CONNECTED MINERALS LIMITED — Capital/Financing Update 2004

Apr 14, 2004

ACCLAIM EXPLORATION NL A BN 99 809 876 233

15 April 2004

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

Dear Sir/Madam

Option Expiry Notice - 30 April 2004 Options

The company advises that in respect to the listed options expiring on 30 April 2004, an option expiry notice will not be sent to optionholders as required by paragraph 6.1 of Appendix 6A of the Listing Rules.

Pursuant to the option expiry notice requirements of paragraph 6.1 of Appendix 6A the Company provides the following information:

• The total number of options expiring on 30 April 2004 is 212,928,535. ${i}$
• $(ii)$ The exercise price of the options is 20 cents per option.
• $(iii)$ The due date for payment is 30 April 2004. The consequences of non-payment of the exercise price of the options is that the option will automatically lapse if not exercised before 5.00pm WST on 30 April 2004.
• $(iv)$ The date that quotation of the option will end is 23 April 2004.
• The latest available market price of the fully paid ordinary shares at 14 April 2004 was $(v)$ 6.6 cents.
• $(vi)$ The highest market price of the shares in the three months immediately preceding this announcement was 10.5 cents on 27 January 2004.
• The lowest market price of the shares in the three months immediately preceding this $(vii)$ announcement was 6.4 cents on 4 March 2004

If the market price of the Company's shares exceeds 15 cents before 30 April 2004, the company will immediately send an Option Expiry Notice to holders of the options.

Yours faithfully

N J Bassett Company Secretary

Registered Office: