GREENWING RESOURCES LTD — Capital/Financing Update 2011

Oct 9, 2011

ABN 31 109 933 995

10 October 2011

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

Dear Sir

NON-RENOUNCEABLE ENTITLEMENTS OFFER – CLOSING DATE EXTENDED

Bass Metals Ltd (ASX:BSM) (“Bass Metals” or the “Company”) wishes to advise that the Closing Date for its non-renounceable entitlements offer (“the Offer”) announced on 15 September 2011 has been extended to 5.00pm (Perth time) on Wednesday 26 October 2011 . The extension is to enable extra time for Australian shareholders, living overseas, which comprise a significant proportion of the overall shareholder base to receive and consider the Offer documents as well as to enable the Company to hold a series of open investor forums in each Australian capital city; dates and venues to be announced.

The Offer, which opened on 29 September 2011 is for eligible shareholders to have 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 minimum raising under the Offer will be $8 million and, if fully subscribed, the total amount raised (before costs) will be approximately $10.7 million.

Helmsec Global Capital is the Lead Manager to the Offer.

The revised timetable for the Offer is attached.

The Board thanks you for your support of Bass Metals and invites you to carefully consider this investment opportunity prior to the Closing Date if you have not already done so.

Yours sincerely

==> picture [121 x 45] intentionally omitted <==

Michael Rosenstreich Managing Director

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

==> picture [106 x 40] intentionally omitted <==

Revised Timetable

Offer announced via ASX/Lodgement of Prospectus with ASIC (prior tocommencement of trading)15 September 2011	Offer announced via ASX/Lodgement of Prospectus with ASIC (prior tocommencement of trading)15 September 2011	Offer announced via ASX/Lodgement of Prospectus with ASIC (prior tocommencement of trading)15 September 2011	Offer announced via ASX/Lodgement of Prospectus with ASIC (prior tocommencement of trading)15 September 2011	Offer announced via ASX/Lodgement of Prospectus with ASIC (prior tocommencement of trading)15 September 2011
Notice sent to existing Option holders notifying them that they cannotparticipate in the Offer in respect of their Options without first exercisingthem15 September 2011
Notice sent to Eligible Shareholders containing Appendix 3B information anddetails of the Offer timetable15 September 2011
Notice sent to Ineligible Shareholders with registered addresses outsideOffer jurisdictions that are ineligible to participate in the entitlement offer15 September 2011
Shares trade ex-entitlements (Ex date)19 September 2011
Record Date (date for determining entitlements of Eligible Shareholders toparticipate in the Offer)23 September 2011
Prospectus and Entitlement and Acceptance Form dispatched to EligibleShareholders29 September 2011
Acceptances close*5.00pm (Perth time)on 26 October 2011
**Company to notify ASX of undersubscriptions (if any) ****31 October 2011
**Allotment and issue of New Shares and New Options ****4 November 2011
	ment and issue of New Shares and New Options	******	4 November 2011
Comp	**any to request re-quotation of Shares on ASX ****		4 November 2011
Dispa	**tch of holding statements ****		4 November 2011
New	Shares and New Options commence trading on	**SX ****	7 November 2011
	ject to the Listing Rules, the Directors reserve	the right to extend the	Closing Date for the
	at their discretion. Should this occur, the exte	nsion will have a conse	quential effect on the
	pated date of issue for the New Shares and Ne	w Options.
	ese dates are indicative only.

• Subject to the Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer at their discretion. Should this occur, the extension will have a consequential effect on the anticipated date of issue for the New Shares and New Options.

** These dates are indicative only.

• 2 -