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LEFROY EXPLORATION LIMITED Net Asset Value 2011

May 12, 2011

65225_rns_2011-05-12_12549f0b-3881-4bbb-a5ee-e1628f1e24c3.pdf

Net Asset Value

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TO : Company Announcement Officer COMPANY : ASX SUBJECT : US Masters Holdings Limited – Net Tangible Asset Backing DATE : 13 May 2011

Dear Sirs,

Please find detailed below the following information as at 30 April 2011:

Net Tangible Asset Backing

Net Assets (after deduction of liabilities) US$$567,476 Number of securities on issue 8,489,478 Net Tangible Asset Backing US$$0.0668 Please note:

  • As at 30 April 2011 the Net Assets shown above included US$ 81,952 in unrealised investment gains;

  • The above figures are based on information available at this time and are subject to audit.

Kind regards, US Masters Holdings Limited

Director

U.S. Masters Holdings Limited Australian Registered Office: Suite 2 Level 40 ARBN 052 123 930 88 Phillip Street Phone +612 8314 5580 Sydney NSW 2000 Australia Fax +612 8314 5555 Head Office: Email [email protected]

Head Office: Palm Grove House Roadtown Tortola British Virgin Islands

www.ushmasters.com