RAND MINING LIMITED — Interim / Quarterly Report 2014

Apr 27, 2014

April 28, 2014

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

Quarterly Report for March 2014

Highlights

• During the quarter, 92,718 tonnes of EKJV ore were processed at the Kanowna Plant.
• 19,065.789 oz of gold and 4,434.616 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand's share is 25%)
• At the end of the quarter

approximately 0 tonnes of Raleigh ore at an estimated grade of 0.0 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand's entitlement is 12.5%)

approximately 13,500 tonnes of Rubicon ore at an estimated grade of 13.8 g/t remain as a Bed Blend Stockpile on the ROM pad at the Rubicon Mine (Rand's entitlement is 12.25%)

approximately 14,600 tonnes of Rubicon ore at an estimated grade of 13.3 g/t remain as a Bed Blend Stockpile on the ROM pad at the Kanowna Belle Plant.

(Rand's entitlement is 12.25%)

GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 5812, 5795, 5778, 5761, 5744, 5722, 5705, 5688, 5671, 5654, 5631 and 5614 levels continued during January and February. An earthquake on February 26 caused some damage and production has been suspended. Rehabilitation is proceeding and production is expected to recommence before the end of April.

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	10,206	13.06	4,285
February	10,942	14.72	5,178
March	0	0.00	0
March 14 Q	21,148	13.9	9,464
December 13 Q	32,877	16.6	17,738

Rand's Entitlements (12.5%)

March 14 Q	2,644	13.9	1,183
December 13 Q	4,110	16.6	2,192

Approximately 0 tonnes remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine.

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 has finished.

RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	DeclineSecondaryWaste		Ore	Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	0.0	0.0	0.0	0.0	36.0
February	0.0	0.0	0.0	0.0	30.0
March	0.0	0.0	0.0	0.0	0.0
March 14 Q	0.0	0.0	0.0	0.0	66.0
December 13 Q	0.0	0.0	0.0	0.0	90.0

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

February 14 Green indicates new development at Raleigh

March 14 Green indicates new development at Raleigh

Same as February – no new development in March

Mine operating costs incurred during the March 2014 Quarter, based on January and February only, were $213 per tonne mined or $475 per ounce mined compared with the December 2013 Quarter costs of $221 and $415 respectively.

Rubicon Underground Mine Production

During the quarter, decline development at Rubicon and Hornet continued. Development of the Hornet ore body progressed on the 5965 level. Stope production from the Rubicon 6075 level and Hornet 6225, 6205, 6185, 6165, 6145, 6125, 6105, 6085, 6065, 6045, 6025, 6005 and 5985 levels continued during the quarter. The production schedule at Rubicon and Hornet was re‐ optimized, using some of the resources from Raleigh, to minimize the production shortfall at Raleigh.

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	17,849	11.79	6,767
February	19,360	13.49	8,396
March	30,461	13.30	13,029
March 14 Q	67,670	13.0	28,193
December 13 Q	67,691	9.3	20,239

Rand's Entitlements (12.25%)

March 14 Q	8,290	13.0	3,454
December 13 Q	8,292	9.3	2,479

Approximately 13,500 tonnes remain 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 6051 m RL, 292 m from the surface, the bottom of the Hornet Decline is at 5937 m RL, 406 m from the surface and the top of the Hornet Incline is at 6244 m RL, 99 m from the surface.

RUBICON UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline	SecondaryWasteOre		Paste Fill
	(m)	(m)	(m)	(m)	(m)
January	79.7	3.5	0.0	34.8	54.0
February	3.9	75.3	6.8	34.9	36.0
March	43.4	81.4	11.3	37.3	42.0
March 14 Q	127.0	160.2	18.1	107.0	132.0
December 13 Q	97.3	101.5	0.0	181.8	111.0

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

Mine operating costs incurred during March 2014 Quarter were $128 per tonne mined or $307 per ounce mined compared with the December 2013 Quarter costs of $149 and $499 respectively.

Toll Processing

During the quarter, no EKJV ore was hauled to or processed at the Greenfields Plant. No EKJV ore remains on the ROM pad at the Greenfields Plant. The residual fine carbon from the previous campaigns at Greenfields was processed at Carbon Management Solutions.

Bullion accredited to RAND and TRIBUNE
QuarterGold (oz)Silver (oz)Rand's share gold
March 14	356.252117.732
December 13	0.000	0.000	0.000

All activity relating to the Greenfields Plant has now been completed and will not be reported on in future periods.

During the quarter, 33,200 tonnes (wet) of Raleigh ore and 62,700 tonnes (wet) of Rubicon ore were hauled to the Kanowna Belle Plant. During the quarter, 92,718 tonnes of EKJV ore were processed.

Bullion accredited to RAND and TRIBUNE from Kanowna Belle
Quarter	Gold (oz)Silver (oz)Rand's share gold
March 14	18,709.537	4,316.884	4,677.384
December 13	19,164.749	5,000.874	4,791.187

EKJV Exploration

The Quarterly Report of the EKJV exploration activities is expected shortly and will be released to the ASX when received.

OTHER EXPLORATION

Wongan Hills, Western Australia (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, Western Australia (Rand's Interest 50%)

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

Tapeta Iron Ore Project, Liberia, West Africa

Drilling is continuing.

Results will be announced when assays become available.

INTERESTS IN MINING TENEMENTS

Project/Tenements	Location	Held at end of	Acquired	Disposed during the
		quarter	during the	quarter
			quarter
Kundana	WA, Australia
M15/1413		47.50%
M15/993		12.25%
M16/181		12.25%
M16/182		12.25%
M16/308		12.25%
M16/309		12.25%
M16/325		12.25%
M16/326		12.25%
M16/421		47.50%
M16/428		12.25%
M24/924		12.25%
Kalguddering	WA, Australia
E70/3646		100%
Kalgoorlie	WA, Australia
P26/3646		80%
Seven Mile Hill	WA, Australia
P26/3617		50%
P15/4495		50%
P15/5182		50%
P15/5183		50%
P15/5184		50%
Tapeta Iron Ore Project	Liberia, West Africa	100% (under
(currently under option to		option)
acquire issued capital of
Iron Resources Ltd, the
owner of the project)

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 March 2014

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	7,113	22,316
1.2	Payments for(a) exploration & evaluation	(768)	(2,631)
	(b) development	(162)	(628)
	(c) production	(3,073)	(9,769)
	(d) administration	(410)	(1,010)
1.3	Dividends received	‐	‐
1.4	Interest and other items of a similar nature
	received	12	36
1.5	Interest and other costs of finance paid	‐	(46)
1.6	Income taxes paid	(941)	(3,430)
1.7	Other (provide details if material)	‐	‐
	Net Operating Cash Flows	1,771	4,838
	Cash flows related to investing activities
1.8	Payment for purchases of:(a) prospects	‐	‐
	(b) equity investments	(2,270)	(2,270)
	(c) other fixed assets	(28)	(65)
1.9	Proceeds from sale of:(a) prospects	‐	‐
	(b) equity investments	‐	‐
	(c) other fixed assets	‐	8
1.10	Loans to other entities	‐	‐
1.11	Loans repaid to other entities	‐	‐
1.12	Loans from other entities	‐	‐
	Net investing cash flows	(2,298)	(2,327)
1.13	Total operating and investing cash flows (carried
	forward)	(527)	2,511

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (broughtforward)	(527)	2,511
	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	‐	(1,750)
1.18	Dividends paid	‐	‐
1.19	Other (provide details if material)	‐	‐
	Net financing cash flows	‐	(1,750)
	Net increase (decrease) in cash held	(527)	761
1.20	Cash at beginning of quarter/year to date	3,344	2,056
1.21	Exchange rate adjustments to item 1.20	‐	‐
1.22	Cash at end of quarter	2,817	2,817

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	(133)
1.24	Aggregate amount of loans to the parties included in item 1.10	‐

1.25 Explanation necessary for an understanding of the transactions

(1) Drill rig hire (included in exploration & evaluation 1.2(a)) (68) Directors fees and superannuation (included in administration 1.2(d)) (61) Royalty payment (included in production 1.2(c)) (4)

(2)Purchase of 1,135,000 shares in Tribune Resources Ltd (2,270) (included in equity investments 1.8(b))

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	Amount used
		$A'000	$A'000
3.1	Loan facilities	‐	5,000*
3.2	Credit standby arrangements	‐	‐

*The loan facility was repaid in full at 31 December 2013

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	500
4.2	Development	600
4.3	Production	500
4.4	Administration	500
	Total	2,100

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	2,632	3,159
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)	2,817	3,344

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 mining tenements acquired or increased

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	+Convertibledebt 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 duringquarter
7.9	Exercised during
	quarter

+ See chapter 19 for defined terms.

7.10	Expired duringquarter
7.11	Debentures(totals only)
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: 28 April 2014 (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.