CONNECTED MINERALS LIMITED — Capital/Financing Update 2002

Nov 5, 2002

ACCLAIM EXPLORATION NL ABN 99 009 076 233

6 November 2002

The Company Announcements Office Australian Stock Exchange Limited 4 Floor 20 Bridge Street SYDNEY NSW 2000

PROSPECTUS DATED 15 OCTOBER 2002

The company advises that it has received a letter from the ASIC making an interim order under subsection 739(3) of the Corporations Act 2001 in respect to the Company's Prospectus dated 15 October 2002. The ASIC has taken the view that the Prospectus does not adequately disclose the effect of the offer on the Company should it not be fully subscribed.

Acclaim will issue a Supplementary Prospectus as soon as possible to remedy the concerns of the ASIC in an endeavour to have the interim order cancelled.

The Prospectus is for the offer by way of placement of up to 50,000,000 Shares at an issue price of 3.5 cents each, together with 25,000,000 free attaching Options to raise up to \$1,750,000.

Yours faithfully

NJ BASSETT Company Secretary

Registered Office:

704 Murray Street, West Perth, Western Australia 6005 Telephone: 61 8 9226 5811 Facsimile: 61 8 9226 5822