CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

May 23, 2006

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

24 May 2006

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

Denny Dalton - Market Update

The company is pleased to announce that site works have commenced on the Denny Dalton mine site.

Caracle Creek International Consulting Group(CCIC) has attended several site visits and is preparing the area for the drill rig.

A site camp has been established with the consent from the South African landowners. This includes water supplies for the drilling rig and the contractors.

Agreements have been reached between Acclaim Exploration and the landowners to build a Core Storage facility. This will be constructed on site and will include an area to operate the core splitter. This area will also be a secured area housing the samples before being sent for analysis.

Surveyors and Engineers have spent the last week conducting site visits. These were for the purpose of verifying historical data with actual borehole collars and ensuring the area was safe for the contractors. The targeted areas are being prepared. The data gathered from these initial areas will form the basis for the initial drilling program.

A bulldozer has arrived on site and is preparing the surrounding area for the arrival of the drilling rig and the contractors. It is estimated that full site preparation will take between 7 to 10 days.

The company is also pleased with the response of the recent activity from the local tribes and communities to the work being conducted on site.

This update forms part of Acclaim Exploration's ongoing commitment to the progression of the Denny Dalton Uranium/Gold Project in the Republic of South Africa. The company will make further updates to the market as they become available

Yours faithfully

Neville J Bassett Secretary