TESORO GOLD LTD — Net Asset Value 2009

Aug 31, 2009

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 1 SEPTEMBER 2009

NO. OF PAGES: 1

31 August 2009 Estimated Net Tangible Assets (NTA)

We hereby provide notification of van Eyk Three Pillars Limited’s estimated net tangible asset backing per ordinary share as at 31 August 2009 . Note that a final, fully reconciled 31 August 2009 NTA release will be made by 14 September 2009.

	31 August 2009	31 August 2009
	Cents	Discount2
Gross Tangible Asset backing1	92.5	4.9%
Deferred tax asset on realised tax losses	6
NTA after tax on realised income/gains and/or losses	98.5	10.7%
Deferred tax asset / (liability) on unrealised positions	(1)
NTA after tax on unrealised gains and/or losses	97.5	9.7%

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

5. Based on 31 August 2009 closing share price of 88.0 cents

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

Peter Roberts 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