GREENWING RESOURCES LTD — Capital/Financing Update 2006

Jun 7, 2006

BASS METALS CONFIRMS MT CHARTER POTENTIAL WITH STRONG GOLD-SILVER RESULTS

• Exploration drilling gathering momentum, with encouraging results from Mt Charter Gold Project in NW Tasmania following recent positive Oue River base metal results.
• Latest drilling intersects significant widths of shallow gold-silver mineralisation, consistent with $\bullet$ previous results.
• Emerging discrete zinc-rich zone has potential to add significant value to gold-silver $\bullet$ mineralisation.

Bass Metals Ltd (ASX: BSM) continues to gather momentum with accelerating exploration drilling at both its gold and base metal projects in north-west Tasmania, today announcing encouraging drilling results from its 100%-owned Mt Charter Gold Project – confirming the presence of an extensive zone of shallow goldsilver mineralisation.

The latest diamond drilling, part of a newly commenced 12-hole program at Mt Charter, returned intersections including 20m at 2.9g/t gold equivalent from 12m down hole, 59m at 1.9g/t gold equivalent from 37m, 28m at 2.0g/t gold equivalent from 7m and 9m at 1.9 g/t gold equivalent from 40m.

The new results demonstrate the continuity of the wide, moderate grade shallow gold-silver mineralisation intersected at Mt Charter late last year, as highlighted in previous results such as 15.4m at 2.1g/t gold, 38g/t silver, 4.8% zinc and 1.9% lead, 80m grading 2.6 g/t gold equivalent from surface and 52.5m at 2.6 g/t gold equivalent from 1.7m down hole.

"The new drilling is consistent with the previous results and supports the concept of a large scale, shallow, moderate grade gold-silver resource target at Mt Charter," said Bass Metals' Managing Director, Mike Rosenstreich."

The latest results have also confirmed the presence of wide zones of zinc mineralisation at Mt Charter, with both of the new intercepts reported above also containing significant zinc mineralisation, including 16m grading 2.2% zinc from 36m and 19m grading 2.6% zinc from 16m down hole.

"The potential zinc credit is significant considering that, at current metal prices, 1% of contained zinc is equivalent to $1.7g/t$ of gold in gross value," Mr Rosenstreich commented.

"While industry-wide smelter returns and metal recoveries vary between gold and zinc, the grades intersected at Mt Charter ranging from approximately 1% to 5% zinc over generous widths have the potential to add significantly to the value of this material."

Mr Rosenstreich said the drilling program was continuing at Mt Charter with further results expected over the coming weeks. "The overall objective is to scope out the resource potential of the Mt Charter alteration system to generate sufficient data to enable a JORC compliant Mineral Resource estimate to be completed at the conclusion of the program," he said.

The Company recently reported encouraging results from its other key focus, the 100%-owned Que River base metal project, including high grade shallow copper intercepts and a new near-surface resource target, the OR32 lens which it hopes to incorporate into its Que River mining study.

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Released by: Jan Hope/Nicholas Read 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

Profile - Bass Metals Ltd

Bass Metals Ltd (ASX: BSM) is an Australian resources company focused on the exploration, evaluation and rapid development of a quality portfolio of mineral assets in north-west Tasmania, including gold-silver and base metal projects with near-term production potential.

Underpinned by alliances with zinc producer Zinifex Limited, TSX-V listed Geoinformatics Exploration Inc and Intec-Ltd, owner of the Hellyer treatment facility in Tasmania, Bass Metals has intensive work programs underway on its two most advanced projects, the Mt Charter Gold Project and Oue River base metals project.

At Mt Charter, Bass Metals' maiden drilling program in late 2005 returned broad intersections including 80m @ 1.6g/t gold and 61g/t silver and 52.5m @ 2.0g/t gold and 39g/t silver. Intensive follow-up drilling is underway during 2006. with the Company targeting the potential for a large-scale, moderate grade gold deposit.

At Oue River, where Bass Metals has delineated a shallow resources at the S-Lens and Nico Lens, in addition to historic high-grade zinc-lead-silver-gold resources previously mined by Aberfoyle in the 1980s, evaluation of mining and treatment options is underway with a view to commencing production as rapidly as possible. The key advantages of this project are its close proximity to processing facilities, road and rail access and extensive underground mining infrastructure.

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