TESORO GOLD LTD — Net Asset Value 2011

May 15, 2011

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 13 May 2011

NO. OF PAGES: 1

Net Tangible Assets (NTA)

	30 April 2011
	Cents
Gross Tangible Asset backing1	81.60
Deferred tax asset on realised tax losses	-
NTA after tax on realised income/gains and/or losses	81.60
Deferred tax asset / (liability) on unrealised positions	-
NTA after tax on unrealisedgains and/or losses	81.60

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.

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