RAND MINING LIMITED — Interim / Quarterly Report 2009

Apr 8, 2009

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April 9, 2009

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

Quarterly Report for March 2009

Highlights

• During the quarter, 49,523 tonnes of Raleigh ore were processed and 17,393 oz of gold and 2,389 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand’s share is 25%)

• At March 31, 2009

approximately 26,700 tonnes of Raleigh ore at an estimated grade of 12.1 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand’s entitlement is 12.5%)

approximately 12,000 tonnes of Raleigh ore at an estimated grade of 13.9 g/t 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%)

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GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6136, 6119, 6102, 6085, 6067, 6051, 6034, 6016, 6000, 5983, 5966, 5949 and 5932 levels continued during the quarter.

Contained gold in stope development and stope ore mined during the March 2009 Quarter, estimated by grade control face chip sampling, is tabulated below:

estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:
RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
January	27,277	11.6	10,135
February	22,540	13.9	10,090
March	26,727	12.1	10,380
March 09Q	76,544	12.4	30,605
December 08Q	78,670	11.5	29,059

Rand’s Entitlements (12.5%)

March 09Q	9,568	12.4	3,826
December 08Q	9,834	11.5	3,632

The ore mined in March, 26,727 tonnes, remains as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine and will be hauled in early April.

Raleigh Underground Mine Development

The Raleigh Underground Decline was extended to the 5752.5 m RL, 592.5 m from the surface.

Development progressed on the 5932, 5915, 5898, 5881, 5864, 5847, 5830, 5812 and 5795 levels.

	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
January	80.2	11.3	125.9	227.6	37.0
February	83.5	26.2	127.8	186.3	28.0
March	66.3	103.1	101.8	256.1	44.0
March 09Q	230.0	140.6	355.5	670.0	109.0
December 08Q	183.5	238.4	188.8	721.7	105.0

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

January 09 Red indicates new development

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February 09 Red indicates new development

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March 09 Red indicates new development

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Mine operating costs incurred during the March 2009 Quarter were $160 per tonne mined or $400 per ounce mined compared with the December 2008 Quarter cost of $139 and $377 respectively.

Toll Processing

During the March 2009 Quarter, 30,994 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant.

The tenth toll treatment campaign at the Greenfields Plant started on January 23, 2009 and finished on February 27, 2009. During the quarter, 49,523 tonnes of Raleigh ore were processed. At the end of the quarter, approximately 12,000 tonnes of Raleigh ore remains on the ROM pad at the Greenfields Plant.

The eleventh toll treatment campaign at the Greenfields Plant is expected to start on June 16, 2009.

2009.	2009.	2009.	2009.
Bullion accredited to RAND and TRIBUNE
Quarter	Gold(oz)	Silver(oz)	Rand’s sharegold
March 09	17,393.549	2,389.452	4,348.385
December 08	12,266.981	1,649.031	3,066.742

Resource Development

The development of the Rubicon Project is progressing through the steps of the procedures for a New Development required by the EKJV agreements and subject to the conditions in the Indicative Term Sheet.

EKJV Exploration

There has been minimal activity as the bulk of the Exploration Budget was committed to the recently completed 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 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
			31 March 2009
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 (9 months) $A’000
			3,986 (14) (537) (1,710) (445) - 29 - (946) -	8,860 (57) (1,896) (4,596) (919) - 113 (7) (1,250) -
			363	248
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 from other entities 1.11 Loans repaid to other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			- - (102) - - - - - -	- (15) (496) - - - 450 (450) -
			(102)	(511)
			261	(263)

• 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)	261	(263)
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	- - - - - -	- - - - - -
	261	(263)
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	261 2,188 -	(263) 2,712 -
	2,449	2,449

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 received from parties included in item 1.10	Current quarter $A'000
		(52)
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Directors fees and superannuation (included in administration 1.2 (d)) (45) Royalty payment(included inproduction 1.2(c)) (7)
	The aggregate amount of loans (item 1.10) received from 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. 150 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.

	Amount available $A’000 3.1 Loan facilities Nil 3.2 Credit standby arrangements $A’000 Loan principle outstanding Nil Estimated cash outflows for next quarter	Amount available $A’000	Amount available $A’000	Amount used $A’000
			Nil	Nil
			$A’000
			Nil
	4.1 Exploration and evaluation 4.2 Development			$A’000
				40
				650
	Total			690
	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	2,316 133		2,055
				133
	Total: cash at end of quarter(item 1.22)	2,449		2,188

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 4,000,000		Exercise price $1.00 $0.60	Expiry date 1stOctober 2010 26thOctober 2012
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: 9 April 2009 (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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