RAND MINING LIMITED — Interim / Quarterly Report 2007

Jan 30, 2007

ABN 41 004 669 658

Suite G1/2 49 Melville Parade South Perth WA 6151 Australia

PO Box 307 West Perth WA 6872 Australia

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

31 January 2007

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

Quarterly Report for December 2006

Highlights

• The third and fourth treatment campaigns processing the combined share of Rand $\bullet$ Mining NL and Tribune Resources NL Raleigh ore were completed during the December 06 Quarter. A total of 62,039 tonnes grading 17.5 g/t was processed producing 33,476 ounces of gold. Rand's share of gold was 8,369 ounces.
• $\bullet$ 10,760 tonnes of Raleigh ore at an estimated grade of 14.5 $g/t$ remain on the Raleigh ROM Pad. Rand's 12.5% entitlement is to be hauled to the Greenfields plant for processing in the fifth treatment campaign.
• Approximately 5,000 tonnes of Raleigh ore grading approximately 12 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 5990 m RL, 355 m below surface. During the Quarter 462.7m of capital development was completed, bringing the project to date total to 3,863.8 m. Jet Crete trials were performed as a replacement for meshing ground support to improve development productivity and ground support.

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 DevelopmentOperating Development
	Decline (m)	Secondary (m)	Waste (m)	Ore $(m)$	Total (m)
Oct 06	90.3	56.8	57.1	282.1	486
Nov 06	75.7	80.6	57.9	292.3	507
Dec 06	47.7	111.6	58.4	269.1	487
Dec 06 Q	213.7	249	173.4	843.5	1479
Sep 06 Q	321	156	91	959	1527

Raleigh Underground Mine Production

Production from the 6185, 6168 and 6,152 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 December 06 Ouarter is tabulated as follows:

		Raleigh Underground Grade Control Estimates
Month	Tonnes	Grade	Ounces
		g/t	trov ounces
Oct 06	20,226	18.34	11,924
Nov 06	21,442	17.57	12,111
Dec 06	19,989	13.03	8,377
Dec Q 06	61,657	16.35	32,412
Project to date	252,551	16.66	135,252

Rand's Entitlements

	Rand's Entitlements (based on grade control estimates)
Month	Tonnes	Grade	Ounces
		g/t	troy ounces
$\sqrt{\cot 06}$	2,528	18.34	1,491
$\sqrt{\frac{N_{\text{OV}}}{100}}$	2,680	17.57	1,514
$\vert$ Dec 06	2,499	13.03	1,047
Dec Q 06	7,707	16.35	4,052
Project to date	31,569	16.66	16,907

A total of 10,760 tonnes grading an estimated 14.55 $g/t$ containing 5,032 oz of gold mined from December 16 to December 31 has been placed on the Raleigh Bed Blend stockpile. Rand's entitlement is 12.5%.

Toll Processing

A total of 36,388 tonnes of Raleigh Ore has been hauled to the Greenfields processing plant during the December 06 Quarter.

The third processing campaign that commenced on September 26 was completed by October 19. processing 21,856 tonnes of Raleigh ore at an average head grade of 18.49 $g/t$ . A total of 12,476.826 ounces of gold was produced.

The fourth processing campaign that commenced on November 11 was completed by December 15, processing 40,183 tonnes of Raleigh Ore at an average head grade of 17.03 $g/t$ . A total of 20,998.991 ounces of gold was produced.

		Bullion
Ouarter	Gold	Silver	Rand's share gold
December 06 Q	33,476	4,524	8,369
June $06Q$	7,153	1,153	,788
March 06 O	18,451	2,799	4,613
Project Total	59,080	8,476	14.770

Approximately 5,000 tonnes grading approximately $12 \text{ g/t}$ remain on the Greenfields ROM pad. The next treatment campaign, campaign 5, is scheduled to commence in early April 2007.

Resource Development

The feasibility study for the development of the Hornet and Rubicon Underground mines continued during the period. The Feasibility Study is now expected to be presented to the Technical Committee in the March 07 Quarter.

EXPLORATION

EKJV Exploration

Logging, sampling, assaying and data compilation were completed on holes drilled in the previous quarter and early in this quarter. Interpretation of the information will be evaluated for potential gold targets.

Exploration Drilling
	Prospect		Air Core		Reverse Circulation	Diamond Core
		holes	metres	holes	metres	hole	metres
October 06	Kundana North						364.4
November 06	Kundana North
December 06	Kundana North
December 06 Q							364.4
September $06 \Omega$							32110

Kundana North

HOLE	COLLAR	FROM	TО	UNCUT$GRADE$1gt	INTERVAL
MAD06-501	MGA N 6608552MGA E 325446AHD 355mAzimuth 52Dip collar 55Depth 189m				altered polymicticconglomerate.
FND06-401	MGA N 6608250MGA E 3256423AHD 355mAzimuth 17Dip collar 55Depth 348m	188	210	0.67	Veining withpyrrhotite, pyrite,arsenopyrite inaltered high Mg-basalt
		235	242	1.54	Veining withpyrrhotite, pyrite,arsenopyrite inaltered high Mg-basalt/komatiite
FND06-402	MGA N 6608560MGA E 326243AHD 355mAzimuth 52			3.1	Shear zone +Quartz/carbonateveining onsediment/high Mg
	Dip collar 55Depth 474m	EES.443	117444	7.03	basalt contactShear zone +Quartz/carbonateveining on HighMg basalt/doleritecontact
FND06-403	MGA N 6608,968MGA E 326.254AHD 360mAzimuth52	57	65	1.3	Intersecteddolerite, porphyrydykes & strongveining with
	Dip -55Depth 409.5m	$\overline{121}$	138	0.25	pyrrhotite on HighMg-basaltsediment contact.
FND06-404	MGA N 6608,989MGA E 326,045AHD 360mAzimuth 52Dip -55Depth428.8m			No significantgold	Intersecteddolerite, porphyrydykes & strongveining withpyrrhotite on HighMg-basaltsediment contact.
UMD06-201	MGA N 6603805MGA E 328316AHD 355m	243	262	0.64	Veining,pyrrhotite, pyrite,arsenopyrite in
	Azimuth 230Dip collar 55Depth 504m	297	305	0.32	dolerite
UMD06-202	MGA N 6603500.MGA E 328485AHD 355m	83	90	U.OY	Vemmg,pyrrhotite, pyrite,arsenopyrite in
	Azimuth 250Dip collar 50Depth 427m	326	362	0.12	dolerite &agglomerateporphyry
UMD06-203	MGA N 6603146MGA E 328332AHD 355mAzimuth 50Dip collar 50Depth 399m	251	252	1.68	Veining,pyrrhotite, pyrite,arsenopyrite indolerite &agglomerateрогрігуту
		376	377	2.98	Veinlet inturbidites
UMD06-204	MGA N 6604389MGA E 327843355m AHDAzimuth 230			No significantgold	Veining,pyrrhotite, pyrite,arsenopyrite indoleríte &

				UNCUT
HOLE	COLLAR	FROM	TО	GRADE	INTERVAL
				1g/t
	coilar50DipDepth 531m				agglomerateрөгрһугу
UMD06-205	MGA N 6604095			No significant	Intersected mostly
	MGA E 327437			gold	dolerite
	AHD 355m
	Azimuth 78
	53Dipcoilar
	Depth 364.4m
WAD05-108	MGA N 6607552			No significant
	MGA E 326682			gold
	AHD 375m
	Azimuth 5055Dipcoilar
	Depth 249m
WAD05-109	MGA N 6607940	216	219	1.08	New mineralized
	MGA E 327262				basalt/komatiite
	AHD 375m
	Azimuth 50
	55Dipcoilar
	Depth 498m
COD06-301	MGAN 6604809			No significant	Several anomalous
	MGA E 328389			gold	zones separated by
	AHD 365m				samples 0.1 to 0.6
	Azimuth 290coilar55				g/t
	Dip-Depth 384m
COD06-302	MGA N 6604900	312	318	7.01	Max 1m 30.88g/t
	MGA E 328401				Quartz vein in
	AHD 365m				granophyric
	Azimuth 290				gabbro.
	55Dipcoilar
	Depth 438m
GHD05-10	MGA N 6602071	225	231	2.49	Moderate quartz
	MGA E 329794				veining with
	AHD 375m				arsenopyrite, pyrite
	Azimuth 65				& pyrrhotite within
	coilar55DipDepth 270.1m				granophyric quartzgabbro.

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 Kanowna 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 Edition Revised edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". This report was compiled by Dr Ian 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 Ian Robertson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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

Г

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 December 2006

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarterSA'000	Year to date$(6$ months)
$\mathsf{L}$	Receipts from product sales and related debtors	3,081	$A'0005,501
1.2	Payments for(a) exploration andevaluation	(13)	(38)
	(b) development	(267)	(605)
	(c) production	(1,496)	(2,152)
	(d) administration	(358)	(640)
$\mathsf{L}3$	Dividends received
$\mathsf{L}4$	Interest and other items of a similar nature received	26	56
L5	Interest and other costs of finance paid	(166)	(536)
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows	807	1,586
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
	(b) equity investments	(138)	(183)
	(c) other fixed assets	(123)	(131)
1.9	Proceeds from sale of:(a) prospects
	(b) equity investments
	(c) other fixed assets
1.10	Loans to other entities	(9)	(21)
1.11	Loans repaid by other entities	$\mathbf{H}$	22
1.12	Other - Loans received from Tribune Resources
	- Loans repaid to Tribune Resources
	Net investing cash flows	(259)	(313)
1.13	Total operating and investing cash flows (carried
	forward)	548	1.273

+ See chapter 19 for defined terms.

1.13	Total operating and investing eash flows(brought forward)	548.	1,273
	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	(863)	(1,823)
1.18	Dividends paid
1.19	Other (provide details if material)
	Net financing cash flows	(863)	(1,823)
	Net increase (decrease) in cash held	(315)	(550)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments	1,914	2.149
1.22	Cash at end of quarter	1,599	1,599

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	(9).

1.25 Explanation necessary for an understanding of the transactions

Directors fees and superannuation (included in administration 1.2 (d)) $(67)$
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.

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

Not applicable

$+$ See chapter 19 for defined terms.

Financing facilities availableAdd notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.I	Loan facilities	4,750	4.719.
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	300
4.2.	Development	250
4.1	Exploration and evaluation	50
		$A'000

Reconciliation of cash

	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 quarterSA'000	Previous quarter$A'000
5.1	Cash on hand and at bank	1.502	1,817
5.2	Deposits at call – Performance Bonds	97	97
5.3	Bank overdraft
54	Other
	Total: cash at end of quarter (item 1.22)	1.599	1.914

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginning	Interest atend of
				of quarter	quarter
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 persecurity (see note	Amount paid up persecurity (see note 3)
7.1	Preference*securities(description)			$3)$ (cents)	(cents)
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough 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.

ere:
	(Director)

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.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries 4 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.