TESORO GOLD LTD — Capital/Financing Update 2007

Jul 8, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 9 July 2007

NO. OF PAGES: 2

Placement of Shares to Professional & Sophisticated Investors

Further to our announcement on 5 July 2007 regarding a share placement to sophisticated and professional investors, the Directors are pleased to advise the following information.

A total of 12,073,909 shares will be issued to sophisticated and professional investors by 16 July 2007, at $1.29 per share raising a total of $15,575,343. The shares have been issued to a diverse range of shareholders who are expected to have ongoing demand for further VTP shares, which will assist in maintaining a favorable share price to net tangible assets.

When the share placement is finalised, the Company proposes to conduct a renounceable 1 for 4 rights issue to all shareholders. It is expected that the exercise price of the rights will represent a greater discount to the current market price than the placement shares.

Subject to market conditions, it is expected that the total dividends paid in respect of the year ended 30 June 2007 of 10cents per share fully franked will be maintained. Further information in relation to the timing and terms of the rights offer will be announced within a week.

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.

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

About van Eyk Three Pillars Limited (continued)

• 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

Company Secretary

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