GREENWING RESOURCES LTD — Capital/Financing Update 2012

Jun 28, 2012

ASX / Media Release

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29 June 2012

June Operations & Corporate Update

Bass Me t als Ltd (AS X : BSM) is pleased to pr o vide the fol l owing oper a tional and c o rporate up d ate on its overall s t rategy to re - establish it a s an active e xploration c ompany.

Hellyer Operations – NW Tasmania At 29 Ju n e 2012 the Company’s Hellyer ope r ation in NW Tasmania h ad maintained its excellent safety record w i th 683 days lost-time-inj u ry free.

Placing t he Fossey undergrou n d mine on care and maintenanc e has bee n completed with the installati o n of a cem e nt plug into the decline. The plug i s an effectiv e means to re duce costs and risks associat e d with managing water flow from t h e Fossey m ine workin g s when in c are and maintenance mode and does not p reclude re- e ntering the m ine in the f uture. Bac k filling of the final stope v oids from surface i s in progres s and is plan n ed to be c o mpleted in e arly July 20 1 2.

Processi n g of Cam p aign 9 ore through the Hellyer Pl a nt commen c ed on 26 M arch 2012 and was complet e d on 20 Ju n e 2012. Pl a nt availabil i ty has bee n excellent w ith few stoppages, cont r ibuting to good op e rating perf o rmance in t e rms of thr o ughput and metallurgic a l recoverie s greatly en h anced by higher h e ad grades. Processin g performan c e against t h e work-out budget pla n was excell e nt with a total of 136,797 tonnes of ore processed at a n estimate d average h e ad grade o f 9.2% zinc and 4.5% lead (wit h silver, co p per and gol d credits). T he processed tonnage is 35% hig h er than the budget of 101,151 tonnes, wit h grades in line with bu d get (as su m marised in Table 1). N ote that a s ignificant tonnage of reclaim o r spillage m a terial was a l so added b a ck into the c ircuit – but metallurgically will not be acco u nted for a s e cond time. Estimates o f processin g costs continue to trac k below the f o recast of $30 per t onne. A m o re detailed c ost and me t allurgical s u mmary will b e presente d in the Jun e quarterly activities report.

The Hell y er Plant is currently b e ing cleane d and shut d own to be p laced on c a re and maintenance. Today i s the final d ay for ma n y of the k e y personn e l involved in the ope r ation and the Board acknowl e dges and t h anks them for their on g oing positi v e contributi o n and prof e ssionalism through a very diffi c ult operatio n al period.

Financial Update

The Co m pany is ple a sed to advise that its s e cured lend e r, RMB Au s tralia Holdi n gs Ltd (RMBAH) has approve d the refinancing of its outstanding d ebt with a final repaym e nt date of 2 1 December, 2012 to ensure B ass has su f ficient time for an orde r ly asset sal e /fund raising process. Today, the Company has paid RMBAH a further $5.9 million to r e duce its o u tstanding p o sition to $ 5 million. T h ere is an addition a l $4.7 million to other c reditors whi c h the Company plans to pay dow n through A u gust and Septem b er 2012 (in accordance with its cre d itor payme n t plan). This is a signi f icant reduc t ion in the overall d e bt position e stimated in late March o f over $30 m illion. The C ompany c o nsiders that based on its curre n t cash bal a nces, conc e ntrate receipts and pot e ntial asset sales that i t is well po s itioned to meet its a greed creditor repayment plans.

Corporate Strategy Update

The Co m pany’s min i ng and pro c essing ope r ations are n ow comple t e, with the only outsta n ding task being to t ruck appro x imately 186 tonnes of c o pper-silver c oncentrate t o Burnie P o rt. The Co m pany has manage d its risk exp o sure to metal prices thr o ugh ongoing hedging.

Notwiths t anding the improved o perational p erformanc e and resul t ant cash fl o w, the Company is continuing to seek a d ditional fun d ing throug h asset sale s and/or ne w equity to e r ase the residual debt position a nd provide sufficient working capit a l to re-star t a compreh e nsive expl o ration cam p aign. To this end, the Company continue s to engage with a vari e ty of group s interested t o acquire k ey assets such as t he Hellyer P lant or disc r ete gold res o urces, whi c h has inclu d ed detailed d ue diligence and site visits. A t this stage t hese discu s sions are e i ther highly c onditional o r are only p r eliminary a n d remain incompl e te. It is ther e fore not ap p ropriate to r eport furthe r at this stage.

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ASX / Media Release

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AS X / M edia Relea se	AS X / M edia Relea se	AS X / M edia Relea se
Table 1: Campaign 9 Operati on Summa ry
Descript ion	UoM	Campaig Actual (to n 9 date)	Cam B paign 9 udget	Variance to Budget
PROCES SING (T&G)
Ore Trea ted (excludes reclaim)	t	136,797	101,5 15	35%
Concentr ator Feed Gr ades
zinc	%	9.2%	9.2%	0%
lead	%	4.5%	4.4%	2%
silver	g/t	101	81	25%
gold	g/t	2.24	2	12%
copper	%	0.4%	0.4%	-5%
CONCEN TRATE PRO DUCED(T&G )
Zinc con centrate	t	21,290	13,12 2	62%
zinc grad e	%	50%	51%	-2%
silver gra de	g/t	81	90	-10%
gold grad e	g/t	1.6	1.1	42%
Lead co ncentrate	t	8,097	4,55 0	78%
lead grad e	%	56%	57%	-2%
silver gra de	g/t	496	431	15%
gold grad e	g/t	2.1	2.3	-8%
Copper- Precious me tals concentr ate	t	1,442	963	50%
copper	%	16%	17%	-8%
silver	g/t	2,868	2,37 1	21%
gold	g/t	10.3	9.0	14%
lead	%	9%	11%	-18%
Recove ries
Zinc Rec overy to Zinc Conc.	%	84%	72%	17%
Lead Re covery to Lea d Conc.	%	73%	58%	26%
CopperR ecovery toC opper Conc.	%	40%	38%	6%
Silver Re covery overa ll	%	71%	66%	8%
Gold Rec overy overall	%	21%	17%	29%
Does not in All concent clude spillagem rate is DMT(dry aterial – alread metric tonnes) y been .	accoun ted for.

Competent Persons Statement

Mineral Resources & Exploration Results The information within this report that r e lates to explo r ation results and Mineral Re s ource estimat e s is based on information compiled b y Mr Michael Rosenstreich wh o is a full time e mployee of th e Company and a Member of T he Australasian Institute of Mining an d Metallurgy. He has suffici e nt experience relevant to the styles of mi n eralisation an d types of de p osits under considerati o n and to the a ctivities currently being undert a ken to qualify as a Compete n t Person as d e fined in the 20 0 4 edition of the “Austr a lasian Code for Reporting of Exploration Results, Mineral R esources and Ore Reserves (the JORC C o de)” and he consents t o the inclusion o f this informati o n in the form a n d context in w h ich it appears in this report.

Ore Reserves

The inform a tion in this re p ort that relate s to the Fosse y Ore Reserve estimates is b a sed on inform a tion compiled b y Mr Victor Rajasooria r who is a full ti m e employee o f the Company and a Membe r of the Austral a sian Institute o f Mining and M e tallurgy. Mr Rajasooria r has sufficient experience which is relevant t o the style of m ineralisation a n d type of depo s it under consi d eration and to the acti v ity which they h ave undertaki n g to qualify as a Competent P erson as defin e d in the 2004 Edition of the “ A ustralasian Code for R e porting of Min e ral Resources and Reserves ( the JORC Code)”. Mr Rajaso o riar consents t o the inclusion in this report of the matt e rs based on this information i n the form and c ontext in whic h it appears .

Contact

Mike Ro s enstreich Managin g Director - B ass Metals Limited T: +61 ( 0 )8 6315 13 0 0

Media

David Ikin/Colin H ay Prof e ssional Pu b lic Relation s T: + 6 1 (0)8 938 8 0944

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