LEFROY EXPLORATION LIMITED — Net Asset Value 2003

Nov 16, 2003

Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo 3rd floor

TO.	: Company Announcements Office	L-1750 Luxembourg Tel. +352 229 444
COMPANY	: ASX
COPY	$:$ Ron White $-0061299307117$
	: Alan Fraipont - 00 1 843 722 2284
FROM	: Sandrine Pirotte
SUBJECT	: U S Masters Holdings Limited
OUR REFERENCE	: USM/faxes/031114-1
DATE	: 14 November 2003	NUMBER OF PAGES: 1

Dear Sirs,

FAX

Please find detailed below the following information as at 31st October 2003:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)	US\$ 1,106,128.49
Number of securities on issue	2,429,826
Net Tangible Asset Backing	US\$ 0.4552

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.

Sandrine Pirotte

$Clab$

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