GREENWING RESOURCES LTD — Investor Presentation 2009

Feb 16, 2009

By Mike Rosenstreich Managing Director 17[th] February 2009

Disclaimer & Competent Person An important notice

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 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.

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 .

Discussion Outline

HARD Assets

• Cash

• Positive Cashflow – Que River Mine

• High grade polymetallic Mineral Resources

• • Modern mill & established site infrastructure

• • Proven, experienced Management Group

REALISTIC Plans

• Que River Mine – continue operations

• • Hellyer Project

• 200-300ktpa mining & treatment

• Modest capital - established Mill & site

Introduction Corporate Snapshot

ASX Codes BSM & BSMOA Share price 11 cents 12 month Hi/Lo 32 cents / 7.6 cents Mkt Cap $11M No. of shares 103.5M Cash Major Shareholders 3.3 % Intec Ltd 3.2 % Sempra Metals Directors

103.5M $7.9M (31 January 2009)

19.9 % Metals Finance Corp (ASX:MFC) 3.3 % Intec Ltd 3.2 % Sempra Metals Don Boyer – Chair Mike Rosenstreich – MD Craig McGown - NED Tony Treasure - NED

Introduction Location – NW Tasmania

• Bass Metals’ Project Areas

• 1,000km[2] of tenure

• Compact area

• Supportive local/state

• Government

• Excellent infrastructure

• Power

• Roads

• Towns

• Mining Services

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200km
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NW Tasmania – a world class VMS terrain – “Elephant Country”

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Area includes diverse large scale, high grade VMS style 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)

Hellyer

Que River Mine

100km

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Cash

Cash

Current Cash (31 Jan09)

$7.9M

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Hellyer Deal

($3.5M) ($1.0M) c.$2M to $4M

• Hellyer Mill Purchase

• Hellyer Environmental Bond

For the rest of 2009 estimated closing monthly cash position of: After, exploration, corporate & Hellyer care & maintenance costs.

(subject to OZL ore sales and payments proceeding as planned & metal prices at current levels)

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Profitable Mine

Que River Mine – a simple, high grade open-pit, mining Cu-Pb-Zn-Ag & Au massive sulphide ore.

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Profitable Mine Outlook is positive subject to external factors Production Comparison – Mined vs. Predicted

		Tonnes kt	Zn (%)	Pb (%)	Ag (g/t)	Au (g/t)	Cu (%)
	Project to 31 Dec 2008
	Predicted (OBM*)	45	12	6	133	2.7	0.4
	Ore Mined	81	15	8	214	4.3	0.4
	Variance to OBM	81%	24%	45%	60%	62%	-8%

(OBM=Ore Body Model used for the original budget; *Tonnes are wet metric tonnes (wmt)) To date, Que River Mine has produced more tonnes of ore at higher grades.

Profitable mine performance underpinned by successful alliance with Mancala Mining; note ZERO – LTI’s to date

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PQ Pit looking north (Dec 2009)

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Profitable Mine
net realisable value (NRV) – at 31 Jan 09
Ongoing positive cash flow – currently 25% revenue - Gold
NRV Unit FY-08 FY-09 PTD
Avg. Value of ore sold $/t 243 354 298
Operating Cost $/t 210 189 199
Margin $/t 33 165 99
Margin as % of Costs % 98 83 69,169
Tonnes Mined Kt 43.8 43.2 87
NRV : compares net realisable value of all ore mined (sold & stockpiles) and all
project expenditure as it is incurred, i.e. no deferral of early, higher
stripping ratios.
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Profitable Mine Ore Reserve growth

Classification Tonnes Zn Pb Ag Au Cu kt (%) (%) (g/t) (g/t) (%) As at June 30 2007

Proved & Probable 115 8.3 4.0 105 2.1 0.7 As at June 30 2008

Proved & Probable 78.4 9.0 4.6 121 2.6 0.8 As at Dec 31 2008 – 65% INCREASE FROM PREVIOUS

Proven & Probable 129 9.3 4.9 122 2.6 0.6 AFTER TOTAL PRODUCTION to 31 December 2008 OF: 81 15 8 214 4.3 0.4

Modest tonnages, but replenishing and high grade…..

Profitable Mine New drill results adjacent to PQ Pit Further Reserve increments, close to PQ Pit looks encouraging.

Exploration Target 40-60kt

Current pit floor Planned pit floor 18.3m at 12%Zn, 6% Pb, 190 g/t Ag & 2.5 g/t Au 4.7m at 7%Zn, 5.9m at 18% Zn, 1.3m at 28%Zn, 4% Pb, 80 g/t 10% Pb, 421 g/t 11% Pb, 443 g/t Ag & 1g/t Au Ag & 5.4 g/t Au Ag & 5.2 g/t Au

Profitable Mine Outlook is positive subject to external factors

Positive cash flow from Que River -

• Strong margins from high grades

• Sound technical performance

• Solid outlook for further increments

• Currently focus mining PQ and QR32 pits to June09

• meanwhile assessing S-Lens reserves and potential PQ extensions.

Operational Issues – key risks

• A$ metal prices and operating costs

• Continued payments & ore sales to Rosebery operations.

Que River – funding the feasibility study of larger scale Hellyer project.

Resources

Mt Charter 380koz (au eq) 6.1Mt 1.2 g/t Au, 36 g/t Ag

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

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

Fossey Zone 0.83Mt at 9% Zn, 5% Pb, 120 g/t Ag & 2.5 g/t Au

2.3 Mt of High grade – Zn, Pb, Cu, Ag & Au 9Mt of tailings 6Mt of Au+Ag Within 4km radius of Hellyer Mill

Tails Dam c.9Mt at 3%Zn, 3% Pb, 0.2% Cu, 88 g/t Ag, 2.6 g/t Au

Hellyer Mill

Hellyer Mill A strategic asset Sealed Highway

Tailings Dam

Rail Link

Hellyer Resource Fossey Resource Grid Power Lines

Que River Mine

0km

Hellyer Plant Site Hellyer Mine Portal (plugged) Haul road

3km

Hellyer Mill Removes reliance on 3[rd] Party Ore Sales

Assets

• Modern, well maintained 1.5mtpa flotation concentrator.

• Permitted tailings dam and & complete supporting infrastructure.

• Purchase Terms

• Price is $4.0M ($0.5 refundable deposit already paid)

• $2.50 per tonne Processing Royalty (Capped at $5M)

• Replace Environmental Bond - $0.9m.

• Deal is binding but conditional – on BSM shareholder approval and BSM Due Diligence.

• • Settlement planned late February/early March.

Hellyer Mill Modern, large scale & complete

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Proven Management

Multi-disciplined, experienced team

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This team is not wasting this crisis. Management is able to focus on growth whilst many peers are forced to focus on survival

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Realistic Plans

Realistic Plans Low risk. Low cost.

Hellyer Feasibility Study base case:

• 2.3Mt of high grade, polymetallic Cu-Pb-Zn-Ag-Au Mineral Resource.

• Well located in terms of:

• Existing underground mine development (Hellyer)

• Power, road access & services

• Purpose built processing plant

• Low Capital – current estimate $7 to $10M.

• • A potential 250kt to 350kt of high grade ore production per year mine development.

• • c.40ktpa of Zn, Pb & Cu concentrate production for 5 to 7 years.

Realistic Plans Simple shallow mine layout proposed

Massive sulphide Fossey Mine Plan resource Ventilation shafts Level access Decline access Haulage shaft

Realistic Plans Processing & Hellyer Mill

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• Purpose built 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 (met test

• work improved recoveries)

• � Que ore is even less difficult (3Mt tonnes processed at Rosebery & ongoing)

• Big Plant - excess capacity (1.5mtpa).

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Realistic Plans Time Lines

Mine Study – Base Case: 1. Completion of Feasibility Study: May - June09. 2. Mid 2009 seek project financing. 3. Final development approvals – late 2009. 4. Project commencement late 2009. 5. Concentrate production mid 2010. Fast Track Opportunities 1. Early commencement of decline. 2. Early re-start of Hellyer Mill to treat Que River ore [subject to EPA approvals and existing OZL Ore Sales Contract]

In Conclusion Hard Assets. Realistic Plans

The Strategy – in a capital constrained world….. Step 1: Consolidate Que River – positive cash flow. Plan to utilise cash to develop larger scale Hellyer mining project. Step 2: Increase cash flow - build assets Quality resources, Treatment plant, supporting infrastructure, management – all the pieces are falling into place. Production target – early-mid 2010 ( when the “experts” predict increase in Zn & Pb prices ). Step 3: Growth - long-term shareholder value “Buyers market” – many corporate and project opportunities.

Processing