GREENWING RESOURCES LTD — Capital/Financing Update 2009

Feb 16, 2009

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ABN 31 109 933 995
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17 February 2009

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

Dear Sir

Que River Drilling Update

Bass Metals Ltd (ASX:BSM) is pleased to provide the following update on the Company’s recent drilling at its Que River Mine located in NW Tasmania, as presented to the RIU Explorers Conference today.

Key Points

• PQ Lens yields further high grade intercepts to the north of the current pit limit:

• 18.3 metres at 12.4 % zinc, 6.0% lead, 0.2 % copper, 190 g/t silver and 2.5 g/t gold (QRD1293).

• 5.9 metres at 17.7 % zinc, 9.6% lead, 0.2 % copper, 421 g/t silver and 5.4 g/t gold (QRD1297).

• 1.3 metres at 27.6 % zinc, 10.7 % lead, 0.4 % copper, 443 g/t silver and 5.2 g/t gold (QRD1298).

• These drill results confirm potential Exploration Target of between 40 to 60kt of high-grade PQ style mineralisation.

• Strong gold assays in PQ extensional drilling reflect “sold PQ ore” grades in January which are 8.3 g/t gold; as well as 19.3 % zinc, 10.5% lead, 0.3% copper and 326 g/t silver.

This report presents the assay results for six diamond drill holes drilled to test shallow extensions of the high grade PQ Lens north of the existing PQ pit. Assay results received for drill holes QRD1293, QRD1294, QRD1296 to QRD1298 and QRD1300 are presented in Table 1 and schematically in longitudinal section in Figure 1.

The drill holes reported are testing discrete positions along strike of the PQ lens between areas known to have been stoped during the historic underground mining operations in the 1980’s. The Company recently reported an Exploration Target of 40kt to 60kt immediately north and beneath the current Stage 1 PQ pit as shown in Table 2 and Figure 1.

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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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Table 1: Assay summary at 5% (Pb+Zn) cutoff	Table 1: Assay summary at 5% (Pb+Zn) cutoff	Table 1: Assay summary at 5% (Pb+Zn) cutoff	Table 1: Assay summary at 5% (Pb+Zn) cutoff	Table 1: Assay summary at 5% (Pb+Zn) cutoff
From (m)	To (m)	Drilled Interval (m)	Zn (%)	Pb (%)	Cu (%)	Ag (g/t)	Au (g/t)
QRD1293(at > 5 % (Pb+Zn) cut-off)
59.70	78.00	18.30	12.4	6.0	0.2	190	2.5
QRD1294(at > 5 % (Pb+Zn) cut-off)
18.90	21.00	2.10	3.8	1.7	0.1	45	0.5
QRD1296(at > 5 % (Pb+Zn) cut-off)
95.50	99.90	3.50	7.0	4.1	0.1	136	2.4
102.30	104.00	1.70	6.0	3.3	0.1	106	2.2
QRD1297(at > 5 % (Pb+Zn) cut-off)
88.60	94.50	5.90	17.7	9.6	0.2	421	5.4
100.00	102.00	2.00	4.4	2.8	0.1	52	1.8
QRD1298(at > 5 % (Pb+Zn) cut-off)
101.30	102.60	1.30	27.6	10.7	0.4	443	5.2
111.70	112.80	0.80	9.9	2.0	0.4	92	1.2
QRD1300(at > 5 % (Pb+Zn) cut-off)
29.30	34.00	4.70	6.8	4.4	0.1	80	1.0
37.00	38.00	1.00	5.9	3.0	0.1	53	0.9

• Significant intervals reflect interval selection criteria where an intercept generally comprises at least:

• For polymetallic mineralisation – minimum of 3 metres downhole at a minimum assay cut-off of 5 % (Pb+Zn); or,

• For gold mineralisation - at least 5 metres downhole at a minimum assay cut-off of 1 g/t Au.

Figure 1: PQ Lens “north” extensional drilling

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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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Table 2: PQ Exploration Target

Tonnage Range (kt)		Grade Ranges (from–to)	Grade Ranges (from–to)	Grade Ranges (from–to)
	Zn (%)	Pb (%)	Cu (%)	Ag g/t	Au g/t
40 to 60	8 to 22	4 to 11	0.1 to 0.5	100 to 350	2 to 8

This drilling programme resumed this week, and will continue to test the along-strike extensions of the PQ Lens. Detailed information on the Exploration Target and the updated Que River Ore Reserves is provided in Bass Metal’s report to ASX on 10 February, 2009.

Commentary

Drilling results at PQ “north” provide encouragement for further possible Ore Reserve upgrades as reported recently for Que River. Extensions of the high-gold polymetallic mineralisation within the PQ system appear evident in the reported assays (QRD1297 and 1298). It is worth noting that ore sold in January 2009 (c. 5,250 tonnes) graded approximately 8.3 g/t gold; as well as 19.3 % zinc, 10.5% lead, 0.3% copper and 326 g/t silver. Further production updates are provided in the Company’s presentation to the RIU Explorers Conference, also lodged with ASX today.

I look forward to reporting further on the Company’s progress and outcomes in pursuit of its growth objectives in the near term.

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 Kim Denwer and Mr Mike Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy, and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have 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(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.

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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