GREENWING RESOURCES LTD — Investor Presentation 2009

Nov 4, 2009

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We are Delivering!

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Investor Update November 2009

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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 an d expectat ons an i d , as suc h , nvo ve nown an i l k d un k nown r s i k s an d uncerta nt es. ctua resu ts an i i A l l d
developments may differ materially from those expressed or implied by these forward looking statements
depending on a variety of factors.
N ot hin in t hi s r ese n tat i o n s h ou l d be co n st r ued as e i t h e r a n o ff e r to se ll o r a so li c i tat i o n o f a n o ff e r to o r
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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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Michael Rosenstreich and Mr Kim Denwer who are both full time employees of the Company. Mr
Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a member
of the Australian Institute of Geoscientists. They both, individually have sufficient experience relevant to the
styles of mineralisation and types of deposits under consideration and to the activities currently being
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Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of
this information in the form and context in which it appears in this report.
Technical Detail
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on the Bass Metals’ website, www.bassmetals.com.au .

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Bass - a track record of delivering
“ticking the boxes”
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1.Producer - safe & profitable 2. Exp oral tion success 3. Prudent/opportunistic management 4. . No debt and tight capital structure 5. Positioned for growth-new mine imminent

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A synopsis
Transformational Phase
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1.From – boutique miner & self funding explorer

• 2.To – emerging mid-tier miner

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• -
Positive easF ibility outcome or nf i itial Hellyer eve opmend l t Fossey
•
Significant scale mining & processing at Hellyer; c80ktpa of Zn, Pb
& Cu-Ag concentrates
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3. Underpinned by well funded exploration with a new “tool box” in a World Class m nerai lised terra n –i MRV • Exploring for major deposits

• Opportunities for more Fossey sized discoveries

Growth drivers – to build shareholder value

Introduction Strong track record - growth in a “crisis”

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Introduction Cor orate Sna shot p p Exchange Codes ASX:BSM (fpo) & BSMOA (options) 2ndry German listing also

Share price $0.28 (late Oct09) 12 month Hi/Lo $0.36 /$0.09 Mkt Cap $30M No. of shares 103.6M Major 21.6 % Metals Finance Ltd (ASX:MFC) Shareholders 3.2 % Sempra Metals Top 20 45% of BSM fpo Directors Don Boyer – Chair Mike Rosenstreich – MD Craig McGown – NED Tony Treasure – NED

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Introduction
well serviced, low risk location
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Bass Metals’ Project Areas
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• 530km [2] of tenure
• Com act area
p
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200km

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•Excellent infrastructure
�Power
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�Roads
�Towns
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Existing Operations High grade Que River Mine

Que River

• Simple multi pit mine – 5kt ore/month • - Hi h d l t lli c u- Pb Z n- g gra e, po yme a (C Ag-Au) ore • Positive ore reconciliation; 60% more tonnes at 20% higher grades. • Strong operating margins - +50% (i .e. $100 t o $200/t o ore so f ld) . • 43% of FY09 revenue from gold and silver. • Current mine plan – ore sales until September 2010 at 5ktpm

• New Plan – ore deliveries to BSM’s Hellyer Mill

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New Project
The Hellyer Mine Project (HMP)
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Production within 12 months.

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•
Modern 1.5mtpa flotation plant.
•
Initial Mine Plan: 850kt at 8.6% Zn,
5.0% Pb, 0.3% Cu, 120 g/t Ag & 2.4 g/t
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Au
•
Initial production rate 400ktpa.
•
Products – high quality Pb & Zn
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concentrates plus a Cu-precious metals
Conc.
•
Brown-fields development means–
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lower risk.
•
Enhancements & optimisations to
increase life and reduce costs
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* Refer Appendix slide for details
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HMP – 5 year Mine Plan Concept

Fossey one Z Ore Reserve 0.85Mt at 9% Zn, 5% Pb, 120 g/t Ag & 2.3 g/t Au Years 1 & 2

- Que River resource 0.71Mt at 5% Zn, 3% Pb, 1.2 g/t Au, 83 g/t Ag & 0.9% Cu

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Hellyer & Que Years 3 to 5 + Continued Exploration Success

Hellyer Mill

Hellyer oneZ resource 0.75Mt at 7% Zn, 4%Pb, 87 g/t Ag & 1.3 g/t Au

2.3 Mt of High grade – Zn, Pb, Cu, Ag & Au Within 4km radius of Hellyer Mill

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New Project-HMP
Mine Plans
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•
Fossey - new mine
•
Simple mine plan
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•
Excellent ground
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LHO-stope panels 910m of Decline

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New Project-HMP
Processing
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•
Plan to utilise existing Hellyer circuit to make separate:
�Zinc conc. (total of 105kt);
�
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�Copper-Ag conc. (total of 9kt).
•
Plan to run mill on campai g n basis 4 weeks on-4 weeks off.
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•	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.	Product specifications Units Zn Conc. Pb Conc. Cu-Ag Conc.
		Units	Zn Conc.	Pb Conc.	Cu-Ag Conc.
	Zn	%	53	10	16
	Pb	%	6	59	7
	Ag	g/t	130-160	440-480	3500-4250
	Au	g/t	2.3	2.3	7.0-9.0
	Cu	%	0.6	0.4	15-18
	As	%	0.08	0.35	1.6-1.9
• •	Metallurgy well understood – in house expertise All products are saleable.

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Near Term growth
Fossey DFS – key outcomes
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Financial Outcomes
	A$M	A$/t ore
Gross Revenue	229	269
Net Smelter Return	175	205
Site Operating Costs	86	101
Royalties	14	17
EBITDA	74	87
Start-up Capital Costs	18	21
OngoingCapital Expenditure	8	9
EBIT	48	57
EBIT Margin (%)	28%
KPI – industry comparison
C1 Costper lb payable Zn after credits US$0.33
Note – this is less than US$0.39 reported to ASX21	Oct – because	it included
incentive profit royalty cost Which is not a C1 cost . .

C1 cost estimate - indicates lower 3[rd] of world cost curve

Near Term growth Fossey DFS – key outcomes

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�Sta g e 1 ( Fosse y Mine ) - 40 month life �Cash flow positive after 14 months.

�Stage 1 Payback – 20 months �NPV of $41 million (Rod 8%)

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Near Term Growth
The Hellyer Mine Project (HMP)
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Planned Timetable - Fossey

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•
– .
•
Commence decline development
•
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2
•
Ore production Sept. Qtr 2010
•
First shipments Dec. Qtr 2010
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3
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1. Mill Control room
2. Flotation circuit
1 3. Fossey decline portal site
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Near Term Growth
HMP-Offtake & Financing
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Financing & Offtake discussions are well advanced

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,
a number of trading and smelting groups for the Pb & Zn Concentrates.
� Indicative terms for the Cu-Ag Concentrates.
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.
•
Financing
� Pro j ect fundin g re q uirement is for A$20 to A$25M.
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� Strong interest from a variety of Banks, Smelters and Traders to provide
a component of Project Finance.
•
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� Deliver value-adding outcome for all BSM shareholders
� Achieve a prudent level of project debt either from bank or off-take party.
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� Forge strategic relationship with credible group(s) for finance & offtake
and also new growth opportunities.
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New Project-HMP
Lower costs increase cash flow
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Enhancements

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•
Mine and treat high copper, Que River
ore (S-Lens). Testwork started
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•
R e-s ar t t H e ll t il t t t t
yer a s re rea men pro ec . j
•
Varying cut-off grades to increase ore
throu h ut.
g p
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•
Toll treatment of 3rd Party ores
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Ore mining in PQ Pit, Que River.
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BSM Directors & Management admiring the
dredge
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Exploration Upside
Long-term Growth
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Enormous scope to increase resources

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world class Hellyer orebody.
•
BSM – has dominant & prospective
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.
•
“Hunting” for large scale high-grade
VMS deposits.
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•
Fossey like discoveries also add value
•
Recently upgraded the “Exploration
”
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The West Coast of Tasmania contains - - - - giant polymetallic (Cu Pb Zn Ag Au) VMS deposits……..."Tassie Elephants”

NW Tasmania – a world class VMS terrain – “Elephant Country”

• Hellyer occur in large coherent masses • Polymetallic ; Cu-Pb-Zn-Ag-Au. Que River Mine • Company Makers 100k m

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� Rosebery 32Mt (Zn-Pb-Cu-Ag-Au)
� Henty (1Moz Au)
� Mt Lyell 150Mt (Cu-Au)
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Exploration Upside
Highly Prospective
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Fossey

Hellyer

2007 Fossey discovery is 2.5Mt zone within 150m of the 16Mt Hellyer Mine & 120m from surface…….why?

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work on NW trending targets
•
Invisible to std geophysics
•
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assaying techniques
•
Insufficient drilling
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VMS deposits occur in clusters, and the Hellyer-Que region is an intensely mineralised area with excellent potential to osh t more ore.

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Exploration Upside
What is a VMS Deposit?
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500 million years ago, at the bottom of the sea, near what is today, NW Tasmania .......

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•
Driven by deep volcanic
related heat sources
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•
Fluid interaction with wall rock
creates alteration zones
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•
fluids interact with seawater
due to the sudden change in
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pH and temperature.
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Exploration Upside
What is a VMS Deposit?
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Hence, BSM’s exploration strategy and “upgraded tool box ” Deposits formed at a certain time – active volcanism – therefore occur w ithi n a un que os i H t H or zon. i BSM has improved understanding of the Host Horizon geometry. O re s assoc a e i i t d w ith a lt era ti on – i.e. fluid flow. BSM has new tools to “navigate within” wide alteration zones , toward ore bodies . Hellyer, Que River & Fossey are similar – BUT different too?? The Fossey discovery shows that formerly overlooked ground is highly prospective .

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Exploration Upside
New Tools in a known world-class province
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Upgrading the “Exploration Tool Box”

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• -
–
•
Spectral mapping of drill core with ASD
device - 75,000 m of drill core tested in past 6
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-
,
generating new targets
•
Low detection limit geochemical techniques –
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, .
Technicians undertaking ASD measurements
•
Other technologies e.g. – geophysics, Sub
Audio Magnetics (SAM).
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These are NEW TOOLs in the province to identify and efficiently explore large untested zones of prospective Host Horizon.

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Exploration Upside
Host Horizon-poorly tested
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3-D Geo-model of Host horizon, with drill holes; 0 to 500m depth
C
Amoeba
Zone
NE Trend
Switchback
Que South
SE Mt
Charter
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• Historic focus around Hellyer & Que River

• 3 deposits in ¼ of the “Host” tested to date - how many in ¾ of the remaining untested “Host”?

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Exploration Upside
Current/Near-term Exploration Activity
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•
Recently completed drilling Fossey Extension targets –
zones of alteration were intersected which require follow-
a l so f u r t h e r f o ll o w- o n 9 .2m at 21 % Zn 9 % P b 2 90
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g/t Ag & 3 g/t Au south of Fossey.
•
Currently drilling at Que River – testing geophysical target
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-
prospec ve or new ens pos on sou o ens.
•
Drilling planned for high-priority Switchback target to
follow-u on new 3D Geo-modellin and revious
p g p
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intercepts of :
• 1.4m at 4.5% Zn, 5.3% Pb 35 g/t Ag & 1.4 g/t Au
• 4.9m at 1.6% Zn, 1.2% Pb, 18 g/t Ag & 0.9 g/t Au
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•
Drilling planned for new targets at the largely untested
Amoeba Zone.
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� New tools - aiming the drill rig � Drilling of new targets planned to be ongoing

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Exploration Upside
Project Pipeline
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Mines, major resources and a range of targets from early stage to resource extensions - organic growth.

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In Summary
Bass positioned for transformation
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1.From – boutique miner & self funding explorer

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•
Stable capital structure for the past 2 years i.e. no equity issues to
raise funds.
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2.To – emerging mid-tier miner

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-
•
Positive DFS for Fossey - $50m surplus at low cost US$0.33/lb
(C1 cost/lb payable Zn after credits)
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•
Si ifi l i i & i H ll 80k f Z Pb
gn cant sca e m n ng process ng at e yer; c tpa o n,
& Cu-Ag concentrates
•
Major “ New Tools ” exploration initiative with vast tracts of
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Delivering & building shareholder value

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Investment case
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• Bass Metals Ltd: 1. . A producer with a record of delivering

• 2. Successful & active explorer. 3. Exploring in Elephant country. 4. Owns the infrastructure to add value from new discoveries of all scales.

• 5. Track record of delivery since listing in Oct 2005.

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Thank you for your time and interest
www.bassmetals.com.au
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Appendix – Mineral Resources

Combined Polymetallic Massive Sulphide Mineral Resources

	Deposit	JORC Classification	Tonnes4 (m)	copper %	lead %	zinc %	silver g/t	gold g/t
		Indicated	0.69	0.4	6.1	10.4	143	2.5
	F 1 ossey	I f d n erre	0 11 .	0 3 .	4 3 .	7 4 .	106	2 1 .
		Total	0.80	0.4	5.8	9.9	137	2.5
	Hellyer Remnants2	Indicated	0.64	0.4	4.0	6.8	83	1.3
		Inferred	0.11	0.2	4.9	8.1	107	1.5
		Total	0.75	0.3	4.1	7.0	87	1.3
	_Que River_3	M d easure	0 08 .	1 3 .	3 1 .	6 0 .	119	1 6 .
		Indicated	0.45	1.2	2.8	5.6	85	0.7
		Inferred	0.18	1.0	2.6	4.8	72	0.7
		Total	0.72	1.1	2.8	5.4	85	0.8
	Total Combined		2. 27	0.5	3.0	5.2	76	1.1

• Fossey Resource is as reported to ASX 18[th] August 2009 • Hellyer Remnant Resource is as reported to ASX 26 October 2007. • Que River Resource is as reported to ASX 14 September 2009. • Rounding errors may occur

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Appendix – Ore Reserves

Ore Reserve & Mining Inventory

The resource base underpinning the reserve estimate contains some 8% by mass (60k tonnes), material categorised as Inferred. This material is largely constrained to the periphery of the resource limits. This material has been included in the production schedule as a Mining Inventory.

Mining Inventory and Ore Reserves (as at September 2009)

Category	Volume (m3)	Tonnes (dmt)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)	Density
Mining Inventory	16,000	62,000	0.2	3.8	6.2	84	1.9	4.0
Probable (Stope Derived)	172,000	721,000	0.3	5.1	8.8	125	2.4	4.2
Probable (Dev. Derived)	17,000	69,000	0.3	5.2	8.4	101	1.9	4.1
	2					2	2	2
	04 000 ,	851 000 ,	0 3 .	5 0 .	8 6 .	10	4 .	4 .

Competent Persons Attribution

This Ore Reserve estimate was prepared by Tim Akerman BSc (Hons) MAusIMM, and Adrian Molinia BE (Hons) FAusIMM. Mr Akerman and Molinia are employees of Mancala Pty Ltd. Mr Molinia has 35 years, and Mr Akerman 25 years experience as professionals in the Australian mining industry, mainly involved in the underground extraction of base metal deposits. Specifically, both were directly involved in the feasibility to and the extraction of the Hellyer deposit as employees of Aberfoyle Limited. They also have extensive experience in the estimation of resources and reserves over a wide variety of deposit styles. As such, Mr Akerman and Mr Molinia both meet the requirements as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (AusIMM/AIG/MCA, 2004), to be Competent Persons for the estimation of Hellyer Mine Project Mineral Resources and Ore Reserves .

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.
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Appendix – Competent Persons Statement

Exploration results

The information within this report that relates to exploration results is based on information compiled by Mr Kim Denwer and Mr Mike Rosenstreich who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have 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(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.

Mineral Resources & Ore Reserves

Individual attributions relating to each of the Resource and Reserve estimates can be found within the ASX reports cited with each estimate presented within this report.

Technical Detail

This Report aims to provide a high level summary of various technical aspects of the Company’s projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals ’ website , www.bassmetals.com.au

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