GREENWING RESOURCES LTD — Earnings Release 2012

Mar 27, 2012

ASX / Media Release

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28 March 2012

Positive Operational Update - Campaign 8 Results

Bass Metals Ltd (ASX: BSM) is pleased to provide the following operations update and outlook. The Company’s Hellyer Operations in NW Tasmania are currently operating on a scaled down basis (known as the Stage 1 Mine Plan) as a result of technical problems identified in mid-January 2012 to reduce costs and maximise revenue. The objective is to accelerate debt repayments in accordance with a plan recently approved by Bass’ secured lender and supported by the holders of c.70% of the unsecured liabilities.

The Company has successfully completed the 8[th] milling campaign, which forms one of the two ore processing campaigns of the revised Stage 1 Mine plan. This is a positive early sign for the Company’s strategy as reported to ASX on 26 March 2012, to work its way through its present financial difficulties.

Mining – Fossey Underground Mine:

The implementation of the revised mine plan saw activities contract to just the development and extraction of only readily accessible ore. The ore to date, under this Stage 1 plan has come from a variety of high and lower grade stopes, with the final high grade stope (Stope 19) being extracted in late March and April, 2012.

Mining has been undertaken on an amended fixed price contract as part of the Stage 1 Mine Plan agreement with Mancala Mining and ore deliveries to the Run of Mine (ROM) stockpile is in line with budget expectations.

Currently the ROM stock pile contains 51,000 tonnes of ore, with a further 49,000 tonnes planned to be mined by the end of April 2012 to complete the Stage 1 Mine Plan.

Processing – Hellyer Concentrator

The Campaign 8 processing cycle commenced on 30 January, 2012 and concluded on 16 March, 2012. A total of 88,523 tonnes of underground ore and an additional 10,879 tonnes of reclaimed material were processed making it the largest campaign to date. A summary of the campaign is presented in Table 1.

Whilst the head grades were below budgeted levels, improved metallurgical recoveries resulted in zinc and lead production only marginally below budget and copper concentrate production 17% above budget. Several operational changes were made to the lead flotation circuit during Campaign 8 to increase lead recoveries with the improvements evident in the second half of the campaign. Figure 1 provides a summary of the mill campaign performances to date and recoveries are presented in Figure 2.

Campaign 8 milling costs have been monitored closely and are in line with budget expectations.

Campaign 9 commenced on 26 March and is planned to process 100,000 tonnes of ore. The recent metallurgical improvements and the higher forecast metal grades should translate to improved metal value in concentrate production.

Commentary

The successful completion of Campaign 8 is another critical advance in Bass Metals’ work-out strategy to reduce debt, assist in enabling the recapitalising of the Company and resume exploration drilling and the gold development study. Based on the current interim estimates of resulting Campaign 8 concentrate production the Company considers that its modelled Net Smelter Return (NSR) will be $13.4 million, a modest positive improvement to its budgeted NSR of $13.1 million (refer Table 2 for assumed metal prices).

These Campaign 8 results are a positive early step in the Company’s work-out strategy and all efforts are being directed toward achieving a full repayment of debt and restoring value in the Company’s shares.

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

ASX / Media Release

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Table 1: Processing and concentrate production summary	Table 1: Processing and concentrate production summary	Table 1: Processing and concentrate production summary	Table 1: Processing and concentrate production summary	Table 1: Processing and concentrate production summary
Description	UoM	Campaign 8 Actual	Campaign 8 Budget	Variance to Budget
PROCESSING (T&G) Ore Treated Concentrator Feed Grades zinc lead silver gold copper	t % % g/t g/t %	88,523 6.7% 3.5% 98 2.37 0.28%	88,500 7.2% 4.2% 76 1.90 0.27%	0% -7% -17% 29% 25% 4%
CONCENTRATE PRODUCED (T&G) Zinc concentrate zinc grade silver grade gold grade Lead concentrate lead grade silver grade gold grade Copper-Precious metals concentrate copper silver gold lead Zinc Recovery to Zinc Conc. Lead Recovery to Lead Conc. Copper Recovery to Copper Conc. Silver Recovery overall	t % g/t g/t t % g/t g/t t % g/t g/t % % % % %	8,450 52% 82 1.0 3,505 54% 602 1.5 676 16% 3,864 13.0 8% 75% 61% 43% 62%	8,958 51% 90 1.1 3,587 57% 512 2.3 579 15% 3,500 15.0 11% 72% 55% 36% 69%	-6% 3% -9% -9% -2% -6% 18% -35% 17% 5% 10% -13% -24% 4% 11% 18% -10% -33%
Gold Recoveryoverall	%	11%	16%

Table 2: Bass Budgeted Metal Prices

	Unit	Price
Zinc	US$/t	2,025
Lead	US$/t	2,084
Copper	US$/t	8,384
Silver	US$/oz	33.5
Gold	US$/oz	1,733
A$	US$	1.05

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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ASX / Media Release

Figure 1: Processing and concentrate production summary over Life of Mine.

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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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ASX / Media Release

Figure 2: Planned and Actual recoveries for zinc, lead and copper to respective primary concentrates (with adjusted Stage 1 Plan recoveries indicated).

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Competent Persons Statement

Mineral Resources & Exploration Results

The information within this report that relates to exploration results and Mineral Resource estimates is based on information compiled by Mr Kim Denwer and Mr Michael Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person(s) as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)” and they consent to the inclusion of this information in the form and context in which it appears in this report.

Ore Reserves

The information in this report that relates to the Fossey Ore Reserve estimates is based on information compiled by Mr Victor Rajasooriar who is a full time employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr Rajasooriar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves (the JORC Code)”. Mr Rajasooriar consents to the inclusion in this report of the matters based on this information in the form and context in which it appears .

Contact

Mike Rosenstreich Managing Director - Bass Metals Limited T: +61 (0)8 6315 1300

Media

David Brook Professional Public Relations Mob : +61 0 415 096 804

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