TESORO GOLD LTD — Capital/Financing Update 2004

Jan 22, 2004

MARKET RELEASE

23 January 2004

van Eyk Three Pillars Limited

PRE-QUOTATION DISCLOSURE

van Eyk Three Pillars Limited was admitted to the Official List of Australian Stock Exchange Limited on Thursday, 22 January 2004.

Official Quotation of the following securities will commence at 11.00 am E.D.S.T. on Wednesday, 28 January 2004:

49,594,826	ordinary shares fully paid issued at \$1.00 per share
49,594,825	options to acquire ordinary shares with an exercise price of \$1.00
	exercisable on or before 19 May 2005

The following information is released as pre-quotation disclosure.

• Distribution schedule Appendix 1A, paragraph 48 Shares 1.
• Distribution schedule Appendix 1A, paragraph 48 Options $2.$
• $3.$ Top 20 holders – Shares
• 1. Top 20 holders - Options
• $5.$ Full terms and conditions of the Options.
• 1. Full terms and conditions of the dividend reinvestment plan.

Security Codes:

VTP - Shares VTPO - Options

Ritad Hyaz

Richard Hajzuk Companies Advisor

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