TESORO GOLD LTD — Net Asset Value 2010

May 12, 2010

TO: COMPANY ANNOUNCEMENTS OFFICE

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

DATE: 13 MAY 2010

NO. OF PAGES: 1

11 May 2010 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 11 May 2010 .

	11 May 2010	11 May 2010
	Cents	Discount2
Gross Tangible Asset backing1	95	9.5%
Deferred tax asset on realised tax losses	7
NTA after tax on realised income/gains and/or losses	102	15.7%
Deferred tax asset / (liability) on unrealised positions	(1.5)
NTA after tax on unrealised gains and/or losses	100.5	14.4%

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 11 May closing share price of 86 cents

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

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