RAND MINING LIMITED — Interim / Quarterly Report 2011

Apr 19, 2011

April 30, 2011

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

Quarterly Report for March 2011

Highlights

• The first portal cut of the Decline for the Rubicon Underground Mine was completed on February 27, 2011.
• During the quarter, 72,990 tonnes of Raleigh ore were processed and 25,283 oz of gold and 3,349 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand's share is 25%)
• At the end of the quarter

approximately 10,100 tonnes of Raleigh ore at an estimated grade of 18.9 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 Rubicon Mine (Rand's share is 25%)

approximately 9,300 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%)

approximately 3,200 oz of gold were in transit between the Greenfields Plant and the Perth Mint (Rand's share is 25%)

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6067, 6051, 6034, 6017, 6000, 5983, 5966, 5949, 5932, 5915, 5898, 5881, 5864, 5847, 5830, 5812, 5795, 5778 and 5761 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:

RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
January	26,981	13.0	11,297
February	23,932	12.7	9,750
March	23,748	15.7	12,028
March 11 Q	74,661	13.7	33,075
December 10 Q	97,598	12.9	40,463

Rand's Entitlements (12.5%)

March 11 Q	9,333	13.7	4,134
December 10 Q	12,200	12.9	5,080

Approximately half of the ore mined in March was hauled in March. 10,100 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

At the end of the quarter, the bottom of the Raleigh Decline is at 5620 m RL, 725 m from the surface.

Development progressed on the 5705, 5688, 5671 and 5654 levels.

RALEIGH UNDERGROUND DEVELOPMENT
Month		Capital	Operating
	Decline	Secondary	Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	19.9	0.0	31.1	157.4	55.0
February	98.0	0.0	3.0	98.3	35.0
March	80.4	9.7	34.4	46.4	50.0
March 11 Q	198.3	9.7	68.5	302.1	140.0
December 10 Q	0.0	0.0	112.7	667.5	169.6

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 2011 Quarter were $177 per tonne mined or $400 per ounce mined compared with the December 2010 Quarter costs of $161 and $386 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 6230 m RL, 115 m from the surface.

RUBICON UNDERGROUND DEVELOPMENT
Month		Capital	Operating
	Decline	Secondary	Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	0.0	0.0	0.0	0.0	0.0
February	3.7	13.3	0.0	0.0	0.0
March	139.1	50.2	0.0	0.0	0.0
March 11 Q	142.8	63.5	0.0	0.0	0.0
December 10 Q	0.0	0.0	0.0	0.0	0.0

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

March 11 Red and green indicates new development at Rubicon

Toll Processing

During the quarter, 40,800 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. The seventeenth toll treatment campaign at the Greenfields Plant, which started on February 2, 2011, finished on March 2, 2011. The eighteenth toll treatment campaign at the Greenfields Plant, which started on March 23, 2011, finished on April 6, 2011. During the quarter, 72,990 tonnes of Raleigh ore were processed. At the end of the quarter, approximately 9,300 tonnes of Raleigh ore remains on the ROM pad at the Greenfields Plant.

Bullion accredited to RAND and TRIBUNE
Quarter	Gold (oz)Silver (oz)		Rand's share gold
March 11	25,283.925	3,349.075	6,320.979
December 10	11,227.837	1,412.805	2,806.956

EKJV Exploration

The Raleigh Deeps Stage 1 drilling program has been completed. The aims were to test the down dip continuation of the Raleigh Main Vein from the 5600 RL ( ~ 750 m below surface) to the 5300 RL ( ~ 1,050 m below surface) – the target area (shown in Figure 1) and to estimate the inferred resource.

The program totalled 48 diamond drill holes for 11,808 m. Results for each drill hole are presented in Table 1. The drill holes are plotted in Figure 2 below.

Figure 1 Raleigh Long Section showing target area for the Raleigh Deeps drilling program

Raleigh Deeps Drilling Program – Stage 1
						MARCH-OCTOBER 2010
						Total			Significance of
Hole ID		Co-ordinates				Depth			Significant Assay ResultsResults
	Northing	Easting	RL	Azi.	Incl.	(m)	From(m)	To (m)	Length(m)	Grade(g/t)	Codes	Comments
RURD104A	18023	8860	5676	62	-32	230.21	160	160.5	0.5	1.01		SHEARZONE
RURD105	18023	8860	5676	77	-36	158.8	148	148.97	0.97	17.04
RURD106	18023	8860	5676	121	-44	155.9	142.63	142.9	0.27	11.7
RURD107	18019	8859	5676	142	-40	173.1	153.53	153.77	0.24	28.7
RURD108	18019	8859	5676	159	-34	200.52	183.9	184.15	0.25	1.51		No RMV
RURD111	18145	8745	5560	49	-30	314.54	295.93	296.16	0.23	22.7
RURD114	18019	8859	5676	140	-57	185.15	170.78	171.08	0.3	53.4
RURD116	18019	8859	5676	160	-50	200	186.08	186.25	0.17	53.9
RURD117	18023	8860	5676	172	-44	231.5	203.34	203.6	0.26	5.55
RURD118	18019	8860	5675	153	-37	243.38	166.2	166.73	0.53	1.07
RURD119	18019	8860	5675	145	-30	266.7	205.8	207	1.2	4.6		No RMV
RURD123	18023	8860	5676	354	-43	205.03	174.67	175.25	0.58	7.02
RURD125	18023	8860	5676	81	-67	215	169.34	170.17	0.83	7.76
RURD126	18019	8860	5675	119	-69	230.8	202.72	203.32	0.6	9.66
RURD127	18019	8860	5675	140	-57	239.5	220.47	220.93	0.46	74.1
RURD128	18019	8860	5675	150	-50	240.71	193.87	194.35	0.48	1.69
RURD128							206.77	207.2	0.43	0.07
RURD132	18143	8746	5657	64	-54	350	287.5	288	0.5	0.02		NO RMV
RURD134	18143	8746	5657	110	-81	261	236.4	236.7	0.3	2.42
RURD135	18023	8860	5676	93	-78	230.7	214.02	214.72	0.7	6.38
RURD135							195.5	196.33	0.83	6.73
RURD136	18023	8860	5676	144	-78	248.7	242.85	243.26	0.41	0.25
RURD137	18019	8860	5675	157	-46	263	257.74	258	0.26	26.3
RURD145	18019	8859	5676	185	-63	302.8	278.35	278.73	0.38	3.17
RURD149	18143	8746	5657	73	-70	410.92	384.5	384.77	0.27	0.15		No RMV
RURD151	18143	8746	5657	113	-68	359.96	302.78	303.33	0.55	0.08
RURD152	18143	8746	5657	138	-58	339	297.65	298.28	0.63	1.31
RURD153	18143	8746	5657	136	-59	390	323.49	324	0.51	0.49		NO RMV
RURD154	18143	8746	5657	145	-53	377.8	356.03	356.44	0.41	100.5
RURD154							292.9	293.4	0.5	104		SKV?
RURD156	18023	8860	5676	103	-61	167.74	113.2	113.31	0.11	68.4		Not RMV
RURD157	18023	8860	5676	79	-55	176.45	155.8	156.47	0.67	2.07
RURD158	18023	8860	5676	62	-47	209.33	150.03	150.3	0.27	10.3
RURD159	18145	8745	5660	55	-22	263.2	250.74	251.16	0.42	22.4
RURD160	18145	8745	5660	69	-35	249	212.88	213.42	0.54	3.69		KINKZONE
RURD168	18143	8746	5657	95	-56	270	231	231.19	0.19	0.03
RURD177	18019	8859	5676	172	-71	257.7	249.2	250.5	1.3	3.05
RURD178	18023	8860	5676	119	-71	224.52	200.16	200.65	0.49	22.9
RURD179	18019	8860	5675	162	-55	288	274.15	275.26	1.11	17.84
RURD192	18145	8745	5660	64	-23	240	209.85	210.3	0.45	0.46		KINKZONE
RURD193	18023	8860	5676	354	-29	214.95	180.2	180.5	0.3	18.95
RURD196	18143	8746	5657	44	-16	347.5	329.12	329.38	0.26	89.5	UR

RURD197	18143	8746	5657	49	-15	314.2	296.8	297.4	0.6	75.12	UR
RURD198	18143	8746	5657	52	-5	308.1	291.84	292.84	1	27.71
RURD199	18143	8746	5657	56	-12	300	280.39	281.05	0.66	83.1	UR
RURD200	18143	8746	5657	61	-2	269	227.15	227.75	0.6	73.1
RURD201	18143	8746	5657	65	-14	224.7	211.14	211.8	0.66	0.18
RURD202	18143	8746	5657	79	-12	224.6	202.5	202.72	0.22	1.71
RURD203	18143	8746	5657	90	-7	234.2	214.95	215.85	0.9	37.62
	~ = Hole underway						CI = Confirms geologicalinterpretation		UR = Upgrades Resource
	PCI = Partly confirms geological* = Assays not receivedCR = Confirms Resourceinterp.
? = Data subject to verification				DI = Disproves geologicalDR = Downgrades Resourceinterpretation

Figure 2 Raleigh Long Section showing drill holes for the Raleigh Deeps drilling program

These results indicate that the RMV grades decrease rapidly below the 5600 RL hence Stage 2 (infill drilling to convert resources to reserves) has been cancelled.

The 5600 RL drilling program, consisting of 7 diamond drill holes for 2,615 m, was completed to test the continuity and extent of the high grade shoot (north of the Kink Zone around the 5530 RL), identified in Stage 1. Results for each drill hole are presented in the table below.

	5600 RL Drilling Program
	OCTOBER-NOVEMBER 2010
Hole ID		Co-ordinates						Significant Assay Results				Significance ofResults
	Northing	Easting	RL	Azi.	Incl.	(m)	From(m)	To (m)		Grade(g/t)	Codes	Comments
RURD204	18145	8747	5657	39	-20	395.8	358.7	359.3	0.6	32.1	UR
RURD205	18145	8747	5657	46	-23	333	311	312	1	4.15
RURD206	18145	8747	5657	40	-27	356.8	345.74	346.11	0.37		*
RURD207	18145	8747	5657	43	-34.4	350.8	339	340	1	70.5	UR
RURD208	18145	8747	5657	35	-23.7	392	394	395	1	6.39
RURD209	18145	8747	5657	35	-16.3	399	376.5	377.2	0.7	4.83
RURD210	18145	8747	5657	40	-12.4	363	340	340.5	0.5	0.15
~ = Hole underway				CI = Confirms geologicalUR = Upgrades Resourceinterpretation
* = Assays not received				PCI = Partly confirms geologicalinterp.			CR = Confirms Resource
	? = Data subject to verification						DI = Disproves geologicalinterpretation				DR = Downgrades Resource

OTHER EXPLORATION

Wongan Hills (Rand's Interest 100%)

A follow‐up exploration programme to test previously reported anomalies has been planned and will be undertaken when unrestricted access to the area is available following the harvesting of the current wheat crop.

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

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

Information in this report pertaining to mineral resources and exploration results was compiled by Mr. M P Sullivan who is a member of AusIMM. Mr. Sullivan has sufficient experience which is relevant to the style of mineralisation and the type of deposit that is under consideration and to the activity that he is undertaking to qualify as a competent person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Sullivan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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, 01/06/10.

	Rand Mining Ltd
--	-----------------	--

41 004 669 658 31 March 2011

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	4,618	11,575
1.2	Payments for(a) exploration & evaluation	(4)	(316)
	(b) development	(174)	(364)
	(c) production	(2,025)	(8,483)
	(d) administration	(337)	(857)
1.3	Dividends received	‐	‐
1.4	Interest and other items of a similar nature
	received	26	97
1.5	Interest and other costs of finance paid	(112)	(197)
1.6	Income taxes paid	(267)	(775)
1.7	Other (provide details if material)	‐	‐
	Net Operating Cash Flows	1,725	680
	Cash flows related to investing activities
1.8	Payment for purchases of:(a) prospects	‐	‐
	(b) equity investments	‐	(51)
	(c) other fixed assets	(652)	(926)
1.9	Proceeds from sale of:(a) prospects	‐	‐
	(b) equity investments	‐	‐
	(c) other fixed assets	‐	‐
1.10	Loans to other entities	(228)	(249)
1.11	Cash out on deconsolidation of Onslow Resources	‐	(57)
1.12	Loans from other entities	(160)	96
	Net investing cash flows	(1,040)	(1,187)
1.13	Total operating and investing cash flows (carried
	forward)	685	(507)

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (broughtforward)	685	(507)
	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	1,275	1,275
1.17	Repayment of borrowings	‐	‐
1.18	Dividends paid	‐	‐
1.19	Other (provide details if material)	‐	‐
	Net financing cash flows	1,275	1,275
	Net increase (decrease) in cash held	1,960	768
1.20	Cash at beginning of quarter/year to date	2,316	3,508
1.21	Exchange rate adjustments to item 1.20	‐	‐
1.22	Cash at end of quarter	4,276	4,276

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	(74)
1.24	Aggregate amount of loans to the parties included in item 1.10	(225)

1.25 Explanation necessary for an understanding of the transactions

Directors fees and superannuation (included in administration 1.2(d)) (60) Royalty payment (included in production 1.2(c)) (14)

Included in the aggregate amount of loans to other entities (item 1.10) is the following:

Iron Resources (Liberia) – (225)

Included in the aggregate amount of loans received from other entities (item 1.12) is the following:

Onslow Resources Ltd – repayment of tax losses on deconsolidation (160)

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

Not applicable

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$A'000	Amount used$A'000
3.1	Loan facilities	3,725	1,275
3.2	Credit standby arrangements	‐	‐

Estimated cash outflows for next quarter

4.1	Exploration and evaluation	100
4.2	Development	400
4.3	Production	2,000
4.4	Administration	350
	Total	2,850

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	4,143	2,183
5.2	Deposits at call	133	133
5.3	Bank overdraft	‐	‐
5.4Other (provide details)		‐	‐
Total: cash at end of quarter (item 1.22)		4,276	2,316

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed

+ See chapter 19 for defined terms.

6.2	Interests in miningtenements acquired orincreased

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 during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy‐
	backs,
	redemptions
7.3	+Ordinary	60,841,209	60,841,209
	securities
7.4	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy‐
	backs
7.5	+Convertible
	debt securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and	4,000,000		$0.60	26 October 2012
	conversion
	factor)
7.8	Issued during
	quarter
7.9	Exercised during
	quarter

+ See chapter 19 for defined terms.

7.10	Expired duringquarter		Exercise price	Expiry date
7.11	Debentures(totals only)
7.12	Unsecurednotes (totalsonly)

C omplian nce state ment

• 1 This acco acce statement h ounting stand eptable to AS has been pre dards as defi SX (see note 4 pared under ned in the C 4). r accounting orporations policies whi Act or other ch comply w r standards with
• 2 This statement d does give a tr rue and fair v view of the m matters discl losed.

Sig gn here: ........... (Direct .................... or/Company .................... y secretary) .......... Date : 20 April 20 011

Pr rint name: Anthon ny Billis

N Notes

• 1 The activ An e or no quarterly rep vities have be entity wantin otes attache port provide een financed g to disclose d to this rep es a basis for d for the past e additional i port. informing th t quarter and information he market ho d the effect o is encourage ow the entity on its cash p ed to do so, i y's position. in a note
• 2 The mini entit whic chan 6.1 a "Nature of in ng tenemen ty is involved ch will chang nge of percen and 6.2. nterest" (item ts acquired, d in a joint ve e its percent ntage interes ms 6.1 and 6 exercised or enture agree tage interest st and condi 6.2) includes r lapsed duri ement and th t in a mining tions preced options in re ng the repor here are cond tenement, it dent in the lis espect of int rting period. ditions prece t should disc st required f terests in If the edent close the or items
• 3 Issue item ed and quote ms 7.1 and 7.3 ed securities 3 for fully pa s The issue p id securities price and am . ount paid up p is not requ ired in
• 4 The and A definitions in AASB 1026: n, and provis Statement of sions of, AAS Cash Flows SB 1022: Acco s apply to thi ounting for E is report. Extractive Ind dustries
• 5 Acco Acco topic ounting Stan ounting Stand c, the Austra dards ASX w dards for for alian standar will accept, fo reign entities d on that top or example, t s. If the stan pic (if any) m the use of In ndards used d must be comp ternational do not addre plied with. ess a

== == == = == ==

+ S See chapter 19 9 for defined te erms.