GREENWING RESOURCES LTD — Investor Presentation 2009

Mar 31, 2009

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Báss not Bāss , Metals Ltd

Paydirt Gold Conference April 1, 2009

Báss, as in

The Bass Strait….and the stormy passion to persist and succeed.

Bass….as in the prized trophy fish with unique fighting tenacity

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Not Bāss…..metals

Gold Credentials ‐ 1 . Current silver ore gold producer:

• 13,400 oz of gold production to date

• 635,000 oz of silver production to date

• 2.Current Gold Inventory: • 1 . 3 m illi ld on ounces go

• • 43 million ounces silver

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Discussion Outline 1 . I n t ro d uc ti on – B ass M e t a s l

• 2.Current Production

3.Resource Round‐up ‐ Profile of resources with a gold perspective 4.Production Potential and Ambitions – Hellyer Mine Project & Hellyer Tails 5.Investment Proposition

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Disclaimer & Competent Person

Disclaimer

St a t emen t s con t a ne i d n i thi s ma t er a , par i l ti cu ar y l l th ose regar di ng poss ibl e or assume d u f t ure per ormance, cos f t s, 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 f rom th ose expresse d or mp i li e d y b th ese orwar f d oo l ki ng s t a t emen t s epen d di ng on a var e i t y o f ac f t ors.

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.

Competent Person

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.

Technical Detail

This presentation 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 .

Cor orate Profile p

	ASX Codes	BSM & BSMOA
	Share price	11.5 cents (31 March 2009 close)
	12 month Hi/Lo	26 cents / 8 cents
	No. of Shares	103.5M
	Market Capitalisation	12 M
	h Cas Position	$ ( d f b ll l $ ) 8.8M as at en o Fe 09 – pre He yer sett ement ‐ 3.5M
	Major Shareholders	19.9% Metals Finance Corp. (ASX:MFC) 3.2% Sempra Metals & Commodities Note recent selling: INL formerly 23.3% now 1.1% SAR formerly 6.2% now nil
	Directors	Don Boyer – Chair Mike Rosenstreich MD – Craig McGown – NED Tony Treasure ‐ NED

Recent Highlights

• $4.5M Half‐year interim profit result (FY08 profit of $1.8)

• 65 % Increase in Ore Reserves at the Q ue River Au‐A g ‐Zn‐ Pb‐Cu open cut mining project.

• Settlement on the Hell y er Mill ac q uisition for $4M. (Replacement value well in excess of $100 million).

• Increased high grade polymetallic resource inventory to 2.3Mt with new Fossey discovery and resource estimate.

• • Gold resources totalling over a million ounces at Mt Ch arter, e H ll yer a T ili ngs an d ossey ones F Z

Location: NW Tasmania

• Bass Metals’ Project Areas • 1 000km[2] of tenure ,

• Compact area

• • Supportive overnmenG t

• Excellent infrastructure

• Power

• Roads

• Towns

• Mining Services

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200 km
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World class VMS Terrain

Historic endowment significant gold in a polymetallic i.e. Au, Ag, Cu, Pb & Zn deposits ( With a gold perspective ):

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Hellyer 1.4Moz Au
& 91Moz Ag
Rosebery 2 . 4M oz
Que 0.4Moz Au &
Au & 152Moz Ag
21Moz Ag
Henty 1.1 Moz Au
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Hellyer: 17Mt ‐ 2.5g/t Au & 167 g/t Ag [+ 13.8 % Zn, 7.2 % Pb & 0.4 % Cu] Que: 3.3Mt ‐ 3.3 g/t Au & 195 g/t Ag [+ 13.3% Zn, 7.4% Pb & 0.7% Cu] Roseb 32 Mt ‐ 2 3. u & 148 ery: g/t A g/t A g [+ 14.4 % Zn, 4 % Pb & 0.6 % Cu] . . Henty 2 8 Mt – 12 5 g/t Au These are large Gold rich VMS systems

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Mt Lyell 3 Moz Au
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Warning! – flirting with “Gold Equivalents” is about to commence.

1. References to Gold Equivalent grades (Au(eq)) are based solely on the res ective Au A Zn Pb and Cu rades with no assessment p , g, , g of relative metal recoveries or payability.

2. This is a very simplistic representation for polymetallic ore types an d s re erre i f d to ere pure y or h l f FUN an d nterest. i 3. The Au(eq) grades presented are based on current (30 March 2009 Metal prices:

Gold ‐ US$919/oz, Silver – US$13/oz, Zinc – US$1307/t lead‐US$1,248/t & copper US$3915/t.

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Production ‐ Que River Mine – a simple, gold‐ . silver rich polymetallic massive sulphide ore

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• Production ‐ Que River Mine ’

• Objective ‐ fund the Company s growth activities • Mined & sold 89kt of ore 4.7 g/t Au, 222 g/t Ag, 16% Z 8% Pb . & 0 4% u C n,

• • Gold equivalent grade of 11 g/t

• Contained gold – 13,400 oz

• Contained Silver – 635 000 oz ,

• 40 % of sales revenue is from Gold and Silver

• . 5M interim net for the 6 months to Dec 31 08

• $4 profit Exposure to current strong gold and silver prices

Resource Round‐u : + 1.3 Moz Gold Inventor p y

	Tonnes	Au	Ag	Zn	Pb	Cu	Au	Ag
	Mt	g/t	g/t	%	%	%	Moz	Moz
	Mt Charter1 - (0.7 g/t Au cut-off)
	6 1 .	1 22 .	35 5 .				0 24 .	7
	Fossey Expanded2 - (1.0g/t Au cut-off)
	2.5	1.9	66	3.3	1.5	0.1	0.15	5
	Hellyer Tailings3
	11	2.6	88	2.8	3	0.16	0.92	31
	Total Gold Resource Inventory
	20	2.1	69				1.31	43

1 – Combined Indicated and Inferred JORC Resources (Refer Bass Metals Ltd 2008 Annual Report);

2 – Combined Indicated and Inferred JORC Resources (Refer report to ASX 30 September 2008)

3 – As reported by Intec Ltd 29 April 2008. Note this tonnage is prior to Intec’s tailings retreatment of approximately 2Mt to recover Pb & Zn, though the reprocessed tailings are still available with a gold credit. 4 – Rounding errors will occur.

Mt Charter

240koz Au & 7Moz Ag

Fossey‐BMS only 0.83Mt 9% Zn, 5% Pb, 2.5 g/t Au & 120 g/t Ag

Que River Mine & Resources

0.71Mt 5% Zn, 3% Pb, 0.9% Cu, 1.2 g/t Au & 83 g/t Ag

Hellyer Mill

‐ Fossey Zone expanded 150koz Au & 5Moz Ag

2 Moz Gold (Eq) Plus 2.3Mt of high grade polymetallic massive sulphide resources

Hellyer Mine Resource Trend 0.75Mt 7% Zn, 4% Pb, 1.3 g/t Au & 87 g/t Ag Hellyer aT ils amD 920koz Au & 43Moz Ag

Resource Round‐up: Hellyer Tails Dam

• Comprises finely ground tailings grading 2.5 g/t Au & 88 g/t Ag

• Au is refractory and associated mainly with arsenopyrite

• Testwork underway to examine concept of retreating tails to make a gold rich concentrate plus bulk Zn‐Pb concentrates for sale .

• Dredge on site and most permits in place.

• Potentially a near term start‐up.

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300kw Cutter suction dred g e
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Hellyer tails dam
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Resource Round‐up

Mt Charter Synopsis

• Large scale shallow Au‐Ag

• mineralised system

• Favourable mining geometry

• 50% Cyanide leachable gold

• +90% recovery by flotation

• Met. Testwork to resume.

53m at 2g/t Au & 39 g/t Ag 72m at 1 8 . g/t 80m at 1.6 g/t Au & 73 g/t Ag Au & 61 g/t Ag

Key issue

• Determine upgrade factor to

• gold concentrate

Resource Round‐up The gold is metallurgically difficult – so what’s new?

• A lar g e resource base ( +20Mt ) opens up more processing options

• Availability of large scale floatation p ant gr n l & i di ng capac ty i

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Hellyer Tails Dam Hellyer /Fossey Hellyer Mill

• High gold prices and possible Zn‐ ‐

• Pb co products

• Tails re‐sampling and gold testwork is

• recovery underway

Que River Mt Charter

Hellyer Mill

• 19 March 09 – BSM settlement on the Hellyer Mill purchase; total paid was $4.0M.

• Mill is fundamental to BSM’s core development plan to mine and process high grade polymetallic deposits to make ‐ ‐ separate saleable Zn , Pb and Cu Ag Au concentrates

• Mill creates opportunities to examine retreatment options for the tailings resource‐using proven technologies.

• Mill s ava i il a bl e o o t t ll rea t t thi r d par t y ores

Investment Proposition

The “Base Case”

• Positive cash flow / profitable mining operation

• Polymetallic revenue stream ‐ 40% gold & silver

• No debt and significant “hard” assets; JORC resources and a central, large scale sophisticated processing plant

• Mine a

• Hellyer Project; high grade polymetallic project planned to start‐up late 2009/early 2010. Low capital costs.

The “upside”

• Exploration –a dominant regional tenement position in an intensely mineralised, world class VMS province.

• Large gold & silver inventory

• Near term potential production with tailings retreatment for gold and base metal recovery

In conclusion

Gold‐Silver‐Zinc‐Lead‐Copper Resources = of revenue Polymetallic diversity World Class gold‐rich VMS Terrain P i f ili i f l rocess ng ac t es or ow cost start‐up Not Bāss but Báss Metals

Find out more at www.bassmetals.com.au