TESORO GOLD LTD — Net Asset Value 2010

Sep 13, 2010

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 14 September 2010

NO. OF PAGES: 2

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 2010.

	31 August 2010
	Cents
Gross Tangible Asset backing1	116.8
Deferred tax asset on realised tax losses	-
NTA after tax on realised income/gains and/or losses	116.8
Deferred tax asset / (liability) on unrealised positions	-
NTA after tax on unrealised gains and/or losses	116.8

1. Gross Tangible Asset Backing:

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

4. is before Deferred Tax Asset on realised tax losses

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

6. based on the post consolidated share count of 5,489,073 shares

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

Additional Information

At the request of the ASX, we provide the following update on the composition of van Eyk Three Pillars Limited unaudited balance sheet as at 31 August 2010.

van Eyk Three Pillars Limited ABN 91 106 854 175 Level 37, 2 Park Street, Sydney, NSW, 2000 P 1300 732 413

www.vaneyk.com.au www.threepillars.vaneyk.com.au

Selected VTP Balance Sheet Items	31 August 2010
	$m
Cash	3.9
Receivables andprepayments	0.2
EquityInvestments	2.7
Total Assets	6.8
Payables	(0.4)

The Board notes that the Investment Manager, Three Pillars Portfolio Managers Pty Limited (an authorised representative of van Eyk Research Limited), has discretion on the balance between cash and investments and the composition of investments. As such, these figures can change without notice. The Board will continue to provide an unaudited estimate of NTA once a month per Listing Rule 4.12 after it receives this information from the Accounting and Administration Manager.

The Net Tangible Assets and portfolio composition information stated above have been provided to the Board of van Eyk Three Pillars Limited by its Accounting and Administration Manager, White Outsourcing Pty Limited. The Board has relied on but not verified the information provided by the Accounting and Administration Manager and these figures should be considered as estimates and unaudited.

Brian McGarry Company Secretary

van Eyk Three Pillars Limited ABN 91 106 854 175 Level 37, 2 Park Street, Sydney, NSW, 2000 P 1300 732 413

www.vaneyk.com.au www.threepillars.vaneyk.com.au