GREENWING RESOURCES LTD — Capital/Financing Update 2008

Oct 12, 2008

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13 October 2008

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

Dear Sir

$3.14 MILION CASH GAIN THROUGH HEDGE CLOSEOUT

The company has closed out its zinc, lead and currency options to realise a cash gain of $3.14 million bringing the current cash position to approximately $7 million.

The Que River mine has achieved record ore sales for the September 2008 Quarter at high zinc, lead, silver and gold grades generating margins over costs for the Quarter in excess of 100%. Full details will be provided in the September 2008 Quarterly Report.

Given this stabilising track record of very high grade ore production at Que River the Board elected to capitalise on very high volatilities in the underlying metals and currency markets to generate a strong cash injection into the Company.

It is worth noting that Bass Metals, as outlined in a recent presentation to investors, is well positioned to withstand the recent global declines in base metal prices. The fall in the AUD and the strengthening gold price means that the Company is currently receiving higher prices for zinc, lead, silver and gold than its budget forecast metal prices (refer ASX release of 15 September 2008).

The Company is currently on track to achieve its planned work programme on the advanced, high grade polymetallic Hellyer Mine Project and accumulate cash through this financial year.

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