GREENWING RESOURCES LTD — AGM Information 2008

Nov 24, 2008

Bass Metals Ltd

“Consolidate Build Grow” A Presentation to the Annual General Meeting of Shareholders

By Mike Rosenstreich Managing Director 25[th] November 2008

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Disclaimer & Competent Person
An important notice
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Disclaimer
Statements contained in this material, particularly those regarding possible or assumed future performance,
costs, dividends, production levels or rates, prices, reserves or potential growth of Bass Metals Ltd, industry
growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future
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events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results
and developments may differ materially from those expressed or implied by these forward looking statements
depending on a variety of factors.
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or
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sell shares in any jurisdiction.
Competent Person
The information within this report that relates to exploration results is based on information compiled by Mr
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Mike Rosenstreich who is a full time employee of the Company and is a Member of The Australasian Institute
of Mining and Metallurgy. He has sufficient experience relevant to the styles of mineralisation and types of
deposits under consideration and to the activities currently being undertaken to qualify as a Competent
Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral
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which it appears in this report.
Technical Detail
This presentation aims to provide a high level summary of various technical aspects of the Company’s
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on the Bass Metals’ website, www.bassmetals.com.au .

A year of significant achievements

• High grade Zn-Pb-Cu-Ag-Au ore production from Que River Mine

• Maiden Profit of $1.8M for FY08

• 50% increase in Mineral Resources to 2.3Mt at 19% Zn (eq)

• Positive Cash flow & accumulating cash

• Solid current cash position of $7.8M (Nov. end)

• Excellent progress on 2nd potential mine development – Hellyer Mine Project

• • Generation of several early stage new deposit targets

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A year of significant achievements
AGM’s since listin in October 2005
g
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		2006-AGM	2007-AGM	2008-AGM
	Share price	29 cents	38 cents	9.9 cents
	Mkt Cap	$18M	$38M	$10M
	No. of shares	63.3M	99.8M	103.5M
	Shareholders	c. 600	c. 1,300	1,240
	Cash (end of Nov)	$2.6M	$5M	c. $7.8M
	Receivables (net of creditors)	$0.2M	$1.5M	$5.6M
	Inventory	nil	$0.2M	$1.6M
	Profit (as at 30 June 08)	nil	nil	$1.8M
	Status	Explorer	Emerging Producer	Profitable Miner

A poor year for shareholders – but real value & positive outlook

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Discussion Outline
The Bass Strategy in time of adversity
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Consolidate Build Grow

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•
Que River Mine - update
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Increase Cash Generation - Build Assets
•
focus on realistic mine developments
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Growth for long term value
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•
Exploration – the (low key) elephant hunt
•
“Buyers Market” – acquisition opportunities
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BSM is self funding with solid assets and operating experience…....looking to grow

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BSM Introduction/Revision
Location – NW Tasmania
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Bass Metals’ Project
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Areas
•
1,200km [2] of tenure
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200km

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Government
•
Excellent infrastructure
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� Power
� Roads
� Towns
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� Processing Plants
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NW Tasmania - an intensely mineralised geological terrain – “Elephant Country”

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Area includes diverse
large scale, high grade
mineral deposits such as:
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Hellyer Que River Mine

100km

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–
–
Mt Lyell (Cu-Au)
–
Renison (Sn)
–
Mt Bischoff (Sn)
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–
Avebury (Ni)
–
Savage River (Fe)
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Cash flow - Production Update
Que River Mine
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Zero LTI’s project to date Mancala Mining Project Manager/Alliance Partner

Cash flow - Production Update Mine Production 3.6 198 0.4 7.6 14.2 69,169 PTD Project to date – Ore Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 54 % + 57 % - 6 % + 45 % + 24 % + 67 % Factor 4.9 260 0.5 10.1 19.2 25,362 FY-09 (31 Oct 08) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined Ore reconciliation factors – suggest strong positive outlook for extending mine life. PQ Pit reconciliation (PTD) is 167% for tonnes and positive for Zn, Pb, Ag & Au grades also.

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Cash flow - Production Update
net realisable value (NRV) – at 31 Oct 08
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Ongoing positive cash flow from Que River production

	NRV	Unit	FY-08	FY-09*	PTD
	Avg. Value of ore sold	$/t	243	430	312
	Operating Cost	$/t	210	204	208
	Margin	$/t	33	226	104
	Tonnes ore mined	t	43,825	25,362	69,169

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Cash flow - Production Update
Outlook is positive subject to external factors
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PQ Pit

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•
Positive PQ ore reconciliation indicates potentially more
ore within current pit design – mining to July 2009?
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Other Resources

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•
S-Lens Reserve – under review & rescheduled
•
QR32 – approval pending
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Operational Issues – key risks

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•
A$ metal prices and operating costs-recent negative trend
•
Dependent on continuing ore sales to Rosebery operations
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The existing advanced growth assets-near Hellyer
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Que River Mine & Resource

Fossey Resource

Hellyer Plant Site (Owned by Intec)

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Hellyer Resource (plunging north)

Hellyer Mine Portal

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Asset Building
Hellyer Mine Project
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Next phase – build assets and increase cash flow with modest Capital Expenditure to fund.

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Hellyer Mine Project:
•
1.6Mt of high grade, polymetallic Cu-Pb-Zn-Ag-Au
Mineral Resource.
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•
Well located in terms of:
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� Power, road access & services
� Under utilised, processing plants
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•
A potential 150kt to 250kt of high grade ore production
per year mine development.
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•
c.40ktpa of Zn, Pb & Cu concentrate production for 4
to 5 years.
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Asset Building Hellyer Mine Project

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Asset Building Hellyer Mine Project Fossey Zone – a distinct new discovery. Recent drill highlights:

• 43.5m at 12.9 % Zn, 7.7 % Pb, 0.4 % Cu, 207 g/t Ag & 2.6 g/t Au , including; 12.6m at 22.4 % Zn, 13.5 % Pb, 0.5 % Cu, 367 g/t Ag & 4.2 g/t Au (HLD985).

• 10.9m at 8.9 % Zn, 5.4 % Pb, 0.3 % Cu, 99 g/t Ag & 1.5 g/t Au (HLD983). • 9.95m at 7.4 % Zn, 4.7 % Pb, 0.4 % Cu, 56 g/t Ag & 1.5 g/t Au (HLD979).

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Growth Potential
Hellyer Mine Project
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Mine Study Progress Update:

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2. Conceptual Mining study – positive indications for simple
large-scale stopes and mining method from Mancala
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3. Metallurgical Testwork – in progress
(Ammtec/Mineralurgy)
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Early results - very encouraging for making distinct Pb and Zn
concentrates + Au, Ag & Cu recovery. This is without regrinding,
more cleaning circuits or reagent optimisation.
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4. Environmental Study – in progress
Key issue is water management, i.e. dewatering Hellyer mine void
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Rosebery plants.
6. Notice of Intent – due for submission in December 2008
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In Conclusion
Bass is “on track” in difficult times
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Step 1: Consolidate Que River – positive cash flow. reconciliation trends), plan to accumulate it. Step 2: Increase cash flow - build assets Hellyer Mine Project – potentially 4 to 5 times bigger than Que River. Production target – late 2009 early 2010 ( & Pb prices ). Step 3: Growth - long-term shareholder value

The people behind the achievements ………..so far

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