TESORO GOLD LTD — Capital/Financing Update 2007

Jul 26, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 27 July 2007

NO. OF PAGES: 1

Update on Rights Issue

As previously advised, the Company plans to make a renounceable 1 for 4 rights issue to all shareholders.

The Board is currently working towards completion of a formal announcement to the market by Friday 3[rd] August 2007.

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.

C. McCullagh 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