GREENWING RESOURCES LTD — Capital/Financing Update 2006

Nov 19, 2006

BASS METALS ANNOUNCES KEY STEPS TOWARDS COMMENCEMENT OF MINING AT QUE RIVER

• Upgraded mineral resource announced for S-Lens comprising $400,000t$ @ 1.9% Cu, 1.4% Pb, 3.7% Zn, 62g/t Ag and 0.3g/t gold.
• Initial resource announced for PQ South of 45,700t @ 9% Pb, 17% Zn, 231g/t Ag and 5.7g/t Au.
• Stage 1 open pit mine plan completed to mine a total of 118,000 tonnes grading 4% Pb, 8% Zn. 0.7% Cu. 96g/t Ag and 2.1g/t Au.
• Selection of Hellver concentrator plant, 4km north of Que River, as the preferred ore sale option for Oue River, with detailed negotiations well advanced.

Bass Metals Ltd (ASX: BSM) has taken further important steps towards commencement of mining at its Que River base metal project in north-west Tasmania after today announcing upgraded and new mineral resources, completion of a Stage 1 mining plan and a decision to select the Hellyer concentrator plant as the preferred ore sale option for the project.

Subject to finalisation of an ore sale agreement and receipt of environmental approvals in early December, Bass Metals and its mining alliance partner, Mancala Pty Ltd, are on track to commence mining at Que River as soon as possible thereafter – signalling an important milestone for Bass Metals in its staged exploration and development strategy within its mineral portfolio in north-west Tasmania.

As part of a series of updates on the Que River Project, Bass Metals today announced an upgraded mineral resource for the key S-Lens deposit following drilling earlier this year. The resource comprises 400,000 tonnes at 1.9% copper, 1.4% lead, 3.7% zinc, 62g/t silver and 0.3g/t gold, of which 86% has been upgraded to the Indicated and Measured categories.

In addition, an initial mineral resource has been announced for the PQ South target comprising 45,700 tonnes at 9% lead, 17% zinc, 231g/t silver and 5.7g/t gold. This resource includes highgrade remnant mineralisation from former mine workings. The existing Nico Lens resource remains unchanged at 102,000 tonnes grading 8.5% zinc, 4.9% lead, $110g/t$ silver, $0.9g/t$ gold and $0.4\%$ copper.

Bass Metals' Managing Director, Mr Mike Rosenstreich, said a mine plan had been developed comprising four conceptual stages with a potential 3-5 year mine life, including an initial Stage 1 open pit development of the PO South area and northern end of the S-Lens. Stage 2 aims to exploit the S-Lens North and Nico Resources and P-North and OR32 target areas via open pit, while Stage 3 would target the deeper S-Lens resources and other targets in the area.

"In conjunction with our alliance partner, we have made the decision to select the Hellyer concentrator plant as the preferred destination for ore from Que River, through an ore sale arrangement," Mr Rosenstreich said.

"The final details of the ore sale agreement are under detailed discussion, however we envisage that the ore will initially be sold to the Intec Ltd: Poly Metals Group Joint Venture (IPJV) that owns the Hellyer plant on the basis that all of the metals will report to the bulk zinc concentrate being produced by the IPJV."

"After that we would look to collaboratively examine ways to optimise that circuit to improve the payment terms," he added.

The Hellyer plant is located 4km north of Que River along an established internal haul road. It is currently being commissioned to reprocess the Hellyer tailings to produce a zinc concentrate.

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

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

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