CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

Oct 24, 2006

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

25^th October 2006

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

Placement

The Directors of Acclaim Exploration are pleased to announce it has reached agreement for the placement of 75,000,000 Fully Paid Ordinary Shares at an issue price of \$0.03 per share and, subject to shareholder approval, 75,000,000 free attaching Options (Exercisable @ \$0.05 on or before 30 June 2008) to raise \$2,250,000.

The funds raised will be used for the ongoing development of the Denny Dalton Uranium & Gold Project in Kwazulu Natal, South Africa and will be arranged by private equity firm Aegis Partners Limited, who continue to support the company's endeavours.

Following the recent encouraging drill results from the first phase drilling programme at farm Tusschenby 411, the directors have decided to accelerate the proposed drilling programme in the Denny Dalton Project Area. The aim is to upgrade the current Inferred Resource of 31.5 million tonnes of 0.35kg/t $U_3O_8$ and 2.5g/t Au to a Measured Resource to allow the completion of a mining pre-feasibility. A second diamond drilling rig has now been sourced to commence operations immediately following the scheduled start up of the first rig on 6^th November. In attempt to further accelerate the exploration programme, the decision has been made to conduct infill drilling using a RC percussion drill rig

Please find attached an Appendix 3B.

Yours faithfully

Andrew Waller Director

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

ACCLAIM EXPLORATION NL

ABN

99 009 076 233

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

	+ Class of + securities issued or to be issued	Ordinary Fully Paid Shares Listed Options
2.	Number of + securities issued or to be issued (if known) or maximum number which may be issued	75,000,000 Ordinary Fully Paid Shares 75,000,000 listed Options (5 cents, 30 June 2008), subject to shareholder approval
3	Principal terms of the *securities (eg, if options, exercise price and	Shares - Ordinary Fully Paid
	expiry date; if partly paid securities, the amount outstanding and due dates for payment; if convertible securities, the. conversion price and dates for	Options – 5 cents, 30 June 2008

$+$ See chapter 19 for defined terms.

conversion)

4	Do the securities rank equally in all respects from the date of allotment with an existing class of quoted	Yes - Ordinary Fully Paid Shares
			Yes - Listed Options (5 cents, 30 June 2008)
	*securities?
	If the additional securities do not
	rank equally, please state:
	the date from which they do
	which the extent to they ۰
	participate for the next dividend,
	case οf fin the trust. a.
	distribution) or interest payment
	the extent to which they do not
	rank equally, other than in relation to the next dividend,
	distribution or interest payment
5	Issue price or consideration	3 cents per share
6	Purpose of the issue		To progress the Denny Dalton Uranium/Gold
	(If issued as consideration for the	Project in South Africa.
	acquisition of assets, clearly identify
	those assets)
7	Dates of entering *securities into	To be advised
	uncertificated holdings or despatch of certificates
		Number	*Class
8	*class Number and οf all	604,871,353	Ordinary Fully Paid Shares
	*securities quoted on ASX.
	(including the securities in clause	40,000,000	Partly Paid Shares, 2 cents
	2 if applicable)		unpaid
		419,113,654
			2008)
			Options (5cents, 30 June

⁺ See chapter 19 for defined terms.

$\overline{9}$ Number and ⁺class of all ⁺securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	$+C$ lass

$10$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

$\overline{\phantom{a}}$

Part 2 - Bonus issue or pro rata issue

11	holder security approval Is required?
$12^{\circ}$	Is the issue renounceable or non- renounceable?
13	Ratio in which the *securities will be offered
14	+ Class of + securities to which the offer relates
15	determine + Record date 10 1 entitlements
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has *security holders who will not be sent new issue documents
	Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	οf Closing date for receipt acceptances or renunciations

$+$ See chapter 19 for defined terms.

Appendix 3B New issue announcement

20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders
25.	If the issue is contingent on *security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)
30	How do *security holders sell their entitlements in full through a broker?
31	How do *security holders sell part of their entitlements through a broker and accept for the balance?

⁺ See chapter 19 for defined terms.

32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 ⁺Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• Securities described in Part 1 $(a)$ ⊠
• $(b)$ All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

Option details to be provided

• If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities, and the number and percentage of additional "securities held by those holders
• If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5.001 - 10.000$ $10.001 - 100.000$ 100,001 and over

37

35

A copy of any trust deed for the additional *securities

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

38 Number of securities for which ⁺quotation is sought

$\overline{a}$

• 39 Class of ⁺securities for which quotation is sought
• 40 Do the *securities rank equally in all respects from the date of allotment with an existing "class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend. (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

	Number	*Class
ı.

$+$ See chapter 19 for defined terms.

Ouotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before *quotation of the 'securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

N J Bassett (Company secretary)

Date: 25 October 2006

Print name: Neville Bassett

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⁺ See chapter 19 for defined terms.