GREENWING RESOURCES LTD — Capital/Financing Update 2011

Aug 30, 2011

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31 August 2011

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

Dear Sir

UPDATE ON FUNDRAISING ACTIVITIES

Bass Metals Ltd (ASX:BSM) (“Bass” or the “Company”) provides the following update on the next phase of its fundraising initiatives.

As noted in the Company’s announcement to the ASX on 24 August 2011, RMB Resources (the current debt provider to Bass), has been mandated in connection with a potential increase in the existing Corporate Loan Facility, subject to RMB Resources credit approval and finalisation of due diligence. The due diligence process is continuing, having taken longer than expected at the time of the Company’s last announcement, due to the opportunity to undertake metallurgical reconciliations following the recent completion of the fifth milling campaign at the Company’s Hellyer operations.

Since the last announcement, Bass has also mandated Helmsec Global Capital Limited to assist the Company in relation to a potential entitlement issue to shareholders, the details of which will be contingent in part upon the final terms and conditions of any facility extension agreed with RMB Resources.

The Company now anticipates being able to provide a definitive update on the structure and timing of both of these fundraising initiatives on or before 9 September, 2011.

Whilst uncertainty remains prior to the finalisation of the fundraising proposals, which are inter related, it is the Board’s intention to keep the Company’s shares suspended until the terms of these fundraisings are finalised. It is the Board’s view that reinstatement of trading in the Company’s shares may materially prejudice the Company’s ability to successfully complete these new tranches of financing.

Background

The Company’s objective is to raise up to $20 million in addition to the initial tranche of $4.3 million (before costs) fund raising announced on 8 August, 2011. The funds from these additional tranches are planned to be used to:

• Manage a short-term working capital requirement largely associated with the Hellyer Mine Project;

• Maintain an appropriate working capital position; and

• Provide adequate funding to sustain a large scale exploration program and gold tailings feasibility study.

I look forward to providing further updates as soon as practicable.

Yours sincerely

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Mike Rosenstreich Managing Director

91 Havelock Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au