TESORO GOLD LTD — Net Asset Value 2007

Nov 7, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 8 November 2007

NO. OF PAGES: 3

Updated Notification of Net Tangible Assets

Please find below a revised notification of van Eyk Three Pillars Limited’s net tangible asset backing per ordinary share as at the close of the last month.

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Net Tangible Asset Backing per Ordinary Share
Month End October 2007
Gross Tangible Asset Backing * $1.51
(prior to deferred tax)
Less Net Deferred Tax ($0.14)
Net Tangible Asset Backing $1.37
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*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%.

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 – October 2007

Market / Portfolio

The ASX 300 Accumulation Index climbed 2.9% in October, with strong performance across both large and small caps as concerns in world credit markets eased somewhat as further rate cuts in the US were factored in and investors re-allocated towards risk trades (resources, energy and emerging markets) and financials.

In the Australian market, the big banks and resources provided the bulk of index contribution while the property and consumer sectors lagged. On an aggregate view the Australian market is looking a little expensive, however volatility is expected to increase and should give rise to some interesting stock picking opportunities over the coming months.

Positive contributors to the portfolio for October;

• Commonwealth Bank +0.49% • Transfield +0.46% • Leighton +0.41% • National Australia Bank +0.40%

Negative contributors;

• Origin Energy -0.23% • QBE Insurance -0.14% • Alumina -0.12% • Asciano -0.11%

The portfolio retains significant exposure to resources, engineering / infrastructure spend,

energy, and healthcare, whilst having less exposure to areas such as consumer,

property, financials and media due to less attractive fundamentals. The portfolio retains a

significant tilt to ‘quality’, with cash holdings around 8%.

	1 Month	**12 Month **	**Inception ***
VTP	4.4%	35.4%	25.4%
ASX 300	2.9%	30.5%	26.0%

• Annualized since inception Jan 2004

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

We continue to expect more subdued returns moving into 2008. While overall world economic conditions are sound, there are increasing concerns in the USA, and further indications of an impending recession in Japan. As previously noted, the problems in US credit markets are far from over. It is inevitable this will have some flow on effect to other economies down the track, however the degree of which is subject to ongoing speculation. Suffice to say, there has been a modest shift in the view that the impact of a slowdown in the USA will have a less pronounced effect on other economies than historically seen.

With regard to Australian stocks, the earnings outlook is moderating as increasing cost inflation across all fronts conspire to place pressure on profit margins, while ongoing policy action by the RBA is playing catch up to the latent inflation now manifesting in the official figures.

The rapidly appreciating Australian dollar in particular is starting to place pressure on exporters and offshore earners. Indeed, in the recent past, the ratio of broker earnings downgrades to upgrades has increased markedly, particularly with respect to currency translation, albeit in a modest fashion so far. 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 potential 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	11.2%
Commonwealth Bank	5.5%
National AustraliaBank	4.8%
RioTinto	4.2%
Westpac	4.0%
ANZ Bank	3.8%
QBE Insurance	3.4%
Worley Parsons	3.1%
United Group	2.7%
Transfield Services	2.7%
	45.4%

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