TESORO GOLD LTD — Net Asset Value 2008

Jun 12, 2008

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 13 June 2008

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.

==> picture [369 x 183] intentionally omitted <==

----- Start of picture text -----

Net Tangible Asset Backing per Ordinary Share
Month End May 2008
Gross Tangible Asset Backing $1.21
(prior to deferred tax)
Less Net Deferred Tax ($0.03)
Net Tangible Asset Backing $1.18
----- End of picture text -----*

*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 May 2008

Market / Portfolio

The S&P ASX 300 gained 1.7% over May, largely driven by energy stocks as crude oil prices reached a record, and corporate activity in the sector continued, with several deals struck recently in the domestic gas space that have raised the benchmark for long term prices quite significantly. Over the month the S&P ASX 300 Energy Index rose a massive 19.9%.

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

Market / Portfolio (continued)

While there is no doubt that speculative elements combined with geopolitical concerns have provided considerable additional impetus to energy markets, particularly the crude oil price, two decades of underinvestment in the global energy complex, combined with escalating demand in emerging economies dictate much increased capital investment into the sector. These features combined with very high input cost inflation imply significantly higher floor prices for energy over the longer term. Coupled with the much increased attractiveness of gas / LNG, both economically and environmentally, we remain overweight to the energy sector.

The VTP portfolio outperformed during the period as the energy exposures delivered strong gains, however a relatively modest profit downgrade by Transfield Services vividly illustrated the markets merciless treatment of companies that disappoint, belting the stock price more than 26% in short order.

Relative contributors to the portfolio for May:

•	Beach Petroleum	0.71%
•	Emeco	0.41%
•	Kingsgate	0.32%
•	Caltex	0.31%
rst	contributors:
•	Transfield	-0.63%
•	Independence Group	-0.59%
•	Healthscope	-0.33%
•	Ramsay Healthcare	-0.21%

Worst contributors:

The overall portfolio strategy remains well positioned for the current environment. The sector exposures maintain an overweight to healthcare, energy, diversified miners, and selected high quality industrials, in particular those leveraged to the ongoing high levels of capital spending in infrastructure, resources and energy. We remain underweight financial, property, and consumer sectors.

At month end the portfolio held 8.5% cash.

	1 Month	12 Month	Inception*
VTP	1.9%	-4.0%	17.8.%
ASX 300	1.7%	-6.7%	18.0%

*Annualised from inception Jan 28 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

While in a broad sense world economic conditions are reasonable, there is a clear skew towards the emerging / BRIC and energy rich countries, although rising inflation will impact over time. Recent statements from world central bankers are now, perhaps belatedly in some cases, focusing on inflation, however the effects of years of cheap and easy credit have now come home to roost.

In Australia, the earnings outlook is moderating and consensus earnings forecasts continue to soften. Over ‘confession season’ there have been in excess of thirty significant profit warnings / guidance downgrades with some very harsh treatment meted out by the market. Of note is that warnings are spread across essentially all industry sectors, however the financials and consumer discretionary sectors is where we have seen broadest effects.

Costs in the form of materials, energy, labour and financing, remain high and will further pressure profit margins. Softer top line growth as the domestic economy moves through its RBA enforced cooling will act in tandem with shrinking margins magnifying the impact on the bottom line. Of note is the rapidly accelerating downturn in consumer sentiment indicators and spending figures. While the fading wealth effect from softer property and stock markets has been a latent drag on the highly indebted Australian consumer, the very strong terms of trade outlook should continue to insure a ‘two speed’ Australian economy.

Market valuations are reasonable at the time of writing, however we see no immediate potential for the market to make significant gains, but rather an environment of continued high volatility. We aim to exploit this volatility by focussing on our key criteria of quality, growth and valuation.

Top Ten Holdings

Company	Weight
BHP Billiton	13.6%
Rio Tinto	5.1%
Commonwealth Bank	4.7%
Origin Energy	4.4%
National Australia Bank	4.2%
Westpac	3.6%
ANZ Bank	3.3%
Beach Petroleum	2.8%
Bradken	2.8%
Downer EDI	2.7%
	47.2%

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