TESORO GOLD LTD — Major Shareholding Notification 2011

May 4, 2011

605 page 1/2 15 July 2001

Form 605 Corporations Act 2001 Section 671B
Notice of ceasing to be a substantial holder
To: Company Name/Scheme	Van Eyk Three Pillars
ACN/ARSN	ACN# 94 106 854 175
1. Details of substantial holder (1) Name	Elevation Capital Management Limited
ACN/ARSN (if applicable) $[N/\Lambda]$
The holder ceased to be a
substantial holder on	04		05		11
The previous notice was given to the company on			03		11
The previous notice was dated	29		ŪĴ		11

2. Changes in relevant interest

Particulars of each change in, or change in nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to changes (5)	Class (6) and number of securities affected	Person's voles affected
04/05/11	Elevation Capital Management Limited	Shares sold on market	AS 427, 233.80	502.628	502.628
	In its capacity as investment manager of
	the Elevation Capital Multi Strategy Fund and Elevation Capital Value Fund

3. Changes in association

$\sim$

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7), with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Elevation Capital Management Limited	77 Parnell Road, Parnell, Auckland 1052, New Zealand

Signature

print name	Christopher Swasbrook	capacity -------		Managing Director
sign here	CONTRACTOR التحقيق والمستور ъ. The Contract Contract Contract	date	05		05