TESORO GOLD LTD — Net Asset Value 2006

Jun 13, 2006

vanEyk Theas Pilara

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	14 June 2006

NO. OF PAGES: 3

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	May 2006
Gross Tangible Asset Backing (prior to deferred tax)	\$1.33
Less Net Deferred Tax	$($ \$0.10 $)$
Net Tangible Asset Backing	\$1.23

*This amount is net of any current tax liabilities.

**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 - May 2006

Market

The ASX 300 Accumulation index fell 4.7% in May. Rises in bond yields in recent months played heavily on duration and rate sensitive stocks, with Infrastructure/Utilities down 9%, Telcos down 8.5%, and Financials down 5.3%. The combination of rising inflation fears and slowing global arowth expectations saw the Materials sector fall 5%.

Overseas markets also suffered significant declines, particularly Japan (-9%), following interest rate hikes (and speculation thereof) by central banks hoping to contain inflation expectations. In Australia, the Reserve Bank increased official interest rates during the month to 5.75%, with indications that the US is likely to follow suit.

van Eyk Three Pillars Limited ABN: ABN 91 106 854 175

Portfolio

The portfolio's modestly underweight exposure to Banking stocks contributed most significantly to the overall declines in May, while the more defensive and consumer staples exposures (CCL, WOW), held up well relative to the market. Stock specific positive performers included Toll Holdings, which moved to compulsory acquisition of Patrick, while Leighton Holdings highlighted some new contract wins and reaffirmed solid earning expectations.

Some recent transactions have raised the portfolio's cash holding to slightly above the target of 5%. The current market correction is expected to expose some good opportunities to deploy these funds

Despite the fall in the market, quantitative factor data shows continued strength in growth and momentum factors at the expense of value factors, albeit in a less pronounced fashion. In the current environment, high quality stocks remain relatively attractive. To this end the portfolio shows a 72/28 quality split (by our measures) compared to market 55/45.

Positive contributors to the portfolio;

• Toll Holdings	$+0.18%$
• Oceana Gold	$+0.10%$
• Leighton Holdings	$+0.03%$
• Perilya	$+0.02%$

Negative contributions;

• Commonwealth Bank $\bullet$ RHP	$-0.46\%$ $-0.38%$
$\bullet$ Westpac $\bullet$ NAB	$-0.36\%$ $-0.36\%$

	1 Month		6 Month 12 Month	$ $ inception $ $
VTP.	$-3.82%$	9.56%	30.20%	23.06%
ASX 300	$-4.74%$	9.97%	27.33%	24.30%

*Gross returns annualised from inception 28 Jan 2004.

Outlook

As the end of financial year approaches, we expect to continue to see company earnings downgrades due to continued pressure from materials, energy and labour costs. Despite the recent round of tax cuts, ongoing sentiment is likely to remain under pressure from continued high petrol prices, a choppy stock market and high consumer debt levels.

van Eyk Three Pillars Limited ABN: ABN 91 106 854 175

We view recent market action as an overdue and justified correction from overdone valuation levels. In the short term, the high levels of market volatility appear set to continue, particularly in view of mounting inflation expectations and large swings in commodity prices. This is expected to give rise to some interesting buying opportunities over the coming months.

We retain a significant bias to the 'quality' end of the market, with modest sector biases. 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
mo	'6. .		.8	C 4 .
ASX 300		. .	.8	14	3.8

Top Ten Holdings

Top 10 Holdings	Weight
BHP Billiton	10.8%
Commonwealth Bank	5.6%
National Australia Bank	5.6%
Rio Tinto	5.3%
ANZ Bank	4.8%
lWestpac	4.3%
QBE Insurance	4.1%
Downer EDI	3.7%
Toll Holdings	3.5%
Woolworths	3.2%
Total	50.9%

van Eyk Three Pillars Limited ABN: ABN 91 106 854 175