GREENWING RESOURCES LTD — Capital/Financing Update 2008

Mar 9, 2008

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ABN 31 109 933 995
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10 March 2008

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

Dear Sir

– Fossey Zone, Hellyer Further High Grade Assay Results

Bass Metals Ltd (ASX:BSM) is pleased to provide the following update on its recent drilling at the Fossey Zone, part of the Hellyer Mine Project.

Highlights

• Diamond drill hole HLD960 intersected 21.4 metres at 17.3% zinc, 8.3% lead, 231 g/t silver and 3.4 g/t gold from 251.65 metres downhole, including 12.6 metres at 20.0% zinc, 9.7% lead, 185 g/t silver and 3.2 g/t gold

• A second “eastern” zone was also intersected, comprising 6.7 metres at 15.1% zinc, 5.0% lead, 203 g/t silver and 2.9 g/t gold from 231.25 metres downhole.

• The two mineralised intercepts quoted above occur within a broad gold rich envelope comprising 45.0 metres at 3.2 g/t gold, 167 g/t silver as well as 11.6% zinc and 5.1% lead, from 229.05 metres downhole

• HLD962, 30 metres above HLD960, has intersected 24 metres of low to high grade base metal sulphide mineralisation, indicating a vertical extent on this section of at least 60 metres.

• Fossey Zone has excellent potential to make a significant contribution to the Company’s current Mineral Resource inventory of 1.5 million tonnes at 6.3% zinc, 3.5% lead, 0.7% copper, 85 g/t silver and 1.1g/t gold.

• Bass Metals’ prime focus is to grow and develop this mineral resource base. The Company is evaluating options to fast track the resource drill-out, mining, environmental and metallurgical studies currently underway.

Introduction

The Fossey Zone (100% BSM) is a large, un-mined body of barite and massive sulphide developed at the Hellyer Ore Position to the south of the Hellyer ore body ( refer Figure 1 ).

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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Current Drill Results

HLD960, collared on drill line 10,200mN ( refer Figure 2 ) was the first drill hole to test the “along strike” continuity of the wide high grade base metal silver and gold mineralisation intersected to the south on drill line 10,150mN ( refer Figure 3 ). The target barite-rich zone was intersected at 229.05 metres and continued for 45 metres. It includes several high grade massive base metal sulphide zones, within a broader gold and barite rich envelope. The broad zone of gold mineralisation is consistent with zones encountered 50 metres to the south, and may at these scales and grades contribute to the overall economic potential of the Fossey Zone.

The assay results for diamond drill hole, HLD960 are provided in Table 1 below.

Table 1: HLD960 assay results (at a 5% (Pb+Zn) cutoff)

From (m)	To (m)	Drilled Interval (m)	Zn (%)	Pb (%)	Cu (%)	Ag (g/t)	Au (g/t)
231.25*	237.95	6.70	15.1	5.0	0.6	203	2.87
251.65**	273.00	21.35	17.3	8.3	0.7	231	3.36
Including at 10%(Pb+Zn) cutoff
251.65**	264.25	12.60	20.0	9.7	1.0	185	3.21
Within agold rich zone defined			at a 1.0g/t	Au cut-off
229.05	274.00	44.95	11.6	5.1	0.5	167	3.16

Eastern Zone position *Main Zone mineralisation

HLD962, testing 30 metres above HLD960, was recently completed with the target barite body intersected over 70.4 metres below 190.6 meters down hole. A nine metre zone of high grade base metal mineralisation has been intersected within a broader 24 metre wide envelope of low to moderate grade mineralisation, on the western side of the barite body. The main mineralised zone is up-dip from, and a clear correlate of the HLD960 intercept. Assay results are pending.

HLD962 completes the first phase of drilling on the 10,200mN drill section. Results on this section indicate a vertically tapering wedge shaped body of massive barite ± massive sulphide (HLD960 and HLD962 intercepts) passing at depth into mineralised footwall volcanics (HLD961 intercept). Overall this is consistent with the wide, vertically continuous mineralisation intersected 50 metres to the south.

Drilling of HLD963 has commenced on drill section 10,100N.

Conclusion

The annotation boxes in Figure 1, summarising the drill results to date, illustrate the potential of the Fossey Zone to contribute a significant increment to the current Hellyer Mine Project Mineral Resource inventory. The strike extent potential for the Fossey system is over 200 metres with several lesser but high grade massive sulphide zones adjacent to the main zone.

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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This intercept, as do several others, has a thick (45 metre) zone of potentially economic grade (3.2 g/t) gold mineralisation. The possible gold credit over a significantly extended outline to the core Zn-Pb-Ag-Cu zone will also need to be assessed in any resource estimates.

The work programme for the Hellyer Mine Project over the next six months comprises, continued drilling sufficient for a resource estimate, metallurgical evaluation and mining studies. It is the prime focus for the exploration and development team. I look forward to providing further updates on the Hellyer Mine Project, the Que River mine operations and the Company’s regional exploration activities.

Yours Sincerely

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Mike Rosenstreich Managing Director

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

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Figure 1: Summary Location Plan for Southern Barite Lens.

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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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Figure 2: Drill Section10,200mN

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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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Figure 3: Drill Section 10,150mN

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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