RAND MINING LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

April 30, 2012

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

Quarterly Report for March 2012

Highlights

• During the quarter, 48,934 tonnes of EKJV ore were processed and 17,311 oz of gold and 6,030 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand's share is 25%)
• At the end of the quarter

approximately 17,900 tonnes of Raleigh ore at an estimated grade of 15.6 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand's entitlement is 12.5%)

approximately 3,000 tonnes of Rubicon ore at an estimated grade of 5.7 g/t remain as a Bed Blend Stockpile on the ROM pad at the Rubicon Mine (Rand's entitlement is 12.25%)

approximately 15,700 tonnes of Raleigh ore at an estimated grade of 14.0 g/t remains on the ROM pad at the Greenfields Plant (Rand's share is 25%)

approximately 11,200 tonnes of Rubicon ore at an estimated grade of 11.0 g/t remains on the ROM pad at the Greenfields Plant (Rand's share is 25%)

the difference of the Gold in Circuit at the start and end of Campaign 21 has been agreed and the amount, 3,759.771 oz, will been transferred to Rand and Tribune Bullion Accounts by the end of April. (Rand's share is 25%)

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 5966, 5949, 5932, 5915, 5898, 5881, 5864, 5847, 5830, 5812, 5795, 5778, 5761, 5744, 5722, 5705, 5688, 5671 and 5654 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	TonnesGrade		Ounces
	t	g/t	troy oz
January	25,140	14.43	11,662
February	20,855	13.67	9,166
March	17,938	15.64	9,022
March 12 Q	63,933	14.5	29,850
December 11 Q	62,989	14.3	28,917

Rand's Entitlements (12.5%)

March 12 Q	7,992	14.5	3,731
December 11 Q	7,874	14.3	3,615

Approximately 17,900 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 5618 m RL, 727 m from the surface.

Development progressed on the 5631 and 5614 levels.

RALEIGH UNDERGROUND DEVELOPMENT
Month	CapitalOperating
	Decline	Secondary	Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	0.0	0.0	0.0	100.5	40.0
February	0.0	0.0	2.8	73.7	40.0
March	0.0	0.0	34.8	82.9	56.0
March 12 Q	0.0	0.0	37.6	257.1	136.0
December 11 Q	0.0	30.4	35.6	235.5	155.0

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 2012 Quarter were $200 per tonne mined or $429 per ounce mined compared with the December 2011 Quarter costs of $193 and $420 respectively.

Rubicon Underground Mine Production

During the quarter, development of the Rubicon ore body progressed on the 6155 and 6135 levels. Stope production from the 6225 and 6195 levels continued during the quarter.

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

RUBICON UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
January	3,234	12.78	1,329
February	3,535	11.91	1,354
March	3,085	5.72	567
March 12 Q	9,854	10.2	3,250
December 11 Q	10,451	10.5	3,539

Rand's Entitlements (12.25%)

March 12 Q	1,207	10.2	398
December 11 Q	1,280	10.5	433

Approximately 3,000 tonnes remains as a Bed Blend Stockpile on the ROM pad at the Rubicon Mine and will be hauled in early April.

Rubicon Underground Mine Development

At the end of the quarter, the bottom of the Rubicon Decline is at 6096 m RL, 247 m from the surface, the bottom of the Hornet Decline is at 6102 m RL, 241 m from the surface and the top of the Hornet Incline is at 6150 m RL, 193 m from the surface.

RUBICON UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline	Secondary	Waste	Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	129.0	404.0	0.0	63.6	0.0
February	157.9	287.5	14.1	33.1	0.0
March	225.7	179.7	59.1	24.0	0.0
March 12 Q	512.6	871.2	73.2	120.7	0.0
December 11 Q	500.7	354.6	10.0	175.8	0.0

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

Toll Processing

During the quarter, 36,860 tonnes (wet) of Raleigh ore and 3,885 tonnes (wet) of Rubicon ore were hauled to the Greenfields Plant. The twenty first toll treatment campaign at the Greenfields Plant, which started on January 21, 2012, finished on February 14, 2012. During the quarter, 48,934 tonnes of EKJV ore were processed. At the end of the quarter, approximately 15,700 tonnes of Raleigh ore and 11,200 tonnes of Rubicon ore remain on the ROM pad at the Greenfields Plant.

Bullion accredited to RAND and TRIBUNE
QuarterGold (oz)Silver (oz)Rand's share gold
March 12	17,311.273	6,030.152	4,327.816
December 11	785.969	155.700	196.492

EKJV Exploration

Detailed planning for the 2102 drilling programme continues. Results will be announced when assays become available.

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.

Tapeta Iron Ore Project, Liberia, West Africa

Construction of the camp on the lease has commenced. Work on the access road continues.

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.

Name of entity
----------------	--	--

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

41 004 669 658 31 March 2012

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	4,820	9,625
1.2	Payments for(a) exploration & evaluation	(633)	(943)
	(b) development	(1,688)	(3,503)
	(c) production	(1,879)	(6,383)
	(d) administration	(139)	(1,195)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature
	received	8	82
1.5	Interest and other costs of finance paid	(111)	(267)
1.6	Income taxes paid	(26)	(939)
1.7	Other (provide details if material)	-	-
	Net Operating Cash Flows	352	(3,523)
	Cash flows related to investing activities
1.8	Payment for purchases of:(a) prospects	-	-
	(b) equity investments	-	(50)
	(c) other fixed assets	-	(1,125)
1.9	Proceeds from sale of:(a) prospects	-	-
	(b) equity investments	-	-
	(c) other fixed assets	36	36
1.10	Loans to other entities
1.11	Loans repaid to other entities
1.12	Loans from other entities
	Net investing cash flows	36	(1,139)
1.13	Total operating and investing cash flows (carried
	forward)	388	(4,662)

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (broughtforward)	388	(4,662)
	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	-	3,725
1.17	Repayment of borrowings	-	-
1.18	Dividends paid	-	-
1.19	Other (provide details if material)	-	-
	Net financing cash flows	-	3,725
	Net increase (decrease) in cash held	388	(937)
1.20	Cash at beginning of quarter/year to date	1,300	2,625
1.21	Exchange rate adjustments to item 1.20		-
1.22	Cash at end of quarter	1,688	1,688

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	-

1.25 Explanation necessary for an understanding of the transactions

Directors fees and superannuation (included in administration 1.2(d)) (66) Royalty payment (included in production 1.2(c)) (8)

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

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

Financing facilities available

Add notes as necessary for an understanding of the position.

+ See chapter 19 for defined terms.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	-	5,000
3.2	Credit standby arrangements	-	-

Estimated cash outflows for next quarter

	Total	2,200
4.4	Administration	100
4.3	Production	1,000
4.2	Development	1,000
4.1	Exploration and evaluation	100
		$A'000

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	1,503	1,115
5.2	Deposits at call	185	185
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	1,688	1,300

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
6.2	Interests in miningtenements acquired orincreased

+ See chapter 19 for defined terms.

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) Increasesthrough issues
	(b) Decreases
	through returns
	of capital, buy
	backs,
	redemptions
7.3	+Ordinarysecurities	60,841,209	60,841,209
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
	throughsecurities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and	4,000,000		$0.60	26 October 2012
	conversion
7.8	factor)Issued during
	quarter
7.9	Exercised during
	quarter
7.10	Expired during			Exercise price	Expiry date
	quarter
7.11	Debentures(totals only)

+ See chapter 19 for defined terms.

7.12	Unsecurednotes (totalsonly)

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: 30 April 2012
	(Director/Company secretary)
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.

== == == == ==

+ See chapter 19 for defined terms.