RAND MINING LIMITED — Interim / Quarterly Report 2008

Oct 29, 2007

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29 October 2007

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

Quarterly Report for September 2007

Highlights

• The Rand Mining ANZ Bank Loan (LAS facility) has been fully repaid as at September 28, 2007.

• The fifth toll treatment campaign at the Greenfields plant was completed on August 15, 2007. During the quarter, 45,000 tonnes of Raleigh ore were processed and 26,345 oz of gold and 3,457 oz of silver were produced. (Rand’s share is 25%)

• At September 30, 2007

approximately 42,000 tonnes of Raleigh ore at an estimated grade of 12.1 g/t remain on the Raleigh ROM pad (Rand’s entitlement is 12.5%)

approximately 2,300 tonnes of Raleigh ore at an estimated grade of 12.8 g/t remain on the Greenfields ROM pad (Rand’s share is 25%)

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GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6185, 6168, 6152, 6136, 6119, 6102, 6085 and 6067 levels continued during the quarter.

Contained gold in stope development and stope ore mined during the September 2007 Quarter, estimated by grade control face chip sampling, is tabulated below:

RALEIGH UNDERGROUND	RALEIGH UNDERGROUND	GRADE CONTROL ESTIMATES	GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
July	21,180	13.6	9,253
August	25,723	12.8	10,578
September	21,289	11.4	7,784
September 07 Q	68,192	12.6	27,614
June 07 Q	63,472	16.7	34,100
Rand’s Entitlements	(12.5%)
September 07 Q	8,524	12.6	3,452
June 07 Q	7,934	16.7	4,263

Most of the ore mined in August remains on the Raleigh Bed Blend stockpile. Haulage did not start until late September. The remaining ore will be hauled in October. The ore mined in September remains on the Raleigh Bed Blend stockpile and will be hauled in October.

Raleigh Underground Mine Development

The Raleigh Underground Decline was extended to the 5908 m RL.

Development progressed on the 6085, 6067, 6051, 6034, 6017, 6000, 5983 and 5966 levels.

RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
July	68.5	113.0	61.2	238.2	34.5
August	63.7	84.6	37.6	322.6	29.0
September	60.2	64.0	18.3	235.8	30.0
September 07 Q	192.4	261.6	117.1	796.6	93.5
June 07 Q	161.0	217.4	173.0	832.0	68.0

The diagrams below show the status of the mine at the end of each month of the quarter.

July 07 Blue indicates new development

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August 07 Red indicates new development

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September 07 Red indicates new development and stopes

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Mine operating costs incurred during the September 2007 Quarter were $127 per tonne mined or $315 per ounce mined compared with the June 2007 Quarter cost of $129 and $241 respectively.

Toll Processing

During the September 2007 Quarter, 22,500 tonnes (wet) of Raleigh Ore was hauled to the Greenfields processing plant. The fifth processing campaign which commenced on May 28, 2007 continued until August 15, 2007. 44,976 tonnes of ore were processed during the quarter. At the end of the campaign there was no Raleigh Ore remaining on the Greenfields ROM pad.

Bullion	accredited to RAND and	accredited to RAND and	TRIBUNE
Quarter	Gold	Silver	Rand’s share gold
September 07	26,345	3,457	6,586
June 07	14,657	1,951	3,664
Campaign 5	41,002	5,408	10,250

Resource Development

Discussions between the EKJV Manager and EKJV parties are on going to develop the Rubicon, Pegasus and Hornet underground resources. Synergies with Raleigh are being identified and analysed.

Drilling of the Raleigh Main Vein commenced from the 5992, 5955, 5934 levels. Details are tabulated below.

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EKJV Exploration

A revised geological model of the region has been generated. A number of exploration targets have been identified and ranked in order of priority for future evaluation.

OTHER EXPLORATION

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 are continuing.

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

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

	Name of entity
	Rand Mining NL
	ABN 41 004 669 658 Consolidated statement of cash flows
			30thSeptember 2007
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows			Current quarter $A’000	Year to date (12 months) $A’000
			5,813 (25) (344) (1,502) (453) 23 (4) (526)	5,813 (25) (344) (1,502) (453) 23 (4) (526)
			2,982	2,982
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other – Loans received from Tribune Resources - Loans repaid to Tribune Resources Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			(15) (10)	(15) (10)
			(25)	(25)
			2,957	2,957

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	2,957	2,957
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 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	(193)	(193)
	(193)	(193)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments 1.22 Cash at end of quarter	2,764 1,434	2,764 1,434
	4,198	4,198

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

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		(44)
1.25	Explanation necessaryfor an understandingof the transactions
	Directors fees and superannuation (included in administration 1.2 (d)) (41) Royalty payment(included inproduction 1.2(c)) (3)
	The aggregate amount of loans (item 1.10) made to specified parties are as follows:

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

In January 2006, Tribune Resources NL loaned the Company 4,000 ounces of gold bullion. At the end of the quarter the Company had nil ounces of this gold bullion still on hand. 1000 ounces are still available to Rand Mining NL for future drawdown.

• 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.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements Loan principle outstanding	Amount available $A’000	Amount used $A’000
	Nil	Nil
	$A’000
	Nil

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	25
	350
Total	375

Reconciliation of cash

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 $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call – Performance Bonds 5.3 Bank overdraft 5.4 Other	4,101 97	1,337
		97
Total: cash at end of quarter(item 1.22)	4,198	1,434

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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 security (see note 3) (cents)	Amount paid up per security (see note 3) (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 securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	40,560,813	40,560,813
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000		Exercise price $1.00	Expiry date 1stOctober 2010
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 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).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 29 October 2007 (Director) Print name: Anthony Billis

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.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in 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.

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• See chapter 19 for defined terms.

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