GREENWING RESOURCES LTD — Capital/Financing Update 2011

Oct 12, 2011

ASX / Media Release

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13 October 2011

Bass Metals Open Investor Forums & Operations Update

Bass Metals Ltd (ASX: BSM ) ( “Bass” or “the Company” ) is pleased to invite its shareholders and potential investors to attend a series of Open Investor Forums to receive an update on the Company’s recent operational and corporate activities, including the non-renounceable entitlements offer.

• The Brisbane Forum: Monday, 17 October 2011 at 4:15pm for 4:30pm start at the Marriot Hotel, 515 Queen Street, concluding 6pm.

• The Sydney Forum: Tuesday, 18 October 2011 at 4:15pm for 4:30pm start at the Hilton Hotel, 488 George St, concluding at 6pm.

• The Melbourne Forum: Wednesday, 19 October 2011 at 4:15pm for 4:30pm start at the Westin Hotel, 205 Collins Street, concluding at 6pm.

• The Perth Forum : Thursday, 20 October 2011 at 4:15pm for 4:30pm start at the Rydges Perth, 815 Hay Street, concluding at 6pm.

• The Hobart Forum : Monday, 24 October 2011 at 4:15pm for 4:30pm start at a venue to be advised in CBD, concluding at 6pm.

Bass Metals urges all interested parties to attend these important events which will provide an update on the Company’s activities including the non-renounceable entitlements offer (“the Offer”) announced on 15 September 2011 as well as an opportunity to meet senior members of Bass Metals’ management team.

Non-renounceable entitlements offer

The Offer, which opened on 29 September 2011, provides eligible shareholders with the opportunity to subscribe for one fully paid ordinary share (“New Share”) plus one free attaching new option (“New Option”) for every three existing shares held at 5.00pm (Perth time) on the Record Date of 22 September 2011. The price for each New Share is $0.15 with a free attaching New Option, which is planned to be listed on the ASX and will have an exercise price of $0.20 each and will expire on 30 September 2014.

Eligible shareholders may also apply for additional New Shares and New Options under any shortfall. Allocation of any shortfall will be at the discretion of the Directors. The shortfall to the Offer may be placed by the Directors of the Company at their sole discretion to any party, other than to related parties, within three months of the close of the Offer.

The Offer will raise a minimum of $8 million and, if fully subscribed, approximately $10.7 million (before costs). Helmsec Global Capital is the Lead Manager to the Offer.

Hellyer Mine Project update

The sixth mill campaign at Hellyer commenced on 3 October 2011 as planned. The budget plan was to treat 67,321 tonnes of ore grading 7.8% zinc, 4.6% lead with significant silver, gold and copper credits. By the beginning of the campaign, the predicted mined tonnage and grades stockpiled at the Hellyer Mill was estimated to be 67,232 tonnes grading 9.1% Zn, 5.3%Pb with strong silver, gold and copper credits.

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

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Bass Metals’ Managing Director, Mike Rosenstreich, said the mine is tracking well with development and production meeting the planned production targets.

“The milling campaign is progressing well with 16,333 tonnes of ore processed at head grades of 8.7% Zn, 5.0% Pb and 0.4% Cu (with silver and gold assays pending). Good quality zinc (51% zinc) and lead (56% lead) concentrates have already been filtered and trucking of concentrate to the Burnie Port is in progress, which is an excellent start to this campaign,” Mr Rosenstreich said.

Dewatering rates at the Fossey Mine have continued to decline to approximately 140 litres/second, from peaks in early June of over 240. The permanent pumping station, capable of pumping up to 300 litres/second is currently being installed, replacing the temporary system installed following the 1 June 2011 water inflow event.

“We look forward to providing shareholders with more detail of our very positive progress at Hellyer and other key developments in Tasmania, along with an update on the Company’s corporate activities,” Mr Rosenstreich said.

“The Board wishes to thank shareholders for their support of Bass Metals and invites shareholders and interested parties to attend these important Forums and take the opportunity for further questions over light refreshments afterwards”.

Those planning to attend the Forums are encouraged to register to assist with seating and catering by either emailing the Company (admin@bassmetals.com.au) or calling on 08 6315 1300.

For further information, please contact:

Bass Metals 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-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 has commenced production 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, 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 applied in the district before. The Company’s 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.

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