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LEFROY EXPLORATION LIMITED Net Asset Value 2003

Apr 14, 2003

65225_rns_2003-04-14_de03a891-a236-4c6d-b39a-bfb4cfca8d3a.pdf

Net Asset Value

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Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo ard floor L-1750 Luxembourg

.
Tel. +352 229 444
ΤO : Company Announcements Office
COMPANY : ASX
COPY : Ron White - 00 61 2 9930 7117
: Alan Fraipont - 00 1 843 722 2284
FAX NUMBER : 0061293470005
FROM : Jesper Schmidt
SUBJECT : U.S. Masters Holdings Limited
OUR REFERENCE $\pm$ USM/faxes/030414 asa
DATE $\pm$ 14 April 03 NUMBER OF PAGES : 1

Dear Sirs,

FAX

Please find detailed below the following information as at 31th of March 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.

Clau lans

US\$ 1,152,338.94

US\$ 0.4742

2,429,826

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