TESORO GOLD LTD — Net Asset Value 2006

Mar 13, 2006

vanEyk Trae Pilare

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED.
DATE:	14 March 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	February 2006
Gross Tangible Asset Backing (prior to deferred tax)	\$1.29
Less Net Deferred Tax	(\$0.09)
Net Tangible Asset Backing	\$1.20

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 2006

Market

The ASX 300 accumulation index rose 0.58% for February, as increased caution and volatility in commodity prices saw a sharp swing to the defensive areas of the market. Driving the move was strength in the healthcare, financials, and consumer staples sectors.

The materials and energy sectors suffered significant falls as commodity prices in general declined and risk aversion increased. Oil fell almost 10% from close to record highs as concerns over Iran's nuclear program faded somewhat and OPEC supply concerns dissipated.

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

Portfolio

The sharp increase in risk aversion during February saw the more defensive areas of the portfolio rebound. The major banks held solid ground, while insurance (QBE) and consumer staples (WOW) provided continued strong momentum on the back of solid earnings results. Companies exposed to the boom in infrastructure and resource related construction (DOW) also reported solid earnings and a bullish outlook.

In general terms company reporting season was a little better than expected. Companies with exposure to the booming resource industry performed well as anticipated, while those with international exposures delivered strong results and an expectation of a solid outlook for the rest of the year. A string of small to medium sized retail companies (the so called 'mini majors') provided arguably the biggest positive earnings surprises after consumers loosened the belt a little over the holiday season. Margin compression due to increasing materials, energy and labour costs is the key risk towards ongoing earnings growth, while a blow out in bond yields is also a key risk factor towards fair equity values.

Quantitative factor data showed an abrupt swing during February. Earnings and price momentum related factors, which have been best performers for more than 12 months, reversed as the traditional value factors such as dividend yield took the lead.

Positive contributors to the portfolio:

$\bullet$	NAR.	$+0.43%$
$\bullet$	OBE	$+0.26%$
$\bullet$	Downer EDI	$+0.21%$
	Woolworths	$+0.21%$

Negative contributions;

$\bullet$	BHP Billiton (ex div)	$-0.53%$
$\bullet$	Rio Tinto (ex div)	$-0.34%$

• CSR
• Lend Lease (ex div) $-0.23%$

		1 Month 3 Month 6 Month 12 Month			Inception
VTP	$-0.34%$	6.34%	13.97%	20.58%	24.39%
ASX 300	$0.58\%$	7.39%	13.34%	23.08%	26.16%

$-0.26%$

*Gross returns annualised from inception 28 Jan 2004.

Outlook

In the short term, ongoing digestion of company results and outlook statements and the overseas lead will dictate sentiment and market direction, while increases in commodity price volatility and the outcome of iron ore pricing negotiations will set the scene for further gains, if any, for the resource sector. The market as a whole appears set for increased volatility for the next few months, particularly in view of the rise in bond vields and simmering geopolitical tensions.

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

Looking forward the outlook is reasonable both domestically and internationally, albeit with the stellar returns of the past two years looking very difficult to repeat for 2006. From a broad sample of strategy views the consensus seems to indicate around 8 to 10 % returns for 2006.

We retain a significant bias to the 'quality' end of the market, with sector biases being limited. In line with our investment philosophy and process, the key ratios and aggregate portfolio valuation indicate favourable positioning relative to market.

Aggregate Portfolio Ratios

	IP/E.		Ratio Price/Book Price/Sales	ROE	Yield
VTP	15.	2.64		19.57	3.36
ASX 300	70. 16.	2.51	.83	14.96	3.97

Top Ten Holdings

Company	Weight
BHP Billiton	8.5%
Commonwealth Bank	5.7%
National Australia Bank	5.4%
Rio Tinto	5.0%
ANZ Bank	4.7%
Westpac	4.6%
QBE Insurance	3.9%
Downer EDI	3.5%
Woolworths	3.2%
∣АМР	2.9%
	47.4%

P. Roberts Company Secretary

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