GREENWING RESOURCES LTD — Capital/Financing Update 2011

Oct 27, 2011

ABN 31 109 933 995

28 October 2011

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

Dear Sir

General Meeting of Shareholders – Option Exercise Price

Bass Metals Ltd (ASX code: BSM) (“Bass Metals” or “the Company”) undertook in the Notice of General Meeting and Explanatory Statement to Shareholders lodged on ASX on 27 September 2011 to notify Shareholders of the final exercise price of the up to 86.7 million Lender Options proposed to be issued at no cost to RMB Australia Holdings Limited (or its nominee) prior to the General Meeting approving the issue which will be held on 31 October 2011.

As advised in the Notice of General Meeting and Explanatory Statement, the Lender Options will have a term of three years from the date of issue and an exercise price that is the lesser of: (a) 20 cents per share or (b) a 20% premium to the Equity Raising Price where “Equity Raising Price” is defined as “the price per share of binding commitments received by Bass Metals to raise at least $8 million of new equity by 31 October 2011”. Based on the price of $0.15 per new share being offered to eligible Shareholders under the Company’s non-renounceable entitlements issue Prospectus lodged on ASX on 15 September 2011, the exercise price of each Lender Option will be $0.18.

The full terms and conditions of the Lender Options are attached as Annexure A to the Notice of General Meeting and Explanatory Statement to Shareholders lodged on ASX on 27 September 2011.

Yours sincerely

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Susan Hunter Company Secretary

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