LEFROY EXPLORATION LIMITED — Net Asset Value 2003

May 15, 2003

		INSINGER &BEAUFORT
		Insinger Fund Administration (Luxembourg) S.A.
FAX		66 avenue Victor Hugo 3rd floor L-1750 Luzembourg
T٥	: 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	00 61 2 9347 0005
FROM	: Jesper Schmidt
SUBJECT	: U.S Masters Holdings Limited
OUR REFERENCE	: USM/faxes/030514 asa
DATE	14 May 03 ÷.	NUMBER OF PAGES: 1

Dear Sirs,

Please find detailed below the following information as at 30^th of April 2003:

Net Tangible Asset Backing

Net assets (after deduction of liabilities)

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.

Mariyaz Ba lowski

US\$ 1,154,455.04 /

US\$ 0.4751

2,429,826

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