TESORO GOLD LTD — Net Asset Value 2007

Dec 13, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 14 December 2007

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	Net Tangible Asset Backing per Ordinary Share
Month End	November 2007
Gross Tangible Asset Backing* (prior to deferred tax and provision for dividend declared)	$1.47
Dividend payable**	($0.05)
Gross Tangible Asset Backing * (prior to deferred tax)	$1.42
Less Net Deferred Tax	($0.13)
Net Tangible Asset Backing	$1.29

*This amount is net of any current tax liabilities.

** Dividend payable on 19[th] December 2007

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

P. Roberts

Company Secretary

van Eyk Three Pillars Limited ABN 91 106 854 175

Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au

van Eyk Three Pillars Monthly Comment – November 2007

Market / Portfolio

The ASX 300 Accumulation Index lost 2.9% in November, as ongoing problems in world credit markets and rising expectations of a recession in the US (S&P 500 down 4.4%) continued to take their toll on what has seemed almost endemic bullish sentiment, while in Australia heightened inflation concerns, capacity issues in the economy and an increase in earnings confessions added to the volatility. The best sectors were Information Technology on the back of earning upgrades, plus Consumer Staples and Telecoms as investors raised so called defensive allocations. Listed property and financials underperformed significantly.

Corporate activity in the resources and energy sectors remain at high levels. While the BHP overture to Rio Tinto is catching most of the attention, activity in the small to mid cap metals, coal and oil sectors has increased significantly and not only supports the positive fundamental outlook, but also highlights the fact that in today’s rising cost, capacity constrained environment, it remains cheaper for companies to grow by acquisition rather than project development. Consolidation in the world resources and energy scene is set to remain at high levels for the foreseeable future.

Positive contributors to the portfolio for November;

•	Rio Tinto	+1.84%
•	Independence Group	+0.20%
•	Worley Parsons	+0.13%
•	Sigma Pharma.	+0.08%
Negative contributors;
•	BHP Billiton	-0.73%
•	National Australia Bank	-0.49%
•	Downer EDI	-0.37%
•	Emeco	-0.31%

Our portfolio strategy stays on course, retaining modest overweight exposure to resources, engineering / infrastructure spend, energy, IT and healthcare, whilst having lower exposure to areas such as consumer, property, financials and media due to less attractive fundamentals. The portfolio also retains a significant tilt to ‘quality’, with cash holdings around 9%.

	1 Month	**12 Month **	**Inception ***
VTP	-2.6%	29.4%	23.9%
ASX 300	-2.9%	23.8%	24.5%

• Annualized since inception Jan 2004

Outlook

We continue to expect more subdued returns into 2008. While in a broad sense world economic conditions are quite reasonable, there are greatly increasing concerns in the USA as the news flow regarding property and consumer sectors worsen, write offs in the banking and financial sector gather pace and previous commentary regarding the low probability of recession slowly shifts to discussion of how serious the recession could be. On the back of the US situation and ongoing dislocations in world credit markets, equity, commodity and energy prices will be volatile as the decoupling thesis is tested.

van Eyk Three Pillars Limited ABN 91 106 854 175

Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au

Outlook (continued)

With regard to Australian stocks, volatility will be ongoing. In the recent past, there has been a raft of changes to earning expectations. While there have been some solid upgrades for some company specific situations such as Qantas, Flight Centres and Computershare for example, the ratio of earnings downgrades to upgrades continues to increase as rising costs, capacity issues and slowing macro outlook combine to place further pressure on bullish forecasts. Coupled with the view that the Australian market in aggregate looks a little expensive, we expect upside to be limited in the short term.

Taking into account the above challenges and the increased volatility, we retain a cautious stance preferring companies exhibiting high quality attributes, solid growth prospects and strong balance sheets.

Top Ten Holdings

Company	Weight
BHP Billiton	10.7%
Rio Tinto	5.7%
Commonwealth Bank	5.5%
National AustraliaBank	4.4%
Westpac	3.8%
ANZ Bank	3.7%
QBE Insurance	3.5%
Worley Parsons	2.9%
United Group	2.9%
Woolworths	2.8%
	45.9%

van Eyk Three Pillars Limited ABN 91 106 854 175

Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au