GREENWING RESOURCES LTD — Capital/Financing Update 2007

Apr 22, 2007

23 April 2007

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

Dear Sir

Appendix 3B

The Company is pleased to advise that 16,715,054 fully paid ordinary shares and 4,178,814 listed options expiring on 30 April 2010 exercisable at \$0.40 issued pursuant to the Company's renounceable rights issue Prospectus dated 16 March 2007 have been allotted and issued today.

Holding Statements will be despatched today. Trading of the Shares and Options is expected to commence on ASX on 30 April 2007.

Yours Sincerely

Phirti

Susan Hunter Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 17796. Origin: Appendix 5. Amended 17798, 17999, 17/2000, 30/9/2001, 11/3/2002, 11/2003, 24/10/2005.

Name of entity

Bass Metals Ltd

ABN

31 109 933 995

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

+ Class of + securities issued or to be issued	a. Fully paid ordinary shares. b. Listed options.
	a. 16,715,054 fully paid ordinary shares.
be issued (if known) or maximum number which may be issued	b. $4,178,814$ listed options.
	a. Fully paid ordinary shares.
expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if securities, +convertible the conversion price and dates for	b. Listed options expiring on 30 April 2010 exercisable at \$0.40.
	Number of *securities issued or to Principal terms of the +securities (eg, if options, exercise price and conversion)

• See chapter 19 for defined terms.

Do the securities rank equally in all respects from the date of allotment with an existing + class of quoted securities? If the additional securities do not rank equally, please state: the date from which they do which the extent to they participate for the next dividend, case of (in the a trust, distribution) or interest payment the extent to which they do not rank equally, other than in	a. Yes - fully paid ordinary shares. b. No – new class of listed options. Top $20$ and attached.	spread of optionholders is
distribution or interest payment
	b. Nil.
Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	4,178,814 listed options expiring on 30 April 2010 exercisable at \$0.40 issued pursuant to the Company's prospectus dated 16 March 2007.	16,715,054 fully paid ordinary shares and
Dates of entering *securities into uncertificated holdings or despatch of certificates	23 April 2007.
		+ Class
of all		Ordinary shares
(including the securities in clause 2 if applicable)	5,718,104	Options exercisable at 25 cents each and expiring 31 July 2007.
	4,178,814	Options exercisable at 25 cents each and expiring 31 July 2007.
	relation to the next dividend, Issue price or consideration Number and + class *securities quoted ASX on	a. \$0.28 per fully paid ordinary share. Number 71,573,284

⁺ See chapter 19 for defined terms.

		Number	+ Class
9	Number and + class $\sigma$ all	12,044,929	Ordinary shares.
	*securities not quoted on ASX (including the securities in clause 2 if applicable)	163,750	Options exercisable at 25 cents and expiring 31 July 2007.
		1,365,000	Options exercisable at 25 cents and expiring 31 December 2007.
		350,000	Options exercisable at 30 cents and expiring 31 December 2007.
		350,000	Options exercisable at 35 cents and expiring 31 December 2007.
		1,600,000	Options exercisable at 27.5 cents and expiring 22 December 2011.
		500,000	Options exercisable at 37.5 cents and expiring 31 December 2011.

Dividend policy (in the case of a $\sqrt{\text{NA}}$ $10₁$ trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11	holder approval security Is. required?	NA
$12 \,$	Is the issue renounceable or non- renounceable?
13	Ratio in which the + securities will be offered
14	+ Class of + securities to which the offer relates
15	determine *Record date to entitlements

• See chapter 19 for defined terms.

Appendix 3B New issue announcement

16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17	Policy for deciding entitlements in relation to fractions
18	Names of countries in which the entity has *security holders who will not be sent new issue documents
	Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19.	Closing date for receipt οf acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22.	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders
25	If the issue is contingent on *security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if

⁺ See chapter 19 for defined terms.

applicable)

• 29 Date rights trading will end (if applicable)
• 30 How do *security holders sell their entitlements in full through a broker?
• 31 How do *security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 ⁺Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one) Securities described in Part 1 $\left( a\right)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35

$(b)$

• If the "securities are "equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders
• If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$

⁺ See chapter 19 for defined terms.

$1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ $100,001$ and over

37

39

A copy of any trust deed for the additional *securities

$NA$

Entities that have ticked box 34(b)

38		Number of securities for which
	+ quotation is sought

Class of *securities for which quotation is sought

40 Do the ⁺securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

	Number	*Class
ś
ð

Quotation agreement

⁺ See chapter 19 for defined terms.

• $\mathbf{I}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before *quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

---

Whinte

Sign here:

(Director/Company secretary)

Date: 23 April 2007

Print name:

Susan Hunter

⁺ See chapter 19 for defined terms.

	Security Transfer Registrars Pty Ltd/ P\$/P\$
	BASS METALS LTD OPTIONS 30/04/10 @ \$0.40		SPREAD & TOP 20 LISTING		S
Page –	$\sqrt{2}$			- CURRENT STATUS -
	HOLDER NAME	DESIGNATION		UNITS & OF ISSUED
医鱼	INTEC HELLYER METALS PL		1,207,163	28.89%
$\overline{2}$	CITICORP NOM PL			375,000 8.97%
Ś.	FORTIS CLEARING NOM PL	SETTLEMENT A/C		193,781 4.64%
$\mathbf{4}$	MERRILL LYNCH AUST NOM PL	BERNDALE A/C	191,406 4.58%
5.	PROP MATE PL	PROF MATE S/F A/C		78,125 1.87%
$6 *$	GRIMWOOD NOM PL			73,750 1.76%
7.	POLYMETALS MINING SVCS PL			72,000 1.72%
ê *	OREGON NOM PL	OREGON NOM SUPER A		62,500 1.50%
9	INADA PL	LOVEBAND SUPER A/C	62,500 -	1.50%
10.	DAMPLIN INV PL		62,500 -	1.50%
11	HYSIN PL		57,433	1.37%
$12 - 8$	BOYER DAVID DONALD	DB FAMILY A/C	56,751	1.36%
13 *	GEOINFORMATICS EXPL AUST		56,250 -	1.35%
$14$ *	IONIKOS PL	MCGOWN S/F A/C	53,721	1.29%
15.	DAWSON DAVID		50,000	1,20%
16.	M BROTON PL		43,750 -	1.05%
ユアー	PM-TEC PL		42,200	1.01%
18 *	ROSENSTREICH MICHAEL + W	ODYSSEY ACCOUNT		40,860 98%
19.	JONES G L + BAYLY A L + W	LATE REX JONES A/C	39,063	.93%
20	STADJOY PL		37,500	.90%
	*** TOP 20 TOTAL ***		2,856,253	68.37%
	** ALL HOLDERS INCLUDED	* - DENOTES MERGED HOLDER

SRSPTP (39ER - ADAM ) Date - $23/64/07$ ) Time - $12.15.12$ *- AS AT: $0/00/00$ -* UNITS & OF ISSUED

	BASS METALS LTD OPTIONS 30/04/10 @ \$0.40		SPREAD & TOP 20 LISTING SRSPTP	Page - $\mathbf{L}$ Date - 23/04/07	User - ADAM Time - 12.15.12
SPREAD OF HOLDINGS	HOLDERS	UNITS	% OF ISSUED CAPITAL
NIL HÖLDING
$2 - 4$ 1,000	108	60,942	2.46%
$3,001 -$ 5,000	146	372,170	8.91%
$5,001 -$ 10,000	45	322,762	7.72.8
$10,001 - -$ 100,000	4.7	1,455,590	34.83 %
$100,001 -$	4	1,967,350	47.08%
TOTAL ON REGISTER	350	4,178,814	100.00 %
TOTAL OVERSEAS HOLDERS	6	60,844	1.46%
ANALYSIS BY LOCATION (EXCLUDES ZERO HOLDERS) OVERSEAS	6	60,844	1.46%
AUSTRALIA :
ACT	2	4,876	$-12 - 3$
NSW	105	2,123,802	50.82 %
VIC	65	797,632	$19.09$ %
QLD	46	521,340	12.48%
SA.	ΞŨ	35,641	.85 %
WA.	77	565,575	13.53 %
TAS	35	60,854	2.46%
NT	4	8,250	.20%
ADDRESS ONKNOWN	Û		.00%

** ALL HOLDERS INCLUDED (*** COMMON HOLDERS MERGED INTO ONE HOLDING