TESORO GOLD LTD — Capital/Financing Update 2007

Jul 16, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 17 JULY 2007

NO. OF PAGES: 1

Notice under Section 708A

The company yesterday issued 12,073,909 ordinary shares via a placement to sophisticated and professional investors. In accordance with section 708A(5)(e) of the Corporations Act 2001 (the “Act”), the Company advises as follows:

• This notice is being given under paragraph 708A(5)(e) of the Act;

• The company issued 12,073,909 ordinary shares under the placement without disclosure to investors under Part 6D.2 of the Act;

• As at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company;

• As at the date of this notice, the Company has complied with section 674 of the Act and

• All information of the kind that would be required to be disclosed to the market for the purpose of section 708A(6)(e) of the Act has been disclosed to Australian Stock Exchange Limited.

Mark Thomas 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