GREENWING RESOURCES LTD — Interim / Quarterly Report 2006

Jul 23, 2006

$Rule 5.3$

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Bass Metals Ltd

Current quarter

ABN

31 109 933 995

Quarter ended ("current quarter")

30 June 2006

Year to date

Consolidated statement of cash flows

Cash flows related to operating activities

Cash flows related to operating activities		\$A'000	(12months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) exploration and evaluation (b) development	(570)	(1, 541)
	(c) production (d) administration	(331)	(833)
1.3 1.4	Dividends received Interest and other items of a similar nature received	31	107
1.5	Interest and other costs of finance paid	w
1.6 1.7	Income taxes paid Other (provide details if material)	(15)	(26)
	Net Operating Cash Flows	(885)	(2,293)
1.8	Cash flows related to investing activities Payment for purchases of:
	(a)prospects (b)equity investments (c) other fixed assets	(18) (14)	(61) (56)
1.9	Proceeds from sale of: (a)prospects (b)equity investments	u.
1.10	(c)other fixed assets Loans to other entities	21	21
1.11 1.12	Loans repaid by other entities Other (provide details if material)	u.
	Net investing cash flows	(11)	(96)
1.13	operating and investing cash flows Total (carried forward)	(896)	(2,389)

⁺ See chapter 19 for defined terms.

1.13	operating and investing cash flows Total (brought forward)	(896)	(2,389)
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Costs of share issues		3,500 (349)
	Net financing cash flows		3,151
	Net increase (decrease) in cash held	(896)	762
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	2,175	517
1.22	Cash at end of quarter	1,279	1,279

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	-67
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

All transactions with directors and their related parties are on normal commercial terms

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Issue of 300,000 ordinary shares and 100,000 options pursuant to Tasmanian Alliance Agreement

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

⁺ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used SA'000
3.1	Loan facilitíes	Nil	Nil
3.2	Credit standby arrangements	Nil	Nil

Estimated cash outflows for next quarter

	Total	1,075
4.2	Development
4.1	Exploration and evaluation	1,075
		\$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	84	191
5.2	Deposits at call	1,195	1,984
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1.279	2,175

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
-6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased	ELA 16/2006	Pending	$0\%$	75%

⁺ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note $3)$ (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference *securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3	+ Ordinary securities	36,600,003	27,471,949
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	300,000	300,000	Deemed 20 cents	Fully paid ordinary shares
7.5	+ Convertible debt securities (description)
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7	Options (description and conversion factor)	8,275,000 2,375,000 350,000 350,000	6,104,375 $\blacksquare$	Exercise price 25 cents 25 cents 30 cents 35 cents	Expiry date 31.07.07 31.12.07 31.12.07 31.12.07
7.8	Issued during quarter	100,000		25 cents	31.12.07
7.9	Exercised during quarter
7.10	Expired during quarter	Lapsed 125,000		25 cents	31.12.07
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{I}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• This statement does /does not* (delete one) give a true and fair view of the matters $\overline{2}$ disclosed.

Sign here:
	(Company secretary)

Print name: Tony Walsh

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• $\mathbf{\hat{z}}$ Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• $\mathfrak{s}$ Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

______________________________________

⁺ See chapter 19 for defined terms.