TESORO GOLD LTD — Capital/Financing Update 2011

Jul 7, 2011

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 8 JULY 2011

NO. OF PAGES: 1

PROPOSED BUYBACK

As you are aware, since the transformation to VTP in 2009-2010 the company has undertaken a number of corporate actions seeking to realise value for VTP’s shareholders.

The directors of VTP have now decided to propose a buyback scheme to shareholders under which shareholders can elect to participate in whole, or in part, and have their shares bought back for a price equal to the net tangible asset backing ( NTA ) per share.

This buy-back proposal will give shareholders the choice to remain in the company or receive, in cash, the then effective NTA value of their shares. Full details of the buy-back proposal will be sent to shareholders with a notice of extraordinary general meeting ( EGM ).

The date of the EGM is expected to be towards the end of August.

The board would like to thank shareholders for their continued support since being elected in 2009.

van Eyk Three Pillars Limited ABN 91 106 854 175 PO Box 767, Crows Nest, NSW 1585 P 1300 732 413

www.threepillars.vaneyk.com.au