TESORO GOLD LTD — Net Asset Value 2004

Mar 11, 2004

VAN EYK THREE PILLARS LIMITED

ABN 91 106 854 175

$TO²$ COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN STOCK EXCHANGE LIMITED

• FROM: VAN EYK THREE PILLARS LIMITED
• DATE: 12 MARCH 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:	29th February 2004
Net Tangible Asset Backing	\$1.00
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