CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

Jul 6, 2006

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

7July 2006

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

Denny Dalton - Royalty Acquisition

The company is pleased to announce that it has negotiated with the previous Denny Dalton vendors to acquire the ongoing gold royalty payment.

Under the terms of the original agreement the company agreed to a royalty on all gold derived from ore mined on or within the projects including any gold which is sold or as a concentrate or dore.

The company has negotiated to secure the future of any possible ongoing commitments by way of a one off payment. This payment has been effectively funded by saving's made in the original drilling contract. The new drilling contract was negotiated between Acclaim, Caracle Creek International Consulting Group (CCIC) and the drilling contractor. Documents have been signed and payments made for full settlement of the transaction.

Acclaim believes that by controlling 100% of the asset it strategically improves and strenathens its position for future negotiations.

The current drilling program underway is progressing well and the company will release to the market the results of core samples in due course.

Yours faithfully

Neville J Bassett Secretary