CONNECTED MINERALS LIMITED — Capital/Financing Update 2006

Jan 29, 2006

ACCLAIM EXPLORATION N.L.

ABN 99 009 076 233

30 January 2005

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

PLACEMENT

The Company is pleased to announce it has reached agreement for the placement of:

• (a) 69,113,654 Ordinary Fully Paid Shares at an issue price of \$0.022 per Share and 69,113,654 free attaching Options (\$0.05, 30 June 2008) to raise \$1,520,500 (the options subject to shareholder approval); and
• (b) 200,000,000 Options (\$0.05, 30 June 2008) at an issue price of \$0.002 per Option to raise \$400,000 (subject to shareholder approval).

The funds will be used to develop the Denny Dalton Project in South Africa. Please find attached an Appendix 3B.

Yours faithfully

Jecel.

ANDREW WALLER Director

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.

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).

$\mathbf{1}$ ⁺Class of $+$ securities issued or to be issued

Ordinary Fully Paid Shares Listed Options

• $\overline{2}$ Number of $+$ securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the $+$ securities $\overline{3}$ (eg, if options, exercise price and expiry date; if partly paid $+$ securities. the amount outstanding and due dates for payment; - if ⁺convertible securities, the conversion price and dates for conversion)

69,113,654 Ordinary Fully Paid Shares

269,113,654 listed Options (\$0.05, 30 June 2008) subject to shareholder approval

Shares - Ordinary Fully Paid

Listed Options $-$ (\$0.05, 30 June 2008)

4	Do the $+$ securities rank equally in all respects from the date of allotment with an existing + class of quoted + securities?	Yes - Ordinary Fully Paid Shares $Yes - listed$ Options (\$0.05, 30 June 2008)
	If the additional securities do not rank equally, please state: the date from which they do the extent to which they ۰ participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do ٠ not rank equally, other than in relation to the next dividend, distribution interest or payment
5.	Issue price or consideration	at \$0.022 per Share with June 2008) - subject to shareholder approval shareholder approval	69,113,654 Ordinary Fully Paid Shares issued 69,113,654 free attaching Options (\$0.05, 30 200,000,000 Options (\$0.05, 30 June 2008) issued at $$0.002$ per Option - subject to
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Africa.	To fund the Denny Dalton project is South
7	Dates of entering $+$ securities into uncertificated holdings or despatch of certificates	To be advised
8	Number and $\pm$ class of all $+$ securities quoted on ASX the securities (including in	Number 529,871,353	+ Class Fully Paid Ordinary Shares
	clause 2 if applicable)	40,000,000	Partly Paid Shares, 2 cents unpaid
		344,113,654*	Options (\$0.05, 30 June 2008)

* 269,113,654 Options subject to shareholder approval.

• $\overline{9}$ Number and ⁺class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)
• $10¹⁰$ Dividend policy (in the case of a $\boxed{-}$ trust, distribution policy) on the increased capital (interests)

Number	+ Class

Part 2 - Bonus issue or pro rata issue

11	security holder approval Is. required?
$12 \,$	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	*Record determine date to 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 he l sent new issue documents
	Note: Secarity holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing date for receipt оf acceptances or renunciations
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)
Date rights trading will end (if 29 applicable)
30 How do *security holders sell their entitlements in full through a broker?
How do *security holders sell part 31 of their entitlements through a broker and accept for the balance?
How do *security holders dispose 32 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)
(a)	Securities described in Part 1
(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

35	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
36	If the securities are equity securities, a distribution schedule of the additional *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	A copy of any trust deed for the additional "securities

Entities that have ticked box 34(b)

38	Number of securities for which - + quotation is sought
39	Class of $\pm$ securities for which $\vert$ . quotation is sought

40 Do the *securities rank equally in all $\overline{a}$ 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
• Reason for request for quotation 41 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)

Þ.
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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.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided 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.

$\sim$ $\alpha$

Sign here:

Andrew Waller Director

Date: 30 January 2006

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