GREENWING RESOURCES LTD — Interim / Quarterly Report 2009

Mar 10, 2009

MEDIA RELEASE

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11 March 2009

BASS METALS DELIVERS $4.5M FIRST HALF PROFIT ON STRONG QUE RIVER PERFORMANCE

• $4.5M interim net profit achieved equivalent to earnings per share of 4.3 cents

• Half-year profit underpinned by high-grade polymetallic ore production at Que River Mine

• Ore sales totalling $11.7M generated from Au, Ag, Zn, Pb and Cu

• Actual cash flow receipts of $9.7M for first half, increasing cash reserves to $7.8M (31 December 2008)

• Net tangible asset backing per share increased to 26.0 cents per share (2007: 19.4 cents)

• Recent increases in Mineral Resources and Ore Reserves support mine life extensions at Que River

• Que River operation funding broader growth strategy including Hellyer Mill acquisition

Bass Metals Ltd (ASX: BSM ) has reinforced the strength of its Que River base metals business in Tasmania as a platform to underpin the broader development of its minerals portfolio in the State’s north-west after delivering a strong $4.5 million interim net profit after income tax despite the current challenging environment for mineral producers.

The profit for the half-year to 31 December 2008 (2007: $0.4 million net loss) was based on ore sales from the Que River operation of $11.7 million . Ore is sold to Oz Minerals Limited’s nearby Rosebery processing facility under an Ore Sales Agreement, with actual cash flow receipts in the course of operations after payment of treatment charges of $9.7 million .

Bass Metals Managing Director Mike Rosenstreich said the result demonstrated that the Company was delivering on the plans conveyed to shareholders in early 2008 to be self-funding and well positioned to manage through the difficult market environment through prudent management, sensible hedging and the robustness of the Que River operation – which is continuing to deliver high-grade polymetallic ore with positive reconciliation trends.

“The diverse revenue mix arising from the polymetallic nature of the ore body provides for a more stable total revenue base because price declines for certain metals may be offset by rises for others,” he commented. “Que River generates revenue from five different metals – gold, silver, zinc, lead and copper – and this has proved to be a significant strategic advantage in the current volatile price environment.”

This was amplified in the second half of 2008 when base metal prices generally declined while precious metal prices firmed in Australian Dollar terms. Gold and silver revenues contributed 37% to the revenue pool – almost as much as the 39% derived from zinc payments. The first half financial result was based on ore production of 37,208 tonnes grading 19.4% Zn, 10.3% Pb, 276g/t Ag, 6.0g/t Au and 0.4% Cu. Ore sales to the Rosebery operations comprised 36,372 wet metric tonnes – ahead of the Company’s target of 30,000 tonnes.

MEDIA RELEASE

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11 March 2009

Bass Metals recently announced a 65% increase in Ore Reserves (Proven and Probable) for the Que River Project to 129,000 tonnes at 9.3% Zn, 4.9% Pb, 0.6% Cu, 122g/t Ag and 2.6g/t Au, underpinning the ability of the project to maintain production and deliveries at these levels for a further 12 to 24 months. The Company is also drilling extensions to the high grade PQ pit mineralisation which could increase this again with drill results such as 18.3 metres at 12% zinc, 6% lead, 190 g/t silver and 2.5 g/t gold and 5.9 metres at 18% zinc, 10% lead, 421 g/t silver and 5.4 g/t gold recently announced.

“Importantly, Que River is both profitable and cash flow positive – which is a significant achievement in the current environment,” Mr Rosenstreich said. “Bass Metals has successfully transitioned into a profitable mining business since the start-up of operations at Que River last year. However, of more importance for the longer term future of the Company is that this strong funding capability is underpinning development of the larger scale Hellyer Mine Project and our previously announced acquisition of the Hellyer Mill.”

“The continued strong cash generation of the Que River operation will continue to fund our longer term growth, as well as the utilisation of the Hellyer Mill through our dominant regional tenement position.”

Bass Metals has reached agreement to acquire the Hellyer processing facility and associated infrastructure, tailings resources and Mining Lease for $4.0 million plus a capped royalty from Intec Limited (ASX: INL). This transformational acquisition is scheduled to be completed shortly and will provide a new focal point for the Company’s growth ambitions, repositioning it as an independent, emerging mining company rather than a small-scale producer reliant on third party treatment and off-take arrangements.

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Released by: On behalf of: Nicholas Read / Kate Bell Mr Mike Rosenstreich Read Corporate Managing Director Telephone: (08) 9388-1474 Bass Metals Ltd Telephone: (+61-8) 9322 8044 Website: www.bassmetals.com

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 Report 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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