TESORO GOLD LTD — Net Asset Value 2004

May 16, 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
• DATE: 14 MAY 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:	30th April 2004
Net Tangible Asset Backing	S1 01
Investments are valued at current market value less associated selling costs, and provision for tax on realised & unrealised gains & income is recorded at 30%.

P. Roberts Company Secretary