TESORO GOLD LTD — Net Asset Value 2008

Mar 13, 2008

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TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 14 March 2008

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	Net Tangible Asset Backing per Ordinary Share
Month End	February 2008
Gross Tangible Asset Backing* (prior to deferred tax)	$1.17
Less Net Deferred Tax	($0.04)
Net Tangible Asset Backing	$1.13

*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 2008

Market / Portfolio

The ASX 300 Accumulation Index closed down 0.7% in February, consolidating somewhat after the wild swings during January. Economic data from the US continued to worsen, with offsetting influences from market expectations of further interest rate cuts and ongoing efforts to loosen up the logjam in world credit markets. In response to rapidly rising inflation expectations and the plummeting US dollar, most commodity markets rose strongly, in particular oil and agricultural.

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

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Market / Portfolio (continued)

Base metal markets also continue to show surprising strength in the face of cooling global growth, with continued supply difficulties being a key factor.

The VTP portfolio under performed modestly for the month. The underweight to banks, financials, consumer and property sectors, which have all lagged the market significantly, has paid dividends in relative terms for some months, however this was offset by high volatility in some of our small company selections. We continue to shun companies relying on overly complex strategies and high levels of financial leverage.

Relative contributors to the portfolio for February:

	Independence Group	+0.42%
	Alumina	+0.39%
	Downer EDI	+0.36%
	Rio Tinto	+0.32%

Worst contributors:

	Coffey International	-0.40%
	United Group	-0.34%
	Kingsgate	-0.28%
	QBE Insurance	-0.20%

The overall portfolio strategy remains largely unchanged and in our view well positioned for the current environment. The sector exposures maintain an overweight to healthcare, energy, diversified miners, and selected high quality industrials, with underweight exposure to banks, financials, property, utilities and consumer.

At month end the portfolio held 9% cash, and also continues to hold some exposure to gold stocks as a hedge against monetary instability. While in the short term we expect volatility to continue as world markets remain fragile and Australian earnings forecasts are revised downwards, there are some attractive values appearing in the market which we aim to exploit over the next few months.

	**1 Month **	12 Month	Inception *
VTP	-1.7%	1.8%	17.8%
ASX 300	-0.7%	-0.8%	18.8%

*Annualised from inception Jan 28 2004.

Outlook

We continue to expect more subdued returns looking forward, and in the short term, high volatility. While in a broad sense world economic conditions are quite reasonable, growth is clear skewed towards the BRIC and energy rich countries. The outlook for not only the USA, but also Europe, Japan and the UK, is worsening. In the short term, despite some valuations beginning to a look more attractive, it is difficult to see any catalyst for global stocks to post significant rises.

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

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Outlook (continued)

The continued adverse developments in world credit markets will continue to be met by infusions of liquidity from world Central Bankers. While this may prove a quick fix and provide a shot in the arm confidence wise, we contend it will take some time for the situation to be resolved due to the sheer scale of the world credit bubble. Credit spreads have not compressed yet to any great degree, essentially cancelling out much of the US Federal Reserve’s dwindling rate cut ammunition.

In Australia, the earnings outlook is moderating and in aggregate, consensus earning forecasts are softening from a high level. Costs in the form of materials, energy, labour and especially financing, continue to show upside risk and will pressure company profit margins moving further into 2008. While broadly speaking the recent earning season was quite solid, company outlook statements were generally quite circumspect. The recent rate rises by the RBA look to be finally working in terms of slowing consumer sentiment, however the data over the next few months will deem if further rate rises are required, thus increasing the risk, over time, of a hard landing for the highly geared Australian consumer.

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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