TESORO GOLD LTD — Capital/Financing Update 2014

Dec 17, 2014

C onti n uatio n Inv e stme n ts Li m ited

18 D e cember 2014 Mark e t Announcements Off i ce Aust r alian Securities Exchan g e, Sydney By E- L odgement Con v ersion of T BC Equity Investme n t Cont i nuation In v estments L t d (ASX:CO T ) advises t h at its US$3 0 0,000 equi t y investme n t into The B ioFusionar y Corporati o n Inc. ( TB C ) has been converted fr om equity t o a 12 mon t h pro m issory note debt instru m ent bearin g interest at 8% per an n um from Ja n uary 15, 2 0 15. US$10,000 of pri n cipal and i n terest is p a yable per m onth and t h e outstandi n g balance i s due for r e payment o n December 15, 2015. This a rrangeme n t provides a resolution o f all outsta n ding issues between C O T and TB C .

C A PITAL STR U CTURE

S h ares: 19.86m O p tions: 2.25 m C a sh: $1.0m ( N ov 2014) D e bt: Nil B O ARD & M A NAGEME N T

M r Jeremy Kin g C h airman

M r Andrew W o rland N o n-Executive Director

M r David Chu r ch N o n-Executive Director

For a n d on behal f of the Boa r d

M s Sarah Smit h C o mpany Secr e tary

Jere m y King Chai r man

R E GISTERED O FFICE 9 4 5 Wellingto n Street W est Perth W A 6005

C O NTACT DE T AILS T e l: +61 8 932 2 7600 F a x: +61 8 932 2 7602 S H ARE REGIS T RY A u tomic Regis t ry Services 7 V entnor Ave n ue W est Perth W A 6005

A S X CODE C O T