CONNECTED MINERALS LIMITED — Interim / Quarterly Report 2006

Jan 30, 2007

$Rule 5.3$

Appendix 5B Mining Exploration Entity Quarterly Report

Name of Entity

ACCLAIM EXPLORATION NL

ACN or ARBN

99 009 076 233

Quarter Ended ("Current Quarter") 31 December 2006

Consolidated Statement of Cash Flows

	Cash Flows Related to Operating Activities	Current Quarter \$A'000	Year to Date $(6$ months) \$A'000
1.1 1.2	Receipts from product sales and related debtors (a) exploration and evaluation Payments for (b) development	(161)	(353)
	(c) production (d) administration	(333)	(680)
1.3 1.4	Dividends received Interest and other items of a similar nature received	24	49
1.5	Interest and other costs of finance paid
1.6 1.7	Income taxes paid
	Other (provide details if material)
	Net Operating Cash Flows	(470)	(984)
1.8	Cash Flows Related to Investing Activities Payment for purchases of: (a)prospects		(100)
	(b) equity investments (c) other fixed assets		(4)
1.9	Proceeds from sale of: (a)prospects (b) equity investments
1.10	(c) other fixed assets Loans to other entities
1.11 1.12	Loans repaid by other entities Other - Trust funds	33	40
	Net Investing Cash Flows	33	(64)
1.13	Total operating and investing cash flows (carried forward)	(437)	(1.048)

1.13	Total operating and investing cash flows (brought forward)	(437)	(1,048)
1.14 1.15 1.16 1.17	Cash Flows Related to Financing Activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings	2,177	2,177
1.18 1.19	Dividends paid Other (provide details if material)
	Net Financing Cash Flows	2,177	2,177
1.20 1.21	Net Increase (Decrease) in Cash Held Cash at beginning of quarter/year to date Exchange rate adjustments to 19	1,740 1,604	1,129 2,215
1.22	Cash at End of Quarter	3,344	3,344

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

• Aggregate amount of payments to the parties included in item 1.2 1.23
• 1.24 Aggregate amount of loans to the parties included in item 1.10
• 1.25 Explanation necessary for an understanding of the transactions

Non-Cash Financing and Investing Activities

• $2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• $2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Current quarter
\$A'000
65

Financing Facilities Available
Add notes as necessary for an understanding of the position.

		Amount Available \$Α	Amount Used \$A
3.1	Loan facilities	NIL
3.2	Credit standby arrangements	NIL

Estimated Cash Outflows for Next Quarter

		\$Α
4.1	Exploration and evaluation	400
4.2	Development	$\overline{\phantom{a}}$
	Total	400

Reconciliation of Cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current Quarter \$A	Previous Quarter \$Α
5.1	Cash on hand and at bank	3,344	1,604
5.2	Deposits at call
5.3	Bank overdraft
-5.4	Other (provide details)
	Total: Cash at End of Quarter (item 1.22)	3,344	1.604

Changes in Interests in Mining Tenements

		Tenement Reference	Nature Οf Interest	Interest at Beginning of Quarter	Interest at End of Quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	Nil
Interests in mining 6.2 tenements acquired or increased	Nil

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Number Issued	Number Quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference $+$ securities
7.2	Changes during quarter
7.3	+ Ordinary Securities	604,871,353 40,000,000	604,871,353 40,000,000	10	8
7.4	Changes during quarter Increases through (a) issues Decreases through (b) returns of capital. buy-backs	75,000,000	75,000,000	3	3
7.5	+ Convertible Debt Securities
7.6	Changes during quarter
7.7	Options (description)	344,113,654	344,113,654	Exercise Price 5	Expiry Date 30/06/2008
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures
7.12	Unsecured Notes

Compliance Statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
• This statement does give a true and fair view of the matters disclosed. $\overline{2}$

Sign here: N J Bassett Company Secretary Date 31 January 2007

Print name: Neville John Bassett

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