TESORO GOLD LTD — Net Asset Value 2011

Jan 13, 2011

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED

DATE: 14 January 2010

NO. OF PAGES: 1

Net Tangible Assets (NTA)

	31 December 2010
	Cents
Gross Tangible Asset backing1	90.8
Deferred tax asset on realised tax losses	-
NTA after tax on realised income/gains and/or losses	90.8
Deferred tax asset / (liability) on unrealised positions	-
NTA after tax on unrealisedgains and/or losses	90.8

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 37, 2 Park Street, Sydney, NSW, 2000 P 1300 732 413

www.vaneyk.com.au www.threepillars.vaneyk.com.au