TESORO GOLD LTD — Net Asset Value 2005

Nov 13, 2005

vanLVK III. En 1950

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	14 November 2005

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	October 2005
Gross Tangible Asset Backing (prior to deferred tax)	\$1.21
Less Net Deferred Tax	(\$0.06)
Net Tangible Asset Backing	\$1.15

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

van Eyk Three Pillars Monthly Comment - October 2005

Market Comments

The ASX 300 fell 3.8% in October following sharp selling off in the first half of the month. Large price ranges were recorded from one day to the next, mirroring market action overseas, as volatility and uncertainty increased considerably. Concerns over oil driven inflation risks, rising costs for material and labour and wavering consumer confidence are all combining to soften the outlook.

The market was also weighed down by further concern that the U.S Federal Reserve will more aggressively tighten rates to prevent inflation, issues over the durability of the U.S consumer in the midst of a potential housing slow down and rising energy prices.

Australian bond vields rose during October. While the increase in vields has been modest, further rises over the 6% region will have a deleterious effect on fair equity values.

Performance

While returns were in negative territory, the portfolio outperformed as some defensive areas held their ground. In contrast, growth stocks exposed to more economically sensitive areas hore the brunt of the falls

AGM season has been in full swing, with the balance of outlook statements looking positive but reasonably cautious, and in some instances, quite quarded. We note the high probability of profit warnings being issued over the next few months.

Positive contributors to the portfolio:

• $\bullet$ PMP $0.16%$
• Leiahtons $0.13%$
• Commonwealth Bank $0.06%$
• $0.04%$ • Salmat

Negative contributions:

	$\bullet$ Fairfax	$-0.23%$
	• Sims Group	$-0.24%$
	• Origin Energy	$-0.24%$
$\bullet$	BHP Billiton	$-0.54%$

		1 Month 3 Month	12 Month	Inception
NTP.	$-2.91\%$	5.93%	17.65%	41.71%
ASX 300	$-3.84\%$	$3.09\%$	22.67%	44.88%

Outlook

Despite the recent pullback, the ASX 300's performance for the year remains very strong indeed. However, it is clear the growth outlook is moderating and the stellar returns for the market of the last two years will be more subdued in FY 2006. The drivers remain unchanged. Earnings growth and margins of Australian companies will set the pace, with the direction of oil, bond yields, the 'China story' and the US market also key influences on the Australian market's direction

With the healthy correction in October, the market as a whole looks better value without being a bargain. Within this view there are some interesting individual opportunities cropping up. Volatility has increased markedly and it is in this sort of environment where our valuation based approach has the potential to capitalise.

We retain a significant tilt to 'quality' in the portfolio, sector biases are limited, and in line with our investment philosophy and process, the key ratios and aggregate portfolio valuation indicate favourable positioning relative to market.

Aggregate Portfolio Ratios

	P/E Ratio		Price/Book Price/Sales	ROE	Yield
VTP	16.8	2.6	1.6	18.8	3.4
ASX 300	16.7	24		14.	3.9

Top Ten Holdings

Company	Weight
BHP Billiton	7.8%
Commonwealth Bank	5.3%
National Australia Bank	5.1%
Rio Tinto	4.9%
ANZ Bank	4.5%
Westpac	4.3%
QBE Insurance	3.5%
Toll Holdings	3.3%
Sims Group	3.3%
Woolworths	3.1%
	45.1%

P. Roberts Secretary