GREENWING RESOURCES LTD — Capital/Financing Update 2005

Oct 19, 2005

20 October 2005

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

Dear Sir

MARKET UPDATE

Resource Finance & Investments Limited (ASX:RFI) is very pleased to provide details of a recently completed soil sampling programme at Mt Charter and provide an update on its drilling activities from that outlined in its recent IPO prospectus.

HIGHLIGHTS

• $\checkmark$ A large, high tenor coherent gold in soil anomaly has been defined at Mt Charter. At a 100 ppb Au (0.1 g/t Au) contour the anomaly extends for over 700m and encloses several large areas contoured at 1000 ppb Au (1 g/t Au).
• The Company plans to have two rigs operating by the end of October. Drilling of the S-Lens copper-silver-zinc Mineral Resource and possible extensions has commenced, and drilling at Mt Charter has been brought forward and is planned to commence on 24 October 2005.

Mt Charter Gold in Soil Programme

The Mt Charter gold project is a large scale gold-silver mineralised system that has never been systematically evaluated as a gold project. Drilling and sampling in the area by previous explorers was directed towards the discovery of Hellyer-type base metals deposits, but during the course of this historic work significant gold-silver results were returned. RFI has recently completed a first pass soil programme designed to test the extent of the gold mineralisation and provide information on the possible trends of the gold-silver mineralisation.

The sampling programme has highlighted a large coherent gold-in-soil anomaly extending for over 700m in a northwest-southeast trend defined at a 100ppb gold contour. This contour encloses several higher order (500ppb gold) contours which surround the area all ready drilled and new extensions not tested previously. The high order nature of the gold results also allows coherent anomalies to be outlined at a 1000ppb (1 g/t) gold contour. The gold-in-soil anomalies remain open to the north, north east and south west. The results are presented in Figure 1 which is attached.

The gold potential of the area is indicated by the drilling and rock-ship results of previous exploration activities. which were directed at base metals discoveries but also vielded significant gold results such as:

58m drill intersection from surface at 1.8 g/t gold and 32 g/t Ag (Includes 8m at 3.6g/t Au)

50m of continuous surface rockchip samples grading 2.1g/t Au and 67 g/t Ag and are summarised in Figure 2.

The recent soil sampling programme undertaken by RFI at Mt Charter comprised sampling on 50m spaced lines orientated approximately east west on a localised sampling grid system with 12.5m to 50m sampling intervals. Chorizon soil samples were collected with the aid of a power augerand dried before being dispatched to an independent assay laboratory in Perth for low level gold and silver analysis Aside from the size and tenor of the soil anomaly the Company is also encouraged by the association of higher grade gold in soil areas with interpreted alteration contact zones and structures highlighting the potential for several episodes of gold mineralisation and hence forms of occurrence. ABN 31 109 933 995

Suite 5 Level 2 2 Richardson Street West Perth WA 6005 Tel: +61 8 9322 8044 Fax: +61 8 9481 2846 Email: miker@rfilimited.com

The Company considers that the new soil results support its interpretation that Mt Charter has the potential to develop into a substantial, shallow, low to moderate grade gold-silver resource. The next priority is to drill test the central portion of the anomalism and further extend the soil sampling programme.

Drilling Activity

Mt Charter

The Company considers that the high tenor and large areal extent of the soil results warrants bringing forward the Mt Charter drill programme. It has engaged a drilling contractor to commence on site on the 24^th October with a portable skid mounted rig ideal for the conditions and capable of drilling 56mm diameter drill core to a depth of 100m..

S-Lens Cu-Ag-Zn Resource

A standard truck mounted diamond core rig has mobilised to the Que River mine site and commenced drilling operations on the S-Lens project on Tuesday 18 October.

As outlined in the Company's IPO Prospectus, the S-Lens Project comprises a shallow Mineral Resource that is reported in accordance with the JORC Code and presented in Table 1.

, avn , o evnomning , care , coover ou can , c
Resource	'000	Densitv	%Cu	%Pb	%Zn	g/t Ag	g/t Au
Category	$T$ onnes
Indicated	64	3.91	ı.5	.	-5.3	70	0.34
Inferred	206	3.90	و. ا		3.3	59	0.26
TOTAL	370	3.90	.	4. ا	4.2	64	0.30

Table 1: S-Lens Mineral Resource Summary

The current drilling programme is testing for possible southerly extensions to the S-Lens Mineral Resource as indicated by previous intersections such as 5.8m horizontal width grading 3.2% Cu and 27 g/t Ag. as well as infill drilling to confirm grade and thickness within the current resource envelope.

In the first half of next year the Company intends to undertake a scoping level study into the viability of mining Slens. This study will be based on ore being processed at the Hellyer flotation concentrator plant 3 km to the north, over which the Company has an access agreement with the owner Intec Ltd.

RFI is a newly listed company on ASX having closed its recent IPO early and substantially oversubscribed. It looks forward to providing further details on Mt Charter and S-Lens as well as work undertaken in conjunction with its alliance partners. Zinifex Limited and Geoinformatics Exploration Inc. aimed at making new discoveries on its very large NW Tasmanian ground position.

Yours sincerely

Mike Rosenstreich Managing Director

The information in this report that relates to Exploration Results is based on information compiled by Mr Mike Rosenstreich and Mark Derriman who are both full time employees of the Company and are Members of The Australasian Institute of Mining and Metallurgy. The information in this report as it relates to Mineral Resources is based on information compiled by Dr Gary McArthur of McArthur Ore Deposit Assessments who is a member of The Australian Institute of Mining and Metallurgy. Mr Rosenstreich, Mr Derriman and Dr Gary McArthur have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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. Messrs Rosenstreich, Derriman and McArthur consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

ABN 31 109 933 995 Suite 5 Level 2 2 Richardson Street West Perth WA 6005 Tel: +61 8 9322 8044 Fax: +61 8 9481 2846 Email: miker@rfilimited.com

Figure 1 Summary plan of the Mt Charter soil sampling results.

Figure 2 Summary plan of the central Mt Charter area summarising historic exploration results. (note gold contours below relate to surface rock-chip results)

ABN 31 109 933 995 Suite 5 Level 2 2 Richardson Street West Perth WA 6005 Tel: +61 8 9322 8044 Fax: +61 8 9481 2846 Email: miker@rfilimited.com