CONNECTED MINERALS LIMITED — Capital/Financing Update 2005

Nov 24, 2005

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

25 November 2005

Companies Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Re: Hinkley Range Pty Ltd and Austral Nickel Pty Ltd (Wingellina and Claude Hill Exploration projects)

The Directors of Acclaim Exploration NL ("Acclaim") advise that they have reached agreement to sell to their joint venture partner. Metals Exploration Ltd ("Metals Ex") their entire interests in Hinckley Range Pty Ltd and Austral Nickel Pty Ltd. The acquisition price is \$5 million in cash and 4.5 million fully paid ordinary shares in Metals Exploration Limited.

Hinckley Range Pty Ltd is the holding company of the Wingellina Project, the subject of a farm-in JV between Metals Ex and Acclaim as announced on March 23, 2005.

Austral Nickel Pty Ltd is the holding company of the Claude Hills Project, also the subject of a farm-in agreement between Metals Ex and Acclaim.

The offer is subject to shareholder approval by Acclaim.

Metals Ex has agreed to advance the cash payment of \$5million to Acclaim in return for first ranking fixed and floating charges over the shares in and assets of Hinkley Range and Austral Nickel. Should the transaction not be completed within 90 days after date of advance, the funds will be immediately repayable with interest at 10% payable from the date of advance.

Until such time that this transaction is completed, the current farm-in agreements between Metex Nickel Pty Ltd and the two holding companies will subsist.

Acquisition of Uranium/Gold Project

As announced in July 2005 Acclaim has entered into an unconditional agreement to acquire the Denny Dalton Uranium / Gold Project in South Africa. It is intended that \$3.75 million of funds advanced be utilised to settle the acquisition of the Denny Dalton Project.

• The project area is approximately 4,000 hectares with significant uranium and gold drilling and mining previously undertaken.
• Independent Legal and Geological Reviews completed.
• Inferred JORC resource of 31.5m tonnes of $U_3O_8$ at 0.35 kg/t for 11,025 tonnes with associated gold mineralisation.
• Potential to increase orebody dimensions and extend existing resource with down dip investigation and additional farm areas currently under application.

Project Summary

The Denny Dalton Project is located approximately 70 km south south-west of the town of Vryheid in the north of the province of KwaZulu-Natal, Republic of South Africa. The project is centred on the Denny Dalton gold mine on the farm Tusschenby 411, for which gold was mined during the period 1894 to 1926.

As part of the Company's due diligence on the project. Mabex Consulting Geologists were engaged to report on the uranium and gold potential of the area in and on the old Denny Dalton Mine. The project area is approximately 4,000 hectares and includes the following farms: Tusschenby 411. Vlakhoek 548. Malta 514 and Welvergund 405.

The area has established potential for significant gold and uranium mineralisation and the nearsurface stratigraphy and mode of mineralisation appears to be well understood.

Previous Exploration

The current owner of the Project obtained significant historical data from previous owners and operators (Anglo American Corporation and Southern Sphere who were commissioned by the Atomic Energy Corporation in the 1970s) prior to commencing its own recent exploration activities.

Between 1976 and 1978 Southern Sphere drilled 241 bore holes in the Denny Dalton area with a total of 4,269 metres of diamond drilling and 8,501 metres of percussion drilling. 77 of the holes intersected mineralisation.

The drilling program was considered successful enough by Southern Sphere to justify engaging independent consultants to commission a mining study to test the cost of the project area to support a uranium mine producing 1,000 t of $U_3O_6$ annually over a ten year mine life. Due to the prevailing uranium price at the time, Southern Sphere decided not to proceed with commissioning the mine.

Further Exploration and Development

The Board of Acclaim views the Denny Dalton project as a medium-advanced stage exploration program. The consulting geologist's reported that the style of mineralisation that occurs at Denny Dalton is similar to that of the known Witwatersrand conglomerates, which host large tonnage medium to high grade deposits of gold and uranium. Further the area has established potential for significant gold and uranium mineralisation and the near surface stratigraphy and mode of mineralisation appears to be well understood, but warrants review and further exploration.

Upon acquiring the Project, the Company will move to complete further work to verify the historical data and increase the level of knowledge and confidence of the project area and to convert the resources to indicated and measured status. The work will include testing the limits of the orebody to the level of detail required for JORC indicated and measured resource categories by way of infill drilling on previous exploratory holes on the farms. perimeter drilling to establish orebody dimensions, hole logging, sampling and assaying. The Company will also move to appoint experienced project management at both operational and Board level to ensure the success of the Project.

Craig Willis Director