TESORO GOLD LTD — Net Asset Value 2005

Apr 19, 2005

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TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY:	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	20 April 2005

NO. OF PAGES: 1

Updated Notification of Net Tangible Assets

This announcement is an update of the NTA lodged on 13/04/05 to reflect the provision for the dividend payable on 4 July 2005 which was announced on 31 March 2005.

Net Tangible Asset Backing per Ordinary Share
Month End	March 2005
Gross Tangible Asset Backing (prior to deferred tax and provision for dividend declared)	\$1.21
Dividend payable*	$(\$0.055)$
Gross Tangible Asset Backing (prior to deferred tax)	\$1.155
Less Net Deferred Tax	(\$0.04)
Net Tangible Asset Backing	\$1.12

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

* The record date of the dividend declared is 28 June 2005.

P. Roberts Secretary