GREENWING RESOURCES LTD — Capital/Financing Update 2009

Feb 3, 2009

==> picture [228 x 85] intentionally omitted <==

----- Start of picture text -----

ABN 31 109 933 995
----- End of picture text -----

4 February 2009

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

Dear Sir

Fossey Zone Drilling Update

Bass Metals Ltd (ASX:BSM) is pleased to provide the following update on the Company’s recent drilling and feasibility study at the Hellyer Mine Project (HMP) located in NW Tasmania.

Key Points

• Fossey yields further wide high grade intercept of 22.3 metres at 10.9 % zinc, 5.5 % lead, 0.4 % copper, 84 g/t silver and 2.2 g/t gold ( HLD989).

• Fossey infill drilling to nominal 25 metre spaced intervals completed and all assays received.

• Overall results are generally consistent with resource model utilised for the initial Mineral Resource estimate of 830,000 tonnes grading 9 % zinc, 5 % lead, 120 g/t silver and 2.5 g/t gold reported to ASX on 30 September 2008.

• Fossey Zone is a key component in the HMP Feasibility Study evaluating development of the Fossey and Hellyer Mineral Resources and processing through the Hellyer Mill over which the Company has a binding conditional offer to purchase.

• Investigations into reducing Hellyer Mill care and maintenance costs well advanced, and Bass Metals has assumed responsibility for environmental management.

• A Notice of Intent was submitted to the EPA for a future Hellyer mine and milling operation and expects the assessment and approval process of its DPEMP to largely completed over the next 9 to 12 months.

This report presents the assay results for the last five diamond drill holes of the Fossey Mineral Resource infill drilling programme (refer report to ASX 30 September 2008 describing the Fossey Zone Mineral Resource). Assay results have been received for drill holes HLD 987 to HLD991 and are summarised in Table 1 with drill hole co-ordinates and other details are presented in Table 2. A schematic drill hole location and geology plan is presented in Figure 1.

Page 1 of 7

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

==> picture [108 x 40] intentionally omitted <==

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	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)
HLD987(at > 5 % (Pb+Zn) cut-off)
213.00	216.15	3.15	11.9	6.8	0.3	201	2.9
HLD988(at > 5 % (Pb+Zn) cut-off)
243.90	246.75	2.85	11.4	6.6	0.3	193	1.5
HLD989(at > 5 % (Pb+Zn) cut-off)
243.30	265.60	22.30	10.9	5.5	0.4	84	2.2
269.85	278.00	8.15	8.2	8.2	0.5	175	1.3
Combining the 2 intervals with the internal sub-grade material
243.30	278.00	34.70	9.1	5.5	0.4	101	2.0
HLD990– minor mineralisation intersected but no significant intervals
HLD991– no significant intervals

• Significant intervals reflects 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.

These results are from infill drilling on sections 10125mN, 10175mN and 10225mN.

Drill Section 10125mN (refer Figure 2)

Drill hole HLD988 intersected a 2.85 metre zone of high grade massive sulphide mineralisation up-dip from a wider, lower grade interval in HLD984, probably indicating the upper termination of the massive sulphide lens at this level.

Drill Section 10175mN (refer Figure 3)

On drill section 10175mN HLD989 intersected a wide, 22.3 metres zone of high-grade massive sulphide consistent with the 43.5 metre interval intersected above it in drill hole HLD985. HLD989 also intersected an 8.2 metre interval of mixed massive sulphide and footwall style mineralisation at moderate grade. Drill hole HLD990 appears to have defined the base or the eastern margin of the mineralisation.

Drill Section 10225mN (Refer Figure 4)

This drill section is near the northern limits of the Fossey Mineral Resource. HLD991 (the final hole of the programme) appears to have drilled into an off-setting fault, defining the base of the mineralisation at this point without intersecting mineralisation.

The assay results and geological indications generally support the geological interpretation for the Fossey mineral resource estimate. The zinc, lead, copper, silver and gold grades, whilst exhibiting some local variation from the modelled metal grades generally support those previously modelled. The next phase of drilling at Fossey will be stope delineation drilling from underground positions subject to a positive Feasibility Study and approval for the establishment of suitable underground access.

Page 2 of 7

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

==> picture [108 x 40] intentionally omitted <==

Table 2: Summary details of recent Fossey drill holes

HOLE	COLLAR NORTH*	COLLAR EAST*	COLLAR RL	AZ (grid)	DIP	EOH (m)	Comment
HLD987	10175.0	5610.5	675.2	270	-61	230.7	c.3 metre high grade zone
HLD988	10125.7	5677.5	682.6	270	-51	283.3m	c.3 metre highgrade zone
HLD989	10175.0	5683.3	679.2	270	-53	294.4	c.23 metre highgrade zone
HLD990	10175.0	5683.3	679.2	270	-59	311.4	Minor lowgrade zones
HLD991	10225.0	5620.0	674.0	270	-71	281.6	No mineralisation intersected.

*Local Mine Grid co-ordinates

Commentary

Drilling results at Fossey Zone continue to provide encouragement for a positive Feasibility Study outcome for the HMP based on the grades and mineralisation geometries encountered. A particularly exciting prospect is the opportunity for processing HMP ore through the Hellyer Mill (subject to completion of the acquisition from Intec Ltd; refer ASX report 11 November 2008).

In December, the Company submitted a Notice of Intent to the Tasmanian Environmental Protection Authority (EPA) for mining at the HMP and processing through the Hellyer Mill. Representatives from the EPA and other related authorities visited site on the 2 February 2009 to enable them to compile a set of guidelines for the Company’s Development Proposal and Environmental Management Plan (DPEMP). The DPEMP will form the basis of the approval and permitting process data for the mine development and is expected to run until late 2009.

The Hellyer Mill will be on care and maintenance during this time and an engineering study is well advanced to reduce the care and maintenance costs and incorporate a progressive refurbishment schedule to prepare the plant for a return to a differential flotation processing flow sheet.

BSM has assumed control of the site’s environmental management function and has implemented several of the mine drainage and water treatment innovations successfully employed at Que River.

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

==> picture [145 x 79] intentionally omitted <==

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.

Page 3 of 7

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

==> picture [108 x 40] intentionally omitted <==

==> picture [467 x 673] intentionally omitted <==

----- Start of picture text -----

Figure 1: Fossey Zone Schematic Drill Hole Plan and Geology
----- End of picture text -----

==> picture [42 x 9] intentionally omitted <==

----- Start of picture text -----

Page 4 of 7
----- End of picture text -----

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

==> picture [108 x 40] intentionally omitted <==

Figure 2: Fossey Zone schematic cross section 10125N.

==> picture [466 x 496] intentionally omitted <==

Page 5 of 7

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

==> picture [108 x 40] intentionally omitted <==

Figure 3: Fossey Zone schematic cross section 10175N.

==> picture [466 x 404] intentionally omitted <==

Page 6 of 7

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

==> picture [108 x 40] intentionally omitted <==

Figure 4: Fossey Zone schematic cross section 10225N.

==> picture [469 x 407] intentionally omitted <==

Page 7 of 7

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