TESORO GOLD LTD — Net Asset Value 2007

Jun 13, 2007

vantiyk Three Milen

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED

DATE: 14 June 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
Month End	May 2007
Gross Tangible Asset Backing* (prior to deferred tax and provision for dividend declared)	\$1.56
Dividend payable**	(\$0.06)
Gross Tangible Asset Backing * (prior to deferred tax)	\$1.50
Less Net Deferred Tax	(\$0.16)
Net Tangible Asset Backing	\$1.34

*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 Monthly Comment - May 2007

Market / Portfolio

The ASX 300 Accumulation Index rose 2.6 % in May, driven by the resources and energy sectors as oil / gas prices remained solid and the outlook for China and the Eurozone firmed. Corporate takeover activity again attracted considerable attention due to the high profile failure of the Oantas bid

The number of research pieces speculating on the latest takeover play seems to be declining as the difficulty of successfully executing a deal is appreciated, and the willingness of key stakeholders to roll over wanes. The spate of floats in issues of questionable quality and high speculative appeal continues apace, signs of a market that is getting somewhat extended.

Positive contributors to the portfolio for May;

$\bullet$ Rio Tinto	$+0.62%$
• BHP Billiton	$+0.58%$
• Leighton	$+0.42%$
$\bullet$ UXC Ltd	$+0.42%$

Negative contributors;

	Transfield Services	$-0.14%$
	• Sigma Pharma	$-0.13%$
	• Origin Energy	$-0.09%$
$\bullet$	AMP	$-0.08%$

The portfolio retains significant exposure to resources, engineering / infrastructure spend, energy, and healthcare, whilst having less exposure to areas such as consumer, property, telecoms and media due to less attractive valuation grounds. The portfolio retains a significant tilt to 'quality', with cash holdings around 7%.

	1 Month	12 Month	Inception *
TD	3.5%	30.3%	25.2%
ASX 300	2.6%	32.0%	26.6%

* Annualized since inception Jan 2004

Outlook

We continue to expect more subdued returns for the balance of 2007. Several key global imbalances remain, and the potential flow on effects to the US consumption driven economy from the sub-prime loan situation are far from resolved in view of the fact that a large number of mortgages reset over the next two years.

The heightened potential for possible protectionist policies against China by the US and Eurozone is worrying, while stubbornly high energy, mineral and agricultural commodity prices, coupled with the solid world growth picture continue to add upside risk to inflation.

Outlook (cont.)

The recent breakout in bond yields in many world markets is in part testament to the latent inflation pressures that has been building for some time. Indeed, taking the macro picture into account it should be recognised that all assets are priced relative to the cost of money, such that, rising bond vields means lower asset prices, and a continuation of the rally will sooner rather than later see a repricing of risk assets.

With regard to Australian stocks, we are seeing a modest, at this stage, increase in the frequency of earnings forecasts being trimmed, which coupled with some lofty valuations particularly in the industrial space, leaves little room for error over the next few months moving into reporting season. Companies with high sensitivity to rising bond vields, such as financials, infrastructure and in particular, those that rely on asset repricing and regearing to pay distributions, are also set to under perform in relative terms.

Taking into account the above challenges we retain a cautious stance with exposures preferring companies with solid fundamental grounds, exhibiting high quality attributes and strong balance sheets. Volatility is expected to increase, which we will use to top up holdings of high quality growth stocks, plus, we expect increased short to medium term trading opportunities to emerge in lower quality 'Special Situations' style stocks.

Company	Weight
BHP Billiton	9.2%
Commonwealth Bank	5.8%
National Australia Bank	5.4%
Rio Tinto	4.6%
ANZ Bank	4.3%
Toll Holdings	4.3%
QBE Insurance	4.2%
Westpac	3.9%
Worley Parsons	3.1%
United Group	3.0%
	47.8%

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