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TESORO GOLD LTD Net Asset Value 2009

Dec 13, 2009

65957_rns_2009-12-13_783b457f-3dcb-49a7-b1ca-cf50c17644d9.pdf

Net Asset Value

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TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED

DATE: 14 December 2009

NO. OF PAGES: 1

Net Tangible Assets (NTA)

30 November 2009
Cents
Gross Tangible Asset backing1 98
Deferred tax asset on realised tax losses 6.5
NTA after tax on realised income/gains and/or losses 104.5
Deferred tax asset / (liability) on unrealised positions (2.5)
NTA after tax on unrealisedgains and/or losses 102
  1. Gross Tangible Asset Backing:

  2. includes investments at current market value less associated selling costs

  3. is before Deferred Tax Asset on realised tax losses

  4. is before any Deferred Tax on unrealised investment gains/losses

The Net Tangible Assets quoted above are based on unaudited financial accounts.

Brian McGarry Company Secretary

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