GREENWING RESOURCES LTD — Investor Presentation 2010

Jun 14, 2010

14 June 2010

The Manager Companies Company Announcements Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

NEW BROKER RESEARCH & EUROPEAN ROADSHOW

Bass Metals Ltd (ASX code: BSM) ("the Company") is pleased to advise that a copy of a new independent investment research report from Intersuisse is now available on the Company website.

Also please find attached a copy of a presentation being used in a European investor road show currently being undertaken by the Managing Director, Mr. Michael Rosenstreich. It is an updated version of a presentation lodged recently for a series of Australian investor presentations.

Yours sincerely

Susan Hunter Company Secretary

Bass Metals – A Unique Proposition

European Investor Update

June 14 2010.

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 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 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.

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

A unique proposition

Bass Metals - a unique investment proposition….

Significantly undervalued – A\$30M market cap [That's not unique!]

But withwith…..

• 1. High grade – high value base & precious metal resources
• 2. Mines in operation in a historic mining region – NW Tasmania
• 3. Active successful explorer in world class mineral province.
• 4. Sound financial position - Cash \$17.6M* & undrawn \$12M debt facility**

That's unique!

* As at the end of March quarter 2010 ** RMB Resources – documentation in process.

IntroductionTasmania is a Mining State

IntroductionCorporate Snapshot

E h C d c a n g e o e s x	A l i A S X B S M ( h ) G R F ( F / f & B l i ) 2 t t u s r a a : : s a r e s e r m a n y : u r e r n
S h P i a r e r c e	\$ \$ \$ ( ) ) / / A 0 1 8 J 2 2 0 0 1 1 0 0 1 2 h H i L 0 3 0 0 9 7 5 t n e m o n o u -
S N f h o o a r e s	M 1 7 0 5
N O f O i t o p o n s	6 0 M l l i i d d i i t t t t t n n s s e e o p o n s a r o s e e r r m m s s u u v u – ,
S h h l d a r e o e r s	M l F i L d ( A S X M F C ) 1 % 5 t t e a s n a n c e : A N Z N i 6 % o m n e e s G h i d A l i & N Z 8 2 % t e o g r a p c s p r e a : u s r a a E 1 1 % u r o p e a n N h A i 4 % t m e r c a S E A i 3 % s a
i D t r e c o r s	C D B h i M i k R i h M D t o n o e r a r, e o s e n s r e c y – – C G i M N E D & T T N E D r a g c o n o n r e a s r e w y u – –

Hellyer-Que River area – Orebodies & Infrastructure

The Hellyer Mine Project (HMP)

High grade open-pit & underground 5 year mine plan

HMP drives transformational growth

• •UG and open pit operations (Fossey, Hellyer & Que River)
• • I d d ti l t 400kt f Increased pro duction scale to 400ktpa of ore
• •Producing – Zn, Pb and Cu-Ag-Au concentrates
• •Forecast operating surplus A\$15 - \$20M pa
• •Fossey UG Mine is the First Phase of the HMP the

Hellyer Mill - Valuation of A\$25M & replacement value of + A\$100M.

Purchased in March 2009 for A\$4M cash payment & \$2.5/t ore processed up to \$5M.

New Project - HMP Central Processing Plant

• • Bassowns the large scale modern 1 5mtpa Hellyer Plant scale, modern 1.5mtpa
• •A\$4M Refurbishment Programme is 45% complete and on track.
• •90% of maintenance and mill operators have worked at Hellyer before.
• •Planned commissioning - Sept Qtr 2010 Sept. Qtr.

New Project - HMP Phase 1 – Fossey Mine

Fossey Decline portal site in late March 2010

Current status:

• •Decline development in progress.
• •\$16M Capital expenditure (First Stope ore)
• •Fi t d ti First ore production - S t Qt 2010 Sept. Qtr.

Installing electrical cabling. Discussing progress to date.

Jumbo drill rig at the decline face. Decline portal – managing water run-off.

New Project - HMP

	H O P
F i i l O t n a n c a u c o m e s	\$ A M	\$ A / t o r e
G R * r o s s e v e n u e	2 3 8	2 6 8
N S l R t t t e m e e r e u r n	1 2 7	1 9 4
S i O i C t t t e p e r a n g o s s	4 7	8 4
R l i t o y a e s	1 5	1 7
E B I T D A	8 3	9 4
S C i l C t t- t t a r u p a p a o s s	2 1	2 4
O C i i l E d i t t n g o n g a p a p e n r e x u	8	9
E B I T	5 4	6 1
E B I T M i ( ) % a r g n	3 1 %
C 1 C l b b l Z f d i t t t o s p e r p a y a e n a e r c r e s	\$ U S 0. 1 7

Phase 1 - Hellyer Operating Plan key forecast outcomes

•Gross ore value in Oct 2009 (DFS) A\$506/t. Current gross ore value is A\$505/t.*

•Robust Economics – high grade.

•Outstanding C1 Cost – lowest quartile on world cost curve curve.

•DFS prices used USD: Cu 6000/t, Pb 2100/t, Zn 1950/t, Ag 15/oz & Au 1000/oz. FX 0.87

•**Metal prices USD: Cu 6165/t, Pb 1606/t, Zn 1734/t, Ag 18.3/oz & Au 1236/oz. FX 0.82 (9June 2010)

HMP - Phase 2The Hellyer Resources

• •Large scale, realistic remnant resource at Hellyer (16Mt already mined 1986-2000).
• •Close proximity to the Fossey development development-150 metres south 150 south.
• •Further scope to extend Hellyer resources.

HMP - Phase 2The Que River Resources

Current Resources comprise:

PQ– 50kt at 14.0% Zn, 8.0% Pb, 225 g/t Ag & 3.6 g/t Au

Nico – 102kt at 8.5% Zn, 4.9% Pb, 111 g/t Ag & 0.9g/t Au

QR32 - 188kt at 5.5% Zn, 3.3% Pb, 80 g/t Ag & 1.1 g/t Au

Subtot. 340kt at 7.7% Zn, 4.5% Pb, 110 g/t Ag & 1 4. g/t Au

Plus

S lens – 377kt at 2% Cu, 3.4% Zn, 1.3% Pb, 63 g/t Ag & 0.3 g/t Au

Total Resource of 0.72Mt

• •Large scale, realistic, shallow remnant resources-currently being mined.
• •4km from the Hellyer Mill along existing road road.
• •Further scope to extend resources.

Que River Mine –current

High grade open-pit, mining Cu-Pb-Zn-Ag & Au massive sulphide ore.

•

•

Current Status

• • April/May ore sales – 8.4kt at 0.3% Cu, 9.1% Pb, 15.8% Zn, 344 g/t Ag & 4.5 g/t Au.
• • Gross value of ore sold was A\$955/t* value of (April-May)
• • Ore Sales mining activity due to be completed in July 2010.

Recap -

• Bass sells ore to MMG's Rosebery Mill 42km away.
• To date has generated:
• 9Sales revenue of c.A\$50M
• 9At Margins on costs of c.50%

*Metal prices & exchange rates as per slide 14.

Excess capacity in Hellyer Mill Tailings re-treatment project:

• • Tails – 10Mt at 2.5% Zn, 2.8% Pb, 104 g/t Ag & 2.6 g/t Au. (product of former Hellyer Ops. 1986-2000)
• • Aim - to use dredge to reclaim tailings to produce a bulk Pb Pb-Zn concentrate grading ^c 50% Pb+Zn Zn c. with Ag credits.

Growth from existing resources

• •Pre-f ibilit t d i i feasibility stu dy is in progress – Como Engineers & CSA Global.
• • Preliminary results - June 2010.
• • Key issue is sales terms for concentrate product & prices.

Growth from existing resources Excess capacity in Hellyer Mill

Also gold recovery potential

• •1.2 Moz Au & 44 Moz Ag in JORC resources.
• •Refractory – means gold is not easily extracted.
• •+\$10M of gold testwork from 1980-90's.

What has changed in last 10-20 years?

• Technological advances, higher gold price and larger resource base.

Current Status

• • Four potential processes identified by BatteryLimits; a specialist metallurgical consultancy.
• • Concep p gp tual costs and performance data bein g com piled for each by Como Engineers & BatteryLimits.
• •This may lead to more detailed studies and testwork.
• •Preliminary results July 2010.

THE PRIME OBJECTIVE IS TO BUILD SHAREHOLDER VALUERealistic plan – based on current JORC Resources

THE PRIME OBJECTIVE IS TO BUILD SHAREHOLDER VALUERealistic plan – based on current JORC Resources ......and with Exploration success multiple increments in value and success,

Exploration Upside Highly Endowed District

• • Mt Read Volcanic Belt is a world class VMSFossey terrain.
• • Known VMS deposits are all associated with the "Host Horizon".
• • Host Horizon – ancient submarine volcanic trend e.g. black smokers.
• • Bass has dominant tenement position over the Host Horizon
• • Bass' focus is on VMS exploration in Hellyer Que area & Lake Margaret area (new

Modern blacksmoker on ocean floor.

Exploration Upside Highly Endowed District

VMS deposits occur in clusters, and the Hellyer-Que region is an intensely mineralised area with excellent potential to host more ore.

Hellyer Deposit*:

• •World class VMS deposit
• 16 Mt 14% Z 7% Pb 0 4% C 167• Mt -14%Zn, Pb, 0.4% Cu. g/t Ag, 2.6 g/t Au

Fossey Deposit

0 8 Mt 10% Zn 6% Pb 0 4 % Cu• 0.8 Mt - Zn, Pb, 0.4 Cu, 137 g/t Ag & 2.5 g/t Au.

Que River Deposit*:

• 3 3 Mt . – 13% Zn 7% Pb 0 7% Cu Zn, Pb, 0.7% Cu, 195 g/t Ag & 3.3 g/t Au.

Mt Charter

•6 1 Mt . -1 2 g/t Au & 36 g/t Ag 1.2 Au Ag.

*Important Note – Figures refer to historic production and existing resources based on data sourced from Mineral Resources Tasmania website and public reports to provide insight on the scale and polymetallic nature of the deposits

Exploration Upside Committed Explorer

Bass has brought:

• •New "geological eyes"
• •New ideas
• •New exploration technologies

With a strong "attitude" to drill.

Success to date:

• •2.3mt of high grade resources
• •New Fossey discovery
• •Many new valid targets

Record of turning discoveries into ore and ore into cash

Exploration Upside Large Areas-Untested

yer B di d F S t 07 Bass discoveredFossey- Sept 07:

• •150 metres south of Hellyer
• •1st major discovery since Hellyer in 1986
• •Hellyer 16Mt deposit (now mined out).

Excellent Exploration Potential:

• • Large tracts of Host Horizon not effectively tested by drilling ( black dots ).
• •Bass is drilling "full-time".
• • "Technical success" at North Hellyer and S it hb k ith i li ti i t t dSwitchback, with mineralisation intersected.
• • Note the discovery of outcropping Fossey alteration at D-Zone.

D-Zone: +100m mineralised lens discovered in outcrop in +600m soil anomaly, 500m south of Fossey. Drilling underway

Exploration Upside D-Zone Target

Mineralisation discovered at surface – 2 months ago.

• • Fossey style mineralisation in 2 trenches 100m apart.
• Fossey Associated with +600m long soil anomaly
• •At the target Host Horizon position .
• •500m south of Fossey
• • An exciting outcropping target-drilling started 4 June.

Highlights current potential and prospectivity of the Hellyer-Que area

Growth through Exploration Lake Margaret Area

• • New EL between giant Mt Lyell Cu-Au Mine & +1Moz Henty Au Mine.
• • Historic sampling of large glacial boulder of glacial – averaged 5.6% Cu, 0.6 g/t Au and 29 g/t Ag.
• • Target is high grade Cu-Au deposits such as Nth Lyell Mine to the south – 5Mt at 5.4% Cu, 0.5g/t Au & 34g/t Ag*.
• • Bass sampling and mapping confirms widespread mineralised boulders mineralised boulders, similar to Nth Lyell mineralisation.
• • Boulders are not derived from Nth Lyell and are interpreted from ^a local source.

Exciting opportunity to utilise new exploration techniques as applied at Hellyer Hellyer-Que.

* Refers to historic production from MRT database.

A strong track record

Since listing 5 years ago Bass Metals has………

• 1. established the profitable precious & base metals Que River Mine in Tasmania.
• 2. Started its 2nd larger mining and processing operation at Hellyer for production start-up in Q4 2010 up 2010.
• 3. Discovered and defined 2.3Mt of high grade Cu-Pb-Zn-Ag-Au resources and +1.0 Moz gold in resources.
• 4. P rchased the Purchased1 5mtpa modern Hell er 1.5mtpa Hellyerconcentrator plant plant.
• 5. A record of prudent management, a record of profit results and asset growth.

External factors – looking forward

• 1. Metal prices – currently volatile.
• •"Zinc the new iron ore" Credit Suisse
• • Metals oversold – on China fears. China "overheated" and coming back to 8-10% growth rates! Barclays Capital reports "metals sell-off is overdone"4th rates! metals 4 June 2010 ^t
• •A\$ mitigates some price risk and Bass project's are strong even at current prices.
• 2. Equity markets – currently volatile.
• • Fear–is the dominant emotion driving the markets
• • Bass is fully funded for its current developments -but would still prefer a much stronger share price!
• 3. Australia's proposed Resources Super Profits Tax 1 July 2012
• • Yes-an ill considered, "politically inspired" tax, but a long way from being law, with consultations, negotiations and a federal election to be completed.
• • Bass is looking for new acquisitions and will place greater focus than before on offshore g pp rowth opportunities.
• • Minimal impact on Bass' Phase 1 Mine cash flows – which will be available to leverage new growth opportunities.

Hig h-g, p gp rade, low cost production offers the best levera ge to positive and negative market impacts.

In conclusion

A\$30 Million market value compared to.......

• 1. Current cash \$17.6M (31 March 2010)
• 1. Que River, ore sales revenue \$3 to \$5M to come.
• 1. HMP Phase 1 Fossey EBIT (pre 30 June 2011) c. \$50M.

Not forgetting other possible value drivers drivers.......

• 1. HMP Phase 2* potential EBIT c. \$30-\$40M.
• 1. 100% of Hellyer Plant book value of \$25M,
• 1. Other resources e.g. tailings & Mt Charter

Undervalued?

* Speculative estimate based on existing resources, current metal prices, generalised mining scenarios and concentrate sales terms. Full assessment and evaluation work needs to be completed.

Finding , g ,p g ore, mining ore, processing ore. Turning discoveries into cash

Que River Ore Hellyer Ore Fossey Ore

Thank you for your interest

Appendix – Mineral Resources

Combined Polymetallic Massive Sulphide Mineral Resources

De it p os	C C J O R las i f ica ion t s	4 To nn es ( ) m	co p p er %	lea d %	inc z %	i lve s r / t g	l d g o / t g
1 Fo ss ey	In d ica d te	0. 6 9	0. 4	6. 1	1 0. 4	1 4 3	2. 5
	In fe d rre	0. 1 1	0. 3	4. 3	7. 4	1 0 6	2. 1
	T l t a o	0 0 . 8	0 4.	8. 5	9 9.	1 3 7	2 5.
2 He l ly Re ts er mn an	In d ica d te	0. 6 4	0. 4	4. 0	6. 8	8 3	1. 3
	In fe d rre	0. 1 1	0. 2	4. 9	8. 1	1 0 7	1. 5
	To l ta	0. 7 5	0. 3	4. 1	7. 0	8 7	1. 3
Qu 3 R ive e r	Me d as ure	0. 0 8	1. 3	3. 1	6. 0	1 1 9	1. 6
	In d ica d te	0. 4 5	1. 2	2. 8	6 5.	8 5	0. 7
	In fe d rre	0. 1 8	1. 0	2. 6	4. 8	2 7	0. 7
	To l ta	0. 7 2	1. 1	2. 8	5. 4	8 5	0. 8
To l Co b ine d ta m		2. 2 7	0. 6	4. 3	7. 5	1 0 4	1. 6

• •Fossey Resource is as reported to ASX 18th 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

Growth from existing resources Gold Potential

Gold Inventory JORC Compliant Resources –

T o n n e s	A u	A g	Z n	P b	C u	A u	A g
M t	/ t g	/ t g	%	%	%	M o z	M o z
1 1 C ( / ) M h 0 7 A f f t t t t- a r e r g u c u o -
6 1	1. 2 2	5 5 3				0 2 4	7
2 ( / ) F E d d 1. 0 A f f t t- o s s e y x p a n e g u c u o -
5 2	1 9.	6 6	3 3.	5 1.	0 1.	5 0 1.	5
3 H l l T i l i e e r a n g s y
9 5	2 6	1 0 4	2 5	2 8	0 2	0 7 9	3 2
T l G l d R I t t o a o e s o r c e n e n o r u v y
1 8 1	2 0	7 5				1. 2 0	4 4

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) Indicated

3 – Combined Indicated and Inferred JORC Resources (refer report to ASX 23 June 2009.

4 – Rounding errors will occur.

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 Inferred. is largely limits. production schedule as a Mining Inventory.

Ca te g or y	Vo lum e ( 3 ) m	To nn es ( dm ) t	Cu ( % )	b ( P % )	Zn ( % )	Ag ( / ) t g	Au ( / ) t g	De i ty ns
M in ing Inv to en ry	1 6, 0 0 0	6 2, 0 0 0	0. 2	3. 8	6. 2	8 4	1. 9	4. 0
Pr ba b le ( S De ive d ) to o p e r	1 2, 0 0 0 7	2 1, 0 0 0 7	0. 3	1 5.	8. 8	1 2 5	2. 4	4. 2
Pr ba b le ( De De ive d ) o r v.	1 7, 0 0 0	6 9, 0 0 0	0. 3	5. 2	8. 4	1 0 1	1. 9	4. 1
	2 0 4, 0 0 0	8 1, 0 0 0 5	0. 3	0 5.	8. 6	1 2 0	2. 4	4. 2

Mining Inventory and Ore Reserves (as at September 2009)

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 y p py y y p 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.

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 empy p y lo yees of the Com pan y. Mr. Rosenstreich is a Member of The Australasian Institute of Minin g 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