GREENWING RESOURCES LTD — Capital/Financing Update 2007

Nov 11, 2007

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----- Start of picture text ----- ABN 31 109 933 995----- End of picture text -----

12 November 2007

The Manager Companies Company Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Dear Sir

NOTIFICATION UNDER SECTION 708A(5)(e) OF THE CORPORATIONS ACT 2001

On 5 November 2007, Bass Metals Ltd (“the Company”) issued 9,757,442 fully paid ordinary shares being the first tranche of the placement announced on 26 October 2007. These shares were the subject of an Appendix 3B announcement to the Australian Securities Exchange (“the ASX”) lodged on 6 November 2007.

The shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act (“the Act”). The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. By the Company giving this notice, sale of the securities noted above will fall within the exemption in section 708A(5) of the Act.

The Company gives this notice pursuant to Section 708A(5)(e) of the Act.

As at the date of this notice, the Company has complied with:

• (a) the provisions of Chapter 2M of the Act as they apply to the Company; and (b) Section 674 of the Act.

The Company is presently negotiating a financing facility with Investec Bank (Australia) Limited potentially comprising a $2.0 million cash facility, $2.5 million receivables facility and $0.5 million performance bond facility. The key purpose of the facilities is to advance revenues due from its ore sales to Zinifex which have a standard 3 to 6 month payment pipeline, as well as to provide general standby working capital support.

Other than the above, as at the date of this notice, there is no information that is “excluded information” required to be set out pursuant to Sections 708A (7) or (8).

Yours faithfully

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Mike Rosenstreich Managing Director

Suite 5/2 Richardson Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au