GREENWING RESOURCES LTD — Capital/Financing Update 2009

Nov 24, 2009

ABN 31 109 933 995

25 November 2009

The Company Announcements Office Australian Securities Exchange Level 10, Exchange Centre Bond Street SYDNEY NSW 2000

By: e-lodgement (ASX code: BSM)

Dear Sirs

Letters to Shareholders

Please find attached letters dispatched today to eligible shareholders and overseas shareholders in relation to the non-renounceable rights issue announced on 24 November 2009.

Yours sincerely

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Susan Hunter Company Secretary

Att.

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

ABN 31 109 933 995

25 November 2009

Dear Eligible Shareholder

On 24 November 2009, Bass Metals Ltd ( Company ) announced a non-renounceable rights issue ( Rights Issue ) under which shareholders registered in Australia and New Zealand ( Eligible Shareholders ) will be offered two (2) fully paid ordinary shares in the Company ( New Shares ) for every nine (9) Shares held at 5.00pm (WST) on 2 December 2009 ( Record Date ) at an issue price of 23 cents per New Share, with any fractional entitlements being rounded up.

The number of New Shares to be issued under the Rights Issue, if fully subscribed, will be approximately 23,077,512. The New Shares will rank equally with all other Shares of the Company from the date of allotment. The Company will apply to have the New Shares quoted on ASX.

Eligible Shareholders, other than related parties of the Company, will be given the right to participate in any shortfall under the Rights Issue. Allocation of any shortfall will be at the discretion of the Directors. The Directors also reserve the right to place any shortfall to parties, other than related parties of the Company, within three months of the close of the Rights Issue.

The Rights Issue will raise up to approximately $5.3 million before costs. The funds will be used as additional working capital primarily in relation to ongoing exploration, evaluation and development of the Company’s projects, particularly Fossey Zone, Que River and Hellyer.

As an Eligible Shareholder, we look forward to extending the Rights Issue to you. We expect to dispatch the Offer Document and Entitlement and Acceptance Form to Eligible Shareholders on or around 4 December 2009.

The following are key dates relating to the Rights Issue that you need to be aware of:

Rights Issue/Offer announced via ASX	24 November 2009
Shares trade ex-entitlements (Ex date)	26 November 2009
Record Date (date for determining entitlements of Eligible Shareholders to	2 December 2009
participate in the Offer)
Offer Document and Entitlement and Acceptance Form despatched to	4 December 2009
Eligible Shareholders
Acceptances close*	18 December 2009
New Shares quoted on a Deferred Settlement basis **	21 December 2009
Company to notify ASX of undersubscriptions (if any) **	23 December 2009
Allotment and issue of New Shares **	29 December 2009
Deferred Settlement trading ends **	29 December 2009
Trading commences on ASX **	30 December 2009
Dispatch of holding statements **	31 December 2009

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

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• Subject to the Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer at their discretion. Should this occur, the extension will have a consequential effect on the anticipated date of issue for the New Shares.

• ** These dates are indicative only.

Existing optionholders may participate in the Rights Issue upon exercise of their vested options. The Company sent a notice to its optionholders on 24 November 2009 to notify them of their right to participate in the Rights Issue upon exercise of their vested options.

Please consult your stockbroker, solicitor, accountant or other financial adviser if you are in any doubt as to the value of the Rights Issue. Information regarding the Rights Issue can be viewed on the ASX website under the ASX code “BSM”.

If you have any questions, please contact Michael Rosenstreich, Managing Director on (08) 9322 8044.

Yours sincerely

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Michael 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

ABN 31 109 933 995

25 November 2009

Dear Ineligible Shareholder

On 24 November 2009, Bass Metals Ltd ( Company ) announced a non-renounceable rights issue ( Rights Issue ) under which shareholders registered in Australia and New Zealand ( Eligible Shareholders ) will be offered two (2) fully paid ordinary shares in the Company ( New Shares ) for every nine (9) Shares held at 5.00pm (WST) on 2 December 2009 ( Record Date ) at an issue price of 23 cents per New Share, with any fractional entitlements being rounded up.

The number of New Shares to be issued under the Rights Issue, if fully subscribed, will be approximately 23,077,512. The New Shares will rank equally with all other Shares of the Company from the date of allotment. The Company will apply to have the New Shares quoted on ASX.

Eligible Shareholders, other than related parties of the Company, will be given the right to participate in any shortfall under the Rights Issue. Allocation of any shortfall will be at the discretion of the Directors. The Directors also reserve the right to place any shortfall to parties, other than related parties of the Company, within three months of the close of the Rights Issue.

The Rights Issue will raise up to approximately $5.3 million before costs. The funds will be used as additional working capital primarily in relation to ongoing exploration, evaluation and development of the Company’s projects, particularly Fossey Zone, Que River and Hellyer.

The Company has decided that it is unreasonable to make the offer to shareholders outside Australia and New Zealand having regard to:

• the small number of shareholders with addresses outside these countries;

• the number and value of the shares they hold; and

• the cost of complying with the legal requirements and the requirements of the regulatory authorities in each of the countries concerned.

We regret that the Rights Issue is therefore not extended to you and you will not receive a copy of the Offer Document and Entitlement and Acceptance Form.

No action has been taken to register or qualify the Offer Document and Entitlement and Acceptance Form, the Rights Issue, or the New Shares or to otherwise permit a public offering of the New Shares in any jurisdiction outside of Australia and New Zealand. The Company has not appointed a nominee to sell securities which would have otherwise been issued to you if you had accepted the offer.

If you have any questions, please contact Michael Rosenstreich, Managing Director on (08) 9322 8044.

Yours sincerely

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Michael 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