TESORO GOLD LTD — Net Asset Value 2007

Mar 13, 2007

vanEvk Three Miles

COMPANY ANNOUNCEMENTS OFFICE
AUSTRALIAN STOCK EXCHANGE LIMITED
VAN EYK THREE PILLARS LIMITED
14 March 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	February 2007
Gross Tangible Asset Backing * (prior to deferred tax)	\$1.41
Less Net Deferred Tax	$($ \$0.13 $)$
Net Tangible Asset Backing	\$1.28

*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 - February 2007

Market / Portfolio

The ASX 100 Accumulation Index rose 1.62% in February. After a surge in excess of 4.8% on the back of a better than expected earnings season and a strong lead from overseas, the last two days of the month saw a sharp fall of 3.2%, taking back most of the gains. Fears over government intervention in the Chinese stock market spurred a sharp sell off, which quickly spread around world stock markets to varying degrees.

This correction at month end took the gloss off a better than expected earnings season, with median company profit growth of 13.5%, solid top line growth and a surprising decrease in

Market / Portfolio (cont.)

comments related to cost and margin pressures. The highlight for the VTP portfolio was the ongoing strength in earnings growth and outlook from companies exposed to 'infrastructure spend'. (Leighton, Worley, Transfield, Downer). Additionally, high quality growth companies with strong franchises were at the forefront of positive earnings surprises. (Cabcharge, QBE, Origin Energy).

Positive contributors to the portfolio for February:

Worley Parsons			$+0.72%$

Transfield Services	$+0.52\%$
BHP Billiton	$+0.44%$

Leighton Holdings $+0.41%$

Negative contributors:

$\bullet$	Coffey International	$-0.32%$
$\bullet$	Perilya	$-0.28%$
$\bullet$	Toll Holdings	$-0.28%$
$\bullet$	Tabcoro	$-0.17\%$

In terms of contributions to benchmark, takeover targets, speculative targets and property trusts have provided a significant portion of returns over recent months, which have detracted from relative returns. However, in alignment with our investment philosophy and process, we continue to avoid stocks that look expensive by our range of value criteria. In a fully valued market, these areas will suffer the most (in relative terms) through a corrective phase.

			1 Month 12 Month Inception *
VTP	1.6%	20.2%	23.0%
ASX 300	$1.6\%$	23.8%	25.4%

*Annualised from inception Jan 2004.

Outlook

Looking forward, we continue to expect more subdued returns from the Australian market, backing off from the extraordinary period we have seen over the last three years. While the recently concluded earnings season in aggregate was solid, the recent market correction - which we believe has not vet fully played out - was a swift reminder that global imbalances remain unresolved and many investors (speculators) have been somewhat complacent in their assessment of risk.

The constructive outlook for the resources and energy sectors remains in place, albeit with expected volatility, while recent commentary indicates the outlook for companies exposed to infrastructure spend is very bright. Accordingly, the portfolio remains well exposed to these areas. Also favoured are high quality companies with strong competitive positions and solid growth prospects.

Outlook (cont.)

In the short term, market volatility is expected to increase. This volatility will be used to top up holdings of high quality growth stocks. Additionally, we expect an increase in short to mediumterm trading opportunities in lower quality 'Special Situations' style stocks.

Top Ten Holdings

BHP Billiton	8.8%
Commonwealth Bank	5.8%
National Australia Bank	5.7%
QBE Insurance	5.1%
ANZ Bank	4.9%
Westpac	4.2%
Rio Tinto	4.0%
Toll Holdings	4.0%
Worley Parsons	3.5%
Transfield Services	3.2%
	49.2%