RAND MINING LIMITED — Interim / Quarterly Report 2011

Jul 27, 2011

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July 28, 2011

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

Quarterly Report for June 2011

Highlights

• During the quarter, 10,774 tonnes of Raleigh ore were processed and 8,391 oz of gold and 1,326 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand’s share is 25%)

• At the end of the quarter

approximately 11,300 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%)

no Raleigh ore remains on the ROM pad at the Moonbeam Mine (Rand’s share is 25%)

approximately 29,900 tonnes of Raleigh ore at an estimated grade of 14.2 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 the Perth Mint (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, 6034, 6017, 6000, 5983, 5966, 5949, 5932, 5915, 5898, 5881, 5864, 5847, 5830, 5812, 5795, 5778, 5761, 5744, 5722 and 5705 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:

quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	quarter. Contained gold in stope development and stope ore mined during the quarter, estimated grade control face chip sampling, is tabulated below:	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
April	19,068	14.82	9,087
May	24,727	14.56	11,575
June	22,163	14.57	10,385
June 11Q	65,958	14.6	31,047
March 11Q	74,661	13.7	33,075

Rand’s Entitlements (12.5%)

June 11Q	8,245	14.6	3,881
March 11Q	27,998	13.7	12,403

Approximately half of the ore mined in June was hauled in June. 11,300 tonnes remains as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine and will be hauled in early July.

Raleigh Underground Mine Development

At the end of the quarter, the bottom of the Raleigh Decline is at 5619 m RL, 726 m from the surface.

Development progressed on the 5671, 5654, 5631 and 5614 levels.

	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
April	9.3	75.9	74.0	19.4	55.0
May	0.0	44.0	66.6	109.3	51.5
June	0.0	0.0	51.6	54.3	60.0
June 11Q	9.3	119.9	192.2	183.0	166.5
March 11Q	198.3	9.7	68.5	302.1	140.0

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

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April 11 Red indicates new development at Raleigh
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May 11 Green indicates new development at Raleigh

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June 11 Pink indicates new development at Raleigh

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Mine operating costs incurred during the June 2011 Quarter were $204 per tonne mined or $434 per ounce mined compared with the March 2011 Quarter costs of $177 and $400 respectively.

Rubicon Underground Mine Development

The first portal cut of the Decline for the Rubicon Underground Mine was completed on February 27, 2011. The in‐pit portal access is at 6245 m RL, 100 m below the top of the pit.

At the end of the quarter, the bottom of the Rubicon Decline is at 6190 m RL, 155 m from the surface and the bottom of the crosscut to Hornet is at 6189 m RL, 156 m from the surface.

	RUBICON UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
April	135.1	90.9	0.0	0.0	0.0
May	171.3	102.7	0.0	0.0	0.0
June	183.7	83.5	0.0	0.0	0.0
June 11Q	490.1	277.1	0.0	0.0	0.0
March 11Q	142.8	63.5	0.0	0.0	0.0

The diagram below shows the status of the mine at the end of the quarter.

June 11 Green indicates new development at Rubicon

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Toll Processing

During the quarter, 32,100 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. The eighteenth toll treatment campaign at the Greenfields Plant, which started on March 23, 2011, finished on April 6, 2011. During the quarter, 10,774 tonnes of Raleigh ore were processed. At the end of the quarter, approximately 29,900 tonnes of Raleigh ore remains on the ROM pad at the Greenfields Plant.

Bullion accredited to RAND and	Bullion accredited to RAND and	Bullion accredited to RAND and	TRIBUNE
Quarter	Gold(oz)	Silver(oz)	Rand’s sharegold
June 11	8,391.965	1,316.760	2,097.989
March 11	25,283.925	3,349.075	6,320.979

EKJV Exploration

Three drilling programmes have been recently approved:

Raleigh – extensional drilling at the south end of the ore‐body and final ultra‐deep holes to test down dip extension of the main ore‐body,

Rubicon – drilling designed to progress material below the Rubicon pit from inferred to indicated category,

Hornet – drilling to test for mineralisation along the Mary Fault.

OTHER EXPLORATION

Wongan Hills (Rand’s Interest 100%)

A drilling programme to test previously reported anomalies has been planned and will start when a drill rig is available.

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

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

CORPORATE

On 23 Dec 2010, Rand announce that it had entered into a conditional option agreement with Resource Capital Limited ( RCL ) (a company incorporated in the Republic of the Seychelles) and Iron Resources Limited ( IRL ) (a company incorporated in the Republic of Ghana) ( Option Agreement ).

Under the terms and conditions of the original Option Agreement, Rand had acquired a six month option ( Option ) to acquire all of the issued share capital in IRL from RCL. IRL is the registered holder of an iron ore mineral exploration license over a 600km² area which encompasses the Gbi Range located in Northern‐Central Liberia, West Africa ( Project Area ).

The Project Area contains an extensive sequence of iron formations located within the emerging Liberian‐Guinean iron ore province, host to several of West Africa’s most important iron ore deposits, including the world class Simandou deposit.

Rand’s due diligence with regard to the Transaction is continuing and the Company has been granted a 3 month extension of term to complete this exercise.