LEFROY EXPLORATION LIMITED — Net Asset Value 2004

Apr 13, 2004

US\$ 1.060.984.67

US\$ 0.4367

2,429,826

Insinger Fund Administration (Luxembourg) S.A.

66 avenue Victor Hugo 3rd floor

to	: Company Announcements Office	L-1730 Luxembourg Ter. +352 229 444
company	: ASX
CODV	: Ron White - email
	: Alan Fraipont - email
from	Stephanie Bertrand
subject	$\therefore$ U.S. Masters Holdings Limited
our reference	$\therefore$ USM/faxes/040414-1
date	$: 14$ April 2004	number of pages: 1

Dear Sirs,

Please find detailed below the following information as at 31 March 2004:

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.

Stephanie Bertrand

Claude Mermans

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