GREENWING RESOURCES LTD — Capital/Financing Update 2007

Aug 2, 2007

ABN 31 109 933 995

3 August 2007

The Manager Companies Australian Stock Exchange 20 Bridge Street Sydney NSW 2000

Dear Sir

UPDATE ON ZINIFEX ORE OFF-TAKE AGREEMENT

Bass Metals Ltd (ASX:BSM) is pleased to advise that Zinifex Australia Limited has provided the following update in respect of the outstanding conditions in the Heads of Agreement covering the terms and conditions of an Ore Sales & Purchase Agreement for the Que River mining project.

Requirements in relation to the ore trial through the Rosebery mill, metallurgical test work on goldrich samples and metallurgical test work on high-grade zinc-lead-gold-silver samples have been completed to Zinifex’s satisfaction. The final outstanding condition involves community consultation on ore haulage and is expected to be resolved during the month.

BSM is now finalising its Que River Mine study to update the financial outcomes for the final ore sales terms and current metal prices and outlook. The Company is also in discussion with several banking groups to secure financing to fund the initial development and working capital needs of the project.

I look forward to providing further updates on the Que River project in the near term.

Yours Sincerely

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Mike Rosenstreich Managing Director

Bass Metals Profile

Bass Metals Ltd (ASX: BSM) is a “Discovery” company focused on the exploration and rapid development of a quality portfolio of mineral assets in north-west Tasmania. It is supported by key alliances with zinc producer Zinifex Limited and mining group, Mancala.

Bass Metals is set to become a new Australian zinc producer through the imminent commencement of production from the Que River project. Ongoing drilling has indicated substantial potential to define further high-grade reserves, from the current resource of 740,000 tonnes grading 6% Zn, 3% Pb, 1% Cu, 84g/t Ag and 0.9g/t Au. The Company is finalising an ore sales agreement with Zinifex’s Rosebery operations prior to commencing mining at the Que River project.

A vigorous exploration programme is being maintained with three drill rigs currently on its tenements to execute its twin strategy of testing advanced base metal and gold targets to increase resources and production, whilst also focused on the discovery of large new deposits such as already characterise the world class mineral terrain in which it operates. [end]

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