CONNECTED MINERALS LIMITED — Capital/Financing Update 2013

Oct 20, 2013

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Leopard Resources NL

21[st] October 2013

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

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Le opard Resources NL
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69% Increase in Inferred Gold Resource

Leopard Resources NL is a publicly listed mineral exploration company based in Perth, Western Australia.

The Board of Leopard Resources N.L. (ASX: LRR, “the Company”) is pleased to advise that further to its ASX release on the 8[th] October 2013, the “JORC” code compliant inferred mineral resource has been significantly increased following completion of the recent 24 hole drill program at its 100% owned Mission and Cables Prospects at Exploration Licence E37/747.

COMPANY INFORMATION

Leopard Resources NL PO Box 8 West Perth Western Australia 6872 T: +61(0)8 9381 2517 F: +61 (0)8 9381 5853 ABN 99 009 076 233

www.leopardresources.com.au

CORPORATE DIRECTORY

S OLICITORS Steinepreis Paganin 16 Milligan Street Perth, WA 6000

The Company can confirm a “JORC” Code compliant Inferred Mineral Resource estimate at Mission and Cables Prospects of 1.50 Million tonnes at an average grade of 3.8 g/t Au (185,453 oz) which includes significant drill intersections of both primary and supergene gold mineralisation and is based on a steeply dipping narrow high grade vein geological model.

The combined drilling since 2008 to date (11,896 metres) has identified 400m strike length, that contains supergene and primary gold mineralisation at the Missions prospect and the zone remains open at depth ( 180 metres ) and along strike up to 1.5kms . The drilling at Cables prospect has defined a significant north-west trending base-of-weathering supergene and primary gold anomaly extending over 1000m of strike .

The Company’s geological consultants estimated the Inferred Resources for the Cables deposit at approximately 1.2 million tonnes at 5.4 g/t Au, (208,360 oz) using uncut grades. The grade distribution of the sampling data is log normal, typical of this style of gold mineralisation, with significant high grade outliers that have a significant influence on the resource grade estimate. The Company has in accordance with accepted practices cut the higher grades at mean plus 2 standard deviations which approximates to 30g/t Au, reducing the average grade to 4.2 g/t Au.

Significant High Grade Intersections

• PHW01 with 12.0m @ 6.02g/t Au from 62m

AUDITORS

HLB Mann Judd Level 4, 130 Stirling Street Perth, WA 6000

SHARE REGISTRY Computershare Investor Services 45 St Georges Terrace Perth, WA 6000

ASX Code: LRR

• PHE04 with 3.0m @ 3.21g/t Au from 62m as 1m splits

• PHW02 with 12.0m @ 1.91g/t Au from 72m

• PHWT03 with 4m @ 12.8 from 140m

• ADRC027 4.0m @ 41.96 g/t Au from 78m (incl 1.0m @ 107.50 g/t Au) as previously reported

• PHE 008 with 6.0m @ 13.9 g/t Au from 90m (including 1m @ 72.5g/t Au from 90m)

• PHW01 with 7.0m @ 32.97g/t Au from 65m (incl 1m at 210.0g/t Au from 66m)

• PHW02 with 2.0m @ 2.19g/t Au from 52m

• and PHW02 with 3.0m @ 2.60g/t Au from 75m

• and PHW02 with 4.0m @ 2.24g/t Au from 80m

• PHWT03 with 2m @ 19.99g/t Au from 140m (incl 1m at 38.30g/t Au from 140m)

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The Mission-Cables Project is located approximately 7km north of the Gold Fields Limited newly acquired Darlot - Centenary Gold Mine (3Moz). The company anticipates the commencement of Stage 2 of the infill and reconnaissance drilling program following approval of a Programme of Work application (“POW”), to further upgrade and extend the currently defined Inferred Mineral Resource.

The Stage 2 drilling program of up to 3,000 metres has been designed to assist reclassification of and potentially increase the exploration target. The Company has estimated an overall exploration target of 3.0 - 4.0Mt at a grade of 2.5 - 3.0 g/t Au, for 190,000 - 380,000 oz Au.

This target estimate is based on the results of previous and current drilling combined with structural and lithological data and the geometry of the known mineralisation. The potential quantity and grade is conceptual in nature, as there has been insufficient exploration to date to define a Mineral Resource in excess of that currently announced.

Drilling at Mission & Cables

The current RC drilling at the Cables Prospect defined at least two narrow, northwesttrending, sub-vertical mineralised structures over 400m of strike, bounding a 100-200m wide zone of alteration and shearing within dolerite. Mineralisation is associated with quartz veining and/or sericite-chlorite+/-carbonate-pyrite alteration. Late northeasttrending faults dextrally offset the mineralised structures. Additionally the RC drilling at the Mission Prospect defined two narrow, north- to northwest-trending, sub-vertical mineralised structures over 380m of strike. The parallel structures bound a major 30m wide shear zone within dolerite. Mineralisation is associated with quartz veining and/or sericite-chlorite+/-carbonate-pyrite alteration.

Finally the company wishes to advise the appointment of Mr Doug Spinley as a non Executive Director with immediate effect.

Yours faithfully,

C Willis Director

ASX Code: LRR

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APPENDIX – RESOURCE ESTIMATION SUMMARY

Resource Estimation - Methodology.

A copy of the drill hole data files supplied by Leopard were reviewed with some adjustments to elevations made. Using the updated drilling data, a series of E-W sections, along drillhole profiles were constructed. The 0.1g/t Au outlines were digitised and subsequent sectional polygons constructed and assay values within them were captured into a separate drill hole data base.

An empty block model for each deposit was made and the assay data imported into each block model using MineMap software. The cell sizes used in both models were 10m (N-S) x 3m (E-W) x 10m (vertical). Grades were assigned to blocks from these sections using two sets of ellipsoids.

Two separate search ellipsoids were used for both deposits and two different inverse distance algorithms. The first ellipsoid was set at 50 metres in the X direction (E-W), 175 metres in the Y direction (N-S) and 20 metres in the Z direction (Vertical) with a -75 degree dip orientation to the west for Mission and -75 degree dip orientation to the east for Cables with an inverse distance algorithm to the power 2.5.

The second ellipsoid was set at 15 metres in the X direction, 30 metres in the Y direction and 12 metres in the Z direction with the same -75 degree dip orientation for Mission and Cables with an inverse distance squared algorithm. A nominal bulk density 2.5 tonnes per m³ was used.

Assigning grades to blocks in a model on a section by section basis using inverse distance algorithms is certainly not the most “sophisticated” method available for resource estimation but it does have the advantage of simplicity and speed. The resulting resource volume is likely to be somewhat larger than that which would be obtained by wire-framing.

However, given the gaps in the drill hole data available and the task at hand, the sectional method was considered the most appropriate for resource estimation. No upper-cut was applied to the data written out from within the polygons and used in the models. The use of an upper-cut will need to be reviewed statistically in any further modelling work. Following the assignment of grade to blocks in the model its surface was “mined off” to reflect the topography. The topography was generated by triangulating and contouring the drill hole collars elevations. Global Inferred Mineralisation Resource estimates from initial modelling are tabulated below.

Area	Resource Type	Cut Off Grade g/t Au	Tonnes	Average Grade g/t Au	Theoretical Ounces
Mission	Inferred	0.6g/t Au	250,000	2.0	16,000
Cables	Inferred	0.6g/t Au	1,254,900	4.2	169,453

Table 1:- Block Model Inferred Resource Estimates

The information in this release which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the principal of Al Maynard & Associates Pty Ltd and has over 30 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Maynard consents to inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX Code: LRR

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Appendix 1

	Cables and Mission RC Holes July 2013
	Cables				Depth
No	Hole ID	**Easting **	Northing	RL	m	Azi	Dip
1	PHWT03	328220	6923055	425	174	270	-60
2	PHW01	328274	6923027	425	180	270	-50
3	PHW02	328221	6923027	425	210	270	-50
4	PHW03	328173	6923027	425	167	270	-50
5	PHW08	328274	6922951	425	180	270	-50
6	PHW13	328249	6923083	425	177	270	-50
7	PHW14	328199	6923082	425	170	270	-50
8	PHW15	328150	6923083	425	140	270	-50
9	PHW43	328350	6922830	425	150	270	-50
10	PHW44	328300	6922832	425	160	270	-50
	Sub Total				1708
	Mission
11	PMTH02	329150	6923500	425	120	90	-50
12	PHE01	329127	6923632	425	150	90	-50
13	PHE02	329150	6923631	425	110	90	-50
14	PHE04	329150	6923401	425	170	90	-50
15	PHE08	329110	6923660	425	180	90	-60
16	PHE11	329100	6923525	425	160	90	-50
17	PHE12	329150	6923525	425	160	90	-50
	Sub Total				1050
	SE Mission
18	PHSW1	329100	6922450	425	180	90	-50
19	PHSW2	329140	6922450	425	140	90	-50
20	PHSW3	329190	6922450	425	160	90	-50
21	PHSW4	329260	6922450	425	180	90	-50
22	PHSW5	329420	6922450	425	165	270	-50
23	PHSW6	329610	6922650	425	160	270	-50
24	PHSW7	329635	6922650	425	160	270	-50
	Sub Total				1145
	Total				3903

ASX Code: LRR