LEFROY EXPLORATION LIMITED — Director's Dealing 2003

Mar 16, 2003

+61-2-99307600

INSINGER BEAUFORT

₽

Insinger Fund Agministration (Luxembourg) S.A.

66 avenus Victor Hugo 3rd floor

to	Company Announcements Office	L-1750 Luxemmourg Tai. +352 229 444
сотрапу	: ASX
copy	Ron White - 00 61 2 9930 7117
	$\frac{1}{2}$ Alan Fraipont $-00$ 1 843 722 2284
faz number	00 61 2 9347 0005
fr om	Jasper Schmidt
AUDIACT	U.S. Masters Holdings Limited
our reterence	$\div$ USM/faxes/030314 asa
date	: 14 March 03	number of pages: 1

Dear Sirs.

FAX

Please find detailed below the following information as at 28" of February 2002:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$1,142,052.76
Number of securities on issue.	2.429.826
Net Tangipie Asset Backing.	US\$0.47

Please note the above figures are based on information available at this time and are subject to audit.

With kind regards. Insinger Fund Administration (Luxembourg) S.A.

Jesper Schmidt

Claude Mermans

The intermation contained in this facemule message is littermen only for the pes of the person or ontity to whom it is acidiaviant and ally contem totamoden mat is confidented and may policy of releged and exampt from disclosely video applicable raws. If you ess you message and are not the addresses you are notified that was. Gesemination, distribution of reproduction of this message ia provincen. It you have received this mussage in view, please minity as movemently and record the original mossage to be.

R.6 Linemanung No. 66304, VAT No. 63 1769-173

Fax +352 229 466 E-mail inforcem@insinger.com

Appendix 3Y Change of Director's Interest Notice

Rule 3, 19A 2

Appendix 3Y

Change of Director's Interest Notice

information or documents not antilable now must be given to ASX as soon as available lifermation and documents given to ANX become ASX's property and may be made public.

infromeral SONFSION

___	moment months U.S. Masters Holdings Ltd.
ia Br --			___

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

----- Name of Director	11. Randolph Updyke
Date of last action	$N$ 26/2002

Part 1 - Cheege of director's relevant interests in securities

In the case of a triest, this includes interests in the trust made available by the responsible entity of the trust

Note. In the case of a company, interests which cutto within paragraph (i) of the distribution of "hordinate interest of a shreeter" appear be deathned in this part.

Direct or indirect laternet	Direct
Nature of indirect interest (including registered holder) Now: Provide details of the circumstances going rise to the relevant BICKA.	W/A
Date of change	2/1/03
No. of socurities hold prior to change	1.184550
Class
Namber acquired	$rac{volume}{22.00}$
Nombor disposed
Volue/Consideration Nore. Il consideration is una cash, provide details and calimatal Feliciation	AS .46 / shave
No. of sucurities hold after change

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Change of Director's Interest Notice

Nature of change The contract of the state of the contract trade cannons of opmons, and the cannon of opmons, and of the contract of the contract of the contract of the contract of the participanon in buy-

on-market trade

Part 2 - Change of director's interests in contracts

Note in the case of a company, more as which cane we hat parapraph (ii) at the definition of "nonthible manual of a director" about
be gealered in this part.

Naturo of interest Mame of registered holder (if occurd socarities) Date of change No. and class of securities to which inform: ruluted prior to change Now: Details are only required for a contract in relation to which the interest has changed	Detail of contract
		$\mathcal{N}\rightarrow\mathcal{N}$
Interest acquired
Interest disposed
Value/Consideration Nimal II certorderation is non-cash, provide decasts and in capacity valuation.
Interest after change

• See chapter 19 for defined terms.

Appendix 5Y Page 2

11/3/2002