RAND MINING LIMITED — Interim / Quarterly Report 2008

Apr 29, 2008

30 April 2008

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

Quarterly Report for March 2008

Highlights

• The sixth toll treatment campaign at the Greenfields Plant was completed on January 20, 2008. The seventh toll treatment campaign at the Greenfields Plant was started on March 13, 2008 and was completed on March 25, 2008. During the quarter, 42,819 tonnes of Raleigh ore were processed and 19,246 oz of gold and 2,808 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand's share is 25%)
• At March 31, 2008

approximately 17,490 tonnes of Raleigh ore at an estimated grade of 11.2 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand's entitlement is 12.5%)

no Raleigh ore remains on the ROM pad at the Greenfields Plant (Rand's share is 25%)

no gold was in transit between the Greenfields Plant and AGR (Rand's share is 25%)

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6152, 6136, 6119, 6102, 6085, 6067, 6051 and 6034 levels continued during the quarter.

Contained gold in stope development and stope ore mined during the March 2008 Quarter, estimated by grade control face chip sampling, is tabulated below:

RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	TonnesGrade
	t	g/t	troy oz
January	19,659	10.3	6,481
February	16,088	10.0	5,183
March	17,491	11.2	6,277
March 08 Q	53,238	10.5	17,941
December 07 Q	60,608	13.3	25,856

Rand's Entitlements (12.5%)

March 08 Q	6,655	10.5	2,243
December 07 Q	7,576	13.3	3,232

The ore mined in March remains as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine and will be hauled to the Greenfields Plant in early April.

Raleigh Underground Mine Development

The Raleigh Underground Decline was extended to the 5865 m RL, 480 m from the surface.

Development progressed on the 6034, 6017, 6000, 5983, 5966, 5949, 5932, 5916 and 5898 levels.

RALEIGH UNDERGROUND DEVELOPMENT
Month		Capital		Operating
	DeclineSecondary		Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	31.6	99.1	62.1	208.8	24.0
February	60.2	31.2	39.2	247.5	25.0
March	66.3	43.8	106.1	212.9	27.0
March 08 Q	158.1	174.1	207.4	669.2	76.0
December 07 Q	182.0	168.1	180.7	717.5	97.5

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

Mine operating costs incurred during the March 2008 Quarter were $154 per tonne mined or $456 per ounce mined compared with the December 2007 Quarter cost of $160 and $375 respectively.

Toll Processing

During the March 2008 Quarter, 24,740 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. The sixth toll treatment campaign was completed on January 20, 2008. The seventh toll treatment campaign at the Greenfields Plant was started on March 13, 2008 and was completed on March 25, 2008. 42,819 tonnes of ore were processed during the quarter. At the end of the quarter, no Raleigh ore remains on the ROM pad at the Greenfields Plant.

Bullion accredited to RAND and TRIBUNE
QuarterGoldSilverRand's share gold
March 08	19,246	2,808	4,811
December 07	5,857	745	1,464

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 have been quantified.

Diamond drilling of the lower parts of the Raleigh Main Vein continues. Details are tabulated below.

	Raleigh Diamond DrillingQuarter 1 2008
	Co-ordinates					TotalDepth		Significant Assay Results				Significance of Results
Hole ID	Northing Easting		RL	Azi.	Incl.	(m)	From(m)	To(m)	Length(m)	Grade(g/t)	Codes(see below)	Comments
RURD057	8873	18270	5943	42	-33	298	280.4	282.4				Core loss including the ore zone
RURD045	8873	18270	5943	80	-42	237	211.69	212.19	0.5	145.00	UR
RURD025	8874	18220	5944	136	-42	320	314.23	314.5	0.27	34.70	DR	Southern margin of orebody
RURD069	8873	18270	5943	30	-9.6	360	341.8	342.3	0.5	153.00	UR
RURD070	8873	18270	5943	35	2.4	370	356.38	356.77	0.39	90	UR
RURD063	8873	18270	5943	36	-22	312	294.69	295.03	0.34	15.9	DR
RURD058	8873	18270	5943	45	-24	290	268.98	269.25	0.27	84	CR
RURD026	8874	18220	5944	133	-33	306	297.77	298.47	0.7	9.36	DR	Southern margin of orebody
RURD062	8873	18270	5943	33	-29	290	312.87	313.58	0.71	16.2	DR	Northern margin of orebody
RURD030	8874	18220	5944	127	-46	300	292.19	292.64	0.45	98.8	UR
RURD030	8874	18220	5944	127	-46	300	249.29	249.41	0.12	69.5	NZ	Skinners vein
RURD031	18220	8874	5944	122	-66	309	304.49	306	1.51	52.85	UR	Extends resource depth
RURD023	18220	8874	5944	147	-56	375	332.96	333.16	0.2	4.66	CI	Confirms southern margin belowcurrent resource
RURD044	18270	8873	5943	79	-62	245	225.82	226.33	0.51	77.60	CR
RURD024	18220	8874	5944	141	-49	352	345.45	345.8	0.35	65.10	UR	Extends resource depth
RURD049	18270	8873	5943	52	-36	281	264.27	264.68	0.41	68.4	CR
RURD071	18270	8873	5943	33	5.8	382	371.8	371.88	0.08	8.16	DR/CI	Confirms lack of grade near northernboundary
RURD037	18220	8874	5944	97	-53	248	241.88	242.64	0.76	156	UR
RURD047	18270	8873	5943	57	-59	302	300.17	301.14	0.97	0.52
RURD027	18220	8874	5944	141	-65	470	353.17	354.62	1.45	41.16	UR	Extends resource depth
RURD035	18220	8874	5944	101	-70	311	289.64	290	0.36	16.50	UR	Extends resource depth
RURD056	18270	8873	5943	36	-41	330	313.57	314.37	0.8	47.30	UR
RURD032	18220	8874	5944	117	-59	311	289.77	290.94	1.17	30.83	UR	Extends resource depth
RURD053	18270	8873	5943	49	-46	297	285.94	286.6	0.66	114	UR
RURD033	18220	8874	5944	114	-50	269	226.05	226.59	0.54	55.3	UR	Extends resource depth
RURD029	18220	8874	5944	131	-54	327	317.2	317.77	0.57	54	UR	Extends resource depth
X = Not yet drilled						! = Mineralisation at Base of Hole				NZ = New gold zone!
~ = Hole underway						CI = Confirms geological interpretation				UR = Upgrades Resource
		* = Assays not received						PCI = Partly confirms geological interp.				CR = Confirms Resource
? = Data subject to verification						DI = Disproves geological interpretation				DR = Downgrades Resource

**The table above was compiled by Michael McDonnell, 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 Edition Revised edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael McDonnell consents to the inclusion in the report of the table – Raleigh Diamond Drilling, Quarter 1 2008 – in the form and context in which it appears.

The diagram below shows the position of the drill holes.

EKJV Exploration

There has been minimal activity as the bulk of the Exploration Budget is committed to the current Raleigh drilling program.

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

41 004 669 658 31 March 2008

ABN Quarter ended ("current quarter")

Consolidated statement of cash flows

			Current quarter	Year to date
	Cash flows related to operating activities		$A'000	(9 months)
				$A'000
1.1	Receipts from product sales and related debtors		3,658	10,430
1.2	Payments for	(a) exploration and	(34)	(59)
		evaluation
		(b) development	(443)	(1,033)
		(c) production	(1,448)	(4,521)
		(d) administration	(87)	(648)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		37	115
1.5	Interest and other costs of finance paid			(5)
1.6	Income taxes paid		(942)	(1,826)
1.7	Other (provide details if material)
	Net Operating Cash Flows		741	2,453
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
		(b) equity investments	(446)	(933)
		(c) other fixed assets	(2)	(253)
1.9	Proceeds from sale of:	(a) prospects
		(b) equity investments
		(c) other fixed assets
1.10	Loans to other entities			(10)
1.11	Loans repaid by other entities		10	10
1.12	Other – Loans received from Tribune Resources
	- Loans repaid to Tribune Resources
	Net investing cash flows		(438)	(1,186)
1.13	Total operating and investing cash flows (carried		303	1,267
	forward)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows	303	1,267
	(brought forward)
	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		(193)
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other (provide details if material)
	Net financing cash flows		(193)
	Net increase (decrease) in cash held	303	1,074
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments	2,205	1,434
1.22	Cash at end of quarter	2,508	2,508

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	(46)
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)) (43) Royalty payment (included in production 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.

Financing facilities available

Add notes as necessary for an understanding of the position.

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

Estimated cash outflows for next quarter

	Total	390
4.2	Development	350
4.1	Exploration and evaluation	40
		$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 quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	2,384	2,081
5.2	Deposits at call – Performance Bonds	124	124
5.3	Bank overdraft
5.4	Other
	Total: cash at end of quarter (item 1.22)	2,508	2,205

Changes in interests in mining tenements

		Tenement	Nature of interest	Interest at	Interest at
		reference	(note (2))	beginning	end 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 quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note3) (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference+securities(description)
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buybacks,redemptions
7.3	+Ordinarysecurities	40,560,813	40,560,813
7.4	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buybacks
7.5	+Convertibledebt securities(description)
7.6	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted
7.7	Options(description andconversionfactor)	500,0004,000,000		Exercise price$1.00$0.60	Expiry date1st October 201026th October 2012
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

• 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.

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.

== == == == ==

+ See chapter 19 for defined terms.