GREENWING RESOURCES LTD — Capital/Financing Update 2011

Aug 23, 2011

ABN 31 109 933 995

24 August 2011

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

Dear Sir

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

The Company’s objective is to raise approximately $20 million in addition to the initial tranche of $4.3 million (before costs) completed fund raising announced on 8 August, 2011. The funds from the second tranche 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.

The Company is in discussions with a number of equity providers to raise new equity by way of a proposed entitlements issue to existing Bass shareholders. Separately, RMB Resources Limited today signed a mandate to arrange an increase in the existing Corporate Loan Facility by up to $13 million, subject to RMB Resources credit approval and finalisation of due diligence.

Bass anticipates being able to provide a definitive update on the structure and timing of these fundraising initiatives on or before 31 August, 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. 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 this second tranche of financing.

I look forward to providing this information as well as further updates on the performance of the Hellyer operations which continue to operate in accordance with our expectations.

Yours sincerely

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Mike Rosenstreich Managing Director

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au