TESORO GOLD LTD — Net Asset Value 2011

Nov 13, 2011

vanEYK THREE PILLARS LIMITED

NET TANGIBLE ASSETS AS AT 31 OCTOBER 2011

	31 October 2011
	Cents
Gross Tangible Asset backing1	72.6
Deferred tax asset on realised tax losses	-
NTA after tax on realised income/gains and/or losses	72.6
Deferred tax asset / (liability) on unrealisedpositions	-
NTA after tax on unrealisedgains and/or losses	72.6

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

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

Andrew Brown Executive Chairman

For further enquiries: (02) 9380 2876 / 0418 215 255

______________ vanEyk Three Pillars Limited Suite 7.09 2-14 Kings Cross Road POTTS POINT NSW 2011 ABN 91 106 854 175 phone: (02) 9380 2876 fax: (02) 8354 0923 email: admin@tidewater.com.au