GREENWING RESOURCES LTD — Interim / Quarterly Report 2011

Mar 16, 2011

ASX / Media Release

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17 March 2011

Half Year results show transition to large scale production

HIGHLIGHTS:

• Hellyer Mine Project ramping up concentrate production;

• Further exploration success at East Fossey and Switchback confirms near mine potential;

• Studies underway into long-life special projects.

Bass Metals Ltd (ASX: BSM ) is mining and exploring for large scale, high-grade polymetallic (copper-lead-zinc-silver-gold) volcanogenic massive sulphide (VMS) deposits in NW Tasmania. The Company is pleased to report the results of a successful half year which saw it progress a number of potentially Company changing developments that have placed it firmly on the path to planned long term growth and profitability.

The most significant of these events was the commencement of production from the new Fossey Mine development, with the commissioning of the Hellyer Mill to produce zinc, lead and copper-silver-gold concentrates and the haulage of the first zinc concentrate to the Port of Burnie earlier this year. A second milling campaign has started on the 7th March and is planned to treat a further 40,000 tonnes of ore.

Developments in the six months ended December 31, 2011, as reflected in the recent Half Year accounts, have placed Bass Metals on target with its initial aim of producing a half a million tonnes of Fossey ore containing zinc, lead copper, silver and gold through the Hellyer mill over the next two years. A number of other positive developments which occurred during that six month period and in the subsequent period have provided Bass Metals with increased confidence that it can get further leverage from the infrastructure associated with the Hellyer Project from its resources and exploration prospects.

This includes continued drilling success at the Fossey East and Switchback areas, which are strategically located in relation to the Hellyer Plant and offer high value, mid-term growth opportunities for the Company.

Bass Metals also progressed a number of growth projects during the six month period. It is currently undertaking studies into the potential re-treatment of Hellyer tailings to increase lead and zinc production as well as the possibility of extracting additional value through recovering refractory gold.

“This has been a most important six month period for the Company,” Bass Metals’ Managing Director, Mike Rosenstreich said. “We achieved many important milestones and hit some very exciting exploration targets that we feel will provide Bass Metals with the opportunity to extend the mine life at Hellyer.”

Mr Rosenstreich said Bass Metals’ half year after tax loss of $4,249,087 was anticipated due to the costs associated with maintaining the Hellyer site pre-production, setting up and initial staffing costs associated with the planned commissioning of the Hellyer Plant and a $1,629,109 amortisation of the Que River mine property.

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au

ASX / Media Release

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“Bass Metals looks forward to reporting a continued increase in production at the Hellyer Plant and further drilling success in our Tasmanian licences areas during the remainder of 2011, with the resultant expected positive cash flow resulting from the ground work put in over the last six months of 2010” Mr Rosenstreich said.

Competent Person

The information within this report that relates to exploration results and Mineral Resources is based on information compiled by Mr Kim Denwer and Mr Mike Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have 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(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent 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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Contact

Media

Mike Rosenstreich David Brook Managing Director – Bass Metals Ltd Professional Public Relations Tel: (+61-8) 6315 1300 Mob: (+61) (0) 415 096 804

About Bass Metals Ltd (ASX: BSM )

Bass Metals Ltd is a growth focussed Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mt Read Volcanic belt in northwest Tasmania.

Listing in 2005, Bass has delivered operating profits for the past three years since 2008 based on its profitable base metals production hub at Que River in Tasmania.

The Company’s larger transformational Hellyer Mine Project has commenced production from the Fossey deposit, discovered by Bass in September 2007. The planned ore treatment rate is 500,000 tonnes per annum (tpa), through the Hellyer Mill to produce 55,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 5,000 tpa of copper-silver-gold concentrates. In January 2010, Bass signed a committed off-take contract with global multimetals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.

The Company also has an active and successful exploration programme which has yielded new discoveries such as Fossey and new exploration targets through the use of new exploration techniques not applied in the district before. The Company’s has significant gold and polymetallic resources and is currently undertaking a feasibility study following on from positive scoping study outcomes indicating the potential to become a long-term, significant scale gold producer.

Bass has differentiated itself through successfully finding high grade polymetallic resources, strategically and incrementally building up its assets and production profile to now become an emerging mid-tier diversified mining business.

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846

www.bassmetals.com.au