GREENWING RESOURCES LTD — AGM Information 2010

Nov 29, 2010

Bass Metals Ltd

An Emerging Mid-tier Mining House

Presentation to AGM of Shareholders 30 November, 2010

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Bass Metals Ltd Hellyer Mine Project – 450ktpa Cu-Pb-Zn-Ag-Au Mine “ ” The light at the end of the tunnel - An Emerging Mid tier Mining House

Presentation to AGM of Shareholders 30 November, 2010

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A realistic growth story (talk outline)

Vision: Grow Bass into a profitable diversified mid-tier mining business Measure: Aiming for a +$500M market value in 3-5 years

Means: New Growth Horizons Organic Growth – existing Mineral Resources

Polymetallic - Fossey, Hellyer, Que River & Hellyer Tails Gold – Hellyer tails and Mt Charter Organic rowth – exploration successG Employing new techniques – reaping exploration success –Fossey East Transactional Growth –increasing focus acquisitions and JV’s Compelling investment proposition with a track record of growth and profits to date

Disclaimer & Technical Detail An Important Notice

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 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 sell shares in any jurisdiction .

Technical Detail

This presentation aims to provide a high level summary of various technical aspects of the Company’s projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals ’ website: www.bassmetals.com.au

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Competent Person Statement An Important Notice-Resource & Reserve Summaries Attached. EXPLORATION RESULTS

The information within this report that relates to exploration results is based on information compiled by Mr Kim Denwer and Mr Michael Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have 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(s) as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)” and they consent to the inclusion of this information in the form and context in which it appears in this report.

MINERAL RESOURCES AND ORE RESERVES

The information in this report that relates to the Fossey and Que River Mineral Resource estimates is based on information compiled by Mr Steve Richardson who is a fulltime employee of the company and a Member of the Australasian Institute of Mining and Metallurgy. Mr Richardson has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)”. Mr Richardson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Fossey Ore Reserve estimates is based on information compiled by Mr Victor Rajasooriar who is a full time employee of Bass Metals Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Mr Rajasooriar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves (the JORC Code)”. Mr Rajasooriar consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Hellyer Remnant Ore Resource estimate is based on information compiled by Mr Neil Inwood who is a full time employee of Coffey Mining and a Member of the Australasian Institute of Mining and Metallurgy. Mr Inwood has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves (the JORC Code)”. Mr Inwood consents to the inclusion in this report of the matters based on the work performed by Coffey Mining in the form and context in which it appears.

The information in this report that relates to the Mt Charter Mineral Resource is based on information compiled by Mr Michael Andrew who is a full-time employee of Snowden Mining Industry Consultants and a Member of the Australasian Institute of Mining and Metallurgy. Mr Andrew has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)”. Mr Andrew consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to the Hellyer Tails Mineral Resource estimate is based on information compiled by Mr John Tyrrell who is a full-time employee of AMC Consultants Pty Limited and a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyrrell has sufficient experience that is relevant to the style of mineralisation and t yp e of de p osit under consideration and to the activit y that he is undertakin g, to q ualif y as a Com p etent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)". Mr Tyrrell consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Introduction

Operation in Tasmania, Australia – a mining State

Operations comprise:

• Tenements – 350km2

• Que River Mine

• 1.5Mtpa Hellyer Mill

• New Fossey Mine

• High-grade Cu-Pb-Zn-Ag-Au resources

• +1Moz Gold resource

• Work force – 115 people

• Road, rail & power infrastructure

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2009-2010 Milestones

On the cusp of major production growth phase

• Completion of the HMP Definitive Feasibility Study & Project approvals

• $23M Debt & Equity financing for HMP

• Que River “ore-sales” mine plan completed after 3 years profitable operation with ZERO Lost Time Injury record

• $4.4M O p eratin g Profit for FY2010 ( Net Profit ( $0.4M ))

• Exploration success – Fossey East, Switchback & strong target pipeline

• 40k to 110kozpa of gold(eq) production indicated in Scoping Study results

• $20M cash as at end of October,2010

• Diversified share register – now 16% held by European Insto’s & investors

• • 30% o nex f t 2 years z nc, ea i l d an d s il ver e h d ge d a a t tt rac ti ve g hi h me a t l prices

• Work force now at c. 110 people with BSM building up its operational exper ti se

Shareholder Returns 12 month share price performance

Issued Capital: 185.8M shares / 9.86M unlisted options Mkt Cap.: $65M (35 cents-25/10/10) Cash: $20M (estimate as at 30/10/10) EV: $57M Net Assets: $56M (as at June 30 2010) Major Shareholders: 14 % Metals Finance Ltd ( ASX:MFC ) 10 % JP Morgan Nominees Board & Management 17% Top 20: Hold 45% of stock

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The Five Year Plan This time last year

• Q ue Ri ver n opera i ti on u – a a grow b t fl t th an d cas h genera ti ng ou tl oo k

• Difficult to excite the market-other than exploration potential.

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The Five Year Plan Current Outlook-New Growth Steps

• E xp ora l ti on po en t ti a l i s e d li ver ng - exc i iti ng, we ll f oun d e d grow th ou tl oo k .

• • Mine life – Now have a realistic 5 -10 year production outlook.

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The Five Year Plan Current Outlook

• Mi ne e – lif N ow ave a rea h li s ti c 5 10 year pro d uc ti on ou tl oo k .

• Add tailings re-treatment – looking at a serious cash flow potential.

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• Profile does not include gold production or new discoveries.

New Growth Steps..

1. Emergent phase – Hellyer Mine Project (Fossey mine)

2. Growth Opportunities:

a) From Existing Resources b) New Exploration targets

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Loading ore at Que River Mine

Finding ore at Lake Margaret

- HMP (Next Growth Phase) Location Plan

Que River esourceR Mill feed years 3-5

Mill feed years 1-2

Fossey Zone - Ore Reserve 1 . 1M t at 7% Z n, 5% Pb , 105 g/t Ag & 1.9 g/t Au

Fossey Decline Portal site

Hellyer Mill

Hellyer Portal & Decline (Plugged)

Hellyer one esourceZ R Mill feed years 3-5

HMP-Overview Phase 1 – Fossey Mine

• Level development started to access – 465mRL & 485mRL ore levels.

• RAR vent shaft completed – being lined.

• • FAR vent s h a t – ra se or ng n progress. f i b i i Ore develo ment drives p Area of current activity Underground mine

• development is on track for ore deliveries in Dec.

• Decline

• FAR to Mill stockpile.

• Ore RAR

• Incline 920m to portal

• 465 Level plan

HMP-Overview Phase 1 – Fossey Mine

Updated Ore Reserve – includes incremental ore, marginal to high-grade zone.

		JORC	Tonnes	Copper	Lead	Zinc	Silver	Gold
	Location	Classification	kt	(%)	(%)	(%)	(g/t)	(g/t)
	Fossey	Total Probable	1,102	0.3	4.0	6.8	105	1.9
	Fossey	Total Proved	-	-	-	-	-	-
	Total		1,102	0.3	4.0	6.8	105	1.9

• 34% increase in ore tonnes.

• Increased metal production.

• Reduced unit costs – processed in the same time frame on an incremental cost (only) basis.

• Conservative dilution assum tions – p

• under review.

• Grade control drilling underground in progress.

Underground diamond drill riggrade control drilling

HMP-Overview Phase 1 – Fossey Mine

• Hellyer Mill is a 1.5Mtpa modern, purpose built flotation concentrator plant.

• Process c.500ktpa on a campaign basis – 4 weeks on/4 weeks off.

• Bass owns Mill – 100% and has spare processing capacity.

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• Mill refurbishment is complete

• Commissioning on waste & Que River low grade has commenced.

The Mill is ready to produce concentrates in Jan 2011 – as planned

HMP-Overview

Hellyer concentrate logistics

All concentrate sales contracts in place:

• Pb & Zn conc.’s to Nyrstar.

• • Cu-Ag-Au conc. To LN Metals (UK).

Burnie Port Concentrate storage

HMP - Annua prol duction •55ktpa – Zn conc. •27ktpa – Pb conc. •5ktpa – Cu - Ag - Au conc . Low cost: US12-15c/lb Zn

• Burnie port concentrate loading facility

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The Five Year Plan – growth phases

• Fact : Excess capacity in Hellyer Mill Objective: Fill the Mill-Hellyer Mill • Lower unit costs

• • Increase metal production and profits

How:

• Find more ore

• Mine and Treat mod-low grade halo ore

• • Preconcentration technology

• • Re-treat Hellyer tailings

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The Five Year Plan – growth phases Implementation Process

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Exploration Success – Find More Ore
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Find More Ore

Bass is a successful explorer

• Mt Read Volcanic Belt is a world class VMS* terrain.

• Populated by large scale , high grade ore bodies such as:

• �Mt Lyell (Cu-Au)

• �Rosebery (Cu - Pb - Zn - Ag - Au)

• �Henty (Au)

• �Que River (Cu-Pb-Zn-Ag-Au)

• �Hellyer (Cu-Pb-Zn-Ag-Au)

“Elephant Country” – never know what you could find!

*VMS-Volcanogenic massive sulphide deposit

Find More Ore Know what your are looking for High-grade, large scale, polymetallic VMS deposits

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500mya
High-grade, large scale,
polymetallic VMS deposits
500mya
Modern black-smoker on
ocean floor.
Today
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Hellyer
Fossey
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Que
River
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Mt
Charter
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Find More Ore Highly Endowed District

Elephants leave FOOTPRINTS : big……….…

• •Hellyer Deposit

• •Que River Deposit

• Mt Ch ar er esource t R

• •Fossey Deposit

VMS deposits occur in clusters, and the Hellyer-Que region has excellent potential to osh t more ore.

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Find More Ore

“in the shadow of the Mill”

• Key exploration targets are within 5km radius of the Hellyer Mill.

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are within 5km radius of
the Hellyer Mill.
F & Mill
ossey
•
Large and small
Fossey East
discoveries can
potentially be “cashed
in”
Switchback
•
Recent success at
Fossey East &
Switchback
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Find More Ore-Fossey East

Discover hole hit y altered zone.

• could it be a new ore position? • Within 15m of d ec li ne.

Fossey Decline

HLD1014 25m alteration, with 2.5m at 6.3% Zn, 3.8% Pb, 56 g/t Ag & 1.8 /t Au. g

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Find More Ore-Fossey East

New ore osition p confirmed – HLD1015 • Ore grade intercept

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Fossey Decline

HLD1015 30m alteration, with 12.1m at 9.1% Zn, 4.8% Pb, 0.6% Cu, 76 g/t Ag & 1.9 g/t Au.

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Find More Ore – Fossey East NEW

HLD1019 – 50m south

• New ore grade intercept.

• Open to south and down plunge.

• This hole is south of the Fossey Mine plan

HLD1019 19 m a lt era ti on, w ith 15m at 7.4% Zn, 4.0% Pb, 0.5% Cu, 76 g/t Ag & 2.8 g/t Au.

Find More Ore – Fossey East NEW

HLD1019 – 50m south

• Confirmed continuity of new ore position

• New southerl y p lun g e apparent

• Open to south and down plunge.

• Within a 150-200m wide prospective zone.

• Easily accessible from Fossey Mine Decline

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Find More Ore - Growth by Discovery Successful Explorer

Bass has brought:

• “ ”

• • New geological eyes

• New ideas

• New exploration technologies

With a strong “attitude” to drill.

Success to date:

• 2.3mt of high grade resources

• New Fossey discoveries

---

• Many new valid targets Switchback , D Zone and Lake Margaret.

Record of turning discoveries into ore and ore into cash

The Five Year Plan – growth phases Implementation Process

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Exploration Success – Find More Ore
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Resource growth-new targets & technology

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• 3.8m at 4.9% Cu, 40 g/t Ag & 0.3 g/t Au. 4.0m at 12.9% Cu, 70 g/t Ag & 0.3 g/t Au.

44.7m at 1.7% Cu, 6.0% Pb, 3.3% Zn, 113 g/t Ag & 0.9 g/t Au.

• 3 distinct stockwork targets beneath Hellyer workings

• • 3 to 5 Mt Exploration Target potential-indicated by historic drilling

Resource growth-new targets & technology

• Hell er stockwork – enhanced metallur ical recover to Hell er massive y g y y

• sulphide.

• Pre-concentration e.g. HMS plant could enhance ore tonnages of stockwork mineralisation at Hellyer or Que River.

E . . g If the mass of Mill feed is halved then the feed grade could be almost doubled by removal of gangue minerals.

• Conceptual capital cost $2 to $4M

• Conceptual operating cost $4 to $6/t

• • St u d y es wor /t t k process s ar e t t d .

Less mass into the float circuit means lower costs, higher metal recoveries and less tailings = higher profits.

Heavy Media Separation Plant 50t/hr – concept from Como Engineers

The Five Year Plan – growth phases Implementation Process

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Exploration Success – Find More Ore
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Growth from existing resources Excess capacity in Hellyer Mill

Tailings re-treatment project:

• Tails – 9.5Mt at 2.5% Zn, 2.8% Pb, 104 g/t Ag & 2.6 g/t Au. (product of former Hellyer Ops. 1986- 2000)

• Aim - utilise dredge to reclaim tailings, reprocess and produce a bulk Pb-Zn concentrate grading 50% Pb+Zn with Ag credits.

Tails Resource

Bass’ dredge on Hellyer Tails Dam (January 2010)

• Pre-feasibility study is in progress. – Como Engineers & CSA Global.

Shore tanks & Piping Hellyer Mill 1 km

Sales & marketing is now the critical issue for completion. Need to address high arsenic (As) levels in concentrates.

Growth from existing resources

Hellyer Tails Historic Production 2006 08 (Previous owner)

• Feed : 2Mt at 2.8% Zn, 3% Pb & 89 g/t Ag

• Product : 90kt of bulk concentrate:

• Z n – 37%

• Pb - 12% (Pb + Zn=49%)

• Ag - 195g/t

• As - 0.77%

“ ” – Time of high prices typical swing production

’ – - BSM s Aim process on an incremental cost basis to be a long term producer.

Bass plans for mid 2011:

• Process 1Mtpa of Hellyer tails – on a campaign basis with Fossey ore.

• Produce 30kt pa of a Bulk lead-zinc concentrate (as well std concentrates).

Current Activity:

• Undertaking extra test work to enhance Zn & Pb and reduce As levels.

• As testwork critical for marketing into China and is related to gold recovery work.

Growth from Existing Resources Gold production

Production Aim 110koz gold(eq) pa

“Fall-back” target 40koz gold(eq) pa

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1. . Based on REAL RESOURCES – 1 7Moz Gold (eq*)

• Hellyer Tails: 1.35 Moz Au(eq) 9.5Mt at 2.6 g/t Au & 104 g/t Ag

• • Mt Charter: 0.34Moz Au(eq) 6.1Mt at 1.2 g/t Au & 36 g/t Ag ( does not include Au/Ag content in Fossey, Hellyer & Que Resources )

2. Based on REAL & DETAILED testwork from 1990’s

• *(Au Eq = US$1310/oz Au and US$19/oz Ag = Au equivalent factor of 70.)1.

Growth from Existing Resources Gold production

Gold & Silver Recovery / Production / Cost Estimates

			Direct Cyanidation	Direct Cyanidation	Albion Process	Albion Process	Pressure Oxidation	Pressure Oxidation
		Units	Au	A	Au	A	Au	A
				g		g		g
	Feedgrade	g/t	2.6	104	2.6	104	2.6	104
	Total Recovery	%	25	40	86	82	37	65
	Metal recovered	koz/pa	20.8	1,338	71.6	2,742	30.8	2,174
	Gold (eq) production	koz	40.2		111.4		62.3
	Estimated total
	it ti s e opera ng costs	A$/ oz.	743		877		694
	Operatingmargin	%	46		36		50
	Capital Cost	A$M	49.4		143.2		116.6

Scoping study results are encouraging for large scale gold production scenario at Hellyer.

Growth from Existing Resources Gold production

Bass commences $1 . 7M Definiti v e Feasibilit y u st d y on gold prod u ction Testwork/study time frame – 12 to 18 month time frame.

c.2 tonnes of tails samples collected from tails dam.

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Upside potential – company maker with possible surplus cash flow of $55M pa. The “down-side” – supplemental income of $25M pa.

Bass Metals – New Steps to Growth

Increased and expanded production- for the first time a realistic 5 year outlook

• .

• Large scale base metal production imminent –Phase 1 Fossey mine

• Fossey East, Switchback and other targets – potential mill feed.

• Hellyer Stockwork/HMS Plant – potential mill feed.

• Tailings retreatment – boost to production and revenue-near term.

• Large scale gold opportunity; possible company maker or just a “serious” cash supplement.

Highly leveraged to existing modern infrastructure

• Track record of exploration success with recent new discoveries likely to add to mine life.

Experienced, motivated and innovative management team.

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Bass Metals a profitable discovery and mining business

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Que River Ore
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Hellyer Ore
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Fossey Ore

Thank you for your interest

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HMP Mineral Resources & Ore Reserves

Table 1: Combined Polymetallic Massive Sulphide Mineral Resources as at 30 June 2010 – 5% Pb+Zn cut-off

		JORC	Tonnes kt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
	Location	Classification
	Fossey	Indicated	690	0.4	6.1	10.4	143	2.5
		Inferred	110	0.3	4.3	7.4	106	2.1
		Total	800	0.4	5.8	9.9	137	2.5
	Hllr	Idid	640	04	4	68	83	13
	eye Remnants	ncate		.		.		.
		Inferred	110	0.2	4.9	8.1	107	1.5
		Total	750	0.3	4.1	7	87	1.3
	Que River Pb-Zn Zone	Indicated	160	0.2	3.8	6.5	96	1.2
		Inferred	140	0.3	4.2	7.4	104	1.2
		Total	300	0.2	4	6.9	100	1.2
	Que River Cu Zone	Measured	60	1.7	0.7	2.1	69	0.3
		Indicated	260	1.9	1.6	4.3	68	0.3
		Inferred	60	2.5	0.2	0.6	33	0.2
		Total	380	2	1.3	3.4	63	0.3
	Total	Measured	60	1.7	0.7	2.1	69	0.3
		Indicated	1,750	0.6	4.5	7.8	106	1.6
		Inferred	420	0.6	3.8	6.6	95	1.4
		Total	2 230 ,	0 6 .	4 2 .	7 4 .	103	1 5 .

HMP Mineral Resources & Ore Reserves

Table 2: Combined Polymetallic Mineral Resources as at 30 June 2010 As the Fossey Body contains two styles of mineralisation (base metal and gold) the combined Fossey mineralised resource can be summarised as in Table 2 below

	LENS	ORE ZONE	CATEGORY	‘000 Tonnes	Mean Grades	Mean Grades	Mean Grades	Mean Grades	Mean Grades	Mean Grades	Mean Grades
					% Cu	% Pb	% Zn	g/t Ag	g/t Au	% Ba	DENSITY t/m3
	FOSSEY	BMS	Indicated	730	0.3	5.5	9.6	140	2.5	27.2	4.37
	FOSSEY	Footwall	Indicated	40	0.3	5.8	7.3	57	0.8	3.6	3.50
	FOSSEY	Barite	Indicated	1,100	<0.1	0.3	0.6	42	1.5	40.5	4.16
	FOSSEY	GSP	Inferred	10	<0.1	0.1	0.1	33	5.2	4.5	3.16
	FOSSEY	Barite	Inferred	290	<0.1	0.2	0.5	41	1.4	41.2	4.30
	FOSSEY	BMS	Inferred	40	0 3 .	4 0 .	6 7 .	88	2 1 .	28 9 .	4 22 .
	FOSSEY	Footwall	Inferred	30	0.2	4.1	6.2	57	1.6	8.5	3.52
	FOSSEY	HLD982 Lens	Inferred	28	0.3	4.2	7.3	156	2.5	25.6	4.60
	FOSSEY	HL683 Lens	Inferred	2	05	50	85	195	22	244	402
					.	.	.		.	.	.
	MINOR LENSES	Barite & BMS & Footwall	Inferred	30	0.2	2.2	4.9	76	2.0	28.5	3.95
	TOTAL	All	Indicated &	2300	0.1	2.2	3.9	77	1.8	34.5	4.22
			I f d n erre	,

Hellyer Tailings Mineral Resources

Table 3: Hellyer Tails Combined Mineral Resource Estimate – 23 June 2009

	JORC Classification	Tonnes mt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
	Measured	4.9	0.2	3.1	2.8	105	2.7
	Indicated	2.5	0.2	3.0	2.6	104	2.6
	Inferred	2.1	0.2	2.9	1.7	103	2.4
	Total	9.5	0.2	2.8	2.5	104	2.6

Mt Charter Mineral Resource

Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006

	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 4: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006
	JORC Classification Tonnes mt Gold (g/t) Silver (g/t) Zinc (%) Gold koz Silver koz
	JORC Classification	Tonnes mt	Gold (g/t)	Silver (g/t)	Zinc (%)	Gold koz	Silver koz
	Indicated	1.9	1.21	36.3	0.7	74	2,218
	Inferred	4.2	1.22	35.2	0.4	165	4,754
	TOTAL	6.1	1.22	35.5	0.5	239	6,972