GREENWING RESOURCES LTD — Capital/Financing Update 2009

Dec 22, 2009

ABN 31 109 933 995

23 December 2009

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

Dear Sir

RIGHTS OFFER & DEVELOPMENT UPDATE

Rights Issue Shortfall Notification

Bass Metals Ltd (ASX: BSM) is pleased to advise that the Company’s non renounceable rights issue (Rights Issue) closed at 5.00pm (WST) on 18 December 2009. Shareholders have subscribed for 19,149,281 new Shares at an issue price of 23 cents per Share raising $4,404,334.63.

The resultant shortfall equates to 3,929,041 new Shares (amounting to $903,679.43). As referred to in the Offer Document, the Directors reserve the right to place the shortfall Shares at the same issue price of 23 cents per Share, other than to related parties of the Company, within three months of the closing date of the Rights Issue. Allotment and issue of the total 19,149,281 new Shares will occur on 29 December 2009 with trading on ASX expected to commence on 30 December 2009. Dispatch of holding statements will occur on 31 December 2009.

Development Update

This announcement is part of a substantial equity raising process targeting to raise $15.0 million as a major component of the Fossey Mine development capital. Negotiations to procure a debt facility of up to $15 million and offtake contracts for the concentrate products to raise the additional funding have progressed very favourably, and the additional time taken to optimise the facility structures and terms has been to Bass’ best advantage.

Ultimate Board approval to proceed with the project is expected in late January following completion of the independent technical due diligence review by Snowden Mining Industry Consultants and the anticipated receipt of EPA approval for the full project.

On behalf of all the Board of Directors I wish to thank all shareholders that participated in the Rights Issue for their interest and support.

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