GREENWING RESOURCES LTD — Investor Presentation 2007

Oct 25, 2007

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ABN 31 109 933 995
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26 October 2007

The Manager Companies Australian Stock Exchange 20 Bridge Street SYDNEY NSW 2000

Dear Sir

Please find following a copy of the presentation used by the Company to market its recent placement to institutional investors.

Yours Sincerely

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Mike Rosenstreich Managing Director

Suite 5/2 Richardson Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au

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Production & Discovery in Tasmania……an update

22 October 2007

Mike Rosenstreich Managing Director , Bass Metals Ltd

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Disclaimer
An important notice
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• This Document (and the information contained herein) is confidential to Bass Metals Ltd (“ Bass ” or “ the Company ”).

• This Document is not intended for and should not be distributed to any other person than as permitted herein. By receipt of the Document, the Recipient agrees that it will not transmit, reproduce or make available the Document (or any Information contained herein) to anyone other than its professional advisers without the prior written consent of Bass. At the request of Bass, the Recipient will return, as soon as practicable, this Document together with any reproductions of it and any other Information which the Recipient may have received from the Parties.

• This Document is being provided exclusively to investors that qualify pursuant to Section 708 of the Corporations Act for the sole purpose of providing

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background information to enable the recipient to review the potential for the provision of equity funding to Bass. It is not intended as an offer, invitation,
solicitation or recommendation with respect to any potential transaction.
• Patersons Securities Limited (“ Patersons ”) the Lead Manager (“ LM ”) has relied on information provided by Bass and has not undertaken any due diligence,
verification or audit of the information provided.
• The LM makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the information. The LM and its
respective directors, employees, agents, advisers and consultants shall have no liability (including liability to any person by reason of negligence or negligent
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this Document.
• The LM, its respective servants or agents, make no recommendation as to whether you should participate in either the Pre-IPO or IPO for Bass nor does it
make any recommendation or warranty to you concerning the shares or accuracy, reliability or completeness of the information provided or the performance
of the Company.
• Potential investors must make their own independent assessment and investigation of the opportunity and should not rely on any statement or the adequacy
or accuracy of the information provided. Securities of unlisted companies, especially start up companies, typically involve a high degree of risk and as such,
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any investment in Bass must be considered as speculative. The information provided does not purport to cover all relevant information about any potential
investment in Bass. Accordingly potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of this
investment.
• The Document contains reference to certain intentions, expectations and plans of Bass. Those intentions, expectations and plans may or may not be
achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operations of Bass may be
influenced by a number of factors, many of which are outside the control of Bass. No representation or warranty, express or implied, is made by the LM or
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or partially or within a prescribed timeframe or that any particular rate of return will be achieved.
• The Information disclosed relates to the proposed business of Bass at the date of this Document. Material information may have changed since the date the
Document was compiled. No responsibility is accepted to advise any person of any change.
• Neither the provision of this document nor any information contained in this document or subsequently communicated to any person in connection with this
document is, or should be taken as, constituting the giving of investment advice to any person.
• The LM advises that it and persons associated with it may have an interest in the securities of Bass and that they may earn brokerage, commissions, fees
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some or all of our respective Representatives may be remunerated wholly or partly by way of commission. The LM respective directors and staff may hold securities in Bass and may participate in the offer on their own accounts.Resources Rising Stars 2007The LM may also participate as principal in the Bass offering. 2

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Discussion Outline
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’ – BSM a corporate / investor s overview - Production base metals business

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•
Growth – how and from where
Discovery
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•
Elephant Country
•
Gold “business”
•
Nickel, iron & tin….
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Investment Proposition
Production…production growth and exploration
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3

Resources Rising Stars 2007

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Overview
Focus on Mineral Production & Discovery
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Northwest Tasmanian focus
Listed on ASX in Oct. 2005
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(codes are BSM & BSMOA)
Capital Structure
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•
Shares: 89.4M
•
Listed Options: 4.2M
•
Unlisted Options: 4.2M
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•
Proposed new shares 12.75M
Major shareholders Cash Position – A$3.7M (30 Sept. 07)
•Intec 23.5%
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•Saracen 7.2% Capital raising purpose:
•
•Sempra 4.8% Bolster working capital
•
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Resources Rising Stars 2007

4

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Overview
Primary objective – share holder value
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Mkt Cap Mkt Cap Mkt Cap Mkt Cap A$9M A$12M A$24M A$31M 0.6 0.5 Current 0.4 ~~Mkt Cap~~ c.A$32M 24 Sept07 0.3 Mkt Cap 0.2 ~~Tod~~ ay A$42M 0.1 0 ASX Listing Private PlacementResources Rising Stars 2007Rights Issue Option Expiry5 A$3.5M A$3.2M A$4.7M A$2.0M

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Overview
BSM amongst its peers on the ASX
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•
Mkt Cap vs Operating Revenue BSM is in transition
100,000 from explorer to
10,000 86 Producers
producer
1,000
100 •
A market re-rating
10
should follow
1
0 •
473 Explorers Emerging from the
0 “pack” or producer
status should create
Market Cap A$M further growth
Producers Explorers opportunities
1 10 100 1,000 10,000 100,000 1,000,000
Operating Revenue A$M
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Resources Rising Stars 2007 6

Project Overview Twin strategy for growth Twin Strategy

1. Production - Increase reserves and resources.

Base metals

Que River Mine Hellyer Que Magnet Farrell Mt Mine River Mine Mine Charter Project Ext. Oonah North Rosebery Iris River Mt Charter Sterling Valley Ext. Hellyer Targets Que East & South Heazlewood Leven River, GrassTree Selina Whyte River Waratah & Wilmot Loyetea Highclere Huskisson Lynchford

2. Discovery find the “elephant”

Gold

Nickel

Resources Rising Stars 2007 7

Planned Growth

Magnet –advanced project Historic Production – 630kt at 6% Pb, [7% Zn] 13oz./t Ag

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Hellyer –advanced Project Resource – 748kt 7% Zn, 4.1% Pb, 87 g/t Ag & 1.3 g/t Au

Hellyer Mill

Que River- In Production 5-8kt per month, 2 years. Resource – 736kt 5.7% Zn, 2.9% Pb, 1.1% Cu, 84 g/t Ag & 0.9 g/t Au Farrell –Advanced project Historic Production – 700kt at Resources Rising Stars 200713% Pb, 14 oz./t Ag [2% Zn]8

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Rosebery Mill

Resources Rising Stars 2007 9

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Que River Mine Project
The beginning
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Que River Mine Project
Location-well serviced by infrastructure
75km south of Burnie
4km south of Hellyer deposit
42 km by road from Rosebery
Resources Rising Stars 2007 10
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Que River Mine Project
Background
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• Pre mining – 3.3Mt at 13% Zn, 7%Pb, 195g/t Ag & 3.3 g/t Au.

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•
Hellyer deposit (4km
north) discovered in
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•
BSM is first new
explorer since the mine
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•
VHMS mineralisation -
lenses occur in clusters.
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• BSM’s initial focus was Resources Rising Stars 2007 11 shallow targets.

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Que River Mine project
Stage 1 development plan
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PQ Pit

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Test Pit

S-Lens Nth Pit Test Pit Looking SW at completion of Stage 1 mining phase Stage 1 – c. 120kt at 8% Zn, 4% Pb, .7% Cu, 99g/t Ag & 2g/t Au This is Stage 1 of a possible 4 stage mining plan spanning 3 to 5 yearsResources Rising Stars 2007 12

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Que River Mine Project
Now mining and on track
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Mining & site works commenced. Mining – is on track & in line with forecasts. Project is managed for BSM by local, experienced mining group Mancala Mining Pty Ltd under an Alliance Agmt. Mancala’s drill & blast rig

Stage 1 Mine Life – 26 months

Operating cost forecast – A$175/t of ore sold (after all costs & royalties)Resources Rising Stars 2007 13

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Que River Mine Project
Simple mining plan
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Ore exposed in south wall of test pit

Selective mining not quarrying -focused on grade & $ margins.Resources Rising Stars 2007

14

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Que River Mine Project
Ore deliveries commenced
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Zinifex Ore stockpile Polymetallic ore containing Zn, Pb, Ag, Au and Cu

Ore Sales Contract signed with ZFX – 5,000 to 8,000t per month. Ore deliveries commenced 24 September Favourable Payment terms - 40 to 45% of contained metal value Resources Rising Stars 2007 15 Forecast c.A$9m operating surplus from Stage 1 ( refer ASX report 28 August 2007 ).

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Que River Mine Project
Reduced risk profile
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Resource Risk

• “recent” mining history - 2.4mt ore mined, recent & historic drill data

Reserves Risk

• shallow, open pit mine, conservative dilution/recovery assumptions

• Operations Risk

• Mancala management agreement (experienced local operators)

• Processing Risks

• BSM is selling ore to Zinifex’s Rosebery plant

• Capital Costs/Construction risks

• minimal ($0.5M) no major plant construction costs

• Access to work force/skills risks

• skilled local work force in place, several ex-Que River/Hellyer employees

Commodity prices/FX risks

• A$ exposure capped at US$0.91 and metal Put option purchase in progress (floor price scheme) Resources Rising Stars 2007 16

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Que River Mine Project
Stage 1 upside potential
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17.8m at 20%Zn, 10%Pb, 12oz/t Ag & 7.4g/t Au 60m Planned Pit floor 16m at 20%Zn, 12%Pb, 10oz/t Ag & 7.9g/t Au 19.4m at 25%Zn, 9%Pb, 11oz/t Ag & 11g/t Au PQ South – targets high grade remnants. Excellent potential for additional tonnage from abandoned Underground Resources Rising Stars 2007 17 stopes, to be exposed in open cut.

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Que River Mine Project
Growth potential-stage 2 and beyond
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1. Deep geophysical target 2. S Lens position north of decline fault

4

3

1. Shallow northern extension to QR32 Lens

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1. Shallow northern extension to Nico Lens

7

2

1. Deeper drilling in alteration zone south of Que Fault

6

1

1. Gaps in PQ ore horizon at shallow depths to north

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1. P West – stringer and disseminated mineralisation between PNth and QR32 Lenses

5

Resources Rising Stars 2007

18

Advanced Base Metals Projects Hellyer Mine Project – new targets & resources

Que River Mining Area

Near surface

Hellyer Plant Site

Hellyer Deposit trend

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Plunging deeper Hellyer Mine Portal to the North Resources Rising Stars 2007 19

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Hellyer Mine Project
World class high grade VHMS deposit
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- Pre mining Mineral Resource

17Mt at 14% Zn, 7% Pb, 0.4% Cu, 5oz./t Ag & 2.5g/t Au Mined between 1987 to 2000 Resources Rising Stars 2007 20

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Hellyer Mine Project
Initial Mineral Resource estimate
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		>5% Combined Pb + Zn Lower Cut Off Summary of Classified Hellyer Mineral Resources October 2007
	Mineralisation Te			JORC Code	Tonnes	Zn	Pb	Cu	A	Au
	yp			Category	(000's)	%	%	%	g/t g	g/t
	Stringer Zones			Indicated	255	4.4	2.7	0.4	48	0.9
	Remnant Pillar & Surrounds Base Metals Sulphide			Indicated Indicated	195 190	6.4 10.6	3.8 6.0	0.3 0.4	70 145	1.2 2.0
	TOTAL INDICATED				641	6.8	4.0	0.4	83	1.3
	Remnant Pillar & Surrounds Base Metals Sulphide Stringer Zones			Inferred Inferred Inferred	56 27 24	8.0 8.9 7.3	5.1 5.7 3.6	0.3 0.2 0.1	109 138 69	1.6 1.7 0.9
	TOTAL INFERRED				107	8.1	4.9	0.2	107	1.5
	TOTAL MINERAL RESOURCE				748	7.0	4.1	0.3	87	1.3
	former Hellyer employees.

Resources Rising Stars 2007 21 Refer ASX Release (c 25 Oct 07) for full details.

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Hellyer Mine Project
750kt resource–without Southern Barite Lens
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SBL Resource target 750kt of Hellyer resources

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Resources Rising Stars 2007 22

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Hellyer Mine Project
Southern Barite Lens - resource target
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300m

13.5m at 6.7% Zn, 3.8 Pb, 170 g/t Ag & 3.6g/t Au

7.2m at 21.6% Zn, 9.7% Pb, 1.0% Cu, 142 g/t Ag & 2.3g/t Au

• 5.3m at 9.4% Zn, 5.4% Pb, 166 g/t Ag & 2.3g/t Au

57.5 metres at 9.2% Zn, 4.7% Pb, 94 g/t Ag & 2.89 g/t Au

14.3m at 4.7% Zn, 3.1% Pb, Resources Rising Stars 2007 190 g/t Ag & 4.4g/t Au

23

Pink text box, BSM result, others historic intercepts

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Hellyer Mine Project
SBL – conservative view - needs more drilling
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175 metres Base metal sulphide zone 57.5 metres at 9.2% Zn, 4.7% Pb, 94 g/t Ag & 2.89 g/t Au Resources Rising Stars 2007 24

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Hellyer Mine Project
Emerging new production scenario
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• Significant 750kt initial resource base at Hellyer deposit

• • Un-mined SBL resource target potentially important component to HMP production scenario

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SBL

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Resources Rising Stars 2007 25
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BSM’s base metal business
Resource growth
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Growth Record

• On acquisition in March 2005 - No Mineral Resources

• IPO October 2005 - 360kt resource at Que River

• June 2007 - 736kt resource at Que River (includes reserves)

• October 2007- 1.5Mt resource at Que River & Hellyer

• Contained metal - 94kt Zinc, 52kt lead, 11kt Copper, 4.0Moz silver & 54koz gold

• Growth potential

• Que River

• Southern barite Lens

• Hellyer mine areas

• Farrell Mine Project Resources Rising Stars 2007

• • Magnet Lode Project

26

Discovery - The Great Tassie Elephant Hunt

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Resources Rising Stars 2007

27

This is Elephant Country – an intensely mineralised geological terrain

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Area includes diverse large scale, high grade mineral deposits such as: – Hellyer ( Zn-Pb-Cu-Ag) – Que River (Zn-Pb-Cu-Ag) – Rosebery (Zn-Pb-Cu-Ag) – Henty (Au) – Mt Lyell (Cu-Au) – Renison (Sn) – Mt Bischoff (Sn) – Avebury (Ni) – Savage River (Fe)

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100km

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Resources Rising Stars 2007

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Growth - by exploration success
Hellyer Zinifex Alliance –an elephant’s tail?
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•
Large areas of untested
host horizon.
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Hellyer deposit

Switchback target – 4.9m at 1.6%Zn, 1.2% Pb, 18 g/t Ag 0.9g/t Au

Que River Deposit

Resources Rising Stars 2007

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Gold Assets

Mt Charter - Advanced

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380,000oz (Au Eq) Indicated and Inferred Resource

Sterling Valley-advanced

• On Henty fault zone

• • Historic intercepts of : 7.7m at 3.8 g/t Au & 3.7m at 5.9 g/t Au

Whyte River Au Prospect

• Major alluvial Au field.

Lynchford Au Prospect • Associated with historic Resources Rising Stars 2007 30 King River Gold mine

Nickel & other commodities

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Heazlewood Ni Prospects 3 Ni-Co-Cr in soil anomalies in host ultramafic.

Whyte River – Fe (Magnetite) Mapped & sampled magnetite lenses – Savage River style (10km Nth)

Whyte River – East (Ni) Early stage testing for ultramafic-granite contact. Oonah Sn prospects Associated with significant historic Sn, Pb, Ag mines Resources Rising Stars 2007near Zeehan. 31

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Proposition for BSM Investors
Production growth & exploration success
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Exposure to production and advanced projects
� Que River Mine; high grade, polymetallic-commenced production
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� Significant resource base
� Hellyer – growth path for production leveraging off local
infrastructure advantages
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Exposure to Discovery - the Elephant Hunt
�
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� 2 to 4 diamond drill rigs active through the past year
� Spending c. A$4 million pa on exploration
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� Many advanced projects – base metals & gold – asset growth
� Dominant tenement position in intensely mineralised belt.
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Successfully implementing a twin strategy of Production Resources Rising Stars 2007 32 and Discovery to generate shareholder value.

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Developing Mines - Actively exploring for “ Elephants ” www.bassmetals.com.au

Resources Rising Stars 2007 33