TESORO GOLD LTD — Net Asset Value 2007

Jul 11, 2007

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 12 July 2007

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	Net Tangible Asset Backing per Ordinary Share
Month End	June 2007
Gross Tangible Asset Backing* (prior to deferred tax and provision for dividend declared)	$1.58
Dividend payable**	($0.06)
Gross Tangible Asset Backing * (prior to deferred tax)	$1.52
Less Net Deferred Tax	($0.17)
Net Tangible Asset Backing	$1.35

*This amount is net of any current tax liabilities.

** Dividend payable on 10[th] July 2007

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

C. McCullagh 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