CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

Aug 30, 2006

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

31 August 2006

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

Denny Dalton Project- Market Update

Acclaim Exploration ("Acclaim") is pleased to announce that the first 20 diamond drill holes on the Denny Dalton exploration project have now been completed. The company had initially anticipated the drilling would run until the end of September.

Acclaim and it's geological consultants, Caracle Creek International Consulting Group ("CCIC"), are pleased with the progress of the drilling and the quality of the core recovered. Samples of the core are currently being assayed by SGS Lakefield with cross checks to be conducted by Setpoint Laboratories to verify results for Quality Assurance and Quality Control. Upon receipt of the final cross checked results. CCIC will prepare a report for Acclaim to be released to the market.

The next phase of the exploration programme by CCIC will be full geological modeling of the area utilising the historical data combined with the new drilling data to create a basis for future resource calculations.

Work by company consultants is continuing on the conversion of the "old order" prospecting permits to "new order" prospecting rights. Meetings with the South African Department of Minerals and Energy have taken place to ensure a smooth conversions process.

The Denny Dalton Project is situated at the southern most end of a major Precambrian basin in which deep erosion has stripped away the cover rocks and exposed the units of the Pongola Super Group. This Pongola basin is compatible in size with the Witwatersrand but about 300 million years older. The Pongola rocks are estimated to be 3.1–2.9 billion years compared with the Witwatersrand which spans 2.75 - 2.5 billion years. Mineralisation at Denny Dalton occurs as shoots of gold and uranium concentrations within conglomerate beds at the base of the Mozaan Group. These conglomeritic beds outcrop over a strike area of approximately 4km with the Mozaan Contact Reef (MCR) the principal economic horizon lying unconformably on the Insuzi Lava Formation. Previous stratigraphy above the MCR, have shown to have economic potential both for gold and uranium.

Yours faithfully

Neville J Bassett Secretary