GREENWING RESOURCES LTD — Capital/Financing Update 2009

Feb 9, 2009

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ABN 31 109 933 995
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10 February 2009

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

Dear Sir

Que River Ore Reserve Upgrade

Bass Metals Ltd (ASX:BSM) is pleased to provide the following report on the recent review of its Que River Mine Ore Reserves and Mineral Resources located in NW Tasmania.

Key Points

The following estimate summaries are reported in accordance with the JORC Code and details are provided in Attachment 1.

Ore Reserves – 65% increase from June 30[th] 2008 . The Que River Mine Ore Reserve as at 31 December 2008 comprises:

Classification	Tonnes (kt)	Zn (%)	Pb (%)	Cu (%)	Ag g/t	Au g/t
Proven & Probable	129	9.3	4.9	0.6	122	2.6

Production – 81% more tonnes at higher grades than predicted . The total sold ore and stocks up to 31 December 2008 is:

Classification	Tonnes (kt)	Zn (%)	Pb (%)	Cu (%)	Ag g/t	Au g/t
Sold & Stocks*	81	15	8	0.4	214	4.3

*Ore sold and invoiced plus on-site ore stockpile of 6,728 tonnes.

PQ Lens Exploration Target - potential to extend the current Ore Reserve is highlighted by the Exploration Target immediately north and beneath the current Stage 1 PQ pit of:

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

Mineral Resource – marginal increase after mining from the 30[th] June 2008 estimate. Que River Mineral Resource, at 31 December 2008, which includes the Ore Reserve above, is:

Classification	Tonnes (kt)	Zn (%)	Pb (%)	Cu (%)	Ag g/t	Au g/t
Measured	72	6.0	3.0	1.4	110	2.1
Indicated	452	5.6	2.8	1.2	83	0.8
Inferred	181	4.7	2.6	1.0	71	0.7
Total Combined	705	5.4	2.8	1.2	83	0.9

• Mining is currently focused on the PQ and the new QR32 pits.

• The original PQ Pit Ore Reserve in 2007 was 33kt tonnes at 15.3 % zinc, 8.7 % lead, 216 g/t silver & 5.3 g/t gold.

• To 31 December 2008 a total of 62kt tonnes grading 17.1 % zinc, 9.2 % lead, 265 g/t silver & 5.4 g/t gold have been mined from the PQ pit, making an important cash contribution to BSM and underpinning the 2008 net profit of $1.8 million.

• The new Proven & Probable Ore Reserve for PQ Pit is 48kt at 15.4 % zinc, 8.6% lead, 196 g/t silver and 5.4 g/t gold.

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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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Commentary

The Que River Mine is a small scale, high grade, open-pit selective mining operation delivering ore at the rate of approximately 5 to 6 thousand tonnes per month to OZ Minerals Ltd’s (OZL) Rosebery Mill, under an Ore Sales Agreement.

Mining and haulage commenced in October 2007 based on an original mining inventory of 115kt grading 8.3 % zinc, 4.0 % lead, 0.7 % copper, 105 g/t silver and 2.1 g/t gold from the S- Lens and PQ open pits. To the 30[th] June 2008 a total of 38kt grading 11.9 % zinc, 6.7 % lead, 0.4 % copper, 161 g/t silver and 3.0 g/t gold was sold to OZL, underpinning the Company’s maiden audited profit result of $1.8 million for the financial year ending 30 June 2008. Additional ore sold in the 6 months to 31 December 2008 contributed to the Company’s closing cash balance of $7.8 million.

The new Ore Reserve estimate comprises 3 pits (Refer Figure 1):

PQ Pit

Very high grades and extra tonnages from the PQ Pit led to all ore mining being focussed on the PQ pit from June 2008 to the 31 December 2008. The new ore reserve estimate is within the original Stage 1 Pit design and based on geological mapping of the exposed mineralised lenses which confirms continuity through areas not able to be tested by drilling prior to mining. It also utilises a 25% positive Mine Call Factor (MCF). The MCF is a conservative application of the reconciliation trends observed to the 31 December 2008 of 181 % for tonnes ( i.e. 181 % more tonnes than predicted ) and for grades: +5 % for zinc ( i.e. zinc grade is 5 % higher than predicted ), +6 % for lead, +15 % for silver, +13 % for gold and -9 % for copper.

S-Lens Pit

This estimate has increased marginally due to an extension to the north beyond the limit of the Stage 1 Mine Plan design. The S-Lens Pit has been deferred in the schedule for 2 reasons: (a) because it includes a high volume of potentially acid forming waste some of which can be dumped into pre-existing pit voids to reduce re-handling costs; (b) the S-Lens mineralisation comprises a significant zone of higher copper grades and lower zinc-lead in the south and under the current OZL payment factors and metal prices, this material is marginal and might be better suited for a possible Hellyer milling scenario.

QR32 Pit

This is a small pit to the north of PQ Pit designed to extract shallow portions of the QR32 Lens, which was not in the original Stage 1 Mine Plan. Surface clearing work commenced in this area in January 2009.

The improved geological understanding of the continuity of the PQ Lens and the historic mining has generated an Exploration Target of between 40kt to 60kt of additional high grade mineralisation, as shown in Figure 2. This zone may convert to additional Ore Reserves on completion of drilling and economic evaluation. Drilling is currently underway and, whilst assays are pending, the geological results are encouraging.

Mining of the PQ and QR32 Ore Reserve (approximately 70kt of ore) will continue to the end of July 2009, by which time the S-Lens pit may come on line or a northern extension of PQ Lens may have been converted to an Ore Reserve (Exploration Target). The conversion of these Mineral Resources to Ore Reserves is predicated on the continuance of the current Ore Sales Contract with OZL.

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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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Ore sales to Rosebery are currently anticipated by BSM to continue at the rate of approximately 5,500 tonnes per month but subject to Rosebery mill constraints and OZL’s well reported financial situation, though no payment problems have been experienced by BSM. Subject to the terms of the OZL Ore Sales Agreement, further metallurgical testwork and EPA approval, the Hellyer Mill (which is under offer by BSM) could also be adapted to process Que River ore.

In summary, the Directors of BSM are very pleased with this upgrade of the Que River Ore Reserve and the new potential identified to extend the mine life. At present, notwithstanding the lower metal price regime, the high grade nature of the PQ ore has generated positive cash flow for the Company and a maiden operating profit for 2008, as well as funding its exploration and development activities such as the Hellyer Mine Project feasibility study and the recently announced acquisition of the Hellyer Mill. The Company’s exploration activity in the near term will be mainly focussed in the Hellyer-Que River area where there is excellent prospectivity for further resource increases.

Yours Sincerely

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Mike Rosenstreich Managing Director.

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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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Figure 1: Que River Location Plan

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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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Attachment 1a Que River Resource and Reserve Estimate Statement as at 31[st] December 2008

1. PQ Lens Exploration Target :

Tonnage Range (kt)		Grade	Grade	Ranges (from– to)	Ranges (from– to)	Ranges (from– to)	Ranges (from– to)
	Zn (%)	Pb (%)		Cu (%)		Ag g/t		Au g/t
40 to 60	8 to22	4to11		0.1to 0.5		100 to 350		2to 8
2. Que River Mineral Resources*
Classification	Tonnes (kt)		Zn (%)	Pb (%)		Cu (%)	Ag g/t		Au g/t
PQ Lens
Inferred	-		-	-		-	-		-
Indicated	22		15.0	8.5		0.4	190		4.4
Measured	16		19.6	10.9		0.3	252		8.0
Combined	38		16.9	9.5		0.3	216		5.9
S Lens
Inferred	58		0.6	0.2		2.5	33		0.2
Indicated	263		4.3	1.6		1.9	68		0.3
Measured	56		2.1	0.7		1.7	69		0.3
Combined	377		3.4	1.3		2.0	63		0.3
QR32
Inferred	54		4.6	2.7		0.1	72		1.0
Indicated	134		5.9	3.5		0.2	83		1.1
Measured	-		-	-		-	-		-
Combined	188		5.5	3.3	0.2		80		1.1
Nico
Inferred	69		8.3	4.6	0.4		102		0.9
Indicated	33		9.0	5.4	0.3		130		1.0
Measured	-		-	-	-		-		-
Combined	102		8.5	4.9	0.4		111		0.9
Que River Combined	Mineral Resource
Inferred	181		4.7	2.6	1.0		71		0.7
Indicated	452		5.6	2.8	1.2		83		0.8
Measured	72		6.0	3.0	1.4		110		2.1
Combined	705		5.4	2.8	1.2		83		0.9
3. Que River Ore Reserves*
Classification	Tonnes		Zn (%)	Pb (%)	Cu (%)		Ag g/t		Au g/t
Run of Mine (ROM) Stockpile
Proven	7		18.3	9.6	0.3		281		7.1
Stage 1 Mine Plan
PQ Pit
Probable	28		13.6	7.7	0.3		172		4.0
Proven	20		17.8	9.9	0.3		230		7.3
Combined	48		15.4	8.6	0.3		196		5.4
S-Lens Pit
Probable	46		3.2	1.1	1.1		45		0.3
Proven	-		-	-	-		-		-
Combined	46		3.2	1.1	1.1		45		0.3

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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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Stage 2 Mine Plan	Stage 2 Mine Plan
S-Lens Pit
Probable	8	7.6	2.7	0.5	45	0.3
Proven	-	-	-	-	-	-
Combined	8	7.6	2.7	0.5	45	0.3
QR32 Pit
Probable	21	6.8	4.1	0.2	104	0.8
Proven	-	-	-	-	-	-
Combined	21	6.8	4.1	0.2	104	0.8
Que River Total Ore Reserves
Probable	103	7.1	3.6	0.7	91	1.4
Proven	27	18.0	9.8	0.3	243	7.2
Combined	129	9.3	4.9	0.6	122	2.6

*Note figures rounded and minor errors may result.

Figure 2: Schematic PQ Long Section

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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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Attachment 1b Explanatory Note to the Que River Resource and Reserve Estimate as at 31[st] December 2008

1. PQ Exploration Target

The PQ exploration target is an area of remnant mineralisation below northern portion of the PQ Pit. The estimate is spatially limited between the two and three levels of the underground workings (610-640RL) and between the mine grid northings of 7350mN to 7500mN.

The target has been identified based upon:

• An assessment of historical (1980’s) plans and sections which identified remnant mineralisation.

• A partially completed diamond drilling program which has confirmed the presence of some targeted remnants. The drill program is currently in progress and all assays are pending.

• Consideration of modifying factors affecting the likelihood of the targeted remnants being converted to resources and reserves.

2. Mineral Resource Estimate Review

The near surface (to 60m depth) PQ Mineral Resource has been depleted by mining activity since the previous resource estimate (June 08). Resource depletion has occurred at a significantly lower rate than actual production. A positive (tonnage and grade) reconciliation is present indicating the June 08 (and previous) resource estimates have underestimated the actual resource by a factor of 2.8.

Despite mining depletion, the PQ resource has increased in size since June 08 due to:

• Confirmation of mineralisation continuity by geological mapping of the pit floor and resultant re-interpretation of pillar sections with updated geology. Major variations relate to the presence of partially mined stopes, which previously had been assumed to be totally mined.

• Inclusion of a sill pillar which was confirmed to be present with diamond drilling.

All resources in PQ were upgraded to Indicated or Measured due to the additional confidence provided by:

• New pit floor mapping; and,

• Additional diamond drilling.

Since June 2008, no additional geological activity or depletion due to mining has been undertaken in S Lens, QR32 or Nico resource blocks. All resources for these ore bodies remain the same as at 30th June 2008

3 Ore Reserves Estimates

All Ore Reserves are included within the corresponding Mineral Resources tabulated. Mineral Resources have been modified to obtain Ore Reserves by:

• Inclusion of dilution at zero grade at a rate of 15% of the resource tonnage;

• Application of a 90% recovery factor to the diluted resource;

• Application of mine design parameters and procedures;

• Assessment by financial modelling, scheduling and application of varying economic considerations such as metal prices;

• Compliance with environmental statutory approvals; and,

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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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• Revenue assumptions consistent with the current Ore Sales Agreement with OZL’s Rosebery operations.

3.1 PQ Ore Reserves

In comparison to the June 2008 Ore Reserve estimate reported in the BSM 2008 Annual Report, the PQ Pit Ore Reserve has increased due to:

• The increased resource provided through additional geological information; and,

• The application of a conservative Mine Call Factor of 1.25 to account for the positive production reconciliation when combined with the up-dated resource. Note, the current positive reconciliation factor of 2.9 for the December Quarter cannot be applied as the trend cannot definitively be predicted into the future.

3.2 S Lens Reserves

S Lens reserves were increased in comparison to the June 2008 Ore Reserve estimate reported in the BSM 2008 Annual Report, due to:

• The inclusion of additional resource in the proposed pits northern end; and

• Economic considerations and scheduling of the new design work.

3.3 QR32 Reserves

QR32 has been included within the Ore Reserve inventory following:

• Open cut design work;

• Economic considerations and scheduling of the new design work; and,

• Government acceptance of the modification to the Development Proposal and Environmental Management Plan as it relates to QR32.

4. Attributions

4.1 S Lens, QR32 & Nico Resource Attribution

The resource estimates are based on geological models compiled by consulting geologist, Mr. Steven Richardson. Tonnage and grade estimation has been undertaken by Mr. Richardson using anisotropic 2D inverse distance interpolation (Nico and S Lens) or 3D ordinary kriging (QR32 Lens). The drill hole database used for these estimates comprises diamond core drill holes completed by BSM as well as historic diamond drill holes. In addition, original 1:500 scale mine geology cross-sections, long projections and underground development surveys were available. Mined out areas were not surveyed but details were sourced from end of mine life reports and discussions with ex-Que River Mine mining personnel involved in mining at Que River in the late 1980’s.

Mr. Steven Richardson BSc(Hons) MAusIMM, a fulltime employee of McArthur Ore Deposit Assessments (MODA) has 26 years experience, including 10 years at Que River-Hellyer. He completed the bulk of the estimation work under the direction and supervision of Dr Gary McArthur PhD FAusIMM MICA MSEG, principal of MODA. Dr McArthur has over 35 years experience as a professional in the mining industry (including 10 years at Hellyer), with considerable involvement in the estimation of resources over a wide variety of commodities and mineralisation styles. As such, Dr McArthur meets the formal requirements as defined in the JORC Code (Joint Ore Reserves Committee, 2004) to be a Competent Person for the estimation of the Que River S Lens Mineral Resources and has consented to the inclusion of his name 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

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PQ Resource & PQ S Lens QR32 Reserve Attribution

The resource estimate is based on a geological model compiled by the Que River Mining Alliance project Manager, Mr. Tim Akerman. Tonnage and grade estimation has been undertaken by Mr. Akerman using a simple polygonal model using length weighted averages to estimate grades.

Mr. Akerman BSc (Hons) MAusIMM has 20 years industry experience including 4 years as a production geologist at Que River from 1986. Since then he has had direct involvement in the planning and development of 5 other similar deposits in the Que River region as well as extensive resource delineation and mine planning work on many deposits in Australia and overseas. Mr. Akerman meets the formal requirements as defined in the JORC Code to be a Competent Person for the estimation of the Que River PQ Lens Mineral Resources and has consented to the inclusion of his name in this report.

The drill hole database used for this estimate comprises the diamond core drill holes completed by BSM as well as 35 historic diamond drill holes used to delineate the original PQ Ore Reserve. In addition, original detailed mine geology cross-sections and a long projection were available. Details on mined out areas were sourced from an end of mine life report and discussions with ex-Que River Mine mining personnel involved in the mining of PQ Lens in the 1980’s.

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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