TESORO GOLD LTD — Net Asset Value 2005

Jul 13, 2005

vantiyk Three Miller

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	14 July 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	June 2005
Gross Tangible Asset Backing (prior to deferred tax and provision for dividend declared)	\$1.15
Dividend payable*	$(\$0.055)$
Gross Tangible Asset Backing (prior to deferred tax)	\$1.10
Less Net Deferred Tax	$($ \$0.03)
Net Tangible Asset Backing	\$1.07

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

* This dividend was paid on 4 July 2005.

P. Roberts Secretary