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LEFROY EXPLORATION LIMITED Net Asset Value 2005

Nov 13, 2005

65225_rns_2005-11-13_9fec87d2-d950-450a-8092-1e7d67c6bcd8.pdf

Net Asset Value

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EQUITY TRUST

Equity Trust Fund Services (Luxembourg) S.A. 46A, Avenue J.F. Kennedy L-1855 Luxembourg

Tel +352 229 444 Fax +352 229 466 Email [email protected]

FAX

: Company Announcements Office
COMPANY : ASX
COPY : Ron White - email
: Alan Fraipont - email
FROM
SUBJECT : U S Masters Holdings Limited
OUR REFERENCE ÷
DATE $: 11$ November 2005 NUMBER OF PAGES: 1

Dear Sirs,

Please find detailed below the following information as at 31 October 2005:

Net Tangible Asset Backing

Net assets (after deduction of liabilities) US\$ 992,387.56
Number of securities on issue 2,429,826
Net Tangible Asset Backing US\$ 0.4084

Please note the above figures are based on information available at this time and are subject to audit.

With kind regards, Equity Trust Fund Services (Luxembourg) S.A.

Claude Mermans

べここび

Ronan Brady

The information contained in this facsimile message is intended only for the use of the person or entity 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 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.

R.C. Luxembourg No. 66384 VAT No. LU 17694715

Fax +352 229 466 E-mail [email protected]
R.C. Luxembourg No 66384
VAI No. LU 17694715