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LEFROY EXPLORATION LIMITED Net Asset Value 2003

Jun 15, 2003

65225_rns_2003-06-15_e48c0222-dd33-49aa-a9e7-748191044e68.pdf

Net Asset Value

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COUDERT BROTHERS

SOLICITORS AND INTERNATIONAL ATTORNETS

LEVEL 8 GATEWAY I MACQUARIE 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 BANGAOK, BELJING, HONG KONG, JANARTA SINGAPORE SYDNEY TOKYO

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

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

ASSOCIATED OFFICES BUDAPEST, MEXICO CITY, PRAGUE, SHANGHAI

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

If 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 Soricitors Scheme under the Professional Standards Act 1994 (NSW).

TO Australian Securities and Investments Commission

By fax: 1900 999 279

FROM Randall Ingber

DATE 16 June 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

$\not\approx$ 1h-سيسب

Randall Ingber Direct Isne (61-2) 9930-7667 randall [email protected] Email

Parmer Maπer

Ron White 05909820005

Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo 3rd floor

L-1750 Luxembourg
: Company Announcements Office Tel. +352 229 444
COMPANY : ASX
COPY : Ron White - 00 61 2 9930 7117
: Alan Fraipont - 00 1 843 722 2284
FAX NUMBER : 0061 2 9347 0005
FROM : Sandrine Pirotte
SUBJECT : U.S Masters Holdings Limited
OUR REFERENCE $:$ USM/faxes/030612 asa
DATE $: 12$ June 2003 NUMBER OF PAGES: 1

Dear Sirs.

FAX

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

Net Tangible Asset Backing

Net assets (after deduction of liabilities) US\$ 1,148,337.04 Number of securities on issue 2,429,826 Net Tangible Asset Backing US\$ 0.4726

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.

Mariusa Baránowski

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