GREENWING RESOURCES LTD — Capital/Financing Update 2007

Feb 13, 2007

ABN 25 001 150 849

Superior and Sustainable Metals Production

Gordon Chiu Building J01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia

Phone: 02-9351-6741 Fax: 02-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au ASX code: INL

Companies Announcements Office Australian Stock Exchange

14 February 2007

Hellyer Zinc Concentrate Project (HZCP): Bass Metals Announcement

Intec Ltd (ASX code: INL) advises shareholders of the attached announcement by Intec's 18.4%-owned exploration partner in northwestern Tasmania, Bass Metals Ltd (ASX code: BSM).

Yours faithfully, Intec Ltd

Philip R. Wood

Philip R Wood Managing Director & Chief Executive Officer

BASS METALS LTD ABN 31 109 933 995

14 February 2007

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

Dear Sir

TRIAL MINING STARTS AT QUE RIVER

The trial mining phase of the Que River mine development has commenced.

The Company, in association with its alliance partner Mancala Mining Pty Ltd plans to excavate, crush and haul a bulk sample of approximately 2,000 tonnes grading 16.5% zinc, 7% lead and 2 oz./t silver 4km to the Hellyer Mill for a test processing trial. The Hellyer Zinc Concentrate Project joint venture between Intec Ltd, Bass Metal's major shareholder and private miner, Polymetals Group have signed an Ore Sales Letter of Intent with Bass Metals. The technical results of the trial, if successful, will be incorporated into a final binding Ore Sales Agreement.

Full scale open pit mining at Que River will then commence as soon as practical subject to the successful completion of the trial mining programme and receipt of Tasmanian Government approvals. Final approval for the full scale mine development is anticipated in late February 2007; no objections were lodged to the development application and draft operating conditions received from the Government are consistent with the Company's expectations and operating plans.

Following the trial mining-processing phase the Company looks forward to testing the significant upside potential at Que River as indicated by;

• 1. The financial models used to evaluate the project assume that only zinc, lead and silver contribute to the revenue stream with possible copper and gold revenue streams still to be fully evaluated. Investigations to optimising the Hellyer circuit to recover gold and copper are on-going.
• 1. Stage 1 is considered the first of 4-stage potential mining development which could generate a 3 to 5 year mine life at Que River with significant further exploration upside.
• 1. Untested exploration targets remain at Que River, for example untested geophysical targets beneath S-Lens which may represent new lens positions.

I look forward to keeping you posted on these developments as well as on the Company's other exploration activities in Tasmania

Yours Sincerely

Mike Rosenstreich Managing Director