TESORO GOLD LTD — Net Asset Value 2010

Feb 24, 2010

TO: COMPANY ANNOUNCEMENTS OFFICE

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

DATE: 25 FEBRUARY 2010

NO. OF PAGES: 1

23 February 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 23 February 2010 .

	23 February 2010	23 February 2010
	Cents	Discount2
Gross Tangible Asset backing1	97.5	9.7%
Deferred tax asset on realised tax losses	6.5
NTA after tax on realised income/gains and/or losses	104	15.4%
Deferred tax asset / (liability) on unrealised positions	(2)
NTA after tax on unrealised gains and/or losses	102	13.7%

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 23 February 2010 closing share price of 88 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 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