GREENWING RESOURCES LTD — Capital/Financing Update 2008

Dec 18, 2008

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19 December 2008

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

Dear Sir/Madam

Shareholder Update on Hellyer Mill & Mining Lease Purchase

Bass Metals Ltd (ASX:BSM) is pleased to provide an update on its binding agreement to purchase from Intec Ltd (ASX:INL) the Hellyer processing plant and associated infrastructure for $4.0 million and the Hellyer Mining Lease which will be transferred on settlement.

BSM will obtain shareholder approval pursuant to ASX Listing Rule 10.1. The Notice of General Meeting is planned to be mailed out to shareholders in early January 2009 and the General Meeting of BSM shareholders is to be held in mid February 2009.

Today, the Company paid a $500,000 deposit which is fully refundable except in the case where BSM shareholders fail to approve the acquisition or where BSM for its own reasons fails to complete the transaction or breaches a representation. As previously advised, the purchase is conditional on a number of other factors, including material adverse effects on the assets, consent from the Tasmanian Minister of Mines and possibly INL shareholder approval and if these are not forthcoming the deposit will be refunded, and in the case of INL controlled conditions, BSM’s contributions to the Care and Maintenance expenditure is also to be refunded.

BSM is now evaluating processing ore from a variety of its projects, such Hellyer-Que River and more regional projects as well as 3rd party ores. The Hellyer Mill is a large, modern well maintained, mineral processing facility with a throughput capacity of up to 1.5 million tonnes per year of hard rock ore. The large scale of the Mill gives additional flexibility in processing flow sheets and rates. BSM will evaluate utilising the facility on either a continuous “tuned down” basis of approximately 250,000 to 350,000 tonnes per year or on a campaign basis at full capacity as part of the detailed Hellyer Mine Project Study.

Ownership of the Hellyer Mill and associated infrastructure will provide a major boost in transforming BSM from a small scale (and profitable) mining and exploration company, reliant on third parties to treat or buy ore, into an independent, emerging mining company producing and marketing metals concentrates in accordance with its own development objectives, priorities and timetable.

Yours Sincerely

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Mike Rosenstreich Managing Director

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au