investments	40	43
	(c) other fixed assets
1.10	Loans to other entities	(14)	(314)
1.11	Loans repaid by other entities	9
1.12	Other - Loans received from Tribune Resources	1,205	1,502
	- Loans repaid to Tribune Resources	(297)	(297)
	Net investing cash flows	(67)	(2,164)
1.13	Total operating and investing cash flows (carried
	forward)	(264)	(1,578)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(264)	(1,578)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings		1.694
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other (provide details if material)
	Net financing cash flows		1,694
	Net increase (decrease) in cash held	(264)	116
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments	1,438	1.058
1.22	Cash at end of quarter	1,174	1,174

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2
1.24	Aggregate amount of loans to the parties included in item 1.10	14

1.25 Explanation necessary for an understanding of the transactions Directors fees and european mertian (included in administration 1.2 $(d)$ ) $(67.207)$

DRECTOR RES and Superammation (included in administration 1.2 (0) FOT, 2011
The aggregate amount of loans (item 1.10) made to specified parties are as follows: Oretek Limited (9) Lake Grace Exploration (5)

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

Tribune Resources NL has provided the Company with a loan of 4,000 ounces of gold. At the end of the quarter the Company has 2,300 ounces of this gold still on hand.

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Not applicable

⁺ See chapter 19 for defined terms.

$\overline{\phantom{0}}$

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities	4.750	4.719
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	278
-4.2	Development	178
4.1	Exploration and evaluation	100
		\$A'000

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 and at bank	1,077	1.341
5.2	Deposits at call - Performance Bonds	97	97
5.3	Bank overdraft
5.4	Other
	Total: cash at end of quarter (item 1.22)	1.174	1.438

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	M15/1371 M15/978 P15/3193 P15/3194	Sold Sold Sold Sold	100% 100% 100% 100%	$\theta$ $\bf{0}$ 0 $\theta$
6.2	Interests in mining tenements acquired or increased

⁺ See chapter 19 for defined terms.

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

		Total number	Number quoted	Issue price per	Amount paid up per
				security (see note	security (see note 3)
				$3)$ (cents)	(cents)
7.1	Preference
	*securities
	(description)
7.2	Changes during
	quarter (a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs,
	redemptions
7.3	*Ordinary	40,560,813	40,560,813
	securities
7.4
	Changes during quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs
7.5	*Convertible
	debt securities
7.6	(description)
	Changes during quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and
	conversion factor)
7.8	Issued during
	quarter
7.9	Exercised during
	quarter
7.10	Expired during
	quarter
7.11	Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

$+$ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{I}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

ere:	. (Director)	Date: 27 th April 2006

Sign h

Print name: Anthony Billis

Notes

• $\mathbf{I}$ 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.
• The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in $\overline{2}$ mining 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.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting 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.

---

⁺ See chapter 19 for defined terms.