TESORO GOLD LTD — Net Asset Value 2011

Sep 14, 2011

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED FROM: VAN EYK THREE PILLARS LIMITED DATE: 14 SEPTEMBER 2011

NO. OF PAGES: 1

Net Tangible Assets (NTA) as at 31 August 2011

	31 August 2011
	Cents
Gross Tangible Asset backing1	72.1
Deferred tax asset on realised tax losses	-
NTA after tax on realised income/gains and/or losses	72.1
Deferred tax asset /(liability)on unrealisedpositions	-
NTA after tax on unrealisedgains and/or losses	72.1

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

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

Brian McGarry Company Secretary

van Eyk Three Pillars Limited ABN 91 106 854 175 PO Box 767, Crows Nest, NSW 1585 P 1300 732 413

www.vaneyk.com.au