TESORO GOLD LTD — Major Shareholding Notification 2004

Jan 22, 2004

van Eyk Three Pillars Limited
Analysis of Holdings as at 21-01-2004

Security Classes	Holdings Ranges		Holders Total Units % I/C
Fully Paid Ordinary	1-1,000			0.00
	1,001-5,000	949	3426800	6.91
	5,001-10,000	479	4508900	9.09
	10,001-100,000	740	24102625	48.60
	100,001-99,999,999,999	35	17556500	35.40
	Totals	2204	49594826	100.00

$\label{eq:2.1} \frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\frac{1}{\sqrt{2}}\right)^{2} \left(\$

van Eyk Three Pillars Limited
Analysis of Holdings as at 20-01-2004

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$\frac{1}{2}$

Security Classes	Holdings Ranges		Holders Total Units % I/C
Options (\$1.00) 19.05.2005	1-1.000	0	0	0.00
	1,001-5,000	949	3426800	6.91
	5,001-10,000	479	4508900	9.09
	10,001-100,000	740	24102625	48.60
	100,001-99,999,999,999	35	17556500	35.40
	Totals	2203	49594825	100.00