GREENWING RESOURCES LTD — Capital/Financing Update 2005

Oct 17, 2005

$17cm$ 2.2.4

Resource Finance and Investments Limited

PROPOSED APPLICATION OF FUNDS RAISED

$\ddot{\phantom{a}}$

After successfully raising the maximum subscription of \$3,500,000, the Company intends to apply the funds raised from the Offer over the next two years as follows:

	Maximum Subscription \$000
Opening Cash*	430
Expenses of the Offer Including Broker's fees **	259
Funds Raised by the Prospectus	\$3,500
Exploration expenditure (refer below)	2,454
Administration costs	800
Unallocated Funds	417

* June 30^th audited close adjusted for July 2005 expenditure estimate.
**Additional expenses of approximately \$143,000 for the Offer have been paid from existing funds of the Company (refer Section 8.10)

$\sim$ $\sim$

l.

		East		Mt
	Hellyer	Henty	Loyetea	Bischoff	Rosebery	Oonah	Other	Total
Geological &
Supervision	51	26	103	83	25	10	$\overline{\phantom{0}}$	298
Geological
Modelling	180	57	190	200	62	28	$\overline{\phantom{a}}$	717
Geophysics	175	٠	$\overline{20}$	$\blacksquare$	۰	$\overline{\phantom{0}}$		195
Surface Sampling
& Logistics	65	ä,	25	10	8	$\blacksquare$	$\overline{\phantom{a}}$	108
Drilling activities	670	$\overline{45}$	$\overline{75}$	31	$\overline{\phantom{a}}$	$\overline{\phantom{0}}$	$\blacksquare$	821
Technical Studies	50	$\overline{a}$	$\overline{\phantom{0}}$	$\blacksquare$	۰	$\overline{\phantom{a}}$	$\tilde{\phantom{a}}$	50
Rents &
Rehabilitation	23	8	10	5	$\overline{2}$	$\overline{2}$	$\blacksquare$	50
General
Exploration	$\overline{\phantom{a}}$	-	-	$\overline{\phantom{a}}$	$\blacksquare$	$\overline{\phantom{0}}$	130	130
Project Generation	$\qquad \qquad \blacksquare$	$\qquad \qquad \blacksquare$	۰	-	$\blacksquare$	Ξ.	85	85
Total	1,214	136	423	329	97	40	215	2454

÷,

$\mathcal{L}$

Ŧ