RAND MINING LIMITED — Regulatory Filings 2008

Jan 20, 2008

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21 January 2008

The Listing Manager Australian Stock Exchange Level 10 20 Bond Street SYDNEY NSW 2000

Quarterly Report for December 2007

Highlights

• The sixth toll treatment campaign at the Greenfields Plant was started on December 13, 2007. During the quarter, 28,000 tonnes of Raleigh ore were processed and 5,857 oz of gold and 745 oz of silver were credited to Rand and Tribune Bullion Accounts. (Rand’s share is 25%)

• At December 31, 2007

approximately 10,000 tonnes of Raleigh ore at an estimated grade of 11.8 g/t remain as a Bed Blend Stockpile on the ROM pad at the Raleigh Mine (Rand’s entitlement is 12.5%)

approximately 19,400 tonnes of Raleigh ore at an estimated grade of 12.9 g/t remain on the ROM pad at the Greenfields Plant. (Rand’s share is 25%)

approximately 2,250 oz of gold were in transit between the Greenfields Plant and AGR (Rand’s share is 25%)

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GEOLOGY AND MINING

EAST KUNDANA JOINT VENTURE

Raleigh Underground Mine Production

Stope production from the 6185, 6168, 6152, 6136, 6119, 6102, 6085, 6067 and 6051 levels continued during the quarter.

Contained gold in stope development and stope ore mined during the December 2007 Quarter, estimated by grade control face chip sampling, is tabulated below:

estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:	estimated by grade control face chip sampling, is tabulated below:
RALEIGH UNDERGROUND GRADE CONTROL ESTIMATES
Month	Tonnes	Grade	Ounces
	t	g/t	troy oz
October	23,897	13.0	10,003
November	17,385	15.2	8,495
December	19,326	11.8	7,358
December 07Q	60,608	13.3	25,856
September 07Q	68,192	12.6	27,614

Rand’s Entitlements (12.5%)

December 07Q	7,576	13.3	3,232
September 07Q	8,524	12.6	3,452

Half of the ore mined in December remains a Bed Blend Stockpile on the ROM pad at the Raleigh Mine and will be hauled to Greenfields Plant in early January.

Raleigh Underground Mine Development

The Raleigh Underground Decline was extended to the 5887 m RL, 458 m from the surface.

Development progressed on the 6051, 6034, 6017, 6000, 5983, 5966, 5943 and 5932 levels.

	RALEIGH UNDERGROUND DEVELOPMENT
Month	Capital			Operating
	Decline (m)	Secondary (m)	Waste (m)	Ore (m)	Paste Fill (m)
October	86.4	20.8	31.0	287.0	40.0
November	61.4	88.7	114.6	203.6	29.5
December	34.2	58.6	35.1	226.9	28.0
December 07Q	182.0	168.1	180.7	717.5	97.5
September 07Q	192.4	261.6	117.1	796.6	93.8

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

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October 07 Red indicates new development and stopes
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November 07 Red indicates new development

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December 07 Red indicates new development

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Mine operating costs incurred during the December 2007 Quarter were $160 per tonne mined or $375 per ounce mined compared with the September 2007 Quarter cost of $127 and $315 respectively.

Toll Processing

During the December 2007 Quarter, 45,757 tonnes (wet) of Raleigh ore were hauled to the Greenfields Plant. The sixth toll treatment campaign commenced on December 13, 2007 and is expected to finish around January 20, 2008. 27,979 tonnes of ore were processed during the quarter. At the end of the campaign there will be no Raleigh ore remaining on the ROM pad at the Greenfields Plant.

the Greenfields Plant.	the Greenfields Plant.	the Greenfields Plant.	the Greenfields Plant.
Bullion accredited to RAND and TRIBUNE
Quarter	Gold	Silver	Rand’s sharegold
December 07	5,857	745	1,464
September 07	26,345	3,457	6,586
Campaign 5	41,002	5,408	10,250

Resource Development

Discussions between the EKJV Manager and EKJV parties are on going to develop the Rubicon, Pegasus and Hornet underground resources. Synergies with Raleigh are being identified and analysed.

Diamond drilling of the lower parts of the Raleigh Main Vein continues. Details are tabulated below.

	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007	Raleigh Diamond Drilling Quarter 4 2007
Hole ID	Co-ordinates		RL	Azi.	Incl.	Total Depth (m)	Significant Assay Res			ults	Significance of Results
	Northing	Easting					From (m)	To (m)	Length (m)	Grade (g/t)	Codes (see below)		Comments
RURD064	8873	18270	5943	36	-22	302	284.78	285.03	0.25	140.00	UR
RURD052	8873	18270	5943	49	-14	289	264.26	264.85	0.59	50.50	CR
RURD021	8874	18220	5944	145	-37	377	345.33	346.15	0.82	0.84	DR		Low grade southern margin
RURD004	9062	18065	5935	54	-67	108	98.8	98.94	0.14	81.20	DR
RURD004	9062	18065	5935	54	-67	108	44.16	44.28	0.12	264	NZ		Skinners Vein
RURD048	8873	18270	5943	57	-16	258	239.38	240.22	0.84	87.7	UR
RURD022	8874	18220	5944	113	-30	377	320.95	321.2	0.25	0.87	DR		Low grade southern margin
RURD022	8874	18220	5944	113	-30	377	282.55	282.77	0.22	57.2	NZ		Skinners Vein
RURD034	8874	18220	5944	111	-40	257	250.25	250.83	0.58	136	UR
RURD055	8873	18270	5943	58	-50	274	278.88	279.81	0.93	42.56	CR
RURD059	8873	18270	5943	48	-53	318	300.75	301.33	0.58	125	CR
RURD061	8873	18270	5943	31	-53	374	348.5	349.25	0.75	1.44	CR		Hole intercepts the northerm low grade part of the ore body
RURD068	9059	18067	5935	25	-80.8	152.4	136.55	136.9	0.35	40.4	CR
RURD005	18065	9061	5935	56	-53	99.75	37.58	38.23	0.65	30.20	NZ
RURD005	18065	9061	5935	56	-53	99.75	84.73	85.08	0.35	119.00	CR
	X= Notyet drilled						!= Mineralisation		at Base of	Hole		NZ= Newgold zone!
	~= Hole underway						CI= Confirmsgeol		ogical interp	retation		UR= Upgrades Resource
	*= Assays not received						PCI= Partlyconfirm		sgeologica	l interp.		CR= Confirms Resource
	?= Data subject to verification						DI= Disprovesgeol		ogical interp	retation		DR= Downgrades Resource

The diagram below shows the position of the drill holes.

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EKJV Exploration

A revised geological model of the region has been generated. A number of exploration targets have been identified and ranked in order of priority for future evaluation.

OTHER EXPLORATION

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

The potential for further exploration targets for drill testing within the Seven Mile Hill tenements are limited and discussions to farm out the tenements are continuing.

Appendix 5B Mining exploration entity quarterly report

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.

Name of entity

	Name of entity
	Rand Mining NL
	ABN 41 004 669 658 Consolidated statement of cash flows
			31 December 2007
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows			Current quarter $A’000	Year to date (12 months) $A’000
			960 (246) (1,571) (108) 54 (1) (359)	6,772 (25) (590) (3,073) (561) 77 (5) (884)
			(1,271)	1,711
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other – Loans received from Tribune Resources - Loans repaid to Tribune Resources Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			(486) (236)	(486) (251) (10)
			(722)	(747)
			(1,993)	964

• See chapter 19 for defined terms.

Appendix 5B Page 1

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,993)	964
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 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows		(193)
		(193)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments 1.22 Cash at end of quarter	(1,993) 4,198	771 1,434
	2,205	2,205

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		(43)
1.25	Explanation necessaryfor an understandingof the transactions
	Directors fees and superannuation (included in administration 1.2 (d)) (25) Royalty payment(included inproduction 1.2(c)) (18)
	The aggregate amount of loans (item 1.10) made to specified parties are as follows:

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

In January 2006, Tribune Resources NL loaned the Company 4,000 ounces of gold bullion. At the end of the quarter the Company had nil ounces of this gold bullion still on hand. 1000 ounces are still available to Rand Mining NL for future drawdown.

• 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.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

	Amount available $A’000 3.1 Loan facilities Nil 3.2 Credit standby arrangements $A’000 Loan principle outstanding Nil Estimated cash outflows for next quarter	Amount available $A’000	Amount available $A’000	Amount used $A’000
			Nil	Nil
			$A’000
			Nil
	4.1 Exploration and evaluation 4.2 Development			$A’000
				25
				350
	Total			375
	Reconciliation of cash
	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000		Previous quarter $A’000
	5.1 Cash on hand and at bank 5.2 Deposits at call – Performance Bonds 5.3 Bank overdraft 5.4 Other	2,081 124		4,101
				97
	Total: cash at end of quarter(item 1.22)	2,205		4,198

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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 per security (see note 3) (cents)	Amount paid up per security (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 securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	40,560,813	40,560,813
7.5 +Convertible debt 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 during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000 4,000,000		Exercise price $1.00 $0.60	Expiry date 1stOctober 2010 26thOctober 2012
	4,000,000		$0.60	26thOctober 2012
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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: 21 January 2008 (Director) 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.

Appendix 5B Page 5

30/9/2001