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LEFROY EXPLORATION LIMITED Net Asset Value 2003

Jul 13, 2003

65225_rns_2003-07-13_230f3bb0-9d88-45f7-b8d2-49b9dbc85ac6.pdf

Net Asset Value

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COUDERT BROTHERS

SOLICITORS AND INTERNATIONAL ATTORNEYS

LEVEL 8, GATEWAY I MACOUARIE PLACE SYDNEY NSW 2000 AUSTRALIA GPO BOX 1629 SYDNEY NSW 2001 AUSTRALIA TEL. (61-2) 9930-7500 FAX. (61-2) 9930-7600 DX 119 SYDNEY URL http://www.coudert.com

ASIA/PACIFIC ALMATY BANGKOK, BELING, HONG KONG, SHANGHAI, SINGAPORE, SYDNEY, TOKYO

EUROPE ANTWERP BERLIN BRUSSELS FRANKFURT. GHENT LONDON, MILAN, MOSCOW, MUNICH PARIS, ROME, STOCKHOLM, ST. PETERSBURG

NORTH AMERICA LDS ANGELES NEW YORK, PALO ALTO SAN FRANCISCO, WASHINGTON

ASSOCIATED OFFICES BUDAPEST, JAKARTA, MEXICO CITY, PRAGUE

THIS FACSIMILE TRANSMISSION IS INTENDED ONLY FOR THE USE OF THE ADDRESSEE AND MAY CONTAIN CONFIDENTIAL OR LEGALLY PRIVILEGED INFORMATION

It you are not the intended recipient, you are hereby notified that any use or dissemination of this communication is strictly prohibited. If you received this transmission in error, please notify us immediately by telephone so that we can arrange for the return of the documents to us at no cost to you

Liability is limited by the Solicitors Scheme under the Professional Standards Act 1994 (NSW).

Australian Securities and Investments Commission TO

By fax: 1900 999 279

FROM Randall Ingber

DATE 14 July 2003

NO OF PAGES 2 (incl. this page)

US Masters Holdings Limited ARBN 052 123 930

Our client, US Masters Holdings Limited, requests that we fax through the attached filing.

Thank you for your assistance.

Regards

$\nabla$

Randall Ingber Direct line (61-2) 9930-7667 Direct tax (61-2) 9930-7177 Email [email protected]

Partner Matter

Ron White 0590982.0005

Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo ard floor 1-1750 Luxembourg Tel. +352 229 444

NUMBER OF PAGES: 1

то : Company Announcements Office
COMPANY : ASX
COPY $Ron White - 0061299307117$
- Alan Fraipont - 00 1 843 722 2284
FAX NUMBER : 0061293470005
FROM : Sandrine Pirotte
SUBJECT : U.S Masters Holdings Limited
OUR REFERENCE : USM/faxes/030711 asa

Dear Sirs.

DATE

FAX

Please find detailed below the following information as at 30th of June 2003.

Net Tangible Asset Backing

Net assets (after deduction of liabilities)

$\pm 11$ july 2003

Number of securities on issue

Net Tangible Asset Backing

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.

drine Pirotte

Marius 26 áranowski

US\$ 1,142,868.26

US\$ 0.4703

2,429,826

The information contained in this facsimile massage is intended only for the use of the person or untity to whom it is addressed and may contain information that is confidential and may be legally privileged and exempt from disclosure under applicable laws. If you read this message and are not the addresses you are notified that use, dissemination, distribution of reproduction of this message to prohibited. It you have received this message in error, please notify us immediately and return the original message to us.