GREENWING RESOURCES LTD — Capital/Financing Update 2010

Oct 27, 2010

ASX Announcement

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28 October 2010

Share Placement to raise $3.55 million to institutional investors to fund Bass Metal’s growth projects.

Australian base and precious metals producer, Bass Metals Ltd ( ASX:BSM ) (“Bass” or “the Company”) is pleased to announce it has raised $3.55 million in a Placement, predominantly to entities on behalf of mainly European institutional investors.

The placement is for 14.2 million shares at an issue price of 25 cents per share, a 13% discount to the 10 day volume weighted average closing price prior to the trading halt. The Placement was completed under the Company’s available 15% placement capacity to professional and sophisticated investors. The shares will be allotted and issued following receipt of cleared funds by the Company.

The proceeds of the Placement will supplement the Company’s discretionary funds available to fast track exploration drilling at the Fossey East discovery and fund the Gold Recovery Feasibility Study and the Heavy Media Separation study. This funding strengthens a recent $5 million silver based financing, to provide working capital support to the Hellyer Mine Project (HMP) development as well as funding these growth initiatives.

Managing Director, Mr. Michael Rosenstreich commented that “shareholders expect us to chase these growth opportunities aggressively and given the constraints on discretionary expenditure of the secured project loan facility for the HMP, and the support from the institutional investors it was a great opportunity to top-up the liquidity of the company to be able to meet those expectations”.

Contact Media

Mike Rosenstreich Karen Oswald Managing Director – Bass Metals Ltd Professional Public Relations Tel: (+61-8) 6315 1300 Mob: (+61) (0) 423 602 353

About Bass Metals Ltd (ASX: BSM )

Bass Metals Ltd is a growth focussed and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania.

Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.

The Company’s larger transformational Hellyer Mine Project is on track to commence production toward the end of 2010. With an initial through-put rate of 400,000 tonnes per annum (tpa), the 1.5 million tpa capacity Hellyer Mill will produce 53,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 4,500 tpa of copper—silver-gold concentrates.

The Company also has an active and successful exploration programme and is currently following up on recent discoveries at Switchback and Fossey East which are high-grade and located in close proximity to existing mine and milling infrastructure.

Bass has an experienced Board and operating team who have a strong track record of delivering profitable production underpinned by exploration success and are highly motivated to improve on that record.

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au