RAND MINING LIMITED — Interim / Quarterly Report 2007

Apr 29, 2007

ABN 41 004 669 658

Suite G1/2 49 Melville ParadeSouth Perth WA 6151 Australia

PO Box 307West Perth WA 6872 Australia

T 61894742113 F 61 8 9367 9386E info@randmining.com.au W randmining.com.au

30 April 2007

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

Quarterly Report for March 2007

Highlights

• 18,600 tonnes of Raleigh ore at an estimated grade of 14 g/t remain on the Raleigh $\bullet$ ROM Pad. Rand's 12.5% entitlement is to be hauled to the Greenfields plant for processing in the fifth treatment campaign.
• Approximately 31,500 tonnes of Raleigh ore grading approximately 15 g/t remain on $\bullet$ the Greenfields ROM pad. Rand's 25% share is to be processed in the fifth treatment campaign.
• The EKJV employs 92 personnel, 12 dedicated to capital development and 80 to $\bullet$ operations.

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Development

The Raleigh Underground decline was extended to the 5966m RL, 379 m below surface. During the March 2007 Quarter, 431m of capital development was completed, bringing the project to date total to 4,283 m.

Ore development continued on 6136, 6119, 6102, 6085, 6067, 6051 and 6034 Level ore drives. The ground conditions encountered were within the expected geotechnical design parameters. The stopes are located in the low stress area of the mine.

RALEIGH UNDERGROUND DEVELOPMENT
Month	CAPITAL		Operating	PASTE FILL
	Decline (m)		Secondary Waste $(m)$	Ore $(m)$	Total $(m)$	Paste Fill (m)
		(m)
Jan 07	98.6	25	70.9	313.6	384.5	22
Feb 07	39.8	84.5	74.3	200.2	274.5	31
Mar 07	75.7	107.9	68.1	283.5	351.6	21
Mar 07 O	214	217.4	213.3	797.3	1,010.6	74
Dec 06 Q	213.7	249	173.4	843.5	1,016.9	80
Project to date 2,182		2,101	1,168	5,313	10.764	307

Raleigh Underground Mine Production

Production from the 6185, 6168, 6,152 and 6136 stopes continued during the quarter. The average width of stopes mined was less than the Feasibility Study design width of 3 metres, reducing the dilution of broken ore, resulting in reduced haulage and processing costs.

Stope development and stope ore mined estimated by grade control face chip sampling during the March 2007 Quarter is tabulated as follows:

RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
		g/t	Troy ounces
Jan 07	20.867	13.2	8.857
Feb 07	21,354	18.8	12,902
Mar 07	18,609	13.8	8.254
Mar 07 Q	60,829	15.3	30,014
Project to date	313,380	16.4	165,266

Rand's Entitlements

RAND'S ENTITLEMENTS (based on grade control estimates)
Quarter	Fonnes	Grade	Ounces
Sep 06	6.717	18.2	3.937
$\vert$ Dec 06	7.707	16.3	4.052
Mar 07	7.604	15.3	3.752
Project to date	39.173	16.4	20.658

18,600 tonnes grading an estimated 13.8 g/t containing 8,254 oz of gold mined in March 2007 has been placed on the Raleigh Bed Blend stockpile. Rand's entitlement is 12.5%.

Toll Processing

25,635 tonnes of Raleigh Ore has been hauled to the Greenfields processing plant during the March 2007 Quarter.

TOLL PROCESSING
Ouarter	Gold	Silver	Rand's share gold
September 06
December 06	33.476	4.524	8.369
March 07	$\overline{\phantom{a}}$		$,$
Project to date	59,080	8,476	14.770

Approximately 31,500 tonnes grading approximately 15 $g/t$ remain on the Greenfields ROM pad for processing in the fifth processing campaign expected to commence in the June 2007 Quarter.

Resource Development

The EKJV Manager failed to provide the Hornet and Rubicon underground feasibility study.

EXPLORATION

EKJV Exploration

Kundana North

Re-mapping and re-interpretation of the Kundana North area based on the 2006 drilling program data continued during the period to generate potential exploration targets.

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

$Rule 5.3$

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

Quarter ended ("current quarter")
-----------------------------------	--	--	--	--

31st March 2007

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarterSA'000	Year to date$(9$ months)
			$A'000
$\mathsf{L}$	Receipts from product sales and related debtors	2,954	8,454
1.2	Payments for(a) exploration andevaluation	(23)	(61)
	(b) development	(309)	(914)
	(c) production	(1, 199)	(3,351)
	(d) administration	(85)	(727)
1.3	Dividends received
$\vert A$	Interest and other items of a similar nature received	46	102
L5	Interest and other costs of finance paid	313	(223)
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows	1,697	3,280
1.81.9	Cash flows related to investing activitiesPayment for purchases of: (a) prospects(b) equity investments(c) other fixed assetsProceeds from sale of:(a) prospects(b) equity investments	(242)(43)	(423)(173)
1.101.111.12	(c) other fixed assetsLoans to other entitiesLoans repaid by other entitiesOther - Loans received from Tribune Resources- Loans repaid to Tribune Resources	269	(21)291
	Net investing cash flows	(16)	(326)
1.13	Total operating and investing cash flows (carriedforward)	1.681	2.954

+ See chapter 19 for defined terms.

1.13	Total operating and investing eash flows(brought forward)	1.681	2,954
1.14	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.
1.15	Proceeds from sale of forfeited shares
1.161.17	Proceeds from borrowingsRepayment of borrowings	(1,130)	(2,953)
1.181.19	Dividends paidOther (provide details if material)
	Net financing cash flows	(1,130)	(2,953)
	Net increase (decrease) in cash held	551
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments	1,599	2.149
1.22	Cash at end of quarter	2,150	2,150

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	(100)
1.24	Aggregate amount of loans to the parties included in item 1.10

$1.25$ Explanation necessary for an understanding of the transactions Directors fees and superannuation (included in administration $1.2$ (d)) $(100)$ Royalty payment (included in production 1.2 (c)) $(1)$ 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 has 300 ounces of this gold bullion 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

Financing facilities available

+ See chapter 19 for defined terms.

$\overline{a}$

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

4.1	Exploration and evaluation	SA 00050
$-4.2$	Development	250
	Total	300

'n

Reconciliation of cash

l.

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	2,053	1,502
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)	2,150	1.599

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
-6.1	Interests in miningtenements relinquished,reduced or lapsed
6.2	Interests in miningtenements acquired orincreased

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarterDescription 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$3)$ (cents)	security (see note 3)(cents)
7.1	Preference$^*$ securities(description)
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreases
	through returnsof capital, buy-backs,redemptions
7.3	*Ordinarysecurities	40,560,813	40,560,813
7.4	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-backs
7.5	+ Convertibledebt securities
7.6	(description)Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted
7.7	Options(description andconversionfactor)			Exercise price	Expiry date
7.8	Issued duringquarter
7.9	Exercised duringquarter
7.10	Expired duringquarter
7.11	Debentures(totals only)
7.12	Unsecurednotes (totalsonly)

$+$ 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.

...................................... (Director)

Sign here:

Print name: Anthony Billis

Notes

• $\mathbb{I}$ 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.

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+ See chapter 19 for defined terms.