GREENWING RESOURCES LTD — Investor Presentation 2010

Feb 22, 2010

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Increasing the tempo & raising the volume!

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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Bass Metals – Big Hits

• Ore Sold from Que River ore to date – grade : 16% Zn, 9% Pb, 0.4% Cu, 226 g/t Ag & 4.6 g/t Au.

• Equivalent to A$1,015/t*

• Fossey Discovery Drill Hit - grade; 9% Zn, 5% Pb, 0.3% Cu, 94 g/t Ag & 2.4 g/t Au.

• Equivalent to A$564/t

• Ore Reserve grade at Fossey – 9% Zn, 5% Pb, 0.3% Cu, 120 g/t Ag & 2.4 g/t Au.

• Equivalent to A$552/t

• New Target –Switchback Intercept : 2.4 metres at 25 % Zn, 9 % Pb, 192 g/t Ag & 4.9 g/t Au

• Equivalent to A$1 , 203/t

• New Target –North Hellyer intercept : 0.6 metres at 14% Zn, 9% Pb, 132 g/t Ag & 0.9 g/t Au

• Equivalent to A$711/t

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**

Bass Metals – Latest Hits

• Que River – continuing solid performance – $3.1M operating profit for HY to Dec. 2009.

• Fossey DFS – positive outcomes

• EBITDA of A$75M , for 1[st] 2 years

• C1 cost of US$0.33/lb Zn (Eq)

• Nyrstar Concentrate sales agreement

• RMB Resources $12M financing mandate

• Cash as at end of January 2010 - $18.5M

• Exploration Success – tested 2 new targets , 2 drill holes – hit high grade mineralisation twice

• Bass Metals – picking up the tempo

• Scaling up production

• Exploration success-building momentum

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Introduction Cor orate Sna shot p p

	Exchange Codes	ASX:BSM (fpo) & BSMOA (options) 2ndry German listing also
	Share Price	$0 22 (17 February 2010) .
	12 Month Hi/Lo	$0.35 /$0.09
	No. of Shares	170.5M
	Mkt. Cap. (undiluted)	$38M
	No. Of Options	4.2M – listed, 40 cents/30 April 2010 Expiry
		6 0M unlisted options various terms . – ,
	Cash Position	$18.5 M (as at end of January 2010)
	Major Shareholders	15 % Metals Finance Ltd(ASX:MFC)
	(estimates on completed basis)	14% Institutional Investors
	Directors	Don Boyer – Chair, Mike Rosenstreich – MD Craig McGown – NED & Tony Treasure – NED

Introduction Location Plan – current operations

• Bass Metals’ Project Areas

• +300km[2] of tenure

• Compact area

• Supportive local/state Government

• Enthusiastic, experienced and skilled labour.

• Excellent infrastructure

• Power

• Roads

• Towns

• Mining Services

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New Project The Hellyer Mine Project (HMP)

Production – Planned for 2[nd] half of 2010

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

• Modern 1.5mtpa flotation plant.

• Initial Mine Plan for 1[st] 2 years: 850kt at 8.6% Zn, 5.0% Pb, 0.3% Cu, 120 g/t Ag & 2.4 g/t Au*

• Initial production rate 400ktpa of ore mined/processed..

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

• All approvals received

• •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

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

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Hellyer Mill

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

New Mine Development Started

New Project - HMP Mine Plans

• F ossey - new UG m ne i

• Decline site preparation work started

• Mancala – undertaking mining

• Mine manager & UG Geo appointed

• A$14M Capital expenditure (First Stope ore)

• First ore production - Sept. Qtr. 2010

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New twin boom drill rig

New Project - HMP Mine Plans

New service corridor to Decline

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Installing ground support for Decline portal

Shot-creting decline portal face

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Hellyer Mill – purpose built for Fossey ore

New Project - HMP Processing

• Refurbishment has started.

• A$4M Capital expenditure

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

• Planned commissioning - Sept. Qtr. 2010

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New Project - HMP Commercial aspects

Sales & Marketing

• Plan to utilise existing Hellyer circuit to make 80ktpa of separate:

• Zinc conc. (total of 105kt);

• Lead conc. (total of 53kt); and,

• Copper-Ag conc. (total of 9kt).

• Nyrstar – Concentrate Sales Agreement for Pb & Zn concentrates from Fossey deposit: � Major global zinc and lead smelter company

• Smelters in Tasmania and South Australia

• Highly attractive sales terms

• Marketing of Cu-Ag-Au concentrate is in progress – good level of interest.

Financing & Hedging

• Pre-start CapEx c. 18M plus working capital

• Bass cash position of $18.5M (as at end of Jan. 2010)

• RMB Reso u rces – mandated to arrange $12M Project Loan Facilit y & Hedging Facilit y

• Due Diligence by Snowden’s completed .

• Financing process advancing well.

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New Project - HMP Fossey DFS – Key Outcomes

	Financial Outcomes A$M A$/t ore Gross Revenue 229 269 Robust economics	Financial Outcomes A$M A$/t ore Gross Revenue 229 269 Robust economics	Financial Outcomes A$M A$/t ore Gross Revenue 229 269 Robust economics	Financial Outcomes A$M A$/t ore Gross Revenue 229 269 Robust economics
	Financial Outcomes	A$M	A$/t ore
	Gross Revenue	229	269
	Net Smelter Return	175	205	•High margins •C1 cost estimate - indicates lower 3rd of world cost curve
	Site Operating Costs	86	101
	Royalties	14	17
	EBITDA	74	87
	Start-up Capital Costs	18	21
	Ongoing Capital Expenditure	8	9
	EBIT	48	57
	EBIT Margin (%)	28%
	KPI industry comparison –
	C1 Cost per lb payable Zn after credits US$0.33 Note – this is less than US$0.39 reported to ASX21 Oct – because it included incentive profit royalty cost. Which is not a C1 cost.

New Project - HMP Aiming to increase utilisation of the Hellyer Mill

Potential new feedstocks

• Mine and treat high copper, Que River ore (S-Lens). Testwork started

Que River Mine

• R e-s ar t t H e ll yer a t il s re rea men pro ec – t t t j t PFS i s un d erway with Como Engineers and CSA.

• Toll treatment of 3rd Party ores.

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

Exploration Upside Long-term Growth

Enormous scope to increase resources

• Fosse y discover y – within 150m of the world class Hell y er orebody.

• BSM – has dominant & prospective land position.

• “Hunting” for large scale high-grade VMS deposits.

• Fossey like discoveries also add value.

• Recently upgraded the “Exploration Tool Box” with new proven methods.

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

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Exploration Upside What is a VMS Deposit?

• Deposits formed at a certain time – active volcanism – therefore occur within a unique Host Horizon. BSM has improved understanding of the Host Horizon geometry.

• Ore is associated with alteration – i.e. fluid flow. BSM has new tools to “navigate within” wide alteration zones, toward ore bodies.

• Hellyer, Que River & Fossey are similar – BUT different too? The Fossey discovery shows that formerly overlooked ground is highly prospective.

Modern day black smoker on ocean floor (Lutz & Haymon)

Hellyer-Mt Charter schematic section-Host Horizon in brown.

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Exploration Upside Well Endowed District

Metal Endowment -Hellyer-Mt Charter leases

Hellyer Deposit:

• W or ld c ass l VMS d epos it

• 16 Mt -14% Zn, 7% Pb, 0.4% Cu. 167 g/t Ag, 2.6 g/t Au

Que River Deposit

• 3 . 3 Mt – 13% Z n, 7% Pb , . 0 7% C u, 195 g /t A g & 3.3 g/t Au.

Fossey Deposit

• 0.8 Mt - 10% Zn, 6% Pb, 0.4 % Cu, 137 g/t Ag & 2 . . 5 g/t Au

Mt Charter

• 6.1 Mt -1.2 g/t Au & 36 g/t Ag.

VMS deposits occur in clusters, and the Hellyer- Q ue reg on s an n ense y m nera i i i t l i li se d area w ith excellent potential to host more ore.

2007 Fossey discovery is 2.5Mt zone within 150 metres of the 16 Mt Hellyer Mine & 120 metres rom surf face… ..

Exploration Upside Large Areas-Untested

• Nine New targets generated by new exploration techniques and technology.

• Mineral spectral mapping (66k readings)

• Low-level litho-geochemical sampling (3,500 samples)

• Ongoing targeting programme.

• Host Horizon poorly tested by drilling.

• Geophysics - not effective test for mineralisation.

• B ass – app li e d 13 cr ter a to generate rst su te i i fi i of nine targets.

Momentum Building

• Two of the new targets have been partially tested to date with two diamond drill holes.

• Resulted in Two intercepts of high grade base

• metal sul p hides interce p ted - Switchback & Nth Hellyer

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Nth Hellyer Target Area

Exploration Upside Nth Hellyer Target

Highly Encouraging Results

• Ma j or g a p s in the drillin g to the North of Hell y er , - testing 700 metres untested strike length.

• Historic drilling in area did not drill through the ore position.

• First hole completed – HLD 999

• Intersected mineralised clast at the Hellyer Ore position

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• HLD 1001 in progress at Nth Hellyer.

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Exploration Upside Nth Hellyer Target

• Intersected 60 cm clast of high grade basemetal sulphide at the ore position.

• 0.6 metres at 13.9% Zn, 8.7% Pb, 132g/t Ag & 0.85 g/t Au.

• Immediately overlying strong footwall stringer veins indicating clast is close to the vent source.

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Hellyer Target
Area
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Exploration Upside Switchback Target

Exciting Hit – needs follow-up

• intersected 2.35 metres at 25% Zn, 8.7 % Pb, 192 g/t Ag and 4.9 g/t Au) within an overall 9.25 metre zone (t 8.5 % Zn, 3.3 % Pb, 69 g/t Ag and 1.6 g/t Au.

• A mass flow unit containing base metal sulphide clasts- but linked in to footwall alteration .

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In Summary Increasing the Tempo

Bass Metals is in transition.....

From – boutique miner & self funding explorer

• Successful Que River Mine

• Exploration success – Que River resources & Fossey discovery

• Positive deals – Hellyer Mill acquisition for $4M upfront cash payment

• Navigated the GFC – with increase in Net Assets to c. $57M

To – emerging mid-tier miner

• Positive DFS for Fossey - $50m surplus at low cost US$0 . 33/lb (C1 cost/lb payable Zn after credits)

• Significant scale mining & processing at Hellyer; c80ktpa of Zn, Pb & Cu-Ag concentrates

• Exploration momentum - building up to a another discovery

Delivering & building shareholder value

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Investment case

• Invest in Bass Metals because the Company ........ 1 . . Is a producer with a record of delivering

• Is a Successful & active explorer.

• Is Exploring in Elephant country.

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

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

And is poised for major growth phase

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Increasin the tem o & raisin the g p g volume – thank you for listening!

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

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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Appendix to Exploration Upside Significance of BMS Clasts

Significance of basemetal sulphide clasts

• Form from ground collapse (Mass Flows)

• .

• Where the clasts can be linked to footwall alteration then clasts are proximal to source.

• Where the clasts cannot be linked to footwall alteration then clasts are distal to source.

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