LEFROY EXPLORATION LIMITED — Director's Dealing 2007

Mar 19, 2007

FAX NO. : 18437222284

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

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 80/0/2001.

			Name of entity US MASTERS HOLDINGS LTD
ABA ARBN: OSZ 123 930 100 A I ARRII AL 1 ANII MANAHAMA		.		---------------------------------------

We (the entity) give ASX the following information under listing rule 3.19A.2 and an agent for ic parpostrofoncion 1860 of the Geroanical I Transference for m.

Name of Director	PARAM BARAN MENARUSA ANG PANGHINA ANG ANG PANGHINA ANG PANGhina ang pangyayang pangyayang pangyayang pangyayan RANDOLPH UPDYKE
Date of last natice .

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

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

Notes in the case of a company, issurexe which come within paragraph (i) of the definition of "nonfinite interest of a director" should
be disclosed in this part.

Direct or indirect interest	$D$ records
Nature of indirect interest (metuding registered holder) Non: Fravide details of the circumstances giving rim to the relevant intern.
Datu of change	March 14, 2007
No. of securities held prior to change	,317,250
Class	ordinary
Number acquired	3000
Number disposed
Value/Consideration Note: If consideration is non-each, provide decally and entimated voluncian	$P_{1.050,00}$
No. of securities held after change	1,320,250

• See chapter 19 for defined recms.

11/3/2002

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Appendix 3Y Page 1

FAX NO. : 18437222284

Appendix 3Y Change of Director's Interest Notice

Nature of change

Example: on-market trade, off-market trade, exceptive of options, issue

on-market trade

Part 2 - Change of director's interests in contracts

Nom is the case of a company, interest which come within paragraph (ii) of the definition of "notifiable interest of a director" should

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to which interest related prior - to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired	الميتين
Interest disposed
Value/Consideration Nome if consideration is non-cash, provide demile and an estimated valuation.
interest after change

ï

• See chapter 19 for defined teims.

Appendix 3Y Page 2

11/3/2002