GREENWING RESOURCES LTD — Capital/Financing Update 2008

Dec 10, 2008

MEDIA RELEASE 11 DECEMBER 2008

BASS METALS EXPANDS GROWTH HORIZONS WITH LANDMARK $4M HELLYER Mill ACQUISITION

• Agreement to acquire 1.5Mtpa Hellyer mill, infrastructure and tailings from Intec Limited.

• Consideration comprises $4.0M cash, $0.99M environment bond and a capped production royalty.

• Provides ability to treat extensive polymetallic resources within the broader Hellyer Mine Project.

• Acquisition underpinned by strong cash position ($8.0M) and cash flow from Que River Mine.

• Repositions Bass Metals as independent, emerging mining company with strong growth future.

Base metals producer Bass Metals Ltd (ASX: BSM ) is set to unlock the broader potential of its mineral growth assets in north-west Tasmania, including its exciting Hellyer Mine Project, after reaching agreement to acquire the Hellyer processing facility and associated infrastructure, tailings resource and Mining Lease for $4.0 million plus a royalty from Intec Limited (ASX: INL).

The transformational acquisition – underpinned by the Company’s strong cash reserves of $8.0 million and ongoing production and strong cash flow from its Que River Project – immediately repositions it as an independent, emerging mining company rather than a small-scale producer reliant on third party treatment and off-take arrangements.

Under the agreement with Intec, Bass Metals will acquire the 1.5Mtpa Hellyer flotation concentrator including all associated supporting infrastructure, the remaining Hellyer tailings resource and the Hellyer Mining Lease for $4.0 million cash plus a processing royalty of $2.50/tonne processed, capped at $5.0 million. In addition, Bass Metals will be required to post a $0.99 million security deposit for the Mining Lease with Mineral Resources Tasmania.

The transaction is subject to a number of conditions including due diligence, consent from Intec’s secured creditor, Macquarie Bank Limited, and the Tasmanian Minister of Mines, possible respective shareholder approvals as well as completion of formal documentation.

“This is a very exciting opportunity for Bass Metals and represents by far the most significant development for the Company since we listed in October 2005,” said the Company’s Managing Director, Mike Rosenstreich. “We have been able to move decisively to take advantage of this opportunity because of our strong cash position and cash flow from the Que River Project, which we expect to continue in 2009.”

Bass Metals commenced high-grade base metal production from Que River last year, with the ore sold to Oz Minerals Limited’s nearby Rosebery processing facility under a long-term Ore Sales Agreement. The operation underpinned a maiden $1.8 million net profit for Bass Metals in the 2008 financial year, and is forecast to generate a positive operating cash flow during the 2009 financial year subject to various factors.

“Importantly, the Hellyer Mill – which was last operational between November 2006 and September 2008 re-treating Hellyer tailings and is in good condition – is eminently suited to treat all of the polymetallic ore types within our broader Hellyer Mine Project,” Mr Rosenstreich continued. “This represents a major long-term growth opportunity for the Company and includes the Fossey and Hellyer deposits, containing some 1.6 million tonnes of high-grade, polymetallic ore within 1km of the processing facility.

“The cash outlay of $4.0 million and $0.99 million for the environmental bond is regarded as excellent value given the scale and quality of the assets being acquired and their potential impact on the Company,” he continued. “The replacement cost of the Hellyer Plant alone is estimated by Bass Metals and our technical experts to be well in excess of $100.0 million.”

“This acquisition will enable us to review all of our resources and prospects against the backdrop of a sophisticated, large-scale mineral processing facility which can be adjusted to various ore types and processing rates,” he continued. “This means that we can become a fully fledged, independent mining company producing and marketing metals concentrates in accordance with our own development objectives, priorities and timetable, rather than via toll treatment or third party processing and ore sales arrangements.

- ENDS -

Released by: Nicholas Read / Kate Bell Read Corporate Telephone: (08) 9388-1474

On behalf of: Mr Mike Rosenstreich Managing Director Bass Metals Ltd Telephone: (+61-8) 9322 8044 Website: www.bassmetals.com

- ENDS -

2