LEFROY EXPLORATION LIMITED — Capital/Financing Update 2011

Nov 20, 2011

21 November 2011

ASX RELEASE ASX Code: USH

NON-RENOUNCEABLE ENTITLEMENT OFFER OF SHARES 1 for 1 pro-rata Entitlement Offer

The directors of U.S. Masters Holdings Limited (the “Company”) are pleased to announce a 1 for 1 non-renounceable entitlement offer (the “Entitlement Offer”) at A$0.15 per share to raise A$1.2 million before costs. The Entitlement Offer will be made to security holders with registered addresses in Australia and New Zealand. The Directors reserve the right and intend to issue any shortfall at their discretion at the issue price of $0.15 within 2 months of the close of this Offer. The Company’s directors advise that in total they intend to take up a substantial proportion of their entitlements to the Entitlement Offer.

The Company’s shares will commence to trade ex-rights on Wednesday 23 November 2011 and the record date will be Tuesday 29 November 2011. The Entitlement Offer opens on Thursday 1 December 2011 and acceptances will close at 5 pm (AEDT) on 15 December 2011. The Entitlement Offer will be dispatched to shareholders on or about 1 December 2011.

The company intends to use the funds raised from the Entitlement Offer to continue the investment strategy of the company and to pay the administration costs of running the company.

U.S. Masters Holdings Limited ARBN 052 123 930 Phone +612 8314 5580 Fax +612 8314 5555 Email info@ushmasters.com

Australian Registered Office: Suite 2 Level 40 88 Phillip Street Sydney NSW 2000 Australia Head Office: Palm Grove House Roadtown Tortola British Virgin Islands

www ushmasters com

Indicative Timetable*

Event	Date
AnnouncementDate	Priorto10 am Monday21 November 2011
Appendix3BtoASX	Priorto10 am Monday21 November 2011
Section 708AA(2)(f) CleansingNotice toASX	Monday21 November 2011
Notice to Shareholders	Monday21 November 2011
“Ex”date	Wednesday23November 2011
RecordDate	Tuesday29November 2011
Entitlement OfferOpens	Thursday1 December 2011
Company completes despatch	Thursday 1 December 2011
of Entitlement Offerto Shareholders
ClosingDate	5pmon Thursday15December 2011
Securities quoted ona deferred settlement basis	Friday16December 2011
Shortfall Notification Date	Monday19December 2011
Despatch Date &Deferred settlement ends	Thursday22 December 2011
Company completes allotment and issue of Offer	Thursday 22 December 2011
Securities
Amended Appendix 3B, Issued capital and Top 20	Thursday 22 December 2011
toASX
Directors Appendix 3Ys & Substantial Shareholder	Thursday 22 December 2011
Notices toASX

• Subject to change at the discretion of the Company, consistent with the ASX Listing Rules

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