GREENWING RESOURCES LTD — Capital/Financing Update 2009

Nov 23, 2009

ABN 31 109 933 995

24 November 2009

Dear Optionholder

Bass Metals Ltd ( Company ) has 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 fully paid ordinary 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.

Under the terms and conditions of the options that you currently hold, there is no entitlement to participate in the Rights Issue. In order to participate in the Rights Issue in relation to any vested options that you hold, you must exercise those options in accordance with the terms of your options, prior to the Record Date. Please note that only vested options may be exercised. Please note that it is not compulsory to exercise your vested options. If you do wish to exercise your vested options, you may do so by completing all of the steps required by the terms and conditions of those options, including payment of the relevant exercise price.

Please consult your stockbroker, solicitor, accountant or other financial adviser if you are in any doubt as to the value of the Rights Issue.

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