GREENWING RESOURCES LTD — Capital/Financing Update 2005

Oct 19, 2005

RFI LISTS ON ASX TODAY AFTER CLOSING IPO EARLY & OVERSUBSCRIBED

ACCELERATED DRILLING PROGRAM ANNOUNCED FOLLOWING HIGH ORDER GOLD-IN-SOIL RESULTS AT MT CHARTER

Tasmania-focused mineral exploration company Resource Finance & Investments Limited (ASX Code: RFI) makes its debut today on the Australian Stock Exchange after closing its \$3.5 million Initial Public Offer early and substantially oversubscribed. RFI is scheduled to list on the ASX at 10 am (WST) today.

The listing comes as RFI also today announced plans to accelerate its initial drilling activities in north-west Tasmania following positive results from first pass exploration at the Mt Charter gold-silver project. The Company has secured an additional drilling rig to commence work at Mt Charter ahead of schedule, with one rig already in action at the S-Lens copper-zinc-silver resource near the Hellyer base metals project.

RFI said it had completed its first pass detailed soil sampling program at Mt Charter, with results confirming the Company's view that Mt Charter is an extensive gold system with a large coherent anomaly defined at the 100 ppb gold $(0.1g/t)$ contour level, within which are several zones defined by the 1000ppb gold $(1 \nvert g/t)$ contour level. The 100ppb Au zone extends for approximately 700 metres in a northwestsoutheast direction, and is open in several locations.

"This area has never been evaluated as a gold system with previous explorers always viewing it as a base metals area," said RFI's Managing Director, Mike Rosenstreich. "This program has successfully tested the extent of the gold mineralisation, apart from some areas which remain open and may be further extended. It shows the soil anomalies extend well beyond the previously drilled area which yielded results such as 58m at $1.8g/t$ Au and $27g/t$ Ag from surface".

"We have a very active work program planned post-listing with one drill rig having already commenced work at the S-Lens copper-silver-zinc resource to test for extensions and infill parts of the existing resource. In addition, the high grade and coherent nature of the Mt Charter gold in soil results has prompted us to mobilise a second rig to accelerate the evaluation of the Mt Charter gold system," he said.

"We plan to initially drill 6 to 10 holes in the central Mt Charter area to improve our geological understanding before we test the remaining extent of the soil and rock chip anomalies," Mr Rosenstreich added.

RFI is currently in discussions with a local drilling contractor to have long term priority access to a low impact skid mounted drill rig by the end of this year which can be deployed through the entire Mt Charter property as well as at the Company's other regional projects.

RFI's non-executive chairman, well known Western Australian geologist and Chairman of Western Areas and Midas Resources, Mr Don Boyer, said he was delighted with the very strong investor response to the IPO. "To list with positive news of drilling at Mt Charter to follow up on the positive gold in soil trends and the commencement of drilling at the S-Lens deposit is a great start," he said.

RFI is focused on the revitalisation of Tasmania's mineral-rich Mt Read Volcanics (MRV) belt, having assembled a commanding land position comprising six main project areas ranging from advanced, near-term production opportunities to greenfields exploration projects. RFI has alliances in place with TSX-V listed mineral exploration specialist, Geoinformatics Exploration Inc. and leading base metals producer, Zinifex Limited.

Released by: Jan Hope/Nicholas Read
Jan Hope & Partners Telephone: (08) 9388-1474

On behalf of: Mr Mike Rosenstreich Managing Director
Telephone: (+61-8) 9322 8044 Website: www.rfilimited.com