RAND MINING LIMITED — Interim / Quarterly Report 2010

Apr 28, 2010

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April 29, 2010

The Listing Manager Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000

Quarterly Report for March 2010

Highlights

• During the quarter, 51,618 tonnes of Raleigh ore were processed and 18,050 oz of gold and 2,727 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand’s share is 25%)

• At the end of the quarter

approximately 30,100 tonnes of Raleigh ore at an estimated grade of 14.6 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand’s entitlement is 12.5%)

approximately 42,000 tonnes of Raleigh ore at an estimated grade of 13.5 g/t remains on the ROM pad at the Rubicon Mine (Rand’s share is 25%)

approximately 4,000 tonnes of Raleigh ore at an estimated grade of 12.8 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%)

the change of the gold in circuit during the campaign will be calculated when all data are available

(Rand’s share is 25%)

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GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6202, 6136, 6119, 6102, 6085, 6067, 6051, 6034, 6017, 6000, 5983, 5966, 5949, 5932, 5915, 5881, 5864, 5847 and 5830 levels continued during the quarter.

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

5966, 5949, 5932, 5915, 5881, 5864, 5847 and 5830 levels continued during the quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	5966, 5949, 5932, 5915, 5881, 5864, 5847 and 5830 levels continued during the quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	5966, 5949, 5932, 5915, 5881, 5864, 5847 and 5830 levels continued during the quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	5966, 5949, 5932, 5915, 5881, 5864, 5847 and 5830 levels continued during the quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:
RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
January	27,748	14.6	12,993
February	26,128	12.2	10,295
March	30,111	14.6	14,185
March 10Q	83,988	13.9	37,473
December 09Q	76,649	14.1	34,756

Rand’s Entitlements (12.5%)

March 10Q	10,498	13.9	4,684
December 09Q	9,581	14.1	4,344

The ore mined in March, approximately 30,100 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 5663 m RL, 682 m from the surface.

Development progressed on the 5795, 5778, 5761, 5744, 5722, 5705 and 5688 levels.

	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
January	31.2	76.4	131.2	219.6	56.0
February	32.5	84.7	116.9	200.1	60.0
March	40.7	53.6	96.6	237.4	55.0
March 10Q	104.4	214.7	344.7	657.1	171.0
December 09Q	170.1	216.3	405.8	531.9	120.0

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

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January 10 Red indicates new development
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February 10 Red indicates new development

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March 10 Red indicates new development

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Mine operating costs incurred during the March 2010 Quarter were $150 per tonne mined or $337 per ounce mined compared with the December 2009 Quarter cost of $173 and $381 respectively.

Toll Processing

During the quarter, 13,000 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. Because of a build‐up of ore on the Greenfields ROM pad, 19,200 tonnes (wet) of Raleigh ore was hauled to the Rubicon ROM pad.

The thirteenth toll treatment campaign at the Greenfields Plant, which started on February 20, 2010, finish on March 17, 2010. During the quarter, 51,618 tonnes of Raleigh ore were processed. At the end of the quarter, approximately 4,000 tonnes (wet) of Raleigh ore remains on the ROM pad at the Greenfields Plant. The change of the gold in circuit during the campaign is to be finalized and will be calculated when all data are available.

The fourteenth toll treatment campaign at the Greenfields Plant is expected to start on May 18, 2010.

is to be finalized and will be calculated when all data are available. The fourteenth toll treatment campaign at the Greenfields Plant is expected 2010.	is to be finalized and will be calculated when all data are available. The fourteenth toll treatment campaign at the Greenfields Plant is expected 2010.	is to be finalized and will be calculated when all data are available. The fourteenth toll treatment campaign at the Greenfields Plant is expected 2010.	is to be finalized and will be calculated when all data are available. The fourteenth toll treatment campaign at the Greenfields Plant is expected 2010.
Bullion accredited to RAND and TRIBUNE
Quarter	Gold(oz)	Silver(oz)	Rand’s sharegold
March 10	18,050.880	2,727.535	4,512.720
December 09	10,830.640	2,264.500	2,707.659

Resource Development

Rand and Tribune are discussing commercial terms with a financial institution for the financing of the Rubicon Project.

EKJV Exploration

The bulk of the Exploration Budget in the 09/10 Financial Year is committed to the Raleigh Deeps drilling program.

OTHER EXPLORATION

Seven Mile Hill Joint Venture (Rand’s Interest 50%)

Discussions to farm out the Seven Mile Hill tenements are continuing.

Wongan Hills (Rand’s Interest 100%)

Two exploration licences (E 70/3646 and E 70/3872) have been acquired in the Wongan Hills area. An initial exploration program for base metals and uranium has started.

CORPORATE

Rights issue

During the quarter, as a result of the completion of the Rights Issue, a further 20,280,396 fully paid ordinary shares were issued. These shares were issued at a placement price of $0.32 each.

At the completion of the rights issue, and as a result of their participation in the Underwriting agreement associated with the Rights Issue, Tribune Resources NL hold 26,676,764 fully paid ordinary shares , including those shares previously held.

Settlement of Gold Bullion Loan

As a result of the Rights Issue, the directors of the Company have repaid in full the Gold Bullion Loan previously extended by Tribune Resources NL.

The directors of Rand Mining believe that with the settlement of all long term debts, excluding those debts considered part of normal commercial operation, the Company is now very favourably placed. As such, the Company intends to consider investigating and participating in business activities that will broaden the Company’s ability to increase its earning potential.

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 2010
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
			3,701 (64) (410) (2,017) (249) - 25 (1) (167) -	11,676 (282) (1,618) (5,480) (788) - 58 (5) (999) -
			818	2,562
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)			- - (77) - - - 200 (744) (58)	- - (770) - - - 400 (744) (58)
			(679)	(1,172)
			139	1,390

• 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)	1.13 Total operating and investing cash flows (brought forward)	139	1,390
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		225 - - - - -	250 - - - - -
		225	250
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		364 3,634	1,640 2,358
		3,998	3,998
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
			(77)
			200
1.25	Explanation necessaryfor an understandingof the transactions
	Directors fees and superannuation (included in administration 1.2 (d)) (67) Royalty payment(included inproduction 1.2(c)) (10)
	The aggregate amount of loans (item 1.10) received from specified parties are as follows: Tribune Resources NL 200 The aggregate amount of loans (item 1.11) repaid to specified parties are as follows: Tribune Resources (744)

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	During the March quarter the Company repaid the bullion loan from Tribune Resources NL. The loan was repaid by way of cash $743,961 in cash and the issue of 18,359,400 shares to the value of $5,875,008.
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	Not applicable

Financing facilities available

Add notes as necessary for an understanding of the position.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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
			100
			450
Total			550

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	3,865 133	3,501
		133
Total: cash at end of quarter(item 1.22)	3,998	3,634

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
	E08/1616 E08/1617 E08/2055 E08/2076 P08/507 L08/46 L08/48	Disposed of for the consideration of eight million one hundred and twelve thousand, one hundred and sixty two (8,112,162) ordinary fully paid up shares in ORL which shares shall be issued at an issue price of $0.0002 per share.	100% 100% 50% 50% 100% 50% 50%	Nil Nil Nil Nil Nil Nil Nil
	E70/3646 E70/3872		Nil Nil	100% 100%

• 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	60,841,209	60,841,209
	20,280,396	20,280,396	32	32
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: 29 April 2010 (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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