LEFROY EXPLORATION LIMITED — Major Shareholding Notification 2011

Dec 22, 2011

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

U.S. Masters Holdings Ltd To Company Name/Scheme 052 123 920 ACN/ARBN

1. Details of substantial holder (1)

Name Gordon Thomas Galt ACN/ARSN (if applicable)

There was a change in the interests of the 22/12/11 substantial holder on 20/12/10 The previous notice was given to the company on 13/1/11 The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
	859,821	10.13%	1,353,154	7.5%
Ordinary

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of	Person whose relevant	Nature of	Consideration	Class and	Person’s votes
change	interest changed	change (6)	given in relation	number of	affected
			to change (7)	securities affected
22/12/11	Veromas Pty Ltd	Entitlement Issue	30,000	200,000	200,000
				Ordinary
22/12/11	Gordon Thomas Galt	Issue	In lieu of Directors Fees	293,333	293,333
				Ordinary

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person’s votes
Gordon ThomasGalt ATF GaltSuperannuationFund	Gordon Thomas GaltATF GaltSuperannuation Fund	Gordon Thomas GaltATF GaltSuperannuation Fund	INDIRECT	859821	859821
Veromas PtyLtd	HSBC CustodyNominees AustraliaLtd	Veromas Pty Ltd	INDIRECT	200,000	200,000
GordonThomas Galt	Gordon Thomas Galt	Gordon Thomas Galt	DIRECT	293,333	293,333

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Gordon Thomas Galt	50 Bradley’s Head Road,Mosman,NSW 2088

Signature

print name Gordon Galt Director

sign here

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Form 604