GREENWING RESOURCES LTD — Investor Presentation 2009

Apr 29, 2009

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Deliver ng on i Growth

Investor Presentation 30 April 2009

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A synopsis
The 5 Key Points
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1. Positive Cash flow – profitable operations – Self funding.

2. Near term production growth - Hellyer - Fossey - Que Cu - Pb - Zn - Ag -

• 3. World Class, Prospective Ground Position

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position in a highly mineralised VHMS terrain – notable for large scale high
grade deposits. BSM has vigorous ongoing exploration programme, utilising
2
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4. Positive track record - experienced Board and management team

5. Corporate Objective is growth; to create a profitable, mid tier

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=
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Discussion Outline
An Update & Refresher
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Objective – to provide a refresher and update for investors in context of March 2009 Quarterly Report.

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1. Introduction
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2. Financ ai l Position
3. Hellyer Mine Project Feasibility Study
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4. Exploration
5.
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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
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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.
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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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Competent Person
The information within this report that relates to exploration results is based on information compiled by Mr
Michael Rosenstreich and Mr Kim Denwer who are both full time employees of the Company. Mr
Rosenstreich is a
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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
Re ortin of Ex loration Results Mineral Resources and Ore Reserves and the consent to the inclusion of
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this information in the form and context in which it appears in this report.
Technical Detail
This resentation aims to rovide a hi h level summar of various technical as ects of the Com an ’s
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on the Bass Metals’ website, www.bassmetals.com.au .

Introduction Corporate Snapshot

ASX Codes Share rice p 12 month Hi/Lo Mkt Ca p No. of shares Major Shareholders To 20 p Directors

BSM & BSMOA

17 cents (28 April) 26 cents / 7.6 cents

$18M

103.6M

19.9 % Metals Finance Corp (ASX:MFC) 3.2 % Sem ra Metals p 45% of BSM fpo

Don Boyer – Chair Mike Rosenstreich – MD Craig McGown - NED Ton Treasure - NED y

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Introduction
Cor orate Sna shot
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– looking for cash this selling is now finished

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0.2
0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
SAR & INL se lli ng
0.02
complete (mid March)
0
rice $
P
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Introduction
Location – NW Tasmania
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• 1,000km [2] of tenure
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200km

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�Power
� Roads
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�Towns
�Minin Services
g
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Financial Position
Hi h rade Que River Mine
g g
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Que River Production underpins financial strength

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PQ Pit looking south
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Mar Qtr ore sales : 18.8kt at 19% Zn, 10% Pb, 0.3% Cu, 290 g /t A g & 7 g /t Au
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Ongoing strong positive technical performance

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Financial Position
Stron balance sheet & cash
g
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Que River Mine

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•
45% revenue rom go f ld & s il ver, res t f rom n, Z Pb & C u
•50% Operating Margin or $200/tonne ore sold
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Financial Position

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•Audited profit FY2008 of $ 1.8M ( EPS of 1.8 cents)
•
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. . .
•Strong Working Capital position estimate of $12.2M (31 March 2009)
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,
•Current plan maintains minimum monthly closing cash balances greater than
$ 3M after all administration ex loration and Hell er Mill maintenance costs.
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Near Term Growth The Hell y er Mine Pro j ect ( HMP )

HMP – in feasibility study mode • Evaluating mining and processing high grade CuPb-Zn-A & Au resources. g • Planned production rate 300 to 400kt p a. • Products – Zn, Pb & Cu-AgAu concentrates. • Low CapEx opportunity as BSM owns the large modern H e ll yer Mill an d infrastructure on site – purchased for $4M cash + royalty.

Near Term Growth HMP - available infrastructure

• Sealed Roads - commuting . distance to major town

• Rail access to port

• Grid power

• Tailings Dam; 2-3mt capacity • Processing plant & all supporting services • Water treatment plant • Dredge and shore tanks • Office , workshops and concentrate storage facilities • 40 years of met testwork data

Que River 0.71Mt at 5% Zn, 3% Pb, 1.2 BSM 100% owned g/t Au, 83 g/t Hellyer Mill Ag & 0.9% Cu

Mt Charter 380koz (au eq) 6 1Mt 1 2 g/t Au. . , 36 g/t Ag Fossey Zone 0 83Mt at 9% Zn. , 5% Pb, 120 g/t Ag & 2.5 g/t Au

Hellyer Zone 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

Tails Dam c 11Mt at 3%Zn. 3% , Pb, 0.2% Cu, 88 g/t Ag, 2.6 g/t Au

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Near Term growth
Mine Plans
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• Fossey Mine plans and design well advanced

• Geotechnical drilling

• underway

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•
New Fosse mine develo ment – rime ore source with Q ue
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and Hellyer as supplemental feed.
•
Fossey - simple, shallow (<300m) underground mine plan.
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•
Utilise Mancala alliance structure to contribute Hellyer Mine
expertise.
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Near Term Growth Hell er – a ur ose built lant y p p p

• Purpose built and modified in 1980’s for “ – difficult ” Hellyer deposit ore type sophisticated grinding and regrinding circuits.

• In terms of processing response: � Hellyer ore difficult - but 16Mt processed 1987 to 2000

• Fossey ore less difficult (see test

• w o rk r esu lt s)

� Que ore is even less difficult (3Mt tonnes processed at Rosebery & ongo ng i )

• Big Plant - excess capacity (1.5mtpa); regarded as an opportunity - may adopt Campaign milling initially.

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Near Term growth
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Metallurgical testwork progressing well and indicates:
•
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Hellyer plant flow sheet.
•
Coarser grind size than Hellyer (less energy)
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•
Metallurgical performance for Pb & Zn considerably better for
Fossey massive sulphide ore compared with Hellyer:
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		Zinc	Zinc	Lead	Lead
		Conc. Grade	Metal	Conc. Grade	Metal
		%	Recovery %	%	Recovery %
	Hellyer*	50-52	55-70	50-55	45-55
	Fossey**	60	>90	63	>85
• Also plan to produce a precious metal rich copper conc., * Actual production performance. ** Preliminary Locked Cycle testwork
testwork continuing .

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Near Term growth
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•
HMP Definitive Feasibility Study - mid 2009.
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•
HMP approvals/commencement – late 2009
•
Estimate CapEx at c.$10M (decline, Enviro Bond, Mill
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refurbishment and working capital).
•
Concentrate Sales – on current parameters the HMP may
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produce quality saleable Pb & Zn products; already keen
interest. Cu-Ag-Au conc. Needs more testwork.
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•
oncen ra e mar t t e ti / t d t
ng sa es erms may nc u e pro ec j
finance component to support project start-up in a tight
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HMP is a realistic advanced opportunity, with low . start up capital and short lead time

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Near Term growth
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Studies are currently also underway looking at:
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1. Early Start on Fossey decline – could bring production
forward 6 months.
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2 . E ar y start up o l f t h e e H ll yer Mill to process ue Q Ri ver re O
Reserves (not contracted). Technical issue is Au recovery.
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-
. a ngs re- rea men t t t t o pro uce a u n- g
concentrate ( already proven but dependent on metal
-
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concept for met test working ).
4. Toll treatment and urchase of third art ore.
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Hellyer plant is “young” and fully equipped with – sophisticated flotation and grinding circuits gives flexibility in process flow sheets.

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Long Term Growth
Ex loration
p
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Exploration Objective – to feed a 1.5 mtpa Mill

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The West Coast of Tasmania contains giant polymetallic (Cu-Pb-Zn-Ag-Au) VHMS deposits…..Tassie Elephants

NW Tasmania – a world class VMS terrain – “El h C ” ep ant ountry

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t i ll
yp ca y:
•
large tonnage,
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Hellyer

Que River Mine

100km

• Company Makers

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� Que River 3.3Mt (Zn-Pb-Cu-Ag-
Au)
� - Pb - Cu - -
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� Henty (1Moz Au)
� Mt Lyell 150Mt (Cu-Au)
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Hellyer: 16.9Mt at 0.4Cu, 7.2 Pb, 13.8 Zn, 60 Ag, 2.5 Au Fossey: 830kt at 0 3Cu. , .4 6 Pb, 9.1 Zn, 120 Ag, 2.5 Au

Host Horizon

Que River: 3.3 Mt at 0.7 Cu, 7.4 Pb, 13.3 Zn, 195 Ag, 3.3 Au Mt Charter 6.1Mt at 1.2 Au, 36 Ag Hellyer-Mt Charter Geology

control – “ Host Horizon ” But it’s well explored?

No – New 3-D model &

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Long Term Growth
Ex loration
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BSM – focus turning increasingly to VHMS
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.
Excellent potential on the Hellyer mine lease for
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.
•
New 3-D geological model – new Host Horizon areas.
• -
Much historic reliance on surface EM and Downhole EM
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useful but not a definitive technique.
•
Hellyer – Que River – Mt Charter large mineralised zone
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w s rong a t era on, nee a ec t n que or nav ga ng
vectoring within the alteration, currently trialling:
� S p ectral ma pp in g of drill core as a navi g ation tool,
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� Low detection limit geochemical techniques,
� Other technologies e.g. – geophysics, Sub Audio
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Early stage target generation work is ongoing

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Long Term Growth
Ex loration
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•
Mt Read Volcanic Belt – world class, intensely mineralised
VMS terrain
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•
BSM contributes new ideas, new technologies and new
commitment
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•
Amalgamation of above to identify new drill targets
•
Demonstrable success with Fossey mineralisation.
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•
New targets emerging in Hellyer-Que Area
�Switchback
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�Q ue Ri ver sout h l ens target
•
New targets generated and tested regionally – currently
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Exploration success – feeds the mill!

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Investment Proposition
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The “Base Case”

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•
Polymetallic revenue stream - 45% gold & silver
•
No debt and significant “hard” assets; JORC resources
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,
•
Hellyer Mine Project; a high grade polymetallic project
planned to start-up late 2009/early 2010. Low capital
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The “upside”

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–
an intensely mineralised, world class VMS province.
•
BSM alert for project and consolidation opportunities
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with strong balance sheet.
•
Additional potential production with tailings retreatment,
-
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.
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Appendix – Mineral Resources

			Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources	Summary of Classified Mineral Resources
				>5% Combined Pb + Zn Cut Off
	Mineralisation Type	JORC Code Category			Tonnes (000's)	Zn %	Pb %	Cu %	Ag g/t	Au g/t
	Que River 1 Hellyer 2	Measured Measured			72 -	6.0 -	3.0 -	1.4 -	110.3 -	2.1 -
	Fossey 3	Measured			-	-	-	-	-	-
	TOTAL MEASURED				72	6.0	3.0	1.4	110	2.1
	Que River 1 Hellyer 2 Fosse 3	Indicated Indicated Indicated			452 641 410	5.6 6.8 97	2.8 4.0 47	1.2 0.4 04	83 83 140	0.8 1.3 28
	y					.	.	.		.
	TOTAL INDICATED				1,503	7.2	3.8	0.6	99	1.6
	Que River 1 Hellyer 2 Fossey 3	Inferred Inferred Inferred			181 107 420	4.8 8.1 8.5	2.6 4.9 4.5	1.0 0.2 0.3	71 107 99	0.7 1.5 2.2
	TOTAL INFERRED				708	7.5	4.1	0.5	93	1.7
	TOTAL MINERAL RESOURCE				2,283	7.3	3.9	0.6	97	1.6
	Que River 1 Hellyer 2 Fosse 3	Combined Combined Combined			705 748 830	5.5 7.0 91	2.8 4.1 46	1.2 0.4 04	83 86 120	0.9 1.3 25
	y					.	.	.		.
	TOTAL COMBINED				2,283	7.3	3.9	0.6	97	1.6

Full technical details and attributions are available for each Mineral Resource estimate in the following original reports to ASX:

1. Refer report to ASX 10 February 2009 2. Refer report to ASX 30 September 2008

2. Refer report to ASX 26 October 2007

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