TESORO GOLD LTD — Net Asset Value 2005

Sep 11, 2005

vanEyk These Piler

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	12 September 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	August 2005
Gross Tangible Asset Backing (prior to deferred tax)	\$1.18
Less Net Deferred Tax	$($ \$0.05)
Net Tangible Asset Backing	\$1.13

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 - August 2005

Market Comments

The ASX 300 rose 2.01% for the month, setting new highs after a better than expected profit season. Crude oil prices continued to gain with the arrival of hurricane season in the Gulf of Mexico, closing at \$68.94 a barrel, after hitting a high of \$70.85 intra month.

By month end the majority of companies had reported FY 2005 earnings. In general earnings were a little above consensus giving momentum a boost across most sectors, but importantly company management has issued increasingly guarded outlook statements. Margin compression due to increased materials, labour and energy costs has been a common thread to many sectors, plus, there have been many contributions to the bottom line through restructuring, divestments and the like.

Of interest is the growing trend towards companies not giving specific earnings quidance but a more generalised strategic view. While this is a fair response to the short termism of the market at large it is also pointing towards greater uncertainty and higher volatility moving forward.

Performance

The portfolio performed strongly for the month as the major miners reported massive earnings increases and continued their strong run, while stocks exposed to infrastructure and resource industry capital spending also reported solid profit results and a positive outlook. Corporate activity also gave several companies a boost, with Sigma and Toll Holdings featuring.

Positive contributors to the portfolio;

		Leighton Holdings	0.61%
--	--	-------------------	-------

• 0.47% Sigma
• BHP $0.42%$
• Coca Cola $0.35%$

Negative contributions:

• Commonwealth Bank	$-0.22\%$
• Oceana Gold	$-0.13%$
$\bullet$ Futuris	$-0.09%$

$-0.09%$ • GUD Holdings

	1 Month L			3 Month 12 Month Inception
IVTP.	3.48%	10.89%	$125.14\%$	-38.42%
ASX 300	2.01%	9.71%	30.11%	43.37%

Outlook

While the stock market continues to forge ahead, it is clear that the growth outlook is moderating and the stellar returns of the past two years are unlikely to be repeated in FY 2006. Resolution of a raft of key issues will have a significant bearing on the direction of the Australian market for the balance of the year, as will the ultimate fallout in the US from Hurricane Katrina plus the ongoing strength of the 'China story'.

On the positive side we have;

• Continued low bond vields
• High levels of liquidity
• Resources and infrastructure spend
• Solid commodities outlook
• Improving international outlook

On the negative side we have;

• Consumers tightening belts
• Oil and energy price impact
• Materials and labour cost impact
• Increasing margin pressure
• Potential for ongoing profit warnings $\bullet$

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	Price/Book	Price/Sales	ROE	Yield
NTP	16.6	.	е	47 O .	3.6
ASX 300	16.9	2.4		14.5	ว 0 . .

Top Ten Holdings

Company	Weight
BHP Billiton	7.4%
Commonwealth Bank	5.2%
National Australia Bank	4.7%
Rio Tinto	4.4%
ANZ Bank	4.4%
Westpac	3.9%
Toll Holdings	3.8%
Sims Group	3.7%
Leighton Holdings	3.6%
QBE Insurance	3.5%
	44.5%

P. Roberts Secretary