GREENWING RESOURCES LTD — Interim / Quarterly Report 2010

Aug 1, 2010

Appendix 5B Mining exploration entity quarterly report

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	Name of entity	Quarter ended (“current quarter”) 30 June 2010	Quarter ended (“current quarter”) 30 June 2010
	Bass Metals Ltd
	ABN 31 109 933 995 Consolidated statement of cash flows
			30 June 2010
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (including contractor incentive) (d) administration (excluding Business Development and Corporate Affairs) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other – Hellyer Mill Refurbishment Other – Hellyer Mining Lease Security Deposit Other cash flows (including GST, Care & Maintenance, Business Development and Corporate Affairs) Net Operating Cash Flows		Current quarter $A’000		Year to date (12 months) $A’000
		4,166 (1,106) (5,913) (2,198) (1,107) - 153 (10) - (1,144) (1,000) 13		19,574 (4,326) (9,028) (8,145) (3,163) - 481 (43) - (1,353) (1,000) (1,619)
		(8,145)		(8,622)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other – Options purchased/settlements Net investing cash flows		- - (34) - - - - - 62		- - (235) - - - - - (635)
		28		(870)

• See chapter 19 for defined terms.

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1.13 Total operating and investing cash flows (carried forward)	(8,116)	(9,492)
		(9,492) 15,282 - - (150) - (712) 14,420 4,928 4,542 - 9,470
1.13 Total operating and investing cash flows (brought forward)	(8,116)	(9,492)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Costs of share issues Net financing cash flows	- - - - - -	15,282 - - (150) - (712)
	0	14,420
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(8,116) 17,586 -	4,928 4,542 -
	9,470	9,470

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

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		66
1.25	Explanation necessaryfor an understandingof 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

• 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.

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Financing facilities available

Add notes as necessary for an understanding of the position.

	3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
		Nil	Nil
		Nil	Nil

Estimated cash outflows for next quarter

	Estimated cash outflows for next quarter	Estimated cash outflows for next quarter
	4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration (excluding Business Development and Corporate Affairs)		$A’000
				871
				5,564
				2,276
				1,221
	Total			9,932
	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 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) - deposit as credit support for short dated forward sales	68		66
		8,392		16,510
		1,010		1,010
	Total: cash at end of quarter(item 1.22)	9,470		17,586

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2)	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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6.2	Interests in mining
	tenements acquired or
	increased

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 (cents)	Amount paid up per security (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 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs (c) Other – End of escrow period	170,505,386	170,505,386
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
	-	-	-	-

• See chapter 19 for defined terms.

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7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter – (Lapsed pursuant to terms and conditions of the options)	1,375,000 225,000 250,000 1,275,000 425,000 300,000 300,000 300,000 950,000 100,000 100,000	- ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐	Exercise price 27.5 cents 37.5 cents 37.5 cents 42.5 cents 51.0 cents 26.0 cents 28.5 cents 30.5 cents 30.0 cents 25.0 cents 35.0 cents	Expiry date 22.12.11 31.12.11 02.11.11 16.10.12 31.12.12 31.12.12 31.12.12 31.12.12 31.12.12 01.09.13 01.09.13
			Exercise price	Expiry date
	4,176,939 125,000 100,000 180,000	4,176,939 - - -	Exercise price 40.0 cents 37.5 cents 51.0 cents 42.5 cents	Expiry date 30.04.10 31.12.11 31.12.12 16.10.12
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 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).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Managing Director.................................... Date: 30 July 2010

Print name: Michael Rosenstreich

Notes

• 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.

• 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

• See chapter 19 for defined terms.

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• 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.

• 3 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 .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 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.

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