GREENWING RESOURCES LTD — Investor Presentation 2008

Jul 7, 2008

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Bass Metals Ltd Investor & Broker Update “On Track ” 8 July 2008 Mike Rosenstreich Managing Director

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Discussion Outline
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Que River – Production update

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– Revenue from Cu, Pb, Zn, Ag & Au
– Positive technical outlook
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Hellyer Mine Project
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success
– Outline to development
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BSM Strategy
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Step 1: Que River, producer status & positive

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cash flow = self funding.
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Step 2b: Aim for acquisition of advanced project
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Step 3: Ongoing Exploration - organic growth
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Production Update
Que River Mine - the 1 [st] Step
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1[st] step in BSM’s long term growth plan; self funding exploration & development

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1. Que River mine is:
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High grade/high margin open pit mining operation
•
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•
In production
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Cash flow positive
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•
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Mining a reserve of 120kt from a 740kt resource
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Capacity and intention to increase mine life beyond
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current 18 months at 5kt of ore per month
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Production Update Que River Mine - the 1st Step

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75km south of Burnie

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Production Update
Que River Mine - the 1st Step
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	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations	Production – high grade & “on track” withpositive tonnage &grade reconciliations
		Tonnes Mined	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
	Mar-08	17,194	0.3	4.1	9.9	131	2.0
	Jun-08	17,069	0.3	8.6	13.2	237	4.6

PQ Pit – reconciliation trends:

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Production Update
Que River Mine - the 1st Step
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Financial Performance – as at the end of May Unit Cost basis Unit April & May 08	Financial Performance – as at the end of May Unit Cost basis Unit April & May 08	Financial Performance – as at the end of May Unit Cost basis Unit April & May 08	Financial Performance – as at the end of May Unit Cost basis Unit April & May 08	Financial Performance – as at the end of May Unit Cost basis Unit April & May 08
	Unit Cost basis	Unit	April & May 08
	Value of ore mined	$/wmt	327
	Total Cost of ore mined	$/wmt	219
	Operating Margin	$/wmt	108
	Margin as a % of Cost	%	49

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Production Update
Que River Mine - the 1st Step
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Pb & Zn Prices from 1 July 2007
Pb & Zn prices from 1 July 2007 to 16 June 2008
4,500
Pb Zn Pb Hedge Price Zn Hedge Price
4,250
4,000
3,750
3,500 Avg. Pb
3,250
Put strike
3,000
2,750
2,500 Avg. Zn
2,250 Put strike
2,000
1,750 “Current”
1,500 Zn & Pb
Prices
•Zn, Pb, Cu, Ag & Au revenue – albeit current low Pb & Zn prices
•Augmented by “in the money Put options” till Nov 2009
•Hedge Book – approx value of A$3M.
2/07/200716/07/200730/07/200713/08/200727/08/200710/09/200724/09/20078/10/200722/10/20075/11/200719/11/20073/12/200717/12/200731/12/200714/01/200828/01/200811/02/200825/02/200810/03/200824/03/20087/04/200821/04/20085/05/200819/05/20082/06/2008
US$/t
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Production Update
Que River Mine - the 1st Step
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PQ – Pit

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•Now one large established open pit •High grade “Decline Pillars” starting to emerge in pit floor •Positive reconciliation trends expected to continue – high grade ore

PQ looking north

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Production Update
Que River Mine - the 1st Step
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Current Pit floor 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

Hellyer Mine Project - the 2nd Step

2nd step- “meaningful” production and cash flow Hellyer Mine Project is:

• 0.75Mt high grade Cu-Pb-Zn-Ag-Au Mineral Resource

• • High grade Cu-Pb-Zn-Ag-Au mineralised zone – Fossey Zone within a large lower grade barite+Au+Ag body

• Well located in terms of:

• Existing underground mine development (Hellyer)

• Power, road access & services

• Two potential processing plants

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Development Update
Hellyer Mine Project - the 2nd Step
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Fossey Zone

Unmined

Hellyer Resource With Mine

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Development Update
Hellyer Mine Project
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Southern end of Hellyer deposit

Plan projection of Fossey Zone

• Recent high grade results

• Current N-S extent defined for 170m and open

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Development Update
Hellyer Mine Project
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HLD957-57m at 9.2% Zn, 4.7% Pb, 94g/t Ag & 2.9 g/t Au HLD958-19m at 8.4% Zn, 3.5% Pb, 82g/t Ag & 3.3 g/t Au

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Development Update
Hellyer Mine Project - the 2nd Step
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Indicative Development Plan:

1. Fossey Mineral Resource - in Sept 08 Qtr 2. Feasibility Study: Stage 1; aim = 250ktpa ore operation

• Fossey & Upper Hellyer Resource - on an 18 month time line to a Decision To Mine

• Includes consideration of: � Early 60-100kt ore trial from Fossey � Conceptually in 9 to 12 months

  • Possibly processed at Hellyer or Rosebery

  • � Potential Benefits

    • Early access to ore zone, continuity and expansion of existing (Que River) mine operations

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Exploration Update
the 3 [rd] step - growth
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Step 3 - demonstrate capacity to expand the Business

• Advanced projects - Farrell, Magnet, Oonah, Mt Charter

• Acquisitions – in Tasmania, Australia and offshore

• Early Stage Exploration ……elephant hunting

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Elephant hunting with a big net BSM’s recent VTEM survey

Magnetic-bird

EM Transmitter loop and receiver

VTEM-Early positive Indications

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Loyetea (Cu-Pb-Zn-Ag-Au) Several VTEM targets near granite contact. Follow up required Wilmot (Cu-Pb-Zn-Ag-Au, Sn, W) VTEM target in early stages of follow-up Waratah (Cu-Pb-Zn-Ag-Au, Sn)

Sn target – associated with Mt Bischoff system.

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Summary
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BSM; from $20M to $100M Market Cap – what does it take? Sound execution of a plan…..

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Step 2: Hellyer Mine project, potential to add
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at Fossey and Hellyer Resources. Staged
development approach possibly utilising local
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processing facilities.
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Developing Mines - Actively exploring for “ Elephants ” www.bassmetals.com.au