TESORO GOLD LTD — Capital/Financing Update 2007

Dec 11, 2007

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TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 12 December 2007

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Placement of Shares to Professional & Sophisticated Investors

Further to our announcement on 10 December 2007 regarding a share placement to sophisticated and professional investors, the Directors are pleased to advise the following information.

A total of 17,356,244 shares will be issued to sophisticated and professional investors by 17 December 2007 at $1.225 per share, raising over $21.26m. As the ex-dividend date for the company’s interim dividend has passed, the new shares will not be entitled to this dividend, and this is reflected in their issue price.

The shares have been issued to over 700 shareholders in total. Approximately half of the participants are new shareholders who are expected to have ongoing demand for further VTP shares, which will assist in maintaining a favourable share price to net tangible assets.

About van Eyk Three Pillars Limited

The Company investment portfolio is split into Three Pillars as a result of a disciplined process that incorporates quality assessment, classification, valuation and relative ranking.

Three sub portfolios of distinct style, namely the Blue Chip, Growth and Special Situations comprise the overall portfolio, giving a diversified outcome. The sub portfolios are blended with consideration given to the appropriate weightings between large and small companies and industry sectors.

• Blue Chip – Selected from the Top 100, using the rankings derived from a free cash flow valuation methodology. The aim is to construct a diversified 12 stock portfolio of quality companies at a reasonable price. The ‘Blue Chip’ is the most conservative of the three sub portfolios, and aims for low turnover.

• Growth – The ‘Growth’ selection is taken from the ‘Dynamic Growth’ and ‘Stalwart’ classifications, which are at the high end of quality scale. The aim is to select up to 12 high quality companies at bargain prices, whilst maintaining reasonable diversification across sectors.

• Special Situations – The ‘Special Situations’ portfolio is comprised of up to 12 ‘value’ stocks, which have the potential for market re-rating, turnaround or takeover. The selection is taken from the lower end of the quality scale and as such has a contrarian flavour. This selection is the most volatile of the sub portfolios.

M. Thomas

Managing Director

van Eyk Three Pillars Limited ABN 91 106 854 175 Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au