TESORO GOLD LTD — Net Asset Value 2004

Aug 12, 2004

VAN EYK THREE PILLARS LIMITED

ABN 91 106 854 175

TO^- COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN STOCK EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED

13 August 2004 DATE:

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	July 2004
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%.

P. Roberts Secretary