GREENWING RESOURCES LTD — Capital/Financing Update 2007

Mar 19, 2007

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 17/96. Origin: Appendix 5. Amended 17/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 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).

$\mathbf{I}$ ⁺Class of ⁺securities issued or to be issued

Fully paid ordinary shares.

• $\mathcal{D}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the *securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment; if securities. *convertible the conversion price and dates for conversion)

250,000

Fully paid ordinary shares.

• See chapter 19 for defined terms.

Do the *securities rank equally in all $\overline{4}$ 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
• 5 Issue price or consideration

6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)

Yes - fully paid ordinary shares.

Option holder exercising 250,000 unlisted options which were exercisable at 25 cents each on or before 31 December 2007.

NOTE: The unlisted options were under escrow until 20 October 2007, 24 months from the date of official quotation. As such, the 250,000 ordinary shares issued on exercise of the options will be under escrow until 20 October 2007.

$\overline{7}$ Dates of entering ⁺securities into uncertificated holdings or despatch of certificates

19 March 2007

\$0.25

Number ⁺Class $\mathbf{R}$ Number and *class $\alpha$ ^$\epsilon$ all 54,349,459 Ordinary shares quoted on ASX *securities (including the securities in clause 6.076.875 Options exercisable at 2 if applicable) 25 cents each and expiring 31 July 2007

⁺ See chapter 19 for defined terms.

		Number	+ Class
9	Number and tclass of all	9,228,054	Ordinary shares.
	*securities not quoted on ASX (including the securities in clause 2 if applicable)	2,170,625	Options exercisable at 25 cents and expiring 31 July 2007.
		2,225,000	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 and cents expiring 22 December 2011.
		500,000	Options exercisable at 37.5 cents and expiring 31 December 2011.

$10$ Dividend policy (in the case of a $\overline{\text{NA}}$ trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

$11$ $Is$ security holder approval $NA$ required? Is the issue renounceable or non- $12²$ renounceable? 13 Ratio in which the *securities will be offered $14$ ⁺Class of ⁺securities to which the offer relates 15 *Record date determine $\mathop{\mathrm{to}}$ 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 οf for receipt 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	handling Amount оf fee any payable to brokers who lodge acceptances or renunciations on behalf of *security holders
25.	the issue is contingent If. 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 applicable)

⁺ See chapter 19 for defined terms.

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

and the control of the control of the control of the control of the control of the control of the control of the

32 How do *security holders dispose of their entitlements (except by sale through a broker)?

⁺Despatch date

33

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of 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 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 $1 - 1,000$ $1.001 - 5.000$ $5.001 - 10.000$ 10.001 - 100.000

• See chapter 19 for defined terms.

100,001 and over

37

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

• Number of securities for which 38 NA ⁺quotation is sought
• 39 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:

• $\bullet$ 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)

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

Number	*Class

Quotation agreement

$\mathbf{I}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.

⁺ See chapter 19 for defined terms.

• $\overline{2}$ 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.
• $\overline{3}$ 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.

thate

Sign here:

. . . . . . . . (Director/Company secretary) Date: 20 March 2007

Print name:

Susan Hunter --------------------------------------

⁺ See chapter 19 for defined terms.