GREENWING RESOURCES LTD — Investor Presentation 2008

Mar 9, 2008

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ABN 31 109 933 995
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10 March 2008

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

Dear Sir

Que River Mine & Hellyer Mine Project; Update Presentation

The presentation attached herein is intended to provide an update on the Company’s advanced base metal assets, specifically the Que River mine and drilling at the Fossey Zone, part of the Hellyer Mine Project. Recent further high grade drill results at Fossey Zone are covered in a separate ASX release.

Key updates with respect to the Que River Mine include:

1. Ore production on track:

• Total ore mined to the end of February – 24,165 tonnes.

• PQ Pit – Positive ore reconciliation (trend to 31 Jan 08).

  • Actual Mined Ore: 4,976t at 11.7 % Zn, 7.8 % Pb, 123 g/t Ag & 2.33 g/t Au. Predicted Ore : 2,106t at 17 % Zn, 8.2 % Pb, 75 g/t Ag & 2.1 g/t Au.

• S-Lens Pit – Positive ore reconciliation (trend to 31 Jan 08). Actual Mined Ore: 10,491t at 7.3 % Zn, 2.7 % Pb, 35 g/t Ag & 0.6 g/t Au Predicted Ore: 7,552t at 7.8 % Zn, 2.5 % Pb, 38 g/t Ag & 0.6 g/t Au

• Ore Sold to the end of February 2008:

• 15,938dmt at 11 % Zn, 6 % Pb, 103 g/t Ag, 2.0 g/t Au & 0.4 % Cu.

• Revenue estimate as at the end of February 2008:

• $4.26M or $267/t.

• Operating Costs : (up to 31 January 2008):

• Total operating cost*$197/t ore sold

• Total operating cost $110/t ore mined

• *after adjustments for depreciation, amortisation and capitalisation

• Cash operating costs $339/t ore sold

• Cash operating costs $189/t ore mined

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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Costs – are on track and reflect, the large ore inventory position of c.7,000t in stocks ( i.e. the difference in unit costs between tonnes sold and tonnes mined ) and the early high waste stripping costs ( i.e. the difference between the Total Operating costs and the Cash costs ).

I look forward to providing further updates on the Company’s mining, development and exploration activities.

Yours Sincerely

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Mike Rosenstreich Managing Director

Attachment: Presentation – Base Metals Update

The information within this report that relates to exploration results is based on information compiled by Mr 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 Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

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

Bass Metals Ltd

Base Metals Update Que River and the Hellyer Mine Project

10 March 2008 Mike Rosenstreich Managing Director

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Disclaimer
An important notice
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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

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other trend projections are, or may be, forward-looking statements. Such
statements relate to future events and expectations and, as such, involve
known and unknown risks and uncertainties. Actual results and developments
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may differ materially from those expressed or implied by these forward looking
statements depending on a variety of factors.
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solicitation of an offer to buy or sell shares in any jurisdiction.
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NW Tasmania - an intensely mineralised geological terrain – “Elephant Country” 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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Key Base Metals Assets

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

Hellyer –advanced Project • 750kt at 15% Zn Eq. • 57m at 14% Zn Eq.

Que River - Mine

•120kt mine plan-underway •740kt Mineral Resource

Farrell –Advanced project Historic Production – 700kt at 13% Pb, 14 oz./t Ag [2% Zn]

Oonah – historic Pb-Ag-Zn-Sn 824g/t Ag, 15.4% Zn & 15.3% Pb – insitu chip samples

Production Update Que River Mine

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75km south of Burnie 4km south of Hellyer deposit 42 km by road from Rosebery

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Production Update
Que River Mine
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PQ Pit (Nth & Sth)

S-Lens Pit

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ROM Pad

Settlement dam & waste dumps

Site Offices

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Production Update
Que River Mine
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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

• This is Stage 1 of a possible 4 stage mining plan spanning 3 to 5 years

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Production Update
Que River Mine
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Operating Summary – Project to Date (29 Feb 08)

Ore Mined: 24,165t

Ore Sold: 15,938dmt at 11% Zn, 6% Pb, 103 g/t Ag, 2.0 g/t Au & 0.4% Cu

Costs: (up to 31 January 2008) Total operating cost*$197/t ore sold Total operating cost $110/t ore mined

• after adjustments for depreciation, amortisation and capitalisation

Cash operating costs $339/t ore sold Cash operating costs $189/t ore mined Highlights:

• large inventory position – c.7,000t in stocks

• early high waste stripping costs

Capital costs $0.42M - on track

Revenue: $4.26M or $267/t (estimate subject to QP)

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Production Update
Que River Mine
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Early Mining Reconciliation Trends – as at 31 January 2008 PQ Pit – Positive reconciliation Actual Mined: 4,976t at 11.7% Zn, 7.8% Pb, 123 g/t Ag & 2.33 g/t Au Predicted: 2,106t at 17% Zn, 8.2% Pb, 75 g/t Ag & 2.1 g/t Au Deliberate strategy to mine more tonnes, whilst maintaining strong grades

S-Lens Pit – Positive reconciliation Actual Mined: 10,491 at 7.3% Zn, 2.7% Pb, 35 g/t Ag & 0.6 g/t Au Predicted: 7,552t at 7.8% Zn, 2.5% Pb, 38 g/t Ag & 0.6 g/t Au

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Production Update
Que River Mine
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Mining at PQ Pit & sampling the ROM stocks

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Production Update
Que River Mine
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Material movements, ore reconciliations and costs – all on track.

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Production Update
Que River Mine
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Key Risks

Metal Revenues – negative impact on cash flow

• Bearish market view on short-medium term Zn & Pb prices – off set by hedge position

• 2008 ore sales terms with Zinifex are vulnerable to global smelter charges which have or are anticipated to increase.

• Key Opportunities

• Positive ore reconciliations – higher profitability by recovering more metal

• Feasibility on possible mine stages 2 to 4 assessing the viability of the remaining 620kt Mineral Resource - increasing the mine life

• Operating improvements to focus on cost reductions – improving margins

• Numerous local exploration targets – increase resource base & mine life

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Base Metal Resource Update
Que River Resources
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736kt at 5.7% Zn, 2.9% Pb, 1.1% Cu, 84 g/t Au & 0.9 g/t Au

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

Refer BSM 2007 Annual Report for full details.

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Base Metal Resource Update
Hellyer Resources
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750kt 7% Zn, 4.1%Pb, 87 g/t Ag & 1.3 g/t Au

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Fossey Zone (unmined)

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Base Metal Resource Update
Combined Resource Inventory
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		Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007	Summary of Classified Base Metal Mineral Resources as at October 2007
	Mineralisation Type		JORC Code Category	Tonnes (000's)	Zn %	Pb %	Cu %	Ag g/t	Au g/t
	Que River Hellyer		Measured 56 Measured -	56	2.1 -	0.7 -	1.7 -	69.4 -	0.3 -
	TOTAL MEASURED			56	2.1	0.7	1.7	69.4	0.3
	Que River		Indicated	486	6.2	3.1	1.1	87.1	1.0
	Hellyer		Indicated	641	6.8	4.0	0.4	83.0	1.3
	TOTAL INDICATED			1,127	6.6	3.6	0.7	84.8	1.2
	Que River Hellyer		Inferred Inferred	194 107	5.3 8.1	2.9 4.9	0.9 0.2	79 107	0.9 1.5
	TOTAL INFERRED			301	6.3	3.6	0.7	88.7	1.1
	TOTAL MINERAL RESOURCE			1,484	6.3	3.5	0.7	85.0	1.1
					Zn	Pb	Cu	Ag	Au
					kt	kt	kt	koz	koz
	Contained Metals				94	52	11	4055	54
								,

• •Contained metal value of c. US$560 million (current metal prices*)

•4km apart and close to several processing plants.

Zn - US$2,400/t, Pb –US$2,700/t, Cu – US$7,500/t, Ag – US$16/oz & Au – US$900/oz. For Mineral Resource details refer ASX Release (c 25 Oct 07) for full details.

Advanced Base Metals Projects Hellyer Mine Project – growth potential

Que River Mining Area

Fossey Zone (formerly Southern Barite Zone)

Hellyer Plant Site

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Hellyer Deposit trend (plunging north)

Hellyer Mine Portal

Southern end of Hellyer Deposit

Fossey Zone

Fossey Zone

• •Formerly – Southern Barite Lens

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300m

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• •Immediately south of the Hellyer Deposit

• •Unmined zone of barite alteration with massive base metal sulphide mineralisation

• •New BSM geological interpretation highlighted potential for steeply dipping thick high grade Zn-Pb-Ag-Au mineralisation

• •Drilling in progress to define Mineral Resource

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Hellyer Mine Project
Fossey Zone
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Clearly not flat!

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HLD957-57m at 9.2% Zn, 4.7% Pb, 94g/t Ag & 2.9 g/t Au

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HLD958-19m at 8.4% Zn, 3.5% Pb, 82g/t Ag & 3.3 g/t Au

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HLD959 – 19m at 7.2% Zn, 3.5% Pb, 65 g/t Ag & 2.1 g/t Au

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Hellyer Mine Project
Fossey Zone
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…and 50m to the north

HLD960 – 10m at 3.0 g/t Au, 53 g/t Ag, 2.6% Zn,0.7% Cu.

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HLD960 – 6.7 at 15.1% Zn, 5% Pb, 203 g/t Ag, 2.9 g/t Au & o.6% Cu.

HLD960 – 21.4m at 17.3% Zn, 8.3% Pb, 231 g/t Ag, 3.4g/t Au, 0.7% Cu

HLD961 – Visually low to high grade massive & disseminated sulphide - (272-288m)

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In summary

BSM – well positioned to withstand market volatility and increase shareholder value –focus on base metal production profile.

• Strong cash position - $6.2M (as at end of Dec 07)

• Cash flow from production – underpinned with uncommitted hedging

• Significant resource base comprising base metals & gold

• Medium term focus to grow and develop existing 1.5mt base metal resource; drilling, metallurgical and processing options studies underway.

• Looking for options to fast track Fossey Zone

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

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