TESORO GOLD LTD — Net Asset Value 2005

Mar 13, 2005

$TO:$ COMPANY ANNOUNCEMENTS OFFICE COMPANY^. AUSTRALIAN STOCK EXCHANGE LIMITED VAN EYK THREE PILLARS LIMITED FROM: DATE: 14 March 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	February 2005
Gross Tangible Asset Backing (prior to deferred tax)	\$1.23
Less Net Deferred Tax	(\$0.06)
Net Tangible Asset Backing	\$1.17

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 - February 2005

Market Comments

The ASX 300 gained 2.16% after a better than expected earnings season. Booming resource stocks gave the market further impetus. The best performing sectors were Telecoms (6.3%), Materials (5.7%) and Energy (2.8%) while IT (-4.3%), Consumer Discretionary (-3.8%) and Industrials (-1.6%) underperformed.

Materials were again strong on the back of sharply rising commodity prices and increased corporate activity (plus a modicum of speculation), while the telecoms performed well as some investors added as a defensive measure.

One point worth noting is that over the past few months, the main contributors to performance in terms of factors has been the large contribution of earnings growth and price momentum to stock returns. Conversely, traditional 'value' indicators such as price to book value and dividend vield have been the worst.

Performance

The portfolio returned 0.47%, which was -1.70% relative to benchmark. In relative terms the portfolio suffered due to broad based selling of many consumer related stocks, in spite of some significant value existing in the space. The strong rise in BHP (not held) also detracted almost 0.6%.

Positive contributors to the portfolio;

$\bullet$	Commonwealth Bank	0.61%
$\bullet$	Rio Tinto	$0.57\%$
$\bullet$	Woolworths	$0.30\%$
	$\bullet$ - Coca Cola.	0.23%

Negative contributions:

$\bullet$ PBL Ltd	$-0.26%$
$\bullet$ PMP Ltd	$-0.22\%$
• GUD Holdings	$-0.21\%$
● Sigma	$-0.17\%$

Transactions for the month included inflows in excess of 150% from sale of Portman Mining, while the significant correction in Leightons returned the stock to our buy zone.

Outlook

While the profit season proved to be quite robust, the indicators are sending some mixed signals that are tending to indicate slowing growth. Events in the US and China will of course also dictate to a significant extent.

Whilst the overall outlook is by no means bearish, there are several key factors that could pressure the stock market, for example greater than expected inflation and further interest rate rises. As such we retain a 'quality' tilt in areas such as financial condition and outlook, and in line with our investment philosophy, the key valuation measures indicate favourable metrics relative to market.

These characteristics may also mean that the portfolio experiences periods of underperformance relative to a market that is currently exhibiting price momentum and earning revisions as key selection criteria. We expect this to moderate over the next few months.

Portfolio Returns

Martine			4 Month - 3 Month - 6 Month - 12 Month Incention
Ivan Evk Three Pillars	$0.47\%$	3.98%	18.28%	27.77%	30.83%
IASX300 Accum Index	$2.16\%$	6.89%	19.81%	29.57%	$32.02\%$
TExcess Return	-1.69%l	$-2.91\%$	$-1.53\%$	-1.80%।	-1.19%I

Portfolio Ratios

	ASYMILIAN	van Eyk Three Pillars
Price Earnings Ratio	، د⊙	16 B
Price to Book Ratio
Dividend Yield (%)
Price to Sales Ratio
Return on Equity (%)

Top Ten Holdings

Top Ten Holdings	Weight
ANZ Bank	$6.2\%$
Commonwealth Bank	6.0%
Rio Tinto	5.3%
OBE	5.0%
Toll Holdings	4.8%
Woolworths	4.7%
PBL Ltd	4.5%
John Fairfax Holdings	4.2%
Sims Group	4.1%
Coca Cola Amatil	3.8%
TOTAL	48.6%

P. Roberts Secretary