GREENWING RESOURCES LTD — Investor Presentation 2010

May 13, 2010

ABN 31 109 933 995

13 May 2010

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

Dear Sir

PRESENTATION - TASMANIAN MINERALS COUNCIL FORUM

Bass Metals Ltd (ASX code: BSM) is pleased to provide a copy of a presentation providing an operational update to the Tasmanian Mineral Conference in Launceston organised by the Tasmanian Minerals Council and Mineral Resources Tasmania.

Yours sincerely

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Susan Hunter Company Secretary

16 Thelma Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 9322 8044 Facsimile (08) 9481 2846 www.bassmetals.com.au

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Powerin U g p Tasmanian Minerals Council Forum Thursday 13 May, 2010. Launceston, Tasmania.

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 . 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

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5 Heavy Metal Hits

Bass Metals:

1. A profitable precious & base metals producer from Que River Mine, Tasmania.

2. Developing a larger mining and processing operation for production in Q4 2010.

3. A successful explorer – with significant high grade polymetallic resources and +1.0 Moz gold in resources on highly prospective tenements.

4. Owns 1.5mtpa fully complete, modern Hellyer concentrator plant.

5. Financially sound; record of profit results & current strong cash position of $18M

• High grade, polymetallic deposits - Growth drivers – to build shareholder value

• Value is calculated on total metal content based on average January 2010 metal prices and exchange rate

Introduction Location Plan – current operations

• Bass Metals’ Project Areas

• +300km[2] of tenure

• Com act area p

• Supportive local/state

• Government

• Enthusiastic, ex p erienced and skilled labour.

• Excellent infrastructure

• Power

• R oa d s

• Towns

• Mining Services

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Hellyer-Que River area – Orebodies & Infrastructure

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Sealed Road access
Rail Link
Hellyer Tails Resource
Hellyer Resource
1 . Mill
5mtpa Hellyer
Fossey Mine
(Active)
Reticulated grid power
Mt Charter Resource
Que River Mine
( Active )
1km
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Blast from the past

• Bass formed July 2004 (called RFI Limited)

• March 2005 – purchased Hellyer – Que River leases (zero Resource base)

• October 2005 Floated on ASX

• S eptember 2007 started mining at ue River Q

• October 2007 Fossey discovery

• December 2008 Purchased Hellyer Mill & all site infrastructure for $4M upfront .cash p a y ment

• November 2009 – DFS Fossey completed

• January 2010 started HMP – 5 year mining project

Current status

• Mkt Cap of $34 million ($0.20/share)

• 170 million shares on issue & 6 million unlisted options

• Cash $17.6 million

• 11% shares held in Europe – Frankfurt listing

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TALK OUTLINE FOLLOWS A STAGED PLAN TO BUILD SHAREHOLDER VALUE

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

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

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

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

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

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

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Que River Mine initial growth platform for Bass

Recap

• Bass sells ore to MinMetals Rosebery Mill 42km away.

• Generated:

• �Sales revenue of c.A$50M

• �At Margins on costs of c.50%

• Funded Bass through the GFC i.e. for past 2 years including the purchase of the 1.5mtpa Hellyer Mill.

Current status -

• March 2010 Quarter – operating surplus $1.8M; despite production problems.

• April 2010 – gross value of ore sold was $978/t

• Forecasting improved operating conditions and financial outcomes for June quarter.

• Ore Sales phase of Que River Mine due to be completed in July 2010.

• Underground and open pit potential to supply Hellyer Mill

Financial, Operational and Sustainability platform to develop the next bigger operation.

Que River Mine PQ Pit

PQ Nth Cutback looking south. Back filling pit at south end.

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Hellyer Mine Project : Major growth phase A new growth platform - onto “main bill”

HMP i 5 i l s a year m ne p an

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New Project The Hellyer Mine Project (HMP)

Development started – Production Q4 of 2010

• 2.3Mt of high grade Cu-Pb-Zn-Ag & Au resources-supporting a 5year mine concept.

• Modern 1 . 5mtpa flotation plant . – utilise 400ktpa (base case)

• Initial Mine Plan for 1[st] 2.5 years: 885kt at 8.6% Zn, 5.0% Pb, 0.3% Cu, 120 g/t Ag & 2.4 g/t Au*

• •Years 3 to 5 from Que River & Hellyer resources.

• •Products – high quality Pb & Zn concentrates plus a Cu-precious metals Conc.

•Brown-fields development means – lower risk..

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• Refer Appendix for details and attribution

Fossey Decline Portal site

- HMP Location Plan

0.9km Decline trace c . 208m Decline advance to date

Que River -resource

0.71Mt at 5% Zn, 3% Pb, 1.2 g/t Au, 83 g /t A g & 0 . 9% C u Fossey Zone - Ore Reserve 0 . 85M t at 9% Z n, 5% Pb , 120 g/t Ag & 2.3 g/t Au

Hellyer Mill

Hellyer Portal & Decline (Plugged)

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

New Project - HMP Mine Plans Fossey Decline portal site in late March 2010

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Installing ground support for Decline portal
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Current status:

• .

• Approx 208 metres down decline (11[th] May)

• Mancala – undertaking mining on an Alliance contract basis

• $16M Capital expenditure (First Stope ore)

• First ore production - Sept. Qtr. 2010

New Project - HMP Fossey Decline

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• Experienced , mainly local labour force.

• Excellent local service & supply back-up.

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Hellyer Mill – purpose built for Fossey ore

New Project - HMP Processing

• Refurbishment has started-on track.

• MES – carrying our refurbishment

• A$4M Capital expenditure

• Nearly all maintenance and mill operators have worked at Hellyer before.

• Planned commissioning - Sept . Qtr . 2010

• Fossey Zn & Pb concentrates will be sold to Nyrstar – Risdon/Pt Pirie .

• Marketing Cu concentrates is in progress.

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SAG Mill

Reagent mixing area

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Flot Circuit

Control Room

New Project - HMP Im roved outcomes with o timisation of DFS into Hell er O eratin Plan p p y p g

		HOP	HOP	DFS	DFS
	Financial Outcomes	A$M	A$/t ore	A$M	A$/t ore
	Gross Revenue	238	268	229	269
	Net Smelter Return	172	194	175	205
	Site Operating Costs	74	84	86	101
	Royalties	15	17	14	17
	EBITDA	83	94	74	87
	Start-up Capital Costs	21	24	18	21
	Ongoing Capital Expenditure	8	9	8	9
	EBIT	54	61	48	57
	EBIT Margin (%)	31%		28%
	C1 Cost per lb payable Zn after credits	US$0.17		US$0.33

Lower Risk - Robust economics

•Reduced risk – allocated more time and hence more capital

•Reduced operating costs, improved revenue, strong margins

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

Hellyer Tails & Gold Recovery Potential to increase production and extend project life

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Growth from existing resources 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.

• Aim - to use dredge to reclaim tailings to produce a

• bulk Pb-Zn concentrate grading c. 50% Pb+Zn with Ag credits

• PFS is underway with Como Engineers and CSA Global.

In Progress:

• New resource model suitable for scheduling.

• Dredging costs & scheduling.

• Mechanical modifications to Hellyer Mill to allow ' s.

• swings between tails and hard rock feedstock

• Concentrate marketing.

• Preliminary results late May 2010.

Bass ’ dredge on Hellyer Tails Dam doing rehab. In Jan 2010

Growth from existing resources Gold Potential

Existing large gold rich Mineral Resources

• 1.2 Moz Au & 44 Moz Ag in JORC resources.

• E xce ll en po en t t ti a l t o expan d resource ase. b

• Refractory – gold not easily extracted.

Gold opportunity must be evaluated

• • $10M of testwork and studies from 1980-90s

• Technological advances since that time?

• Hi h ld i ? g er go pr ce

• Larger resource base than just tailings to gain a financial return on capital?

• Existing processing facilities and operational footprint?

Current Status

• Specialist metallurgical consultants, BatteryLimits identified four potential rocess routes for further evaluation.

• p

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Exploration Success Huge upside potential for investors – especially in the shadow of a Mill

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Elephant Country
Fossey Mine
Hellyer
•
World class mineral
Resource
Mt Charter province
Resource •
Increasing focus on
Que River Mine Hellyer- Mt Charter
Corridor.
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Growth through Exploration Bass is an active, effective explorer

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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 n, 7% Pb , . 0 4% C u. 167 g/t Ag, 2.6 g/t Au

Fossey Deposit

• 0 . 8 Mt - 10% Zn , 6% 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 , 195 g/t Ag & 3.3 g/t Au.

Mt Charter

• 6 . 1 Mt 1 . 2 g/t Au & 36 g/t Ag .

We know what we are looking for! High grade Cu-Pb-Zn-Ag-Au Deposits Fossey Ore

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Que River Ore

Hellyer Ore

Exploration Upside Large Areas-Untested

Ore occurs within the :”Host Horizon”

• Historic drilling focused by specific geophysical methods and NE “trend”

• Clearly vast tracts of Host Horizon that are not tested by any drilling.

• Detailed spectral sampling.-new technique

• Detailed low level multi-element geochem – new technolo .. gy

• Flown close spaced VTEM

• Generating and drilling targets.

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Exploration Upside Large Areas-Untested

Recent exploration results Nth Hellyer : 0.6m high-grade drill intercept Drilling in progress

D-Zone: +100m mineralised lens discovered in outcrop in +600m soil anomaly Drilling planned

Switchback: 2.4m high-grade drill intercept Drilling n progress i

Currently 2 diamond core drill rigs on leases.

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In Summary

Bass Metals

1. Is a producer, expanding a robust production profile in Tasmania.

2. Is a successful & active explorer.

3. Is exploring in Elephant country – for high grade, polymetallic VMS deposits.

4. 4 . Owns the infrastructure to add value from new discoveries of all scales .

5. Has a track record of delivery since listing in Oct 2005.

And is poised for major growth phase

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Powerin On - thank ou for listenin ! g y g

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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
	Fossey1	Indicated	0.69	0.4	6.1	10.4	143	2.5
		Inferred	0.11	0.3	4.3	7.4	106	2.1
		T t l o a	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
		Measured	0.08	1.3	3.1	6.0	119	1.6
	Que River3
		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	0.6	4.3	7.5	104	1.6

• 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

Growth from existing resources Gold Potential

– Gold Inventory JORC Compliant Resources

	Tonnes	Au	Ag	Zn	Pb	Cu	Au	Ag
	Mt	g/t	g/t	%	%	%	Moz	Moz
	1 Mt Charter - (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 1 . 5	5
	Hellyer Tailings3
	9.5	2.6	104	2.5	2.8	0.2	0.79	32
	Total Gold Resource Inventory
	18.1	2.0	75				1.20	44

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

• 4 – Rounding errors will 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
		204,000	851,000	0.3	5.0	8.6	120	2.4	4.2

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 feasibilit y to and the extraction of the Hell y er de p osit as em p lo y ees of Aberfo y le Limited. The y also have extensive ex p erience 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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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 em p lo y ees of the Com p an 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

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