28 November 2005

The Manager Companies Company Announcements Australian Stock Exchange 20 Bridge St Sydney NSW 2000

Dear Sir

S-LENS RESOURCE JUST THE START AT QUE RIVER - MD'S ADDRESS TO SHAREHOLDERS AT AGM

Please find attached a presentation that I, as Managing Director of Resource Finance & Investments Limited (ASX:RFI) will give to shareholders at the Company's Annual General Meeting this afternoon.

The aim of the presentation is to put into context the positive drill results at S-Lens and Mt Charter recently announced to ASX by RFI. That context being:

1. Que River

The S-Lens resource is part of a larger high grade base and precious metals mineralised system at Que River. The Company intends to follow up historic drill intercepts such as 3.2metres at 5.2% Zn, 3.0% Pb, 84 g/t Ag & 1.9 g/t Au in QR1139 from the Nico Lens which could add substantially to the current resources delineated at Que River.
The Que River mine operations have never received that "focused final search for ore" which $\bullet$ normally occurs around a nearly depleted mine because of the simultaneous start of the high grade Hellyer Mine operation. This has left many opportunities for further mineralisation to be delineated by RFI around the abandoned Que River mine workings.
The recent drill result of 2 metres (horizontal width) at 3.9% Cu, 3 oz./t Ag and 2% Zn and $\bullet$ 0.4g/t Au confirms the Director's view of the Que River area potential as an early cash flow opportunity. This is based on its close proximity to processing and transport infrastructure, its situation on a granted mining lease and in an area already disturbed by historic mining activity.

2. Mt Charter Gold Project

The recent RFI drill result of 58 metres at 1.84 g/t Au and 35 g/t Ag is consistent with other sampling results on the project such as 50 metres at 2.1 g/t Au and 70 g/t Ag in surface channel samples and 58 metres grading 1.80 g/t Au and 32 g/t Ag from surface in a nearby historic drillhole.
RFI's drilling indicates an approximately 150 metre wide zone of substantial alteration and barite veining associated with gold and silver mineralisation, with a 700m by 300m gold in soil anomaly.
Mt Charter has the potential to develop into a substantial shallow moderate grade gold silver resource.

The presentation will be made following the AGM and features the proposed new name of the Company, Bass Metals Ltd which Shareholders will vote on at the AGM.

Yours sincerely

Mike Rosenstreich Managing Director

Disclaimer: This announcement does not include reference to all available information on the Mt Charter or S-Lens Projects and should not be used in isolation as a basis to invest in RFI. Any potential investors should refer to RFI's other ASX releases and statutory reports and consult their professional advisors before considering an investment in the Company. The information within this report that relates to exploration results is based on information compiled by Mr Mike Rosenstreich and Mr Mark Derriman who are full time employees of the Company and are Members of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists respectively. Mr Rosenstreich and Mr Derriman have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as Competent Persons as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consent to the inclusion of this information in the form and context in which it appears in this report.

Attachment: AGM MD Presentation [3.5MB]

BASSING PARA PRODUCED

Presentation to the Amural General Meeting of Shareholders

Exploration Update

BASS MEIALS FED Kevronis

Re cap - Excellent address - Mt Read Volcanics & QUality relationships

Focus - Advanced Helyer Profect 24

V Mt Charter (Au-Ag) – potential for large scale COIC CEDOSIT V Que River-S-Lens (Cu-Ag-Zn)-early cash HOW ODDORUTHY

Putung our recent drilling into context

3. Objectives and strategy for 1st half of 2006

EASS NTERATS FOR Exploration Risk Management and the Project Pyramid to provide a pipeline of new targets

BASS MERAS BIS STRETCTO TO TO TO THE TOS

SProxen Ore finder"

Geoinformatics Exploration Inc. (TSX-V : GXL)

Intec Ltd

ZINIFEX

Superior and Sustainable Metals Production

"follolbal commodifies trader and financier"

"owner of the Hellyer plant and processing excertise"

Hocal mine operator and majorzina producer"

BASS MEINIST RO - Ellyer Feorestovanced project

BASS METALS (FED Hellyer project - aerial view

BASS METALS IS AND

Heliyer Project

Advanced prospects AWICHRICH-AU SSLIGhs - GU

Plus -10 other targets prospective for Hellyer/Que River style deposits and gold.

BASS METALS (48) Hellyer Project - Mt Charter (cold Silver)

Large, Shallow gold-silver system.

No systematic gold evaluation - always a base metal target!

BASS METALS FR

EXIGYS WS Stated # Stone indications of a farge Au-Ag SyStem.

BASS MEDALS RED Mt Charternew high order gold in softanomalies.

BASS METALS LITE Mt Charter-Drilling commenced 25 October

BASSMEIALSTEED

Mt Charter - an emerging large scale Au system

BASS METALS (CF) Mt Charter style alteration & mineralisation

Sakans – the SELDIO poni

BASS METERS estinated resource OTA 370,000 at 1.7% Cu, 64 oft Ag, 4.2% Zn & 36/1 Au 4496 Trofoeted C 56% Internet Resource (in accordance with 2004 JORC Code)

Helver Profect Que River- netal Gndownen

BASSMEIAISTEED

83.8Mt at 13.3% Zn, 1956/1749,3,8 671 Au 7.4% Pb & 0.7%

Alliaing foous shifted to Hellyer -ICEVING opportunities for

BWL

BASS METALS 1995 Initial S-Lens Drilling Programme

BASS MEDALS RED

Current Drill Programme

BASS METALS (FB)

Que River - easy access for conventional equipment.

al Michiga

BASSANDIANS ITED Intersected @16.5m of massive & semi-massive Sulphide (S-Lens) in QRD1223 $27.5 - 34.7m$

PAULINUM KIRKUAR SHARKI EN TARIT TATO TA PO

25.9m (FM) at 1.82% Cu, 2.0% SO STATES TO HEAR O

EASS MEDIALS CONTROL S-Lens in Context

S lens is oant of a later massive suiphide lens System

The main orebodies $47Q$ and PN lenses were mined for nearly 10 years

There is extensive underground mine Infrastructure, now decommes toned buil potentially an asset for FITE

BASS MEDALS LED S-Lens in Context

Looking north -with S-lens in cross section on the right (east) PQ and PN orebodies to the left (west)

BASSARE ALS LEE

Que River - "brown fields" exploration

Que River-quickly "abandoned" when Hellyer came on Sikerin

Many untested positions, unmined sulphide lenses and GXtensions to existing known orabodias. E.g. Nico Zone

EASS MEDIATES Que River - "brown fields" exploration - finding targets in the filmo cabinats

Eg of Nico Intercepts^*. QR1187 125m at 3.6% Zn, 2.3% Pb, 40 g/t Ag 2086/141 QR11893.2m at 5.2% Zn, 3.0% Pb, 84g/t Ag & 1 CO/NAVE

QR1143 5.4m at 4.6% Zn, 2.5% Pb & 60 g/t

*3 downhole intercepts defining northern part of the Nico mineralisation from approximately 25m vertical depth (QR1137) to 100m (QR1148). From historic drill results.

BASS METALS IND

Que River – untested potential

BASS METALS (FREE) A realistic early cash flow opportunity - with growth potentel.

FRéducéd Technical risk On grânted Mining Lease .3 km south of plánt ·In area already mined

MSYMBIAIS CE Hellyer Corridor Exploration

2AITanees with Zinfexand Geoformettos to explore Heliyer Mine Teess

Filip completion of the Hellyer Gorridor 8-d'modeling and target generation phase

OEGRIV 2006 commence target TASTING

Picture of part of the 3-d model, highlighting Zn occurrences >1.0% over footwall 'basalf' and faults

BASS METALS IS END Exploration Objectives - First Half 2006 Hellyer Corridor

1. Resource Delineation
Que River
- Process of extensional and infill drilling S-Lens (in progress)
- Follow-up on other mineralised zones such as Nico Zone
E Hellyer Deposit
- Process of reviewing Hellyer deposit looking for remnant and untested resource potential (Jan-Feb 2006)
AMTORETTET
- A Resource delineation chiling (in progress)
1. Mining Pre-Feasibility
Evaluation of mining and processing options for Que River resource inventory.
1. Target Identification and Definition.
In close liaison with GXL and ZFX complete the Hellyer Corridor Stage 1A model and target generation process.
Commence target testing programme under the HEA with ZDX

BASS MEDALS GREE Exploration Objectives - First Half 2006 (cont.)

Regional Prospects

Regional target identification Stage 1b MRWIP with GXL. (Started)
· Regional surface sampling programmes (prepared and awaiting MRT/MEWG approval)
· Target definition e.g. Conah and Magnet (Garly 2006)

NANS MEETALS EEN

Confeany Summary

Excellent opportunity to gain exposure to one of the most C mineralised provinces in the world, the Mt Read Volcanics (MRV) in western Tasmania.
RFI has a strategic 1000 km² land position in the MRV f,
Advareed gold and copper prospects
5 regional projects with gold, copper and zinc targets
2 drilling rigs started work on RFI Prospects in Octoberstrong drilling results to date
Imporentallences Exploraton allence with Zinifexoperator at Rosebery Zn-Pb-Ag-Au Mine, Geoinformatics proven ore finder & Intec - owner of the Hellyer Plant.

Experienced management and attractive capital structure

WANN. HAGGET GYTERE GYTER

BASS MEDALS ETTE