GREENWING RESOURCES LTD — Interim / Quarterly Report 2009

Oct 14, 2008

Bass Metals Ltd

Investor Update: “high grade production funding development of high quality assets”

15[th] October 2008 Mike Rosenstreich Managing Director

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Disclaimer & Competent Person
An important notice
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Disclaimer
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Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, reserves or potential growth of Bass Metals Ltd, industry growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Competent Person 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 is a Member of The Australasian Institute of Mining and Metallurgy. He has 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 as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

Technical Detail

This presentation aims to provide a high level summary of various technical aspects of the Company’s projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals’ website, www.bassmetals.com.au .

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Recent Highlights

• Record high grade ores sales in September Quarter

• $3.1M cash injection, new cash balance of $7M

• Fossey Resource – 830kt 9% Zn, 5% Pb, 120 g/t Ag & 2.5 g/t Au.

• Overall HMP Resource – 1.6Mt 8% Zn, 4.4% Pb, 104 g/t Ag & 1.9 g/t Au

• Entire Que/Hellyer Resource – 2.3Mt at 19% Zn equiv.

• Maiden $1.8M profit result for FY08

• Terry Burns – HMP Study Manager appointed.

Discussion Outline

General Overview

Cash Flow – “ show me the money”

• Que River Mine - update

• Budget overview – impact on Shareholders

Growth – “ show me the value ”

• Overview – high grade polymetallic projects

• Hellyer Mine Project – Update

Conclusion:

• Q – Why buy Bass Metals shares?

• A – BSM is self funding with real assets and operating experience…looking to grow

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	BSM Introduction Corporate Snapshot 56 cents / 7.6 cents 12 month Hi/Lo c.$7M Cash 23.16 % Intec Ltd (ASX:INL) 6.18 % Saracen Mineral Holdings (ASX:SAR) 3.15 % Sempra Metals Major Shareholders c. 1,300 Shareholders 103.5M No. of shares $11.4M Mkt Cap 11 cents Share price BSM & BSMOA ASX Codes

BSM Introduction Location – NW Tasmania Bass Metals’ Project Areas • 1,200km[2] of tenure • Compact area 200km

• Supportive local/state

• Government

• Excellent infrastructure

• Power

• Roads

• Towns

• Processing Plants

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NW Tasmania - an intensely
mineralised geological
terrain – “Elephant Country”
Area includes diverse
large scale, high grade
mineral deposits such as:
–
Hellyer Hellyer ( Zn-Pb-Cu-Ag)
–
Que River Mine Que River (Zn-Pb-Cu-Ag)
–
Rosebery (Zn-Pb-Cu-Ag)
100km –
Henty (Au)
–
Mt Lyell (Cu-Au)
–
Renison (Sn)
–
Mt Bischoff (Sn)
–
Avebury (Ni)
–
Savage River (Fe)
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Cash flow - Production Update
Que River Mine
Zero LTI’s project to date
Mancala Mining - Project Manager/Alliance
Partner
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	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined	Cash flow - Production Update Mine Production 3.7 194 0.4 7.5 13.9 62,835 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 69 % + 64 % - 6 % + 50 % + 26 % + 57 % Factor 5.4 270 0.5 10.8 20.0 19,028 FY-09 Sept Qtr Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined
		Tonnes Mined	Zn (%)	Pb (%)	Cu (%)	Ag (g/t)	Au (g/t)
	FY-08	43,807	11.3	6.1	0.3	162	2.9
	FY-09 Sept Qtr	19,028	20.0	10.8	0.5	270	5.4
	PTD	62,835	13.9	7.5	0.4	194	3.7
	PTD – Reconciliation Factors Actual Mined vs. Ore Reserve
	Factor	+ 57 %	+ 26 %	+ 50 %	- 6 %	+ 64 %	+ 69 %
•Strong technical performance •Reconciliation factors – suggest strong positive outlook

• Strong technical performance

• Reconciliation factors – suggest strong positive outlook

Cash flow - Production Update Que River Mine – FY-09 Outlook Reserves as at 30 Sept 08

		Tonnes	Zn	Pb	Cu	Ag	Au
		(000’s)	(%)	(%)	(%)	(g/t)	(g/t)
		Stage 1	Mine Plan – Remaining
	PQ Pit	29	17.6	9.9	0.3	233	6.4
	S-Lens Pit	46.5	2.8	1.0	1.3	47	0.3
	ROM Stocks	6.6	20.4	10.5	0.6	288	5.0

•Mining inventory – NOT factored for reconciliation trends

• •Current mining activity in PQ pit only

•S-Lens pit under review – possibly defer till after potential QR32 or Nico pits, which are higher grade and benefit acid forming waste rock management.

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Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold

Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold	Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold	Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold	Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold
		Unit	FY-08
	Value of ore sold	$/t	247
	Site Costs	$/t	88
	Treatment Costs	$/t	40
	State Royalties	$/t	4
	Depn. & Amortsn. expense	$/t	57
	Total Operating Cost	$/t	188
	Operating Margin	$/t	59
	Operating margin	%	31
	Realised hedge gains	$/t	38
	Total Que River Margin	$/t	97
	Total margin	%	52

	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*	Cash flow - Production Update net realisable value (NRV) – at 30 Sept 08 19,028 202 195 397 FY-09 43,825 33 210 243 FY-08 205 $/t Operating Cost 62,835 84 290 PTD t Tonnes ore mined $/t Margin $/t Avg. Value of ore sold Unit NRV Record high grade ore sales in September Quarter*
	NRV	Unit	FY-08	FY-09*	PTD
	Avg. Value of ore sold	$/t	243	397	290
	Operating Cost	$/t	210	195	205
	Margin	$/t	33	202	84
	Tonnes ore mined	t	43,825	19,028	62,835
NRV: compares net realisable value ofall ore mined (sold & stockpiles) andall project expenditure as it is incurred, i.e. no deferral of early, higher stripping ratios. *Full September 2008 Quarter Current AUD metal prices (Zn, Pb, Ag & Au) exceed BSM’s budgeted price assumptions

*Full September 2008 Quarter

Current AUD metal prices (Zn, Pb, Ag & Au) exceed BSM’s budgeted price assumptions

NRV : compares net realisable value of all ore mined (sold & stockpiles) and all project expenditure as it is incurred, i.e. no deferral of early, higher stripping ratios.

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• Cash flow - Production Update Que River Mine – FY-09 Outlook

• • Focus on PQ Pit – very high grade, very positive

• reconciliation trends = high margins

• Evaluate new pits – Nico & QR32, get EPA

• approvals

• At current metal prices ( e.g. Sept08 NRV calc ), QR

• generates significant margins of over 100% on costs.

• BSM has cashed in its Option hedge book – $3.14M

With $7M cash at bank and positive cash flow from Que River BSM is very well funded.

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Cash flow - Production Update Que River Mine The story so far…..positive mine & financial performance to date, conservative forward assumptions……

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But what about the impact on the Company and the shareholders?

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Cash flow - Production Update Impact on BSM & Shareholders

Budget Plan – FY09

Opening Cash $3.4 (net as at 1 July08) Cash Inflow - Mine $13.6* -Hedge $3.1 (cash in Oct 15) Cash Outflow Mine Costs $8.2 Exploration $4.2 Corporate & Business Dev. $1.7 Closing Cash $6.1 (net as at 30 June09)*

*PQ Pit only, with no factoring for positive ore reconciliation trends.

** Under review

Impact – BSM has sufficient funding to achieve its current exploration objectives & accumulate cash.

Value through Growth Focus on grade and polymetallic endowment Advanced growth opportunities

HMP: Fossey/Hellyer Resources - 1.6Mt 8% Zn, 4% Pb,104 g/t Ag & 1.9 g/t Au Que River: Mineral resource - 0.7Mt 5% Zn, 3%pb, 1.2%Cu, 83g/t Ag & 0/9 g/t Au Mt Charter: Mineral resource - 6.1Mt at 1.2 g/t Au & 36 g/t Ag (380koz Au eq) Farrell: Historic Pb-Ag (Zn) Mine – historic production of 700kt at 13%Pb & 14 oz/t Ag Magnet: Historic Pb-Ag (Zn) Mine – historic production of 630kt at 6%Pb, 7% Zn & 13 oz/t Ag Oonah: 3 Historic Mines – historic production of: - Oonah- 863kt 1.1% Cu, 1.2 % Pb, 1.0% Sn & 153 g/t Ag - Montana- 40kt 5.3% Pb, 143 g/t Ag & 0.5 g/t Au - Zeehan Western- 300kt 8.7% Pb, 480 g/t Ag & 0.5 g/t Au

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The existing advanced growth assets-near Hellyer
Mt Charter Au-Ag
Resource
Que River Mine &
Resource
Fossey Resource
Hellyer Plant Site
(Owned by Intec)
Hellyer Resource
(plunging north)
Hellyer Mine Portal
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Growth Potential Hellyer Mine Project

Next phase - “meaningful” production and cash flow Hellyer Mine Project:

• 1.6Mt of high grade, polymetallic Cu-Pb-Zn-Ag-Au Mineral Resource

• Well located in terms of:

• Existing underground mine development (Hellyer)

• Power, road access & services

• Two potential processing plants

• A potential 150kt to 250kt of high grade ore production per year mine development.

• A potential larger scale project incorporating gold and silver resources also.

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Growth Potential
Hellyer Mine Project
Fossey Long Section – High Grade highlights
10,150mN 10,200mN
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10,150mN
13m – 19%Zn, 9% Pb,
0.6% Cu, 273 g/t Ag &
2.8 g/t Au Barite Au-Ag zone
(mauve)
High grade massive
sulphide zone (red)
58m – 9%Zn, 5% Pb, 0.3% Cu, 94
g/t Ag & 2.9 g/t Au
19m – 8%Zn, 4% Pb, 0.2% Cu, 19m – 7%Zn, 4% Pb, 0.3% Cu,
82 g/t Ag & 3.3 g/t Au 65 g/t Ag & 2.1 g/t Au
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10,200mN
120m
5m – 9%Zn, 5% Pb, 0.6%
Cu, 166 g/t Ag & 2.3 g/t Au
9m – 13%Zn, 9% Pb, 0.5%
Cu, 373 g/t Ag & 4.1 g/t Au
21m – 17%Zn, 8% Pb, 0.7%
Cu, 231 g/t Ag & 3.4 g/t Au
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Growth Potential Hellyer Mine Project

Mine Study Progress Update:

1. Terry Burns HMP Study Manager appointed

2. Conceptual Mining study – in progress with support from Mancala Mining Pty Ltd.

3. Metallurgical Testwork – in progress (Ammtec/Mineralurgy)

Early results - very encouraging for making distinct Pb and Zn concentrates + Au, Ag & Cu recovery. This is without regrinding, more cleaning circuits or reagent optimisation.

4. Environmental Study – in progress

Key issue is water management, i.e. dewatering Hellyer mine void

5. Processing Options under review – New Plant, Hellyer & Rosebery plants

	In Conclusion
	To maximise investor returns
Sound	execution of a plan…..
Step 1:	Que River – gives BSM “producer” status &
	positive cash flow – funds next step .
	If there is excess cash (indicated by positive ore
	reconciliation trends), plan to accumulate it.
Step 2:	Hellyer Mine Project has the potential to add
	“meaningful” scale production profile.
	Aiming for early staged development approach
	12-18 month time frame.
Step 3:	Exploration – focus on advanced high grade
	polymetallic projects and continue some early
	stage exploration.
	Seek out new projects & corporate deals

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Finally, Why buy Bass Metals ? BSM management has experienced market downturns before.

Whilst other companies suddenly, BECOME cautious…..

…..BSM has, ALWAYS been cautious!

• Focused on high grade polymetallic projects

• Focused on safety and sustainable management systems

• Focused on cash flow protected by sensible hedging

Now, in this tough market – we intend to exploit the opportunities; we are

• Optimistic about metal demand and prices in 2009 onwards

• Self-funding the development of our project pipeline

• Actively seeking out new projects and sensible deals

…..to maximise shareholder value!

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Producing, Developing & Exploring for “ Elephants ”

www.bassmetals.com.au

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