CONNECTED MINERALS LIMITED — Capital/Financing Update 2003

Nov 30, 2003

ACCLAIM EXPLORATION NL A BN 99 809 876 233

1 December 2003

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

Via e-lodgement

Placement

The Directors of Acclaim Exploration NL ("Company") advise that the Company has reached agreement for the private placement of 50,300,000 fully paid ordinary shares ("Shares") at 5 cents per Share to raise \$2,515,000, before expenses of the issue. An appendix 4B will be lodged on completion of allotment of the Shares.

The purpose of the Share placement is to provide funds to strengthen the financial position of the Company, to fund future exploration programmes in relation to the Company's existing projects, and to provide working capital for the conduct of the Company's current and future activities, in particular to fund proposed exploration and drilling programmes on the Company's Claude Hill tenements.

The company advises that, in accordance with paragraph (5) of Category 1 of Australian Securities and Investments Commission Class Order CO 02/1180, all information of the kind that would be required to be disclosed under subsection 713(5) of the Corporations Act 2001, if a prospectus were to be issued in reliance on section 713 of the Corporations Act in relation to an offer of the securities, has been disclosed to ASX.

The Company is also pleased to announce the appointment of Mr Donald James Head (AWASOM) to the Board as a non-executive director. Don is a metallurgist with more than 30 years experience in the mining industry. He has held several senior management positions with WMC Ltd, including a number of years as the manager of the Kwinana Nickel Refinery. He is a fellow of the Australian Institute of Mining and Metallurgy and currently runs his own metallurgical consulting business providing services to several mining and construction groups. He was a nonexecutive director of Tectonic Resources NL and Abelle Ltd. Don brings a substantial knowledge of metallurgy and the nickel industry to the group which should prove an invaluable asset as the continued exploration, assessment and future development of the company's nickel assets advance.

N J Bassett Company Secretary

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