RAND MINING LIMITED — Interim / Quarterly Report 2015

Apr 23, 2015

ASX ANNOUNCEMENT

24 April 2015

Australian Securities Exchange Code: RND

Board of Directors:

Mr Otakar Demis Chairman and Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Roland Berzins Joint Company Secretary

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 F: +61 8 9367 9386 E: info@randmining.com.au W: www.randmining.com.au

ABN: 41 004 669 658

Quarterly EKJV Exploration Results March 2015

Highlights

During the quarter a significant upgrade of the Pegasus Resource to 1.1Moz at a grade of 11.6gpt (see ASX release dated 16th of February 2015) was achieved. This upgrade also includes an increase in the higher confidence indicated resource from 199Koz to 743Koz.

There were further extensions of the Pegasus deposit at depth and along strike outside of the reported 1.1Moz resource. Recent results include (downhole and uncut); 25.1m @ 4.2gpt, 2.5m @ 18.0gpt, 1.6m @ 20.4gpt, 4.3m @ 6.1gpt, 2.3m @ 9.7gpt and 1.4m @ 9.6gpt.

This drilling at Pegasus also included the identification of other mineralised structures outside of the main K2 ore zone. Recent results (downhole and uncut) include: 9.0m @ 11.7gpt, 1.7m @ 31.8gpt, 4.9m @ 13.0gpt, 5.0m @ 20.8gpt, 8.5m @ 8.0gpt and 9.8m @ 6.4gpt.

Drilling confirmed the continuation and depth extensions of the Hornet and Rubicon deposits over 100 metres beneath existing workings. In addition, mineralisation was intersected in the hangingwall of the Hornet deposit. Results include (downhole and uncut); 8.9m @ 11.9gpt, 8.7m @ 8.0gpt, 6.1m @ 16.0gpt, 4.0m @ 25.5gpt, 3.5m @ 22.4gpt, 26.8m @ 3.1gpt, 7.9m @ 8.4gpt and 6.1m @ 9.2gpt.

Exploration drilling 1km north of the Pegasus deposit has identified a potentially new mineralised zone, named Drake. Significant results returned (downhole and uncut) were; 3.0m @ 18.5gpt and 5.0m @ 4.1gpt.

Further high-grade intersections were received on the Ambition discovery. Ambition is 8 km north of Pegasus and located on the K2 structure. Intersections on this new high grade shoot returned since the previous ASX release (7th of May 2014) include (downhole & uncut); 2m @ 11.7gpt, 2m @ 9.8 gpt and 3m @ 5.0 gpt.

Rand's interest in the EKJV is 12.25%.

Competent Persons Statement

The information in this announcement relating to Exploration Results is based on information compiled by Mr Darren Cooke who is a Member of the Australian Institute Geoscientists and has sufficient exploration experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Cooke is a full time employee of Northern Star Resource Ltd and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

DRILL RESULTS FOR THE MARCH 2015 QUARTER FOR EKJV

HORNET RESOURCE EXTENSIONAL DRILLING (Drill Results for drilling - July 2014 onwards)
	Easting	Northing	Drill holecollar RL		Azimuth(degrees,	End ofhole	Downhole	Downhole	Downhole	Au	Est True
Drill Hole#	(MineGrid)	(MineGrid)	(MineGrid)	Dip(degrees)	MineGrid)	depth(m)	From(m)	To(m)	Intersection(m)	(gpt)uncut	Thickness(m)
HORDD210	9810	15449	5915	-50	139	135	104.10	117.80	13.70	1.79	5.7
HORDD215	9810	15448	5915	-34	157	201	169.05	172.75	3.70	7.09	1.0
HORDD219	9811	15607	5896	-49	20	129	98.00	106.58	8.58	9.49	2.7
HORDD219	9811	15607	5896	-49	20	129	43.68	46.00	2.32	7.24	0.7
HORDD219	9811	15607	5896	-49	20	129	55.00	57.20	2.20	10.76	0.7
HORDD219	9811	15607	5896	-49	20	129	63.05	70.60	7.55	15.01	2.3
HORDD207	9811	15450	5915	-62	113	135	103.85	105.50	1.65	14.93	0.8
HORDD207	9811	15450	5915	-62	113	135	92.35	94.47	2.12	23.73	1.0
HORDD211	9810	15449	5915	-57	143	159	133.83	138.30	4.47	2.03	1.5
HORDD223	9811	15607	5896	-49	5	201	174.06	174.85	0.79	99.00	0.1
HORDD223	9811	15607	5896	-49	5	201	63.19	90.00	26.81	3.06	3.3
HORDD223	9811	15607	5896	-49	5	201	98.42	104.15	5.73	7.34	0.7
HORDD223	9811	15607	5896	-49	5	201	116.60	125.00	8.40	4.30	1.0
HORDD223	9811	15607	5896	-49	5	201	158.15	159.91	1.76	9.56	0.2
HODD14003	9552	15712	6343	-66	36	684	628.55	629.86	1.31	4.00	0.3
HODD14004	9499	15702	6343	-66	36	723	696.02	700.00	3.98	6.54	0.9
HORDD208	9810	15450	5915	-68	118	138	119.54	120.30	0.76	64.25	0.3
HORDD208	9810	15450	5915	-68	118	138	101.00	101.75	0.75	9.91	0.3
HORDD208	9810	15450	5915	-68	118	138	129.00	130.00	1.00	54.80	0.4
HORDD230	9811	15607	5896	-77	63	143	108.40	115.80	7.40	2.25	2.1
HORDD230	9811	15607	5896	-77	63	143	54.00	64.00	10.00	3.55	2.9
HORDD239	9809	15608	5897	8	10	214	164.23	172.17	7.94	8.41	2.0
HORDD228	9811	15607	5896	-71	28	152	117.50	124.79	7.29	1.99	1.6
HORDD228	9811	15607	5896	-71	28	152	61.40	65.00	3.60	4.00	0.8
HORDD229	9811	15607	5896	-71	68	126	87.58	90.18	2.60	1.56	1.0
HORDD229	9811	15607	5896	-71	68	126	49.00	61.86	12.86	4.91	4.9
HORDD221	9811	15607	5896	-44	4	207	71.09	73.00	1.91	173.68	0.4
HORDD221	9811	15607	5896	-44	4	207	94.00	97.00	3.00	14.21	0.6
HORDD221	9811	15607	5896	-44	4	207	115.82	119.00	3.18	24.77	0.6
HORDD221	9811	15607	5896	-44	4	207	184.62	190.73	6.11	9.16	1.3
			Drill hole	RUBICON RESOURCE EXTENSIONAL DRILLING (Drill Results for drilling - July 2014 onwards)	Azimuth	End of
	Easting	Northing	collar RL		(degrees,	hole	Downhole	Downhole	Downhole	Au	Est True
Drill Hole	(Mine	(Mine	(Mine	Dip	Mine	depth	From	To	Intersection	(gpt)	Thickness
#RUBDD203	Grid)9784	Grid)16250	Grid)6064	(degrees)-36	Grid)330	(m)534	(m)491.75	(m)500.80	(m)9.05	uncut19.80	(m)2.5
RUBDD234RUBDD234	97629762	1627916279	60206020	-50-50	1414	354354	17.1520.15	17.6221.05	0.470.90	38.4016.30	0.10.1
RUBDD234	9762	16279	6020	-50	14	354	300.80	307.95	7.15	9.21	0.8
RUBDD234	9762	16279	6020	-50	14	354	304.60	307.95	3.35	13.26	0.4
RUBDD237	9762	16279	6020	-72	69	279	157.60	158.05	0.45	69.40	0.2
RUBDD237	9762	16279	6020	-72	69	279	223.90	224.55	0.65	12.20	0.2
RUBDD237	9762	16279	6020	-72	69	279	229.75	231.80	2.05	21.31	0.7
RUBDD241A	9762	16279	6020	-34	26	225	17.55	21.35	3.80	6.05	1.2
RUBDD241A	9762	16279	6020	-34	26	225	25.72	27.85	2.13	5.37	0.7
RUBDD241A	9762	16279	6020	-34	26	225	183.80	187.85	4.05	4.64	1.3
RUBDD241A	9762	16279	6020	-34	26	225	199.35	203.50	4.15	5.70	1.3
RUBDD241A	9762	16279	6020	-34	26	225	204.00	205.00	1.00	14.40	0.3
RUBDD255	9764	16277	6020	-50	114	180	115.70	116.37	0.67	50.02	0.5
RUBDD255	9764	16277	6020	-50	114	180	164.05	166.45	2.40	8.22	1.6
RUBDD240	9762	16276	6020	-41	162	342	21.78	30.64	8.86	11.86	2.8
RUBDD240	9762	16276	6020	-41	162	342	302.15	303.50	1.35	6.52	0.4
RUBDD239	9762	16276	6020	-57	158	342	30.65	32.85	2.20	4.88	0.6
RUBDD239	9762	16276	6020	-57	158	342	283.55	287.40	3.40	0.97	1.0
RUBDD244	9762	16279	6020	-48	33	237	14.70	15.70	1.00	37.64	0.3
RUBDD244	9762	16279	6020	-48	33	237	197.70	199.55	1.85	3.09	0.6
RUBDD246	9762	16279	6020	-46	48	186	152.16	162.43	10.27	0.92	5.3
RUBDD246	9762	16279	6020	-46	48	186	4.84	18.20	8.94	1.58	4.6
RUBDD246	9762	16279	6020	-46	48	186	136.07	136.27	0.20	76.90	0.1
RUBDD249	9762	16279	6020	-52	67	189	150.60	154.49	3.89	2.80	2.3
RUBDD249	9762	16279	6020	-52	67	189	10.40	16.10	5.70	6.69	3.4
RUBDD251	9762	16279	6020	-67	74	228	206.30	211.10	4.80	11.72	2.1
RUBDD251	9762	16279	6020	-67	74	228	11.10	19.10	8.00	5.12	3.4
RUBDD251RUBDD243	97629762	1627916279	60206020	-67-40	7435	228198	92.9914.00	93.5018.20	0.514.20	18.0012.17	0.21.7

RUBDD2439762162796020-4035198166.98175.668.68RUBDD2439762162796020-4035198177.77178.180.41RUBDD2539763162786020-67103225.64205.65208.302.65RUBDD2539763162786020-671032269.9723.2513.28RUBDD2489763162796021-4056180129.13137.708.57RUBDD2489763162796021-405618010.8015.534.73RUBDD2509763162796021-6175198180.20182.302.10RUBDD2509763162796021-617519810.3517.507.15RUBDD2669762162766020-41158294271.53272.881.35	8.05
		3.5
	10.00	0.2
	22.99	1.2
	4.86	6.2
	2.66	5.5
	14.49	3.0
	2.72	1.1
	1.97	3.7
	27.41	0.5
RUBDD2669762162766020-4115829426.1727.881.71	3.10	0.6
RUBDD2669762162766020-4115829420.0025.005.00	4.84	1.8
RUBDD2669762162766020-41158294180.95181.400.45	40.70	0.2
RUBDD2569763162776020-56121204183.37186.002.63	8.61	1.5
RUBDD2569763162776020-5612120415.4421.456.01	1.06	3.4
RUBDD2569763162776020-561212048.9012.763.86	16.00	2.2
RUBDD2569763162776020-5612120451.0053.002.00	42.30	1.1
RUBDD2569763162776020-56121204127.19127.530.34	57.00	0.2
RUBDD2569763162776020-56121204141.00142.001.00	20.20	0.6
RUBDD2609762162766020-49141225197.68203.766.08	16.00	3.0
RUBDD2609762162766020-4914122520.5521.150.60	13.41	0.3
RUBDD2609762162766020-49141225196.66197.681.02	11.41	0.5
RUBDD2579762162776020-621242438.7023.3214.62	4.02	6.9
RUBDD2579762162776020-62124243154.21154.640.43	51.60	0.2
RUBDD2579762162776020-62124243163.45165.001.55	6.84	0.7
RUBDD2579762162776020-62124243209.17211.041.87	11.59	0.9
RUBDD2459762162806021-5532248215.70219.183.48	1.38	1.0
RUBDD2459762162806021-5532248134.35134.800.45	26.80	0.1
RUBDD2459762162806021-5532248195.65196.090.44	58.98	0.1
RUBDD2629762162766020-4115024620.4023.913.51	8.16	1.6
RUBDD2629762162766020-41150246220.78224.753.97	25.47	1.8
RUBDD2639763162756020-23148224193.70197.083.38	12.29	1.9
RUBDD2639763162756020-2314822419.5720.360.79	16.49	0.4
RUBDD2639763162756020-2314822445.7046.000.30	81.60	0.2
RUBDD2629762162766020-411502469.0214.215.19	4.07	2.4
RUBDD2479762162806020-6245228215.64216.560.92	16.70	0.3
RUBDD2589763162766020-30140195168.79169.931.14	2.83	0.7
RUBDD2589763162766020-30140195148.36148.620.26	138.00	0.2
RUBDD2649762162756020-2915325819.5523.003.45	22.41	1.7
RUBDD2649762162756020-29153258228.12231.693.57	10.25	1.7
RUBDD2649762162756020-29153258232.95233.880.93	8.29	0.5
RUBDD2659762162766020-35156283244.00250.006.00	5.42	2.5
RUBDD2659762162766020-35156283256.82258.741.92	9.38	0.8
RUBDD2529763162786020-5390177157.45159.952.50	6.66	1.7
PEGASUS RESOURCE DEFINITION DRILLING (Outside Oct. 31st 2014 Resource)
Drill holeAzimuthEnd of
EastingNorthingcollar RL(degrees,holeDownholeDownholeDownhole	Au	Est True
Drill Hole(Mine(Mine(MineDipMinedepthFromToIntersection	(gpt)	Thickness
#Grid)Grid)Grid)(degrees)Grid)(m)(m)(m)(m)	uncut	(m)
PGDD14041*9623166856343-6987571535.60537.001.40	9.60	1.0
PGDD14049*9622165346343-7280617589.00591.322.32	9.65	1.7
PGDD140589622166826343-7281606563.63565.191.56	20.40	1.2
PGDD14059*9635166136343-7285624564.00589.1025.10	4.20	18.8
PGDD14060*9542171806343-6893648285.76291.005.24	1.64	4.7
PGDD14060*9542171806345-6893648564.00568.964.96	20.81	3.7
PGDD14060*9542171806345-6893648598.74600.231.49	4.01	1.1
PGDD14061*9445172236345-6486753116.53125.008.47	7.99	6.4
PGDD14061*9445172236345-6486753180.00183.003.00	4.61	2.3
PGDD14061*9445172236345-6486753363.90366.002.10	7.69	1.6
PGDD14061*9445172236345-6486753730.58731.150.57	11.93	0.4
PGDD140629477169686343-6458693313.20318.104.90	3.65	4.4
PGDD140629477169686343-6458693676.30678.001.70	31.80	1.3
PGDD140629477169686343-645869381.0083.002.00	9.00	1.5
PGDD140629477169686343-6458693561.00568.007.00	2.45	5.3
PGDD140629477169686343-6458693676.90678.001.10	11.28	0.8
PGDD140689605174226343-6089642395.45396.000.55	8.30	0.4
PGDD140689605174226343-6089642406.74407.831.09	2.80	0.8
PGDD140689605174226343-6089642412.45413.501.05	3.67	0.8
PGDD140699718173756343-6387315160.19164.784.59	5.09	4.1
PGDD140699718173756343-6387315271.54271.960.42	11.96	0.3
PGDD140699718173756343-6387315272.74273.000.26	12.27	0.2

PGDD14070*	6994	17422	6343	-64	91	402	355.44	356.84	1.40	8.20	1.1
PGDD14070*	9667	17360	6343	-64	91	402	190.98	203.00	12.02	2.28	9.0
PGDD14070*	9667	17360	6343	-64	91	402	363.41	364.00	0.59	0.10	0.4
PGDD14071*	9590	17239	6345	-62	91	546	338.27	342.93	4.66	4.91	3.5
PGDD14071*	9590	17239	6345	-62	91	546	488.16	498.00	9.84	6.41	7.4
PGDD14071*	9590	17239	6345	-62	91	546	508.00	517.00	9.00	11.70	6.8
PGDD14071*	9590	17239	6343	-63	91	546	233.00	237.00	4.00	1.70	3.6
PGDD15001	9668	17255	6343	-60	60	1413	180.65	187.00	6.35	3.84	5.7
PGDD15001	9668	17255	6343	-60	60	1413	344.69	345.25	0.56	42.98	0.4
PGDD15002	9518	16917	6343	-66	64	655	636.00	640.95	4.95	13.00	3.7
PGDD15002	9518	16917	6343	-66	64	655	498.08	499.40	0.42	1.50	0.3
PGDD15002	9518	16917	6343	-66	64	655	334.81	335.30	0.49	5.93	0.4
PGDD15003	9538	16917	6343	-69	70	705	304.00	306.40	2.40	2.68	2.2
PGDD15003	9538	16917	6343	-69	70	705	644.35	646.00	1.65	3.88	1.2
PGDD15003	9538	16917	6343	-69	70	705	670.00	671.20	1.20	8.63	0.9
*These drill results have been released previous (refer ASX Announcement 16 February 2015)
					DRAKE EXPLORATION DEFINITION DRILLING
Drill Hole#	Easting(MineGrid)	Northing(MineGrid)	Drill holecollar RL(MineGrid)	Dip(degrees)	Azimuth(degrees,MineGrid)	End ofholedepth(m)	DownholeFrom(m)	DownholeTo(m)	DownholeIntersection(m)	Au(gpt)uncut	Est TrueThickness(m)
DRRC14004	9733	17891	6343	-54	86	237	219.00	221.00	2.00	7.77	1.5
DRRC14005	9703	17945	6343	-59	92	300	273.00	274.00	1.00	1.39	0.8
DRRC14006	9810	18002	6343	-74	119	204	164.00	165.00	1.00	3.22	0.8
DRRC14006	9810	18002	6343	-74	119	204	173.00	176.00	3.00	0.47	2.3
DRRC14007	9751	18059	6343	-67	116	258	225.00	230.00	5.00	4.06	3.8
DRRC14008	9750	18061	6343	-59	90	222	192.00	195.00	3.00	18.20	2.3
				AMBITION HOLES DRILLED SINCE ASX ANNOUNCEMENT 7 MAY 2014 (EKJV)
Drill Hole#	Easting(MineGrid)	Northing(MineGrid)	Drill holecollar RL(MineGrid)	Dip(degrees)	Azimuth(degrees,MineGrid)	End ofholedepth(m)	DownholeFrom(m)	DownholeTo(m)	DownholeIntersection(m)	Au(gpt)uncut	Est TrueThickness(m)
AMRC14011	328408	6605019	367	-73	60	210	191.00	194.00	3.00	5.04	1.8
AMRC14012	328455	6604962	366	-60	60	168	154.00	156.00	2.00	9.75	1.5
AMRC14013	328370	6605104	368	-60	60	150	129.00	131.00	2.00	11.30	1.7
AMRC14014	328180	6605539	369	-65	60	150	73.00	74.00	1.00	0.13	0.7
AMRC14015	328069	6605712	370	-60	60	120	102.00	103.00	1.00	0.26	0.9

JORC Code, 2012 Edition – Table 1 Report: EKJV – Pegasus/Rubicon/Hornet/Drake/Ambition Drill Results 2015 March Quarter

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standard measurementtools appropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken aslimiting the broad meaning of sampling.	Sampling was completed using a combination of Reversecirculation (RC) and Diamond Drilling (DD). RC drilling wasused to drill pre-collars for many of the Resource definitionholes with diamond tails. Diamond drilling constitutes therest of the drilling.Diamond core was transferred to core trays for loggingand sampling. Half core samples were nominated by thegeologist from both NQ2 and HQ diamond core, with aminimum sample width of either 20cm (HQ) or 30cm(NQ2).
	Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.	Core is aligned and measured by tape, comparing backto down hole core blocks consistent with industrypractice.

Criteria	JORC Code explanation	Commentary
	Aspects of the determination ofmineralisation that are Material to thePublic Report. In cases where 'industrystandard' work has been done this wouldbe relatively simple (eg 'reverse circulationdrilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to producea 30 g charge for fire assay'). In other casesmore explanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrant disclosureof detailed information.	Diamond drilling is completed to industry standard usingvarying sample lengths (0.3 to 1.2m) based on geologicalintervals, which are then crushed and pulverised toproduce a ~300g pulp sub sample to use in the assayprocess.Diamond core samples are fire assayed (50g charge),with the ore zone or any samples with observed visiblegold assayed via screen fire assay method.Visible gold is sometimes encountered in core sampling.
Drilling	Drill type (eg core, reverse circulation,	Both RC and Diamond Drilling techniques were used.
techniques	open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or other	Diamond drillholes were predominantly NQ2 (50.5mm).All resource definition holes completed post 2011 weredrilled using HQ (63.5mm) diameter core.
	type, whether core is oriented and if so, by	Core was orientated using the Reflex ACT Coreorientation system.
	what method, etc).	RC Drilling was completed using a 5.75" drill bit,downsized to 5.25" at depth.
		Some RC pre-collars were drilled followed by diamondtails. Pre-collar depth was to 180m or less if approachingknown mineralisation.
Drill samplerecovery	Method of recording and assessing coreand chip sample recoveries and resultsassessed.	Recovery was excellent for diamond core and norelationship between grade and recovery was observed.For RC drilling, pre-collars were ended before knownzones of mineralisation and recovery was very goodthrough any anomalous zones, so no issues occurred.
	Measures taken to maximise samplerecovery and ensure representative natureof the samples.	RC drilling contractors adjust their drilling approach tospecific conditions to maximise sample recovery. Moisturecontent and sample recovery is recorded for each RCsample. No recovery issues were identified during RCdrilling. Recovery was poor at the very beginning of eachhole, as is normal for this type of drilling in overburden.
		For diamond drilling the contractors adjust their rate ofdrilling and method if recovery issues arise. All recovery isrecorded by the drillers on core blocks. This is checkedand compared to the measurements of the core by thegeological team. Any issues are communicated back tothe drilling contractor.
	Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	No relationship between sample recovery and grade wasidentified. Diamond recovery through ore zones typically100% No issues with RC recovery have been identified.
Logging	Whether core and chip samples have beengeologically and geotechnically logged toa level of detail to support appropriateMineral Resource estimation, mining studiesand metallurgical studies.	All diamond core is logged for Regolith, Lithology, veining,alteration, mineralisation and structure. Structuralmeasurements of specific features are also taken throughoriented zones.
		RC sample chips are logged in 1m intervals. For the entirelength of each hole. Regolith, Lithology, alteration,veining and mineralisation are all recorded.
	Whether logging is qualitative orquantitative in nature. Core (or costean,channel, etc) photography.	All logging is quantitative where possible and qualitativeelsewhere. A photograph is taken of every core tray.
	The total length and percentage of therelevant intersections logged.	100% of the drill core and RC chips are logged.

Criteria	JORC Code explanation	Commentary
Sub-samplingtechniquesand samplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Diamond core is routinely half core sampled. The core iscut with an Almonté diamond core saw and half coresampled. The same half is collected to sample intervalsdefined by the Logging Geologist with samples notcrossing geological boundaries. The remaining core isarchived for future works.
		All major mineralised zones are sampled, plus visiblyaltered material outside the ore zone into what isdeemed as barren material, >5m ofhangingwall/footwall.
		All other structures and quartz veining that have observedalteration and/or mineralisation outside of the knownorezone is sampled with up to ±5m on either side.
		Ideally, sample intervals are to be 1m in length, thoughrange from 0.30m to 1.20m in length. Total weight of eachsample generally does not exceed 3kg.
		Sample preparation was conducted at GenalysisKalgoorlie, commencing with sorting, checking anddrying at less than 110°C to prevent sulphide breakdown.Samples are jaw crushed to a nominal -6mm particle size.If the sample is greater than 3kg a Boyd crusher withrotary splitter is used to reduce the sample size to less than3kg (typically 1.5kg) at a nominal <3mm particle size. Theentire crushed sample (if less than 3kg) or sub-sample isthen pulverised to 90% passing 75µm, using a LabtechnicsLM5 bowl pulveriser. 300g Pulp subsamples are then takenwith an aluminium scoop and stored in labelled pulppackets.Grind checks are performed at both the crushingstage(3mm) and pulverising stage (75µm), requiring 90%
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wetor dry.	of material to pass through the relevant size.RC samples were split using a rig-mounted cone splitteron 1m intervals to obtain a sample for assay. 4mComposite spear samples were collected and submittedfor analysis. After the assay results were received, anycomposite that exceeded 0.2g/t was re-sampled at 1mintervals and analysed.
		Samples were taken to Genalysis Kalgoorlie forpreparation by drying, crushing to <3mm, and pulverisingthe entire sample to <75µm. 300g Pulps splits were thendispatched to Genalysis Perth for 50g Fire assay chargeand AAS analysis.
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	Sample preparation is deemed adequate.
	Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.	Field duplicates were taken for RC samples at a rate of 1in 20.
	Measures taken to ensure that the samplingis representative of the in situ materialcollected, including for instance results forfield duplicate / second-half sampling.	Field Duplicates are taken for all RC samples (1 in 20sample). No Field duplicates are submitted for diamondcore.
	Whether sample sizes are appropriate tothe grain size of the material beingsampled.	Sample sizes are considered appropriate.
Quality ofassay dataandlaboratory	The nature, quality and appropriateness ofthe assaying and laboratory proceduresused and whether the technique isconsidered partial or total.	A 50g Fire assay charge is used with a lead flux, dissolvedin the furnace. The prill is totally digested by HCl andHNO3 acids before Atomic absorption spectroscopy(AAS) determination for gold analysis.
tests	For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.	No geophysical tools were used to determine anyelement concentrations.

Criteria	JORC Code explanation	Commentary
	Nature of quality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie. lack ofbias) and precision have been established.	Certified reference materials (CRMs) are inserted into thesample sequence randomly at a rate of 1 per 20 samplesto ensure correct calibration. Any values outside of 3standard deviations are re-assayed with a new CRM.Blanks are inserted into the sample sequence at a rate of1 per 20 samples. This is random, except where highgrade mineralisation is expected. Here, a Blank is insertedafter the high grade sample to test for contamination.Failures above 0.2gpt are followed up, and re-assayed.New pulps are prepared if failures remain.
Verification ofsampling andassaying	The verification of significant intersectionsby either independent or alternativecompany personnel.	All significant intersections are verified by anotherNorthern Star geologist during the drill hole validationprocess, and later by a Competent person to be signedoff.
	The use of twinned holes.	No Twinned holes were drilled for this data set.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Geological logging was captured using excel templates.Both a hardcopy and electronic copy of these arestored, as well as being loaded in to the database usingautomatic acquire loaders. Assay files are received in csvformat and loaded directly into the database by theDatabase administrator (DBA). A geologist then checksthat the results have inserted correctly. Hardcopy andelectronic copies of these are stored. No adjustments aremade to this assay data.
		Data is imported directly from laboratory reports into anAcquire database.
		Hard copies of RC and core / assays and surveys are kepton site.
		Visual checks are conducted as part of the validationprocess of the data in Datamine.
	Discuss any adjustment to assay data.	Screen fire assays are used as priority over fire assays fordiamond core. Comparisons of screen fire and fire assaysare completed on a hole-by-hole basis.
Location ofdata points	Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings and otherlocations used in Mineral Resourceestimation.	A planned hole is pegged using a Differential GPS by thefield assistants.Underground diamond holes are picked up by minesurveyors.During drilling single-shot surveys are every 30m to ensurethe hole remains close to design. This is performed usingthe Reflex Ez-Trac system. Upon hole completion, aGyroscopic survey is conducted by ABIMS, takingreadings every 5m for improved accuracy. This is done intrue north.The final collar is picked up after hole completion byDifferential GPS in the MGA 94_51 grid.
	Specification of the grid system used.	A local grid system (Kundana 10) is used for mine baseddrilling. It is rotated 29.25 degrees to the west of MGA94grid.Exploration drilling is reported in MGA 94 grid
	Quality and adequacy of topographiccontrol.	Quality topographic control has been achieved throughLidar data and survey pickups of holes over the last 15years.
Data spacinganddistribution	Data spacing for reporting of ExplorationResults.	Exploration data spacing is variable, dependent on theintent of the drill program.Drillhole spacing across theareas varies from sub 20m to 300m spacing along strike.
	Whether the data spacing and distributionis sufficient to establish the degree ofgeological and grade continuityappropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.	Exploration results only being reported
	Whether sample compositing has beenapplied.	Sampling to geology, sample compositing is not applieduntil the estimation stage.

Criteria	JORC Code explanation	Commentary
Orientation ofdata inrelation togeologicalstructure	Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.	The majority of the structures in the Kundana camp dipsteeply (80°) to WSW. The Pode structure has a muchshallower dip in a similar direction, approximately 50° . Totarget these orientations the drillhole dips of 60-70°towards ~060° achieve high angle intersections on allstructures.
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No sampling bias is considered to have been introducedby the drilling orientation.
Samplesecurity	The measures taken to ensure samplesecurity.	Prior to laboratory submission samples are stored byNorthern Star Resources in a secure yard. Once submittedto the laboratories they are stored in a secure fencedcompound, and tracked through their chain of custodyand via audit trails.
Audits orreviews	The results of any audits or reviews ofsampling techniques and data.	No audits or reviews have recently been conducted onsampling techniques.Sampling techniques and data handling are consideredadequate.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park andenvironmental settings.	The reported drilling is located within the M16/309 andM16/326 Mining leases and are held by The East KundanaJoint Venture (EKJV). The EKJV is majority owned andmanaged by Northern Star Resources Limited (51%). Theminority holding in the EKJV is held by Tribune ResourcesLtd (36.75%) and Rand Mining Ltd (12.25%).
	The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	No known impediments exist and the tenements are ingood standing.
Explorationdone by otherparties	Acknowledgment and appraisal ofexploration by other parties.	The first reference to the mineralisation style encounteredat the K2 project was the mines department report on thearea produced by Dr. I. Martin (1987). He reviewed workcompleted in 1983 – 1984 by a company called SouthernResources, who identified two geochemical anomalies,creatively named Kundana #1 and Kundana #2. TheKundana #2 prospect was subdivided into a further twoprospects, dubbed K2 and K2A.
		Between 1987 and 1997, limited work was completed.
		Between 1997 and 2006 Tern Resources (subsequentlyRand Mining and Tribune Resources), and Gilt-edgedmining focused on shallow open pit potential which wasnot considered viable.
		In 2011, Pegasus was highlighted by an operationalreview team and follow-up drilling was planned through2012.
		A small drill programme of four RC holes targeted the K2structure at Ambition in 2003. These holes failed tointersect the structure, presumably due to an offset of theaeromagnetic lineament. Other drilling in the area hasabsent or poor quality geological logging. The 2003drillholes assisted in successfully intersecting the target inthis drill programme, but beyond that, historical drillingprovides little value in appraisal of the K2 structure atAmbition.

Criteria	JORC Code explanation	Commentary
Geology	Deposit type, geological setting and styleof mineralisation.	The Kundana camp is situated within the NorsemanWiluna Greenstone Belt, in an area dominated by theZuleika shear zone, which separates the Coolgardiedomain from the Ora Banda domain.
		K2-style mineralisation (Pegasus, Rubicon, Hornet) consistsof narrow vein deposits hosted by shear zones locatedalong steeply-dipping overturned lithological contacts.The K2 structure is present along the contact between ablack shale unit (Centenary shale) and intermediatevolcaniclastics (Spargoville formation).
		Minor mineralisation, termed K2B, also occurs further west,on the contact between the Victorious basalt and BentTree Basalt (both part of the regional upper BasaltSequence).
		A 45° W dipping fault offsets this contact and ischaracterised by a zone of vein-filled brecciated materialhosting the Pode-style mineralisation.
		In the northern part of the Ambition target, thehangingwall basalts are absent and the structureseparates a gabbro and lithic gritstone from SpargovilleVolcaniclastic rocks. Although it is unclear at this stage,the current interpretation is that the target structure in thenorthern part of the Ambition prospect is actually theconfluence of the Strzelecki and K2 structures thus thebasalt sequences are faulted out where the twostructures converge.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:	Details of all drilling for the quarter listed.
	easting and northing of the drill holeocollar
	elevation or RL (Reduced Level –oelevation above sea level in metres)of the drill hole collar
	odip and azimuth of the holedown hole length and interceptiono
	depthohole length.
	If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explainwhy this is the case.	No material information has been excluded.
Dataaggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usually	All reported assay results have been length weighted toprovide an intersection width. A maximum of 2m ofbarren material between mineralised samples has beenpermitted in the calculation of these widths.
	Material and should be stated.	No assay results have been top-cut for the purpose of thisreport. A lower cut-off of 1g/t has been used to identifysignificant results, although lower results are includedwhere a known ore zone has been intercepted, and theentire intercept is low grade.
	Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.	All reported assay results have been length weighted.Aggregations of reported intersections take into accountgeological boundaries (eg. Laminated quartz veining)and continuity of mineralisation.
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No metal equivalent values have been used for thereporting of these exploration results.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisation	These relationships are particularlyimportant in the reporting of ExplorationResults.	True widths have been calculated for intersections of theknown ore zones, based on existing knowledge of thenature of these structures.
widths andinterceptlengths		Both the downhole width and true width have beenclearly specified when used.
	If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.	Due to varying intercept angles the true thickness ismanually estimated on a hole by hole basis. Both truewidth and downhole lengths are reported.
	If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	Reporting of results includes the downhole and true widthof the mineralised section.
Diagrams	Appropriate maps and sections (withscales) and tabulations of intercepts shouldbe included for any significant discoverybeing reported These should include, butnot be limited to a plan view of drill holecollar locations and appropriate sectionalviews.	Appropriate plans and section have been included in thebody of this report.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	Both high and low grades have been reportedaccurately, clearly identified with the drillhole attributesand 'From' and 'To' depths.
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	No other material exploration data has been collectedfor this drill program.
Further work	The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).	Further step-out work will continue in 2015 to follow upthese drill results.
	Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	See diagrams Below