TESORO GOLD LTD — Capital/Financing Update 2007

Sep 13, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED

DATE: 14 September 2007

NO. OF PAGES: 1

Update on Rights Issue Uptake

van Eyk Three Pillars Limited’s (“VTP”) recent rights issue closed on 11 September 2007 with significant oversubscriptions. Total shares on offer were 23.1 million however over 26.8 million were applied for. The response to the capital raising was a significant achievement in light of the tumultuous market conditions during the open period in July and August 2007. Importantly, these market conditions have been an advantage for the VTP investment process which has a valuation focus in three segments of the market - blue chip, growth and special situations.

"We prefer market conditions that are more discerning on valuation across the spectrum of quality" said Portfolio Manager, Otto Rieth.

The portfolio has been positioned for some time in high quality companies as measured by balance sheet strength, return on capital and cashflow metrics.

"Our investors have voted with their feet, so to speak, with strong support of the issue and a significant over subscription,” said Managing Director, Mark Thomas.

“We can only view this as a strong endorsement of our process and our track record of value creation to date. Importantly, we recognise that investors like to be paid. Our dividend policy aims to provide attractive and predictable tax effective income to our investors. Currently, we are paying 10 cents per annum fully franked which represents a yield of approximately 8 per cent or 11.4 per cent gross. We also priced the issue with a healthy discount as we were wary of the strong rises in the market and the potential for a correction. We sure got that correction, but our planning paid off."

Since the IPO which raised $49.6 million (in January 2004), VTP has grown market capitalisation in excess of $140 million whilst also paying out $17.5 million in fully franked dividends. There has also been a significant narrowing of the discount to NTA and an increase in liquidity.

"It's all about value creation over time,” said Mr Thomas. “Clearly the market is more comfortable with our management of assets and capital as evidenced by our share price performance."

Mark 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