RAND MINING LIMITED — Interim / Quarterly Report 2010

Jan 26, 2010

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January 27, 2010

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

Quarterly Report for December 2009

Highlights

• During the quarter, 27,782 tonnes of Raleigh ore were processed and 10,830 oz of gold and 2,264 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand’s share is 25%)

• At the end of the quarter

approximately 9,900 tonnes of Raleigh ore at an estimated grade of 13.1 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand’s entitlement is 12.5%)

approximately 23,100 tonnes of Raleigh ore at an estimated grade of 12.9 g/t remains on the ROM pad at the Rubicon Mine (Rand’s share is 25%)

approximately 45,700 tonnes of Raleigh ore at an estimated grade of 13.3 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 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
October	28,405	13.6	12,413
November	23,434	14.4	10,860
December	24,811	14.4	11,482
December 09Q	76,649	14.1	34,756
September 09Q	95,486	13.0	40,051

Rand’s Entitlements (12.5%)

December 09Q	9,581	14.1	4,344
September 09Q	11,936	13.0	5,006

Approximately 15,300 tonnes (wet) of the ore mined in December was hauled in December. Approximately 9,900 tonnes, remains as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine and will be hauled in early January.

Raleigh Underground Mine Development

The Raleigh Underground Decline was extended to the 5678 m RL, 667 m from the surface.

Development progressed on the 5830, 5812, 5795, 5778, 5761, 5744 and 5722 levels.

	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
October	84.0	50.2	153.4	193.7	40.0
November	49.5	88.8	133.6	167.2	40.0
December	36.6	77.3	118.8	171.0	40.0
December 09Q	170.1	216.3	405.8	531.9	120.0
September 09Q	214.9	246.1	291.1	769.5	144.0

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

October 09 Red indicates new development

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November 09 Red indicates new development

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December 09 Red indicates new development

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Mine operating costs incurred during the December 2009 Quarter were $173 per tonne mined or $381 per ounce mined compared with the September 2009 Quarter cost of $164 and $390 respectively.

Toll Processing

During the quarter, 34,400 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. Because of a build‐up of ore on the Greenfields ROM pad, 14,700 tonnes (wet) of Raleigh ore was hauled to the Rubicon ROM pad.

The twelfth toll treatment campaign at the Greenfields Plant, which started on November 1, 2009, finish on November 28, 2009. During the quarter, 27,782 tonnes of Raleigh ore were processed. At the end of the quarter, approximately 45,700 tonnes of Raleigh ore remains on the ROM pad at the Greenfields Plant.

The thirteenth toll treatment campaign at the Greenfields Plant is expected to start on February 15, 2010.

15, 2010.	15, 2010.	15, 2010.	15, 2010.
Bullion accredited to RAND and TRIBUNE
Quarter	Gold(oz)	Silver(oz)	Rand’s sharegold
December 09	10,830.640	2,264.500	2,707.659
September 09	22,207.364	3,429.328	5,551.838

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.

CORPORATE

In September 2009, the Company announced that it proposes to make a 1 for 2 share rights issue to its shareholders. The purpose of the issue was to extinguish the debt to Tribune Resources. This was approved by shareholders in December 2009 and will be completed in the first quarter 2010.

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 December 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 (6 months) $A’000
			4,165 (154) (773) (1,018) (308) 19 (3) (509)	7,975 (218) (1,209) (3,463) (539) 33 (4) (832)
			1,419	1,743
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)			(656) 200	(692) 200
			(456)	(492)
			963	1,251

• See chapter 19 for defined terms.

Appendix 5B Page 1

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	963	1,251
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	25	25
	25	25
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	988 2,646	1,276 2,358
	3,634	3,634

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
		(56)
		200
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)) (11)
	The aggregate amount of loans (item 1.10) received from specified parties are as follows: Tribune Resources NL 200

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. Nil ounces are available to Rand Mining NL for future drawdown. Repayment of this loan is subject to shareholders’ approval. This facility is the subject of a rights issue (fully underwritten) and the proceeds from the rights issue will be used to extinguish the debt facility.

• On 2[nd] December 2009, Rand Mining NL acquired a wholly owned subsidiary – Onslow Resources Ltd.

• 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.

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

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	200
	800
Total	1,000

Reconciliation of cash

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	3,501 133	2,513
		133
Total: cash at end of quarter(item 1.22)	3,634	2,646

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.

Appendix 5B Page 3

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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: 27 January 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.

Appendix 5B Page 5

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