GREENWING RESOURCES LTD — Interim / Quarterly Report 2006

Apr 27, 2006

BASS METALS LTD ABN 31 109 933 995

28 April 2006

The Manager Companies Company Announcements Australian Stock Exchange 20 Bridge St Sydney NSW 2000

Dear Sir

MARCH 2006 QUARTERLY REPORT OF ACTIVITIES

Bass Metals Ltd is pleased to provide its activities report for the Quarter ending 31 March 2006.

HIGHLIGHTS

• Que River Mining Study (QRMS) on track; subject to completing the QRMS, the aim is to get Que River into production to realise the potential to generate a cash surplus of possibly up to A\$20M per year.
• $\triangleright$ Notice of Intent ready to lodge.
• $\triangleright$ Initial Nico Lens Mineral Resource estimate completed indicating shallow resource of 102,000 tonnes grading 8.5% Zinc, 4.9% lead, 110 g/t (~3oz/t) silver, 0.9q/t gold and 0.35% copper.
• $\triangleright$ Drilling at S-Lens restarted in mid March 4.5 metres at 1.6% copper and 1 oz/t silver from 16.8 metres down hole, contributing to previous positive drill results within the Mineral Resource envelope.
• Mt Charter shaping up as an extensive gold-silver system warranting a second substantial drilling programme to commence almost immediately.
• Gold and base metal anomalies in soil sampling identified during first round of regional exploration work on Selina EL. Exciting geological affinities to the 1 million ounce Henty gold mine located 3 km to the west and the world class Mt Lyell copper-gold deposit 10km to the south.
• Zinifex Exploration alliance has identified 13 target areas prospective for $\bullet$ new world class Hellyer style zinc-lead-silver-gold deposits.
• Regional targeting work well advanced to identify new base metal, gold, $\bullet$ nickel and platinum group metals targets in the Company's extensive regional lease holdings.

The following report aims to summarise and interpret by way of a commentary the Company's activities through the March 2006 Quarter and provide the technical background to those conclusions.

1.0 Commentary

Que River is an important project for the Company: it has the potential to vield a useful early cash flow to fund exploration and it has the potential to grow into a substantial mining operation.

Early cash flow potential...

To illustrate the cash flow potential using the recently announced Nico resource as an example; at the current resource grades the theoretical gross in-ground value of contained metal is at today's prices approximately A\$550/tonne. Using generalised "rule of thumb type" figures for potential metal recoveries and mining, concentrating and smelting charges one can estimate that the Nico material could potentially generate a margin of approximately A\$100/tonne mined and treated, subject to the satisfactory completion of a feasibility study and receipt of necessary statutory approvals. This is the reason for the Company's focus on completing the Que River mining study - to prove the viability of this target estimate and then hopefully getting into production at the earliest practicable opportunity.

Resource arowth potential....

The current resources boom has seen many companies revisit mining operations closed in the 1980's and 90's, often the $4^th$ or 5^th explorer since the operation closed – and successfully generate new resources. At Que River, Bass Metals is the first new explorer to examine the potential since operations ceased in 1992. As well as the S-Lens and Nico Lens the Directors consider that there is considerable potential around the Que River mine workings to delineate further extensions and new ore positions. It is important to note that as Que River was closing, the same company was starting the larger Hellyer mine 4km to the north, and this new mine was likely attracting the exploration and operational focus for the next 10 years.

Mt Charter is an exciting outcropping gold-silver mineralised system occurring on the same mineralised trend which hosts Hellver and Que River. Given that an extensive drilling programme is about to start at Mt Charter the Directors have opted to delay the estimation of the initial resource until that drilling is completed to ensure that more detailed data is available over a wider area.

The recent geological modelling work which was the basis for the revised drill programme confirms the Company's view that Mt Charter has the potential to develop into a large gold resource.

Regional Exploration results are now coming through and the Company is stepping up its exploration effort on its vast regional holdings in this richly endowed terrain. At Selina our surface sampling and modelling work has highlighted new targets for gold and base metal mineralisation warranting significant follow-up work. This is an exciting development as Selina is in the same geological environment which hosts the world class Rosebery (Zinc-Lead-Silver-gold) and Mt Lyell (copper-gold) mines and the 1 million ounce Henty gold mine. Bass Metals is the first Company to explore this region in detail for gold and with the benefit of Geoinformatics' leading edge technology significant new base metals targets are also emerging.

The Hellver exploration alliance with Zinifex Limited is focussed on the Hellver tenements, an area of 56km² with major base metals deposits already discovered at Que River and Hellyer. These mineral deposit types generally occur in clusters and both Zinifex and Bass Metals consider that the alliance work to date has highlighted exciting new potential for further major discoveries. Drill testing within the 13 target areas is expected to commence in the middle of the year.

2.0 Exploration Activities

2.1 ADVANCED PROJECTS-ACTIVITIES & RESULTS

Que River Project

Que River was a high grade base metals mine with a total endowment of 3.3 million tonnes at 13.3% zinc, 195 g/t silver 3.3 g/t gold 7.4% lead and 0.7% copper. Ore from the mine was trucked to Rosebery for processing and the mine was closed in 1991 as the identified reserves were

depleted and the Hellver Mine came on stream. Bass Metals, by drilling and compilation of historical records, is compiling a Mineral Resource inventory which forms the basis of its Que River Mining Study. Subject to the QRMS findings the Company's aim is to get the Que River project into production as soon as possible.

QRMS work during the Quarter comprised:

• drilling at S-lens within the current resource envelope and testing for extensions: $\bullet$
• resource modelling of Nico Lens based on historic data:
• completion of the Notice of Intent and commencement of environmental surveys required $\bullet$ for the permitting process:
• commencement of discussion with both Intec and Zinifex on the potential utilisation of either $\bullet$ the Hellyer or Rosebery mills to treat Que River ore; and,
• finalisation of the metallurgical test work programme. $\bullet$

Drill testing of possible extensions to the current S-Lens Mineral Resource recommenced during the Quarter with a new drilling contractor. Four drill holes (QRD1227-1230) were completed to test the southern along strike and down plunge extensions of the copper rich portion of the S-lens resource. QRD1227 encountered strong sulphide vein development with narrow zones of copper mineralisation but the subsequent holes above this intercept intersected only weak Pb-Zn-Ag mineralisation.

Drilling within the current Mineral Resource continued to provide positive results with QRD1231 intersecting 4.5 metres at 1.6% copper and 33 g/t silver from 16.8 metres down hole, confirming potentially economic widths and grades of mineralisation at shallow levels. Further shallow infill drilling is planned for the following quarter to provide greater confidence for the early stages of the potential pit development. Full details of the drilling completed in the March Quarter are provided in Tables 1 and 2 and summarised schematically in Figure 1.

Number	Grid North (m)	Grid East (m)	Hole Dip	Total depth (m)	Comment
QRD 1227	7249.9	5220.5	70.	266.8	Complete/received
QRD 1228	7249.9	5222.1	45.	110.6	Complete/received
QRD1229	7299.7	5219.5	45.	138.5	Complete/received
QRD1230	7276.1	5208.2	62	229.6	Complete/received
QRD1231	7374.8	5276.4	30	47.6	Complete/received

Table 1: SJ ens March Quarter Diamond Drilling Programme

Table 2: S-Lens Summary of Assay Results

From (m)	To $(m)$	Down hole Interval (m)	Horizontal Width (m)	Cu $(\% )$	Zn (%)	Ag $(g/t)$	Au (g/t)	Pb $(\% )$
QRD1227
196.5	198.7	2.2	0.7	1.2	< 0.1	10	0.2	< 0.1
217.6	219.6	2.0	0.6	1.2	< 0.1	11	0.1	50.1
229.5	232.7	3.3	1.0	2.4	< 0.1	16	0.1	0.1
QRD1228-1230
No significant intercepts
QRD1231
16.8	21.3	4.5	3.9	1.6	0.1	33	0.4	< 0.1

Interval selection was broadly based on lower assay cuts of 0.5% for Cu and 1.0% for Zn and Pb over intervals greater than 1.0 metre and is designed to provide a guide to the width and tenor of the mineralised system.

The Mineral Resource inventory at Que River was increased by over 30% during the Quarter. The current Que River Mineral Resources, reported in compliance with the JORC code, are summarised below in Table 3.

Table 3: Que River Mineral Resource Summary

Nico Mineral Resource

Resource	tonnes	MEAN GRADES Density
Category		(g/cm 3 )	$Zn$ (%)	Pb(%)	Ag $(g/t)$	Au $(g/t)$	Cu (%)
Indicated	33,000	3.7	9.0	5.4	130	1.0	0.3
Inferred	69,000	3.6	8.3	4.6	102	0.9	0.4
Total	102,000	3.6	8.5	4.9	110	0.9	0.4

S-Lens Mineral Resource

Resource	tonnes	Density	MEAN GRADES
Category		(g/cm 3 )	%Cu	$\%$ Zn	Pb(%)	g/t Ag	g/t Au
Indicated	164,000	3.9	1.5	5.3	1.7	70	0.3
Inferred	206,000	3.9	1.9	3.3	1.2	59	0.3
TOTAL	370,000	3.9	1.7	4.2	1.4	64	0.3

The Directors consider that there is significant potential to further increase this Mineral Resource through further evaluation of the historical data and new drilling.

Mt Charter Gold Project

In the previous quarter the Company recorded several outstanding drill results on the Mt Charter project:

• 52.5 metres down-hole at 2.0 g/t gold and 39 g/t (>1 oz./t) silver from 1.7 metres $\bullet$ (MCD020).
• 80 metres down-hole grading 1.6 g/t gold and 61 g/t (2 oz./t) silver from surface (MCD021) including 12.9 metres down-hole at 2.7q/t gold and 96 g/t (>3 oz./t) silver from 9.6 metres down-hole.
• 15.4 metres grading 2.1 g/t gold, 38 g/t (>1 oz./t) silver 4.8% zinc and 1.9% lead from 56 metres down-hole, and 8.0 metres grading 2.1 g/t gold, 27 g/t silver 2.9% zinc and 1.0% lead from 83.9 metres down-hole within a broader zone of 49.4 metres down-hole at 1.4 a/t gold. 22 a/t silver 2.6% zinc and 1.0% lead from 49.2 metres down-hole (MCD022).

Figure 2 highlights the extensive shallow gold-silver mineralisation delineated to date at Mt Charter through drilling and surface rock chip sampling. The gold distribution at surface using a 0.5 g/t gold contour extends approximately 300 metres north-south and up to 200 metres east-west. The system is open to the north, east and at depth – particularly down the intersection trend of the two intersecting faults.

With a major drilling programme at Mt Charter about to commence the Directors have decided to delay the initial resource estimation to provide a greater data density and higher level of confidence for the resource.

The Company has a QA/QC procedure for all assaying runs which involves submission of "blank" samples, assay standards and repeat samples at a frequency of approximately 1 per 25 samples submitted comprising approximately 10% of samples submitted. To date all results returned have been within acceptable limits.

All the drill samples submitted during the Quarter are half core and all sample preparation and analyses were carried by Ammtec Laboratories at its Burnie Research Laboratory. Gold and silver were analysed by fire assay using a 50g charge with base metals analysed using a triple acid digest and AAS finish.

2.2 Regional Exploration- Selina

At Selina (refer figure 3) results from Bass Metals work has identified two significant anomalous zones prospective for both gold and base metals mineralisation. The new anomalies occur in the

BASS METALS LTD

central portion of the lease in the vicinity of the historic Lake Dora copper workings. On the western margin of the copper workings an anomalous lead-zinc zone approximately 4km long has been delineated and to the east of the line of copper workings a zone of gold anomalism along a 2km trend has been identified. The anomalies are based on a total of 378 soil samples taken at a 50 metre sampling interval on lines spaced at 200 metres north-south.

The compilation of historical data has also identified two large scale anomalous zones on the tenement: in the north at the Mt Selina area a lead-zinc zone approximately 1.5km long and in the south, an extensive zone of lead-zinc anomalism in the Beatrice area associated with felsic intrusive rocks.

The anomalies are important; occurring in terrains highly prospective for major gold and base metal deposits as indicated by the presence of the Henty gold mine (1 million ounces) and the world class Mt Lyell copper-gold mine. The plot of historic drill holes in figure 3 clearly indicates that these anomalies have not been effectively tested. Furthermore, Bass Metals has through its collaborative interpretation work with Geoinformatics improved the geological understanding of this area supporting the prospectivity of the anomalies identified.

A similar style of soil sampling programme has commenced on the Bonds Range EL during the Quarter. The Selina and Bonds Range EL's are held through a joint venture agreement with Adamus Resources Ltd. Bass Metals has the right to earn a 60% interest and then increase that to 75% through the issue to Adamus of 350,000 Bass Metals shares.

The Company has the largest tenement position in the highly mineralised Mt Read Volcanic belt. which has the potential to host additional large scale ore deposits such as those already discovered such as the Hellyer, Que River, Avebury, Rosebery, Mt Lyell, Renison Bell and Henty deposits. Working collaboratively with Bass Metals, Geoinformatics Exploration Inc. (TSX.V:GXL) is well advanced on the task of compiling, re-processing and modelling all the historic data relating to all of its regional tenements.

During the guarter the Company was granted two new exploration licences: Paradise River (EL36/2005) and Grass Ridge (EL38/205) described in the previous Quarterly Report. EL17/1999. in the Hellyer area taken up as a source of limestone by the previous lease holder was allowed to lapse. The Company also continues to review joint venture and acquisition opportunities in the region.

Line cutting and griding was completed by specialist contractors utilising existing grids and GPS survey control.

The Company has a QA/QC procedure for its regional exploration surface samples which involves submission of "blank" samples, low-level assay standards and repeat samples at a frequency of approximately 1 per 25 samples submitted comprising approximately 10% of samples submitted. To date all results returned have been within acceptable limits.

All the soil samples submitted during the Quarter comprised 1kg soil samples. Sample preparation and analyses were carried by Genalysis Laboratories utilising standard low level techniques.

2.3 Zinifex Exploration Alliance

Bass Metals has an exploration alliance agreement with Zinifex Limited over the Hellver Corridor leases which are the tenements surrounding the Company's core Hellyer project, acquired from Intec Ltd prior to listing. This area includes the former Hellyer and Que River mining centres and the Mt Charter Gold-Silver Project.

During the Quarter Bass Metals and Zinifex in collaboration with Geoinformatics completed the targeting process over the Hellyer leases identifying 13 target areas prospective for new base metal and gold deposits. This work has resulted in a reinterpretation of several key geological elements related to ore genesis and has opened up new areas as prospective for mineralisation.

The Alliance is currently operating under a binding Heads of Agreement signed on the 2 August 2005 whilst it completes the documentation of the Joint Venture terms.

3.0 CORPORATE

At the end of the quarter the company's financial position stands at \$2.2 million cash at bank. Total exploration expenditure for the Quarter was \$0.35 million. The Company is looking to maintain its accelerated rate of exploration activity for the next quarter.

The Directors would like to welcome Dr Travis Murphy, who heads up the Company's explorations activities in Tasmania and to acknowledge their appreciation of the contribution from each exploration team member to the excellent results to date.

Yours sincerely

Mike Rosenstreich Managing Director

The information within this report that relates to exploration results is based on information compiled by Mr Mike Rosenstreich who is a full time employee of the Company and Mr Steve Richardson who provides geological services to the Company on a 50% basis. Both are Members of The Australasian institute of Mining and Metallurgy and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as Competent Persons as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and both consent to the inclusion of this information in the form and context in which it appears in this report.

Figure 1: Long Section of the S-lens showing Bass Metal's Drilling and historic drilling results. (being updated)

Figure 3: Selina EL - summary of soil geochemistry and geology