TESORO GOLD LTD — Net Asset Value 2004

Sep 13, 2004

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY:	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	14 September 2004

NO. OF PAGES: 1

Notification of Net Tangible Assets

We hereby provide notification of Van Eyk Three Pillars Limited's net tangible asset backing per ordinary share as at the close of the last month.

Net Tangible Asset Backing per Ordinary Share
Month End	August 2004
Gross Tangible Asset Backing (prior to deferred tax and provision for dividend declared)	\$1.07
Dividend payable*	\$0.015
Gross Tangible Asset Backing (prior to deferred tax)	\$1.05
Less Net Deferred Tax	(\$0.01
Net Tangible Asset Backing	\$1.04

Net tangible asset backing includes investments at current market value less associated selling costs and provision for tax at 30%.

* Note that the ex date of the dividend declared is 20 October 2004 and the dividend is payable on 25 November 2004.

P. Roberts Secretary