GREENWING RESOURCES LTD — Capital/Financing Update 2011

Nov 6, 2011

Media Release

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7 November 2011

Cashed up Bass Metals Accelerates Tasmanian Drilling Program

HIGHLIGHTS:

• Expanded exploration campaign underway.

• Plans in place to restart underground drilling.

• Drilling to follow up recent exciting discoveries, including McKay.

• Recent drilling successes validate Bass Metal’s new exploration targets and confirm exploration upside.

• Company aims to extend current mine life through conversion of existing resources and drilling of new discoveries.

The Board of Bass Metals Ltd ( ASX:BSM ) (“ Bass ” or “the Company ”) is pleased to report that it has begun an expanded drilling program in the vicinity of its producing Hellyer Mine operations in northwest Tasmania.

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Diamond drill rig mobilising to new site at McKay Prospect

Bass Metals, which recommenced trading today after a successful capital raising program, has also announced an immediate doubling of its current surface drilling capacity, and also has plans to restart underground drilling to further increase its drilling capacity over coming months.

Level 1, 91 Havelock Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au

Media Release

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The decision to accelerate its drilling program follows a string of drilling successes in the vicinity of its producing Hellyer mine in northwest Tasmania and completion of a successful entitlements offer to shareholders of $8.8 million.

One of the key targets for the expanded campaign is the recently drilled McKay discovery, located just 120 metres from the Company’s existing Fossey mine operations.

Recent exploration drilling at the McKay Prospect returned a number of high-grade intersections including 7 metres grading 22.3% zinc, 9.9% lead, 0.7% copper, 181 g/t silver and 3.4 g/t gold and 1.65 metres at 21.9% zinc, 14.7% lead, 1.0% copper, 182 g/t silver and 2.3 g/t gold

Bass Metals’ Managing Director, Mike Rosenstreich, said the Company was very excited about the exploration potential in the McKay area.

“It’s proximity to the Fossey mine development means that it has the early potential to be upgraded into resources for our Hellyer project. Importantly it validates the Company’s new exploration model, which opens up a range of new prospects in areas that have never been touched by a drill bit between the large high-grade Hellyer and Que River deposits.”

Mr Rosenstreich said Bass Metals’ planned to use the newly raised funds to maintain an aggressive drilling program, advance the important tailings feasibility study and continue the work on its revised mine plan at Fossey.

The Company expects to announce further production successes at its Hellyer operations in the near future with the release of an Operations Update, following completion of a successful sixth milling campaign in early November, 2011.

“The past five months have been a difficult period for all Bass stakeholders. Many spectators had written us off, but with the proven quality of our team and assets we have emerged reinvigorated and are targeting sustainable and profitable growth. It is important to acknowledge the support of associated companies such as Mancala and Intec and our shareholders, Directors and brokers, Helmsec Global Capital who all supported the Entitlement Offer They have all been important contributors to this fundraising process and I thank them for their patience and support,” he added.

“Bass Metals is now better placed to achieve the targets for growth and profits that our quality Tasmanian assets hold.”

“We look forward to providing the market and our shareholders with further positive details of exploration activities and business and development plans going forward,” Mr Rosenstreich said.

Contact

Mike Rosenstreich Managing Director – Bass Metals Ltd Tel: (+61-8) 6315 1300

Media

David Brook Professional Public Relations Mob: (+61) (0) 415 096 804

Level 1, 91 Havelock Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au

Media Release

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COMPETENT PERSONS STATEMENT EXPLORATION RESULTS

The information within this report that relates to exploration results is based on information compiled by Mr Kim Denwer who is a full time employee of the Company. Mr Denwer is a Member of the Australian Institute of Geoscientists. Mr Denwer has 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 as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)” and he consents to the inclusion of this information in the form and context in which it appears in this report.

About Bass Metals Ltd (ASX: BSM )

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

Listing in 2005, Bass has delivered operating profits for the past three years since 2008 based on its profitable base metals production hub at Que River in Tasmania.

The Company’s larger transformational Hellyer Mine Project commenced underground production in early 2011 from the Fossey deposit, discovered by Bass in September 2007. The planned ore treatment rate is 350,000 tonnes per annum (tpa), through the Hellyer Mill to produce 46,000 tpa of zinc concentrate, 22,000 tpa of lead concentrates and 3,000 tpa of copper-silver-gold concentrates. Bass has off-take contracts for its lead and zinc concentrates with global multi-metals business, Nyrstar, and for its copper silver concentrates with LN Metals.

The Company also has an active and successful exploration programme which has yielded new discoveries such as Fossey, Fossey East and McKay, as well as new exploration targets through the use of new exploration techniques not previously applied in the district. The Company has significant gold and polymetallic resources and is currently undertaking a feasibility study following on from positive scoping study outcomes indicating the potential to become a long-term, significant scale gold producer.

Bass has differentiated itself through successfully finding high-grade polymetallic resources, strategically and incrementally building up its assets and production profile to now become an emerging mid-tier diversified mining business.

Level 1, 91 Havelock Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au