GREENWING RESOURCES LTD — Investor Presentation 2011

Oct 26, 2011

ABN 31 109 933 995

27 October 2011

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

Dear Sir

Presentation – Mining 2011 Resources Convention

Bass Metals Ltd (ASX code: BSM) (“the Company”) is pleased to provide the Company’s latest corporate presentation which the Company’s Chief Operating Officer, Mr. Victor Rajasooriar, and Exploration Manager, Mr. Kim Denwer, are presenting at the Mining 2011 Resources Convention in Brisbane, Queensland.

Yours sincerely

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Susan Hunter Company Secretary

Level 1, 91 Havelock Street WEST PERTH WA 6005 PO Box 1330 WEST PERTH WA 6872 Telephone (08) 6315 1300 Facsimile (08) 9481 2846 www.bassmetals.com.au

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Production Development Discovery

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of copper, lead, zinc, silver & gold in Tasmania

Mining 2011 Resources Convention Victor Rajasooriar – Chief Operating Officer & Kim Denwer – Exploration Manager

Competent Persons Statement & Disclaimer

Mineral Resources & Exploration Results

The information within this report that relates to exploration results and Mineral Resource estimates 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 (the JORC Code)” and they consent to the inclusion of this information in the form and context in which it appears in this report.

Ore Reserves

The information in this report that relates to the Fossey Ore Reserve estimates is based on information compiled by Mr Victor Rajasooriar who is a full time employee of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr Rajasooriar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Reserves (the JORC Code)”. Mr Rajasooriar consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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.

Bass Metals Production, Development & Discovery

1. Introduction

2. Production

3. Development

4. Growth Strategy

5. Discovery

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2. Production - Hellyer Mine Project (HMP)

Que River Resource Mill feed years 4-5

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Mill feed years 1- 3 Fossey East Resource Fossey Zone - Ore Reserve

Fossey Decline Portal Site

Hellyer Portal & Decline (Plugged)

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Hellyer Mill

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Hellyer Zone Resource Mill feed years 4-5

2. Production – HMP

Mining Plan

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Schematic view of Fossey ore body and mine plan
485 Level
Decline
Easy Street Fault
465 Level
Ventilation Rise
445 Level
Area of high water
inflow June, 2011
Note this is based on old mine plan, and presented here only to provide an overview of the mine layout.
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Category	Tonnes	Copper	Lead	Zinc	Gold	Silver
	(000’s)	%	%	%	g/t	g/t
Total Reserve	494	0.4	5.3	9.7	2.2	103

2. Production – HMP

Mining Plan

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Underground water pumping station

• Mining Rate: 360k tonnes of ore/year (30kt per month)

• Operating Cost: $80 - $90/t ore – estimated total average operating cost

• Capital Cost : $2 - $3 million – power, dewatering and services.

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Underground “Jumbo” drill rig

2. Production – HMP

Mining Plan – the future

Fossey & Hellyer Deposits

Easy Street Fault Surface Fossey Deposit Fossey East Deposit c.200m Next Slide

Hellyer Deposits and workings (Red-remnant resource shapes/yellow is mined voids)

Long section view looking west

2. Production – HMP

Mining Plan –the future

Extensions to Fossey - Fossey East

• lnfill drilling program complete.

• Strong drill results to date.

• Moving to Prefeasibility study.

• Funds allocated for exploration drill drive.

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2. Production – HMP

Processing

Product	Production per year	LOM Production
Zinc Conc.	46kt	72kt
Lead Conc.	22kt	34kt
Copper/silver Conc.	3.4kt	5.6kt

Concentrate marketing

• Zinc & lead concentrates sold to Nyrstar

• Copper-silver concentrates sold by LN Metals

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Lead flotation cell.

2. Production – HMP

Recent production performance

Sixth Milling campaign started 3[rd] October – grades and recoveries on plan

Processed Tonnes and Grade (Pb+Zn)

Zinc concentrate produced

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60,000 16%
50,000 14%
12%
40,000
10%
30,000
8%
20,000
6%
10,000 4%
0 2%
Campaign #1 Campaign #2 Campaign #3 Campaign #4 Campaign #5
(August 2011)
Ore Treated Pb+Zn Grade
Lead concentrate produced
3,500 62%
60%
3,000
58%
2,500
56%
2,000 54%
1,500 52%
50%
1,000
48%
500 46%
0 44%
Campaign #1 Campaign #2 Campaign #3 Campaign #4 Campaign #5
(August 2011)
Lead concentrate lead grade
Pb+Zn Head Grade
Tonnes
Tonnes
Conc. Grade
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7,000
54%
6,000
52%
5,000
50%
4,000 48%
3,000 46%
2,000 44%
1,000 42%
0 40%
Campaign #1 Campaign #2 Campaign #3 Campaign #4 Campaign #5
(August 2011)
Zinc concentrate zinc grade
Copper concentrate produced
300 20%
250
18%
200
16%
150
14%
100
12%
50
0 10%
Campaign #1 Campaign #2 Campaign #3 Campaign #4 Campaign #5
(August 2011)
Copper-Precious metals concentrate copper grade
Tonnes
Conc. Grade
Conc. Grade
Tonnes
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2. Production – HMP

Sales revenue

Fossey Ore Reserve

• Gross value per tonne - $364 (70% base metals & 30% precious metals)

• Mine Gate Value per tonne - $305 (after smelting and logistics expenses)

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gold
Copper-silver
Conc.
Zinc Conc.
silver
zinc
$ by
$ by
Conc.
Metal
copper
Lead Conc.
lead
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Revenue mix by metal and concentrate product

Metal Price Assumptions : zinc-US$2,293/t, lead-US$2,577/t, copper-US$9,031/t, silver US$37/oz and gold-US$1,538/oz. AUD:USD-1.06.

2. Production – HMP

Costs

Conservative cost assumptions with opportunities to improve

Activity	Cost / t Ore
Total Capital	7.0
Total Cost	162
Mine Gate Value	305
Gross Margin	143
	47%

Capital on Fossey Mine – largely spent

Strong margins through focus on high grades

2. Production – HMP

Current Status – 25[th] October 2011

Mining

Underground ore production and development – on track. September – a record month 41kt ore produced. Already building ore stockpile for the 7[th] campaign

Processing 6[th] Mill Campaign started 3 October Planned: 67kt at 7.8% Zn, 4.6% Pb, 0.3% Cu. 79 g/t Ag & 1.6 g/t Au Stockpile estimate: 67kt at 9.1% Zn, 5.3% Pb, 0.4% Cu. 101 g/t Ag & 1.9 g/t Au Milled to dated: 51kt at 8.9% Zn, 5.3% Pb, 0.4% Cu (Ag & Au assays pending)

Pb & Zn concentrates being trucked to Burnie Port

3. Development - Gold Recovery Project

Large Gold & Base Metal Resource Hellyer Tails – 9.5Mt at 2.5% Zn, 3.0% Pb, 104 g/t Ag & 2.6 g/t Au. (product of former Hellyer Ops. 1988-2000).

Tails storage facility with Resource

Hellyer Mill

Contained Metal

• 800koz Gold

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Shore tanks & Piping

• 32Moz Silver

• 290kt Lead

• 240kt Zinc

• 20kt Copper

1 km

All contained metal – no recovery factors applied.

4. Project Development Strategy Growth strategy to generate shareholder value

1. Deliver forecast cash flow from Fossey Mine

• Complete drill out and feasibility study on Fossey East.

• Ongoing project/systems/risk review.

2. Assess & potentially develop 1.5M oz gold(eq) resource

• Gold DFS in progress.

• Seek technical and or financial partners for development.

3. Increase mine life to underpin long-term cash flow

• Resources to reserves (Fossey East/Hellyer/Que River).

• extensional exploration drilling around known resources.

4. Discovery Bass is a successful explorer

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4. Discovery Bass is a successful explorer

Tasmania – an exciting well mineralised address

• Mt Read volcanic belt – world class volcanogenic massive sulphide (VMS) terrain.

• • Tasmanian VMS deposits are large tonnage & polymetallic ; Cu-Pb-Zn-Ag-Au.

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Deposit	Mt	Cu %	Pb %	Zn %	Ag **g/t **	Au **g/t **
Hellyer	16.9	0.4	7.2	13.8	167	2.5
Rosebery	46	0.6	4	13.9	144	2.1
Que River	3.3	0.7	7.4	13.3	195	3.3
Hercules	3.3	0.4	5.5	16.7	171	2.8
Mt Lyell	130	1.2			6.1	0.3
Henty	3					12.5

The figures reported are based largely on historical production and reports of the deposits as reported in Mineral Resources Tasmania online public database and various reports.

4. Discovery

Bass is a successful explorer with large ground position

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Track record of increases resources:

2005 Acquired Tasmanian leases Nil resources – 2005 2006 +Mt Charter Au-Ag Resource* 2007

+Mt Charter Au-Ag Resource* +Que River Cu-Pb-Zn-Ag-Au Resource Open-pit mining Que River starts Fossey Discovery

+Hellyer Cu-Pb-Zn-Ag-Au Resource +Fossey Cu-Pb-Zn-Ag-Au Resource +Hellyer Tails Au-Ag-Zn-Pb Resource Acquired Hellyer Mill & Infrastructure

2008 2009 2010 2011

Que River open pits – complete (MMG-deal) Fossey Underground Mine – first ore Fossey East Discovery

+Fossey East Cu-Pb-Zn-Ag-Au Resource

1[st] Concentrates sold from Fossey Mine McKay high-grade intercept

4. Discovery Update In the shadow of the Mill

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•
Key exploration targets are
within 5km radius of the Hellyer
Mill.
Hellyer
•
Large and small discoveries
Resource &
can potentially be “cashed in”
targets
Fossey, Fossey
Hellyer Mill •
Recent success at Fossey
East & McKay
East, Hellyer Stockwork,
Switchback & McKay
Que River
Resource &
targets
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4. Discovery

Fossey Zone-an example of new exploration potential

• Historic drilling focussed on “traditional” VMS target zone.

• New discoveries lie deeper than this.

• Opens up significant new targets

Fossey Fossey East 20.4m at 16.3% Zn, 7.2% Pb, 0.6% Cu, 104 g/t Ag & 2.4 g/t Au.

Conventional targets in Host Horizon” New “unconventional” ore position

4. Discovery

McKay Zone – another example, possible new discovery.

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Hellyer
Long-Section
Fossey/F.East
McKay
Prospect
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Plan view

4. Exploration Growth

McKay Zone – a new discovery, East of Jack Fault.

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Discovery Hole-HLD1030

7.0 metres at 22.3 % Zn, 9.9 % Pb, 0.7% Cu, 3.4 g/t Au & 181 g/t Ag Within:

11.1 metres at 14.9 % Zn, 6.5 % Pb, 0.7% Cu, 2.6 g/t Au & 130 g/t Ag.

25 metres to south – new intercept 1.7 metres at 21.9 % Zn, 14.7 % Pb, 1.0 % Cu, 2.3 g/t Au & 182 g/t Ag Drilling in-progress to the north

New mineralisation in a new geological position

4. Discovery

New prospective geological position – “unconventional VMS target”

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• Highly prospective –under tested.

• Potential in both the conventional and unconventional VMS stratigraphic position.

• Requires detailed targeted and pattern drilling- utilising new tools in the toolbox for proximity- geology, mineralisation, alteration, trace element geochemistry and geophysics.

7. Value Proposition What has really changed since April 2011 in terms of value?

	Before	After	Comment
Production Rate	450ktpa	360ktp	More conservative
Ore Reserve (Massive base metal sulphide portion only)	0.8Mt	0.5Mt	Revised with more detailed drilling. Does not include Fossey East.
Mine Gate Value	$211/t ore	$305/t ore	Increased grade
Total Operating Cost	$117/t ore	$162/t ore	30% fixed cost effect, with lower tonnes & 60% increased costs eg labour/dewatering.
Margin	$94/t ore	$143/t ore	47% margin
Net cash Flow (Fossey ore Reserve only)	$70M	$55M	Lower ore tonnes
Market value based on share price.	Price range was $0.3- $0.4 cents A$65M to A$85M	A$105 – A$144M*	Prior to Halt, regarded as “undervalued”. Currently in Trading Halt

• Broker valuation; Helmsec dated 12 Sept 2011.

7. Value Proposition Bass retains a sound and exciting asset base.

	Before	After
Market value based on share price.	Price range was 30-40 cents $65M to $85M	tbd
Key assets	100% owned Hellyer Mill	100% owned Hellyer Mill
Resources	c.2.3Mt (Fossey, Que & Hellyer)	c.2.1Mt (Fossey East, Fossey, Que & Hellyer)
Discoveries	Fossey East	McKay
Gold Project	2 Moz (Aueq)	2Moz (Aueq) Positive testwork updates

Bass – is emerging from a recent set-back, with robust cash flow estimate and enhanced growth outlook.

7. Value Proposition Value Upside

Broker Valuation (12 September 2011)

• Helmsec valuation range: from A$105M to A$144M, not including exploration upside or Plant.

• Equates to A$0.39 to A$0.54 per share on diluted basis post Offer*.

Key Value Drivers:

• Production - robust and established production, with revenue from base metals (70%) and precious metals (30%): c. $55m in next 18 months.

• Polymetallic resources – Hellyer, Que River & Fossey East.

• Gold & Silver Resources – 2 Million Ounces Gold (eq)

• Exploration upside – highly mineralised area with a track record of discovery and new prospectivity.

• Processing Plant – modern 1.5mtpa plant.

Strong Exploration Upside Underpinned by Production

• Based only on ordinary shares , does not include C-Note or Options

Questions?

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Attachment 1: HMP Mineral Resources & Ore Reserves

Table 1: Combined Polymetallic Massive Sulphide Mineral Resources (as at 30 June 2011 – 5% Pb+Zn cut-off )

Location	JORC Classification	Tonnes kt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
Fossey measured Indicated Inferred Total*		286 0.6 7.4 14.2 137 2.9 108 0.4 6.8 11 120 1.8 66 0.3 4.7 8.4 94 2.1
		460 0.5 6.9 12.6 127 2.5
Fossey East Indicated Inferred Total		140 0.5 5.2 11 83 1.9 110 0.3 3.3 6.6 60 1.7
		250 0.4 4.4 9.1 73 1.8
Fossey Trend Sub-Total		710 0.5 6.0 11.4 108 2.3
Hellyer Remnants Indicated Inferred Total		640 0.4 4 6.8 83 1.3 110 0.2 4.9 8.1 107 1.5
		750 0.3 4.1 7 87 1.3
Que River Pb-Zn Zone Indicated Inferred Total		160 0.2 3.8 6.5 96 1.2 140 0.3 4.2 7.4 104 1.2
		300 0.2 4 6.9 100 1.2
Que River Cu Zone Measured Indicated Inferred Total		60 1.7 0.7 2.1 69 0.3 260 1.9 1.6 4.3 68 0.3 60 2.5 0.2 0.6 33 0.2 380 2 1.3 3.4 63 0.3
Total Measured Indicated Inferred Total		346 0.8 6.4 12.4 127 2.5
		1,350 0.7 3.9 7.2 86 1.2
		486 0.5 3.7 6.6 85 1.4
		2,140 0.6 4.2 7.8 92 1.4

*** Fossey resource depleted by mining 90kt.**

Attachment 1: HMP Mineral Resources & Ore Reserves

Table 2: Fossey East Mineral Resource Estimate Summaries (28 Feb 2011) As the drill density is still very sparse – resource is quoted for a series of Pb+Zn cut-offs.

Geological outline	Geological outline
ZONE	CATEGORY	kT	Zn%	Pb%	**Ag g/t **	**Aug/t **	Cu%	DENSITY
BMS/Barite	Indicated	170	9.4	4.4	75	1.7	0.4	4.15
BMS/Barite	Inferred	450	2.2	1.1	44	1.3	0.1	4.09
Stringer	Inferred	30	2.7	1.2	22	0.7	0.1	3.25
TOTAL		650	4.1	2.0	51	1.4	0.2	4.06
3%(Pb+Zn) Cutoff
BMS/Barite	Indicated	160	10.3	4.8	79	1.8	0.5	4.17
BMS/Barite	Inferred	160	4.9	2.6	57	1.6	0.2	4.15
Stringer	Inferred	20	3.2	1.5	28	0.7	0.1	3.31
TOTAL		340	7.2	3.5	66	1.6	0.3	4.10
5%(Pb+Zn) Cutoff
BMS/Barite	Indicated	140	11.0	5.2	83	1.9	0.5	4.18
BMS/Barite	Inferred	100	6.6	3.5	63	1.8	0.3	4.20
Stringer	Inferred	10	3.8	1.8	30	0.7	0.1	3.31
TOTAL		250	9.1	4.4	73	1.8	0.4	4.16

Note: Small rounding errors may occur

Attachment 1: HMP Mineral Resources & Ore Reserves

Table 3: Fossey Ore Reserves:

Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:	Attachment 1: HMP Mineral Resources & Ore Reserves Table 3: Fossey Ore Reserves:
Fossey - Broken Underground Stocks - as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Underground	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Fossey - Surface Stockpile Stocks - as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Mill ROM	14,954	15	0.3	4.8	8.6	2.2	139	44	712	1,289	1,080	66,673
Crushed Mill Stocks	3,500	4	0.4	6.8	11.4	2.3	132	14	238	397	262	14,809
	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Fossey Mining Reserve - as at 30 June 2011
Category	Tonnes	Tonnes	Copper	Lead	Zinc	Gold	Silver	Copper	Lead	Zinc	Gold	Silver
	t	KT	%	%	%	g/t	g/t	t	t	t	oz	oz
Proven	269,188	269	0.5	6.7	12.9	2.6	123	1,444	18,151	34,729	22,788	1,064,594
Probable	170,150	170	0.2	3.4	5.6	1.5	71	339	5,757	9,599	8,000	388,666
Reserve	439,338	439	0.4	5.4	10.1	2.2	103	1,784	23,908	44,327	30,788	1,453,260
Mining Inventory (MI)	43,161	43	0.3	4.1	7.6	1.7	77	120	1,777	3,287	2,405	107,420
Underground Stock(Proven)	36,891	37	0.3	3.3	5.7	1.9	83	93	1,222	2,087	2,252	98,447
Surface Stockpiles(Proven)	18,454	18	0.3	5.1	9.1	2.3	137	58	950	1,686	1,342	81,482
Total Reserve	494,683	495	0.4	5.3	9.7	2.2	103	1,935	26,080	48,101	34,382	1,633,189
Total Reserve + MI	537,844	538	0.4	5.2	9.6	2.1	101	2,055	27,857	51,388	36,787	1,740,609

Attachment 1: Hellyer Tailings Mineral Resources

Table 4: Hell er Tails Combined Mineral Resource Estimate – 23 June 2009 y

JORC Classification	Tonnes mt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
Measured Indicated Inferred	4.9 0.2 3.1 2.8 105 2.7 2.5 0.2 3.0 2.6 104 2.6 2.1 0.2 2.9 1.7 103 2.4
Total	9.5 0.2 3.0 2.5 104 2.6

Table 5: Summar of Mt Charter Mineral Resource at a 0.7 /t Au cut-off 30 October 2006 y g

JORC Classification	Tonnes mt	Gold (g/t)	Silver (g/t)	Zinc (%)	Gold koz	Silver koz
Indicated Inferred	1.9 1.21 36.3 0.7 74 2,218 4.2 1.22 35.2 0.4 165 4,754
Total	6.1 1.22 35.5 0.5 239 6,972

Notes on Metal Prices and Gold Equivalence

• Metal prices effecting the gold equivalent calculation are : Gold A$1,430/oz and silver A$35.6/ozs. This generates a Au:Ag ration of 1:40.1. This has been conservatively modified to 1:45 to complete the equivalence calculation based only on contained silver and gold in the respective resources in Table 4 and 5.

• The grades for the calculation of a Au equivalent grade are from the respective combined resource estimates presented in Tables 4 and 5.

• No recoveries or other modifying factors have been applied in the calculation. Au is the chosen metal for reporting equivalence as it is potentially the more valuable.