GREENWING RESOURCES LTD — Investor Presentation 2008

Sep 14, 2008

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ABN 31 109 933 995
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15 September 2008

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

Dear Sir

Que River Mine & Corporate Update

Bass Metals Ltd (ASX:BSM) releases the attached presentation which contains new information relating to the Company’s Que River Mine and corporate activities. The presentation will be given today at the Excellence in Mining and Exploration conference in Sydney.

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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Bass Metals Ltd

“high grade production funding high quality exploration”

Excellence in Mining & Exploration 2008 15 September 2008 Mike Rosenstreich Managing Director

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Disclaimer & Competent Person
An important notice
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Disclaimer
Statements contained in this material, particularly those regarding possible or assumed future performance,
costs, dividends, production levels or rates, prices, reserves or potential growth of Bass Metals Ltd, industry
growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future
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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 variety of factors.
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or
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sell shares in any jurisdiction.
Competent Person
The information within this report that relates to exploration results is based on information compiled by Mr
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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
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which it appears in this report.
Technical Detail
This presentation aims to provide a high level summary of various technical aspects of the Company’s
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on the Bass Metals’ website, www.bassmetals.com.au .

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BSM Strategy
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Que River Mine
Positive Cash flow & operating experience
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Growth = increased shareholder value

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-
Self funding Exploration New Opportunities
Advanced, high grade, Acquisitions, JV’s or M&A
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polymetallic projects
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Discussion Outline
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General Overview
Cash Flow – “
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•
Que River Mine - update
•
Budget overview – impact on Shareholders
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Growth – “ show me the value ”
•
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•
Hellyer Mine Project – Update
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Q – Why buy Bass Metals shares? A – BSM is self funding with real assets and

BSM Introduction Corporate Snapshot

ASX Codes BSM & BSMOA Share price 10 cents 12 month Hi/Lo 0.56/0.10 Mkt Cap $10.4M No. of shares 103.5M Shareholders c. 1,300 Major 23.16 % Intec Ltd (ASX:INL) Shareholders 6.18 % Saracen Mineral Holdings (ASX:SAR) 3.15 % Sempra Metals Cash $4.4M (as at 3o June 2008)

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BSM Introduction
Location – NW Tasmania
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Bass Metals’ Project
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Areas
•
1,200km [2] of tenure
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200km

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Government
•
Excellent infrastructure
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� Power
� Roads
� Towns
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� Processing Plants
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NW Tasmania - an intensely mineralised geological terrain – “Elephant Country”

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Area includes diverse
large scale, high grade
mineral deposits such as:
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Hellyer Que River Mine

100km

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–
–
Mt Lyell (Cu-Au)
–
Renison (Sn)
–
Mt Bischoff (Sn)
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–
Avebury (Ni)
–
Savage River (Fe)
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Cash flow - Production Update
Que River Mine
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Zero LTI’s project to date Mancala Mining - Project Manager/Alliance Partner

Cash flow - Production Update Mine Production

	3.5 183 0.4 7.1 13.1 56,640 PTD PTD – Reconciliation Factors Actual Mined vs. Ore Reserve 2.9 162 0.3 6.1 11.3 43,807 FY-08 + 74 % + 63 % - 11 % + 47 % + 21 % + 46 % Factor 5.7 255 0.5 10.7 19.2 12,833 FY-09 Jul-Aug Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Tonnes Mined •Strong technical performance •Reconciliation factors – suggest strong positive outlook

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Cash flow - Production Update
Que River Mine – FY-09 Outlook
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Reserves & Resources
Tonnes Zn Pb Cu Au
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Stage 1 Mine Plan – Remaining

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PQ Pit 30.2 17.7 9.9 0.3 236 6.4
S-Lens Pit 46.5 2.8 1.0 1.3 47 0.3
ROM Stocks 6.5 21.2 11.3 0.6 268 3.9
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Total Mineral Resource – Pre Stage 1 Mining

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•Mining inventory – NOT factored for reconciliation trends
•Current mining activity in PQ pit only
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pits, which are higher grade and benefit acid forming waste rock
management.
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Cash flow - Production Update Financial Performance – to 30 June 2008 Unit figures per tonne of ore sold 97 $/t Total Que River Margin 59 $/t Operating Margin 188 $/t Total Operating Cost 57 $/t Depn. & Amortsn. expense 4 $/t State Royalties 40 $/t Treatment Costs 88 $/t Site Costs 52 38 31 247 FY-08 % Total margin $/t Realised hedge gains % Operating margin $/t Value of ore sold Unit From 2008 Annual Profit & Loss Statement (subject to audit)

Cash flow - Production Update net realisable value (NRV) – PTD NRV : compares net realisable value of all ore mined (sold & stockpiles) and all project expenditure as it is incurred, i.e. no deferral of early, higher stripping ratios.

	NRV	Unit	FY-08	FY-09	PTD
	Avg. Value of ore sold	$/t	243	410	281
	Operating Cost	$/t	210	201	208
	Margin	$/t	$33	209	73
	Tonnes ore mined	t	43,825	12,833	56,658

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Cash flow - Production Update
Polymetallic means diverse revenue
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Oz Minerals pays for Zn, Pb, Cu, Ag & Au. Que River Mine - Revenue Mix % of revenue from each payable metal in ore

Cu, 3% Au, 12% Ag, 12%

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Pb, 31%
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Zn, 42%

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Cash flow - Production Update
Que River Mine – FY-09 Outlook
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Que River Revenue Assumptions
US$ Zn Pb Cu Ag Au
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$/t $/t $/t $/oz $/oz
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(prices in late June 08)
US$ Price 0.96 1,905 2,225 8,065 17 920
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Current Prices – 11 September 2008
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Note the 17% fall in the AUD Net impact on BSM’s AUD Revenue = Zero

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Cash flow - Production Update
Que River Mine – FY-09 Outlook
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•
Focus on PQ Pit – very high grade, very positive
reconciliation trends = high margins
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•
Evaluate new pits – Nico & QR32, get EPA
approvals
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•
At current metal prices ( e.g. Jul-Aug NRV calc ), QR
generates significant margins + hedge settlements
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= CASH IN

= CASH IN Hopefully metal prices rise! But in any circumstance, BSM is funded.

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Cash flow - Production Update
Que River Mine
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The story so far…..positive mine & financial performance to date, conservative forward assumptions……

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But what about the impact on the Company and the shareholders?

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Cash flow - Production Update
Impact on BSM & Shareholders
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Budget Plan – FY09

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Cash Inflow $13.6
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Mine Costs $8.2
Exploration $4.2
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Corporate & Business Dev. $1.7
Closing Cash $3.0
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Note:
PQ Pit only, with no factoring for positive ore reconciliation trends.
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Impact – BSM has sufficient funding to achieve its current exploration objectives.

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Value or Growth
Focus on grade and polymetallic endowment
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Farrell (Pb-Ag-Zn)

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Oonah (Cu, Sn, Pb, Ag) Magnet (Pb-Ag, Zn)

Targets comprise JORC resources & several significant historic, high grade, polymetallic mines.

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Hellyer Mine Project (Fossey + Hellyer Resource)
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Que River Mining Area

Fossey Zone

Hellyer Plant Site (Owned by Intec)

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Hellyer Deposit trend (plunging north)

Hellyer Mine Portal

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Growth Potential
Hellyer Mine Project
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Next phase - “meaningful” production and cash flow

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•
Hellyer Resource - 0.75Mt high grade Cu-Pb-Zn-Ag-Au
•
Fossey Zone - High grade Cu-Pb-Zn-Ag-Au mineralised
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zone –within a large lower grade barite+Au+Ag body
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Well located in terms of:
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� Existing underground mine development (Hellyer)
� Power, road access & services
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� Two potential processing plants
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year mine development.
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Growth Potential
Hellyer Mine Project
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Fossey Zone Unmined

Hellyer Resource With Mine development

Fossey Long Section – High Grade Highlights Development Update New: 24m - 12%Zn, 4% Pb, 0.7% Cu, 95 g/t Ag & 3.1 g/t Au Hellyer Mine Project And 8m - 9%Zn, 5% Pb, 0.3% Cu, 198 g/t Ag & 3.6 g/t Au

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10,150mN
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13m – 19%Zn, 9% Pb, 0.6% Cu, 273 g/t Ag & 2.8 g/t Au

Barite Au-Ag zone (mauve)

High grade massive sulphide zone (red) 58m – 9%Zn, 5% Pb, 0.3% Cu, 94 g/t Ag & 2.9 g/t Au

19m – 8%Zn, 4% Pb, 0.2% Cu, 82 g/t Ag & 3.3 g/t Au

19m – 7%Zn, 4% Pb, 0.3% Cu, 65 g/t Ag & 2.1 g/t Au

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10,200mN
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120m

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5m – 9%Zn, 5% Pb, 0.6% Cu, 166 g/t Ag & 2.3 g/t Au

9m – 13%Zn, 9% Pb, 0.5% Cu, 373 g/t Ag & 4.1 g/t Au 21m – 17%Zn, 8% Pb, 0.7% Cu, 231 g/t Ag & 3.4 g/t Au

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Growth Potential
Hellyer Mine Project
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Mine Study Progress Update:

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2. Conceptual Mining study – in progress with support from
Mancala Mining Pty Ltd.
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3. Metallurgical Testwork – in progress
(Ammtec/Mineralurgy)
Early results - very encouraging for making distinct Pb and Zn
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concentrates + Au, Ag & Cu recovery. This is without regrinding,
more cleaning circuits or reagent optimisation.
4.
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Key issue is water management, i.e. dewatering Hellyer mine void
5. Processing Options – Hellyer & Rosebery plants
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Evaluation will commence when 1 [st] phase Met testwork complete.
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In Conclusion To maximise investor returns Sound execution of a plan….. Step 1: Que River – gives BSM “producer” status & . positive cash flow – funds next step If there is excess cash (indicated by positive ore reconciliation trends), plan to accumulate it. Step 2: Hellyer Mine Project has the potential to add “meaningful” scale production profile. Aiming for early staged development approach 12-18 month time frame. Step 3: Exploration – focus on advanced high grade polymetallic projects and continue some early stage exploration. Seek out new projects & corporate deals

Finally, Why buy Bass Metals ? BSM management has experienced market downturns before. Whilst other companies suddenly, BECOME cautious…..

• …..BSM has, ALWAYS been cautious!

• Focused on high grade polymetallic projects • Focused on safety and sustainable management systems • Focused on cash flow protected by sensible hedging Now, in this tough market – we intend to exploit the opportunities; we are • Optimistic about metal demand and prices in 2009 onwards • Self-funding the development of our project pipeline • Actively seeking out new projects and sensible deals

…..to maximise shareholder value!

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“ ”
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Producing, Developing & Exploring for “ Elephants ” Visit Booth 32 on Level 3 or www.bassmetals.com.au