GREENWING RESOURCES LTD — Capital/Financing Update 2010

Sep 27, 2010

ASX / Media Release

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27 September 2010

COMPLETION OF PROJECT FINANCING MARKS FURTHER MILESTONE FOR GROWTH PLANS

Polymetallic miner, Bass Metals Ltd (ASX: BSM ) is pleased to report that the project financing of the Hellyer Mine Project ( HMP ) in north-west Tasmania is complete and the $12 million project loan facility has been fully drawn.

RMB Resources Limited has provided the remaining funding required by Bass Metals to complete the HMP development, following;

• Execution of a concentrate marketing and sales agreement with UK based, LN Metals International Ltd for the copper-silver-gold concentrate on favourable terms consistent with revenue outcomes reported previously;

• Completion of additional technical due diligence by Snowden Mining Industry Consultants; and,

• the issue to RMB Resources of 3 million unlisted Bass Metals options with a 3 year term and an exercise price of $0.228.

These events follow the recently announced completion of the hedging programme, required under the terms of the loan facility, at favourable lead and zinc prices and the finalisation of the lead and zinc concentrate sales Agreements with leading global multi-metals business, Nyrstar.

This represents a further important milestone in the development of the HMP and Bass Metals is pleased to have secured the financial and marketing support of RMB Resources, LN Metals and Nyrstar for this major growth phase of the business.

Contact Media

Mike Rosenstreich David Brook Managing Director – Bass Metals Ltd Professional Public Relations Tel: (+61-8) 6315 1300 Mob: (+61) (0) 415 096 804

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 initiatives underway to generate cash by processing remnant ore from the Hellyer mine

Que River ore is currently sold to the nearby Rosebery Plant under an Ore Sales Agreement with the plant’s owner/operator, MMG Australia. In January 2010 the Bass signed a committed off-take contract with leading global multimetals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.

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