CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

Mar 26, 2006

27 March 2006

The Listing Manager Australian Stock Exchange Ltd 2 The Esplanade Perth WA 6000

Dear Sir/Madam,

Completion of purchase of Hinckley Range Pty Ltd and Austral Nickel Pty Ltd (Central Musgrave project) from Acclaim Exploration Limited

The Directors of Metals Exploration Limited advise that they have completed the purchase of all of Acclaim Exploration NL ("Acclaim") interests and rights in the Wingellina and Claude Hills exploration projects (Central Musgrave Project) through the acquisition of Acclaim's subsidiary companies of Hinckley Range Pty Ltd and Austral Nickel Pty Ltd. The transaction was completed with the allocation of 4.5 million Metals Exploration Limited shares to Acclaim.

Yours faithfully Metals Exploration Limited

Warren Hallam Managing Director