TESORO GOLD LTD — Capital/Financing Update 2007

Jul 4, 2007

vanEyk Three Piller

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED

DATE: 5 July 2007

NO. OF PAGES: 2

Placement of Shares to Professional & Sophisticated Investors

van Eyk Three Pillars Limited ("the Company") is seeking to conduct a share placement to professional and sophisticated investors to expand the size of the Company's market capitalisation, improve the liquidity of its shares and build its investment portfolio using the proprietary Three Pillars investment methodology. These shares will rank pari passu with the Company's existing ordinary shares and will not be entitled to the 6c fully franked final dividend pavable on 10 July 2007.

The Company will be in trading halt on Thursday 5 July and Friday 6 July, resuming trading on Monday 9 July, following a further announcement in relation to the share placement.

When the share placement is finalised, the Company proposes to conduct a renounceable rights issue to all shareholders. Further details will be made available to the market when the terms are finalised.

PricewaterhouseCoopers Securities Limited is acting as the corporate adviser to the Company in relation to the capital raisings.

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.
• a 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.

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