GREENWING RESOURCES LTD — Capital/Financing Update 2008

Sep 7, 2008

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----- Start of picture text ----- ABN 31 109 933 995----- End of picture text -----

8 September 2008

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

Dear Sir

Hellyer & Que River Mine Update

Bass Metals Ltd (ASX:BSM) is pleased to provide the following operational update.

Hellyer Mine Project (Fossey & Hellyer)

The Hellyer Mine Project (100% BSM) is an advanced, high grade polymetallic (Cu-Pb-Zn-AgAu) project located within 1 km of the Hellyer processing plant owned by Intec Ltd. A mining study is currently in progress which includes evaluation of utilising the Hellyer Plant on a possible toll treatment arrangement or selling ore to Oz Minerals Ltd’s Rosebery plant. The recent announcement by Intec (8 September 2008) that it is suspending production from its tailings re-treatment project at the Hellyer Plant has no negative impact on BSM’s current or planned activities.

The Company is on track to report an initial resource estimate for the Fossey Zone late in September.

Que River Mine

Positive above budget start to the new financial year (July & August 2008):

Mine production – 12,833 tonnes grading 19.2% zinc, 10.7% lead, 0.5% copper, 255g/t silver and 5.7 g/t gold.

Ore Sales – 12,248 tonnes

Closing stocks (August) – 6,478 tonnes grading 21.9% zinc, 11.7% lead, 0.6 % copper, 284 g/t silver and 4.9 g/t gold.

Que River ore is sold to Oz Minerals’ Rosebery operations. The project is performing above budget predictions both technically and financially. The Que River mine is cash flow positive, profitable at current metal prices and exchange rates and is also well underpinned with lead, zinc and currency hedging.

The Company looks forward to providing further operational and development updates in the near future.

Yours Sincerely

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Mike Rosenstreich Managing Director

Suite 5/2 Richardson Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au

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The information within this report that relates to exploration results is based on information compiled by Mr Mike Rosenstreich who is a full time employee of the Company and is a Member of The Australasian Institute of Mining and Metallurgy. He has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

Suite 5/2 Richardson Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au