GREENWING RESOURCES LTD — Investor Presentation 2008

Feb 11, 2008

Bass Metals Ltd

Positioned to withstand the shocks….and grow

RIU Explorers Conference Fremantle, WA 12 February 2008

Mike Rosenstreich Managing Director

Disclaimer An important notice

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 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 sell shares in any jurisdiction.

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RIU Explorers Conference Feb2008

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Not Happy!
But not orphans……
High of $0.56 in Nov 08………Now $0.23
ASX:BSM 12 Month Daily Closing Share Price
0.55
0.5
0.45
0.4
0.35
0.3
0.25
0.2
1/2/0722/2/0719/3/07 11/4/07 3/5/0724/5/07 14/6/07 5/7/0726/7/07 16/8/07 6/9/0727/9/0718/10/078/11/0729/11/0720/12/0711/1/08 4/2/08
Price $
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Status review in adverse conditions

Threat

BSM’s Position

Equity Market/value-Gone

Economic climate for metals prices – declining

Investor interest – gone

In production – modest positive cashflow & current strong cash position

High grade mineralisation & insulated by hedge book ( bought options )

Sensational advanced projects with growth potential; being drilled & generating news

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RIU Explorers Conference Feb2008

Discussion Outline

BSM’s Position

Discussion topics

Brief Introduction

In production – modest positive cashflow & current strong cash position

High grade mineralisation & insulated by hedge book ( bought options )

Sensational advanced projects with growth potential; being drilled & generating news.

Que River base metals mine – update on operations

Resources – Zn equivalent grade of 15%* (Zn, Pb, Cu, Ag & Au) - an update

Advanced projects e.g.: 57m at 9.2% Zn, 4.7% Pb, 94 g/t Ag & 2.9g/t Au – an update on Hellyer Mine Project

• Refer ASX Report dated 26 October 2007

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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)
100km –
Henty (Au)
–
Mt Lyell (Cu-Au)
–
Renison (Sn)
–
Mt Bischoff (Sn)
–
Avebury (Ni)
–
Savage River (Fe)
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Base Metals Assets
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
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Gold Assets
Mt Charter -Advanced
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
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RIU Explorers Conference Feb2008

BSM Introduction Corporate Snapshot 65-70% of payable Pb & Zn covered with Puts •Avg. prices to Nov 2009 of: –Zn price of A$3,700 & US$2,250/t –Pb price of A$3,000 & US$2,875/t •FX – c.US22M of revenue is capped at US$0.91. Hedging $6.2M_(as at 31 Dec07)_ Cash 23.2% Intec Ltd (ASX:INL) 6.2% Saracen Mineral Holdings (ASX:SAR) 4.1% Sempra Metals Major Shareholders c. 1,300 Shareholders 103.5M No. of shares $24M Mkt Cap 23 cents Share price BSM & BSMOA ASX Codes

Production Update Que River Mine 75km south of Burnie 4km south of Hellyer deposit 42 km by road from Rosebery

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Production Update
Que River Mine
PQ Pit (Nth & Sth)
S-Lens Pit
ROM Pad
Settlement dam Site Offices
& waste dumps
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Production Update
Que River Mine
PQ 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 years
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RIU Explorers Conference Feb2008

Production Update Que River Mine Operating Summary - December 2007 Quarter Ore Mined: 8,271t at 9%Zn, 6% Pb, 130g/t Ag, 1.5g/t Au & 0.5% Cu Ore Sold: 6270t at 10.5% Zn, 6.6% Pb, 102 g/t Ag, 1.1 g/t Au & 0.4% Cu Costs: Operating cost $123/t ore mined ($129/t PTD basis) Development cost $81/t ($93/t PTD basis) Total costs now moving toward $172/t ore as planned Capital costs $0.4M - on track Revenue: $1.8M or $265/t (estimate)

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Production Update Que River Mine 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 – back on track, and looking positive 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
Mining at PQ Pit &
sampling the ROM stocks
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Production Update
Que River Mine
Material movements, ore
reconciliations and costs –
all on track.
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RIU Explorers Conference Feb2008

Production Update Que River Mine

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
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
750kt 7% Zn, 4.1%Pb, 87 g/t Ag & 1.3 g/t Au
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					Base Metal Resource Update Combined Resource Inventory	Base Metal Resource Update Combined Resource Inventory	Base Metal Resource Update Combined Resource Inventory	Base Metal Resource Update Combined Resource Inventory	Base Metal Resource Update Combined Resource Inventory	Base Metal Resource Update Combined Resource Inventory
					e Metal Mineral Resources as at October 2007 Zn Pb Cu Ag Au % % % g/t g/t
		Summary of Classified Bas			e 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 -		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 RESOU	RCE		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	4,055	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.

• •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.

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Advanced Base Metals Projects
Hellyer Mine Project – growth potential
Fossey Zone
Que River Mining (formerly Southern
Area Barite Zone)
Hellyer Plant Site
Hellyer Deposit trend
(plunging north)
Hellyer Mine Portal
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Southern end of
Hellyer Deposit
Fossey Zone
300m
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Hellyer Mine Project Fossey Zone

Fossey Zone

• •Formerly – Southern Barite Lens

• •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-AgAu mineralisation

• •Drilling in progress to define Mineral Resource

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Plan View
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RIU Explorers Conference Feb2008

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Hellyer Mine Project
Fossey Zone
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
19 metres at 8.4% Zn, 3.5% Pb, 82
g/t Ag & 3.3 g/t Au
14.3m at 4.7% Zn, 3.1% Pb,
190 g/t Ag & 4.4g/t Au
Pink text box, BSM result, others historic intercepts
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Hellyer Mine Project
Fossey Zone
HLD957-57m at 9.2%
Zn, 4.7% Pb, 94g/t Ag &
2.9 g/t Au
HLD958-19m at 8.4% HLD959 - 27m high-
mod grade massive
Zn, 3.5% Pb, 82g/t Ag
sulphide
& 3.3 g/t Au
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RIU Explorers Conference Feb2008

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Hellyer Mine Project
Fossey Zone
HL683:5.3m at 9.4%Zn, 5.4%
PB,166g/t Ag & 2.3g/t Au
HLD960 – Visually low
to mod grade massive
sulphide rock +/-barite
(144.9-154.9m)
HLD960 – Visually high
grade massive sulphide
rock +/-barite (229.05 to
237.95m & 251.65-273m)
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Hellyer Mine Project
Fossey Zone
HLD959
• Intersected 2 mineralised zones
–
27m of high to mod grade base
metal sulphides
–
15m of mod to low grade base
metal sulphides
• 40m down dip of HLD958
intercept
HLD960
• 50m north of previous intercepts
• Further wide high grade base
metal sulphide mineralisation
logged
HLD959 & 960 assays pending
Drilling ongoing
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RIU Explorers Conference Feb2008

In summary

BSM – well positioned to withstand market volatility and increase shareholder value:

• Strong cash position - $6.2M

• Cash flow from production – underpinned with uncommitted hedging,

• Significant resource base comprising base metals & gold

• Attractive exploration targets; high grade, well positioned & with resource growth potential

• Experienced and talented team growing the assets and managing the Company for its shareholders.

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

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