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Capitalising on Australia’s Investment & Development Opportunities: Production & Discovery in Tasmania Mine Exploration & Investment Asia Singapore 12 September 2007 Mike Rosenstreich Managing Director , Bass Metals Ltd

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Discussion Outline
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Conducive Investment Scene

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Overview of the assets – gold, base
metals & nickel
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Base metals – in more detail
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•
•
Advanced projects
•
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Financing Opportunities
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Disclaimer
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Statements contained in this material, particularly those regarding possible or

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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
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Nothing in this presentation should be construed as either an offer to sell or a
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solicitation of an offer to buy or sell shares in any jurisdiction.
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Introduction
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Bass Metals Ltd is a discovery & development company.

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Listed on ASX in Oct. 2005
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•
Shares: 89.4M
•
Listed Options: 4.2M
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•
Unlisted Options: 4.2M
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Mkt Cap. c.$28M (price of $0.31)
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ASX-Listed Mining & Exploration Scene

• The ASX listed mining & exploration investment scene is knowledgeable, vibrant and enthusiastic.

• There are approximately 572 mining & exploration companies (i.e. with a minerals & mining focus) listed on ASX as primary listing [ looking at a subset of the Materials Index (XMJ)].

• The 572 Minerals companies comprise • 85 Producers, and • 487 Explorers.

Company data is based on BSM research utilising Minmet/Intiera online data services and free online date services.

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ASX-Listed Mining & Exploration Scene
marked by rapid recent growth
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Other Minerals •
Strong commodity
Iron Ore prices, perceptions of
3% [6%] All Minerals
Uranium scarcity and
27%
available funds is
Gold 13%
fuelling new mineral
exploration floats
4% • Since I July 2006
Base metals
- c. 143 New listings
29%
- current value c.A$3bn
17%
Uranium
Base metals & Gold - raisings range from
A$2.0M to A$200M
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Mineral focus for exploration companies floated on ASX since 1 July 2006

•

0 0 1 10 100 1,000 10,000 100,000 1 Operating Revenue A$M	0 0 1 10 100 1,000 10,000 100,000 1 Operating Revenue A$M		*ASX-Listed Mining & Exploration Scene* *The producers & revenue* • 85 producers • Collective Market value of c.A$280bn • 2 new floats Mkt Cap vs Operating Revenue 10 100 1,000 10,000 100,000 1,000,000 Market Cap A$M Producers
	0 0 1 10 100 1,000 10,000 100,000 1 Operating Revenue A$M		• • • Mkt Cap vs Operating Revenue 10 100 1,000 10,000 100,000 1,000,000 Market Cap A$M Producers
			•


			•

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ASX-Listed Mining & Exploration Scene
BSM and its fellow Explorers
•
Add the 487
Mkt Cap vs Operating Revenue
explorers.
100,000
•
10,000 With a
collective
1,000
Market value
100 of c.A$41bn
10
•
1 BSM is
poised to
0
move from
0
explorer to
producer
Market Cap A$M
Producers Explorers
1 10 100 1,000 10,000 100,000 1,000,000
Operating Revenue A$M
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ASX-Listed Mining & Exploration Scene
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In summary from BSM’s perspective:
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mineral exploration activities through an IPO on the ASX.
•
BSM is now one of 487 explorers – poised to become the 86 [th]
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producer.
•
Producer status should generate a re-rating based on revenues –
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•
BSM also needs to demonstrate Asset Growth (resources), the
other prime value driver for any minerals business as well as
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capital management…… which introduces the remainder of the discussion.

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100km

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This is Elephant Country – an Intensely Mineralised geological terrain

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)

Project Overview

Twin Strategy 1. Production - Base metals Increase reserves Que River Mine & resources. Hellyer Que Magnet Farrell Mt Mine River 2. Discovery Mine Mine Charter Project Ext. find the “elephant” Oonah North Rosebery Iris River Mt Charter Sterling Valley Gold Ext. Hellyer Targets Que East & South Heazlewood Leven River, GrassTree Selina Whyte River & Wilmot Waratah Loyetea Nickel Highclere Huskisson Lynchford

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- - - - Base Metals Pb Cu (Zn Ag Au)

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Magnet –advanced project Historic Mine – Pb & Ag (Zn)

Hellyer –advanced Project

• World class deposit • Mined 1986-2000

Que River - Mine North Rosebery-early Extensions to the Rosebery system Farrell –Advanced project Historic Mine/Advanced project

Gold Assets

Mt Charter -Advanced

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380,000oz (Au Eq) Indicated & 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 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 near Zeehan.

Que River Mine project

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Location-well serviced by infrastructure

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Que River Mine Project
Capitalising on existing infrastructure & workforce
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Existing regional and local infrastructure makes early mine start-up possible.

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1991
•
Hellyer deposit (4km
north) discovered in
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1984 by same Coy.
•
BSM is first new
explorer since the mine
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closed.
•
VHMS mineralisation
style – mineralised
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lenses occur in clusters.
•
BSM’s initial focus was
shallow targets.
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Que River Mine Project
Resource Profile
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QR32 - 188kt at 5.5% Zn, 3.3% Pb, 79g/t Ag & 1.1 g/t Au

Nico – 102kt at 8.6% Zn, 4.9% Pb, 111g/t Ag & 0.9g/t Au

PQ – 46kt at 17.1% Zn, 9.4% Pb, 231g/t Ag & 5.7g/t Au

S-North – 95kt at 8.1% Zn, 2.7% Pb, 0.6% Cu & 46 g/t Ag S-Central – 72kt at 5.6% Zn, 2.8% Pb, 2.2% Cu & 89 g/t Ag S-South – 233kt at 1.3% Zn, 2.3% Cu & 59 g/t Ag

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Que River Mine project
Stage 1 development plan
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PQ Pit

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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 Plan is - this is Stage 1 of a 4 stage mining plan spanning 3 to 5 years

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Que River Mine project
Experienced local operators
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Site works have started.

Project is managed for BSM by local experienced mining group Mancala Mining Pty Ltd under an Alliance contract.

Mancala’s drill & blast rig

Stage 1 Mine Life – 26 months

Operating costs – A$175/t of ore sold (after all costs & royalties)

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Que River Mine project
Work has commenced
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Ore exposed in south wall of test pit

Simple mine plan – shallow open pits, selective mining

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Que River Mine project
Stockpiled ore
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Zinifex Ore stockpile Polymetallic ore containing Zn, Pb, Ag, Au and Cu

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Ore Sales Contract signed with ZFX – 5,000 to 8,000t per month. On track for first delivery in late September 2007 Favourable Payment terms - 40 to 45% of contained metal value Forecast c.A$9m in revenue from Stage 1.

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

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Que River Mine Project
growth potential-stages 2 and beyond
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Deep geophysical target
S Lens position north of decline fault

Shallow northern extension to QR32 Lens

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Shallow northern extension to Nico Lens

Deeper drilling in alteration zone south of Que Fault

Gaps in PQ ore horizon at shallow depths to north

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

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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Hellyer Mine Portal

Plunging deeper to the North

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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

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Hellyer Mine Project
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5m at 0.4% Cu, 6% Pb, 9% Zn, 13oz./t Ag & 5.4 g/t Au 6m at 1.1% Cu, 11% Pb, 24% Zn, 5oz./t Ag & 2.6 g/t Au

• 44m at 1.7% Cu, 5% Pb, 3% Zn & 3oz./t Ag • 5m at 6.1% Cu, 2% Pb, 3% Zn & 2oz./t Ag

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Sth Barite Lens

SFZ CFZ 4.0m at 13% Cu & 70 g/t Ag 3.9m at 5% Cu & 40 g/t Ag

Drilling, Resource estimation & mine evaluation underway

Rosebery Mill

Advanced base metals projects - regionally Magnet Mine (75% BSM:25% CYL) Drilling planed for this year Hellyer Mill Hellyer & Que River (100% BSM) Farrell Line Mines (100% BSM) Drilling planned for this year

Projects- well located to roads & processing plants

Growth - by exploration success Elephant hunting

Committed to discovery:

Positive results to date – Que, Hellyer, Iris River and Heazlewood Dominant tenement position - in Mt Read Volcanic belt. (1,200km[2] ) 2 to 4 diamond drill rigs active through the past year Spending A$4 to $5M pa on exploration Exploration base at Hellyer – staff of c.12 plus drilling contractors Experienced & dedicated team – locally based. Completed approximately 10,000m of diamond core drilling in past year Forged key exploration alliance with Zinifex (major global Zn producer)

Utilised cutting edge data processing technologies through JV with Geoinformatics to generate new targets

					Growth - by	exploration success
				Hellyer-Zinifex Alliance		–an elephant’s tail?
					•	Large areas of untested
						host horizon.
		Hellyer deposit			•	VHMS systems occur in clusters – high potential
						along the Hellyer-Que
						trend.
			Switchback target		•	New alteration system discovered – Switchback - with anomalous base metal sulphides –HED12
Que	River Deposit				•	Follow-up drilling and DHEM in progress.
					•	Very promising target -
						best target to date

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BSM-an Investors perspective
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Mkt Cap Mkt Cap Mkt Cap Mkt Cap
A$9M A$12M A$24M A$31M
BSM vs ASX All Ordinaries & Materials Index Current
16,000 0.50 Mkt Cap
0.45 c.A$27M
14,000
0.40
12,000
0.35
10,000
0.30
8,000 0.25
0.20
6,000
0.15
4,000
0.10
2,000 0.05
- -
XAO XMJ BSM
ASX Listing Private Placement Rights Issue Option Expiry
A$3.5M A$3.2M A$4.7M A$2.0M
20-Oct-05 24-Jan-06 1-May-06 1-Aug-06 31-Oct-06 5-Feb-07 10-May-07 10-Aug-07
Index
share price A$
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BSM-an Investors perspective Funding Que River and further growth

Core strategy – develop advanced projects to generate revenue and maintain major exploration activity to find an “elephant”.

• Mine development –leads to incremental value increase • Finding an Elephant will lead to exponential value growth This strategy attracts both equity and debt funding:

• To date investors have supported BSM with A$13.4M of funding (still have c. A$5M in cash).

• Now negotiating for bank funding for Que River.

Challenge for BSM is to maintain the two strategy elements – to create value through revenue growth and asset growth (i.e. Mineral Resources.)

BSM-an Investors perspective

BSM is capitalising on a unique development & investment opportunity in Tasmania, Australia:

• Utilising an experienced minerals venture capital equity market via ASX and local resource lenders

• NW Tasmania

– one of the most intensely mineralised geological terrains in the world.

– Long history of mining +150 years

– Excellent transport & power infrastructure

– Excellent mining & processing infrastructure – BSM is not building a plant.

– Highly trained & experienced work force & service Coy.s – Supportive Govt.

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

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AI assistant

GREENWING RESOURCES LTD Investor Presentation 2007

65029_rns_2007-09-11_a3d5e6af-d741-4b4b-91ca-830febc66c3a.pdf

Conducive Investment Scene

Bass Metals Ltd is a discovery & development company.

Project Overview

- - - - Base Metals Pb Cu (Zn Ag Au)

Gold Assets

Nickel & other commodities

PQ Pit

Test Pit

Advanced Base Metals Projects Hellyer Mine Project – New Targets & Resources

Committed to discovery:

AI assistant

GREENWING RESOURCES LTD — Investor Presentation 2007

65029_rns_2007-09-11_a3d5e6af-d741-4b4b-91ca-830febc66c3a.pdf

Conducive Investment Scene

Bass Metals Ltd is a discovery & development company.

Project Overview

- - - - Base Metals Pb Cu (Zn Ag Au)

Gold Assets

Nickel & other commodities

PQ Pit

Test Pit

Advanced Base Metals Projects Hellyer Mine Project – New Targets & Resources

Committed to discovery:

More from GREENWING RESOURCES LTD

GREENWING RESOURCES LTD Investor Presentation 2007