TESORO GOLD LTD — Net Asset Value 2007

May 13, 2007

vanEyk Trae Pilare

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	14 May 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	April 2007
Gross Tangible Asset Backing * (prior to deferred tax)	\$1.51
Less Net Deferred Tax	$($ \$0.15)
Net Tangible Asset Backing	\$1.36

*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 Monthly Comment - April 2007

Market / Portfolio

The ASX 300 Accumulation Index rose 3.0% in April, again with corporate activity (and speculated activity) being a key driver. The small cap end of the market outperformed the broader market, driven by some very sharp price moves in resource stocks, while slightly improved earnings outlook for the big banks saw NAB and CBA post sizable contributions to the benchmark.

Market / Portfolio (cont.)

Continued price strength in commodity prices due to strong demand from Asian economies has reflected in solid share price gains for many miners, and ongoing cost pressures, tight skilled labour markets and infrastructure bottlenecks, dictate the mooted sharp supply response will not be forthcoming in the short term.

Positive contributors to the portfolio for April;

• Independence Group	$+0.88\%$
• National Australia Bank	$+0.36\%$
$\bullet$ HPAL Ltd	$+0.34%$
• Toll Holdings	$+0.31%$

Negative contributors:

$\bullet$	BHP Billiton	$-0.12%$
	$\bullet$ QBE Insurance	$-0.10%$
	• Sonic Healthcare	$-0.05\%$
	• Worley Parsons	$-0.03\%$

The portfolio retains significant exposure to resources, infrastructure spend, energy, and healthcare, whilst avoiding areas such as LPT's, telecoms and media on valuation grounds. The portfolio also retains a significant tilt to 'quality', with cash holdings around 5%.

	1 Month	12 Month	Inception *
VTP	4.4%	21.2%	24.6%
ASX 300	3.0%	22.5%	26.3%

* Annualized since inception Jan 2004

Outlook

Looking forward we continue to expect more subdued returns from the Australian market 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. Murmurings of possible protectionist policies from the US congress are particularly worrying, while stubbornly high oil prices and strong employment numbers continue to add upside risk to the inflation picture.

The correction in February / March is now a distant memory, with most world stockmarkets around new highs, and the Shanghai market up an incredible 51% since then and trading on a forward P/E of 38 times. Valuation is obviously not the key consideration for the average Chinese 'investor'.

In the short term, valuations have expanded to the point where it is becoming difficult to find cheap stocks (apart from resources) in an absolute sense. Taking into account ongoing inflation pressures and the existing macro challenges, volatility is expected to increase. We will use this volatility 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.

Top Ten Holdings

Company	Weight
BHP Billiton	8.9%
National Australia Bank	5.7%
Commonwealth Bank	5.7%
ANZ Bank	4.7%
QBE Insurance	4.3%
Toll Holdings	4.2%
Westpac	4.2%
Rio Tinto	4.1%
Transfield Services	3.2%
Worley Parsons	2.9%
	47.9%