GREENWING RESOURCES LTD — Capital/Financing Update 2009

Dec 22, 2009

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23 December 2009

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

Dear Sir

Nautilus Toll Treatment LOI - Extension

Bass Metals Ltd (ASX:BSM) and Nautilus Minerals Inc have agreed to extend the Discovery Period defined in the non-binding Letter of Intent (LOI) from the 31[st] December 2009 to 15 February 2010.

The reason for the extension is to provide Nautilus more time to fully evaluate the transport logistics involved in shipping and freighting ore and concentrates between the Burnie Port and Bass’ Hellyer plant.

At the end of the Discovery Period, subject to no fatal flaws, Nautilus and Bass plan to replace the LOI with an Option Agreement whereby Bass grants Nautilus an option to utilise up to 1mtpa of processing capacity at the Hellyer Mill over a period of five years, subject to payment of an agreed Option Fee. Full details on the LOI were reported to ASX on 5[th] October, 2009.

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