GREENWING RESOURCES LTD — Investor Presentation 2011

Jul 19, 2011

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Robust Production Plans & Strong Growth Opportunities The Melbourne Mining Club Cutting Edge Series

Mike Rosenstreich Managing Director 19 July 2011

Page 1 of 45

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 Kim Denwer and Mr Michael Rosenstreich 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 t yp es of de p osits under consideration and to the activities currentl y bein g undertaken to q ualif y as a Com p etent 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 Fosse y Ore Reserve estimates is based on information compiled b y Mr Victor Ra j asooriar 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 .

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Page 2 of 45

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Presentation Outline

Part 1 – Corporate Synopsis Part 2 - Technical Discussion

1. Hellyer Mine Project 2. Exp oral tion pU date 3. Gold Recovery Project

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Page 3 of 45

Bass Metals - Key Points

Resources

• 1 Million Ounces Gold & 39 Million Ounces Silver[1]

• 2 Million Tonnes of High-grade Cu-Pb-Zn-Ag-Au Resources[2]

Mine Production

• New Fossey UG Mine

• Lead, Zinc, Silver, Gold & Copper Production in concentrates

Exploration upside

• Focus on the highly mineralised west coast of Tasmania.

• New discoveries

Motivated Team

• Exploration, mining, processing, OH&S, environmental, finance & co r po r a t e .

• 1-Refer Attachment 1

• 2-Refer Attachment 2

Page 4 of 45

Introduction

BSM – 12 month share price graph.

ASX listed diversified miner

	ASX Ticker	BSM
	Issued Capital	213.4M shares / 18M options
	Market Cap	A$47M
	Share Price	A$0.22 [Last close]
	.

• 11.5 % JP Morgan Nominees

Board:

• Don Boyer-Chairman

• Mike Rosenstreich – Managing Director

• Craig McGown – Non Executive Director

• Tony Treasure – Non Executive Director

Management

• Victor Rajasooriar – COO (Mining Eng.)

• • Tony Brazier – CFO (CA)

• Brian Burdett - GM Operations (Met. Eng.),

• • Kim Denwer – Exploration Manager (Geol)

Don Boyer examining drill core

Page 5 of 45

Introduction

Currently in Trading Halt – pending finalisation of financing

Fundamental asset base is sound & undervalued.

• Ti m ng m sma c i i t h i n cas h fl ow as a resu lt o recen pro f t d uc ti on ssues. i

• Short term funding required to realign cash inflows and outflows

• Funds raised ($25M) to be used for:

• Short-term working capital deficit ($8M)

• Sustained exploration and Feasibility Study program ($6.5M)

• Maintain adequate working capital buffer ($9M)

Objective is to be self funding going forward

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Page 6 of 45

Introduction Macro View- Cash Flow Forecasts

(HMP) Receits	FY2012 $M FY2013 $M Total-2 years $M 9300 4814 14120	FY2012 $M FY2013 $M Total-2 years $M 9300 4814 14120	FY2012 $M FY2013 $M Total-2 years $M 9300 4814 14120	FY2012 $M FY2013 $M Total-2 years $M 9300 4814 14120
	9300	4814	14120
p HMP Costs (all) Debt Sub total	.	.	.
	(59.45)	(23.31)	(82.75)
	(13.60)	-	(13.60)
	19.95	24.83	44.85
Corp. Costs Exploration & FS Financing(new)	(4.14)	(4.14)	(8.21)
	(6.45)	(6.00)	(12.45)
	23.70	-	23.70
N t M t e ovemen	33 06 .	14 69 .	47 89 .

• Fossey Mine – Cash Surplus of $45M in 18 months (incl primary debt retirement of $13.6M).

• Based on conservative o eratin costs and recover rates. p g y

• Does Not Include any upside from Fossey East Resource ( approximately $20M net potential).*

• “ **

• • At current ” level metal prices & exchange rates

*Based on Fossey East Conceptual Study – details in Attachment 2.

**Zn-US$2293/t, Pb-US$2577/t, Cu-9031/t, Au-US$1538/oz, & Ag-USS$37/oz. AUD-US$1.06

Page 7 of 45

Introduction Macro View - Cash Flow Forecasts

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Cumulative Cash Flow Bass Metals
$60,000,000
$50 , 000 , 000 HMP + BSM + Finance Cumulative Cash flow
HMP + BSM + Finance + Sensitivity Cumulative Cash flow
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13
•
Assuming the additional funding of net $23.6M
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• Strongly cash flow positive after all expenditure (base case).

• – $10M of $13.6M existing/primary debt to be repaid by 30 Dec. 2011.

• Cash flow still robust in downside case

• – Mine Costs +10%, Mill Costs +5% & Revenue -10%.

Page 8 of 45

Introduction

Macro View - : HMP Reconciliation

What happened between May 2011 and now?

May – Forecasts and models indicate positive cash flow

June – Two adverse and unforeseeable technical issues arose:

1. Unexpected high water inflow in mine development (rectified by increasing pump out rate)

2. Unexpected and persistent grade short-fall (addressed by completion of infill grade control drilling)

Overall production impact:

1. Mine development further in arrears by 1 month.

2. Mill campaign currently 1 month behind (delayed receipt of $8M to $10M).

3. Lower revenue ($2M to $4M) – reduced grades causing lower concentrate production.

4. Higher cost ($2M to $3M) – water management and ground support

5. Mismatch between timing of revenue and costs

6. Sales of concentrate occur every second month

7. Mining costs incurred monthly

Overall cash shortfall of $12 to $17M in July 2011 as compared to forecast in May 2011

Page 9 of 45

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Part 2: Technical Discussion

1. Hellyer Mine Project

2. Exploration Update

3. Gold Recovery Project

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1. Hellyer Mine Project (HMP)

Que River esourceR

Mill feed years 1- 3

Mill feed years 4-5

Fossey East Resource Fossey one -Z Ore eserveR

Fossey Decline Portal site

Hellyer Mill

Hellyer Portal & Decline (Plugged)

Hellyer one esourceZ R Mill feed years 4-5

Page 11 of 45

Hellyer Mine Project Mine Plan – revised with detailed drilling and recent water issues

June – Two adverse and unforeseeable technical issues arose:

1. Unexpected high water inflow in mine development (rectified by increasing pump out rate)

2. Unexpected and persistent grade short-fall (addressed by completion of infill grade control drilling)

Revised Mine plan - Fundamental Changes

1. Focus on high-grade massive sulphide ore – more detailed data 2 . Upgraded dewatering infrastructure

2. Mine development now almost completed

3. Increased operating cost assumptions

5. Reduced production rate forecasts

Robust, lower risk plan.

Recognises the issues arising in the past and leaves scope for upside.

Page 12 of 45

Hellyer Mine Project Mine Plan – more detailed drill data, after drilled to 12.5m centres

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New Resource outline Old Resource outline Schematic stope profile - Resulted in unknown mixing of high grade and low grade in stope blasts

Page 13 of 45

Hellyer Mine Project Mine Plan – U dated Resource model p

	Ore Type	'000 TONNES	Cu%	Pb%	Zn%	Ag g/t	Au g/t
	Model Depleted	70	0.5	8.1	14.4	177	2.8
	Model Remaining	480	0.5	7.0	12.7	128	2.6
	TOTAL FOSSEY BODY	550	0.5	7.1	12.9	134	2.6
	ORIGINAL FOSSEY MODEL	790	0.4	5.8	9.9	137	2.5
	Change in Resource	-30%	24%	23%	30%	-2%	4%
			Cu Pb Zn Ag Au -14% -15% -10% -32% -28%
			Cu	Pb	Zn	Ag	Au
	Change in Metal	%	-14%	-15%	-10%	-32%	-28%

• •Tonnage down - 30%

• •Grade - Pb+Zn up 25%

•Contained metal: Pb+Zn down 12% & Au+Ag down 30%. • Ri s k – re d uce d s gn i ifi can tl y; ro b us t hi g h gra d e m ne p an. i l •Upside – adjacent baritic mineralisation on incremental basis.

Page 14 of 45

Hellyer Mine Project Mine Plan – Updated Reserve/resource model

	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)	Stope Depletion of Resource Model (21 June 2011)
	Area	'000 TONNES	Cu%	Pb%	Zn%	Ag g/t	Au g/t
	13 Stope	44	0.2	2.1	4.6	86	1.6
	17 Stope 21 Stope Ore Drives	56 15 42	0 3 . 0.1 0.3	5 6 . 2.3 4.0	10 2 . 3.7 7.3	140 80 92	2 2 . 1.5 1.8
	Total Mined Resource	157	0.2	3.9	7.2	107	1.9
	Mined Resource converted to Reserve	155	0.2	3.5	6.6	97	1.71
	Mine to the Mill (21 June 2011)
		'000 TONNES	Cu%	Pb%	Zn%	Ag g/t	Au g/t
	Milled (processed) Tonnes UG blasted inventory 21 stope UG blasted inventory 13 stope	130	0.2	3.4	5.8	101	1.6
		12 7	0.4 0.1	7.0 1.0	11.0 2.8	140 45	2.3 2.0
	Total	149	0 2 .	3 6 .	6 1 .	102	1 7 .
		'000 TONNES	Cu%	Pb%	Zn%	Ag g/t	Au g/t
	Differences	-4%	-3%	2%	-8%	5%	-2%

		Mine	to the Mill (21	June 2011)	June 2011)	June 2011)
			'000 TONNES		Cu%	Pb%	Zn%	Ag g/t	Au g/t
	Milled (processed) Tonnes		130		0.2	3.4	5.8	101	1.6
	UG blasted inventory 21 stope		12		0.4	7.0	11.0	140	2.3
	UG blasted inventory 13 stope		7		0.1	1.0	2.8	45	2.0
	Total		149		0 2 .	3 6 .	6 1 .	102	1 7 .
			'000 TONNES		Cu%	Pb%	Zn%	Ag g/t	Au g/t
	Differences		-4%		-3%	2%	-8%	5%	-2%

Robust – reconciles +/- 10% tonnes and grade.

Page 15 of 45

HMP: Mining

Project Synopsis

• Underground Mine – decline access

• Rate 300 to 350ktpa (450ktpa) of ore.

• Dewatering upgraded from 180l/sec to 300l/sec.

Conservative Cost Assumptions Development:

• $10,300/metre (originally at $7,300/metre)-cap. development. Mine cost:

• $84/tonne ore (originally at 42/tonne) Dewatering:

Extra $2M assumed to further upgrade system.

Scope to reduce these costs

Page 16 of 45

HMP: Processing

• Hellyer Mill is a 1.5Mtpa modern, flotation concentrator plant-purpose built for polymetallic ore types.

• Milling on a campaign basis – approx. 4 weeks on/4 weeks off .

• Cost assumed of $44/t (original $35/t)

• Higher feed grades will improve Mill f

• per ormance.

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4[th] Campaign highlights

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HMP: Processing

• Improving Mill performance trends

For example – recoveries into primary concentrates

	Metal	Concentrate	Recovery‐Actual				Recovery‐Budget
			June	JuneQtr	PTD		Jul‐Dec2011	2012
			%	%	%		%	%
	Zn	Zn	76	73	65		70	75
	Pb	Pb	74	61	50		65	75
	Cu	Cu‐Ag	44	47	39		43	56
	Ag	all 3	69	72	66		70	70

Note - positive trend to budget assumptions

Page 19 of 45

HMP: Synopsis

Transition to high-grade more robust mine/mill plan

	• HMP – Revised production estimates(Fossey Ore Reserve only) Concentrate New Actual Original Var% Zinc conc(kt) 72 102 106 -22
	. . Lead conc. (kt) 34 4.4 54 -29 Copper/Silver (kt) 6 0.6 9 -27
	Mine gate value $249/t $194/t +28 (per T of ore)
	EBIT (reserve) $45M tbc c. $75M

• Fossey East potential to add approximately $20M of EBIT (prelim. es ti ma e t . )

• Realistic, robust estimates with upside.

• No incremental ore or non massive base metal sulphide mineralisation included. There is potential additional ore-baritic halo.

Page 20 of 45

HMP - Summary

HMP is a Five Year Mine Scenario:

• Fossey UG Mine – 2-3 years

• UG and some open pit mining potential from 2.1Mt high-grade *

• resources :

• �Fossey East Resource – 0.25Mt

• �Que River – 0.7Mt

• �Hellyer – 0.75Mt

Status / Outlook

• Most major start-up type challenges – now met.

• Reduced risk profile/conservative assumptions.

• Mine - now consistently producing ore

• Mill – key modifications completed & operational issues addressed.

Excellent potential to improve on forecasts

• •Reserve and Resource summaries for JORC Compliant estimates attached to this presentation.

Page 21 of 45

2. Exploration Update

Bass is a successful explorer

• Large land position in highly prospective VMS belt-Mt Read Volcanics .

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.
•
Elephant Country. Hellyer-
•
Que Area
Two key holdings:
� Hellyer-Que
� Lake Margaret
•
New valid exploration models Mt Read Volcanic
following Fossey(s) Belt
discoveries.
•
New exploration tools
Lake
Underexplored tenements in
Margaret
highly mineralised terrain
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Exploration Growth

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“in the shadow of the Mill”
•
Ke y ex p loration tar g ets are
Hell y er
within 5km radius of the
Hellyer Mill.
F
ossey,
• Large and small discoveries Fossey East Mill
can potentially be “cashed & MacKay
in ”
•
Recent success at Fossey
East , Hellyer Stockwork &
Switchback….MacKay? Que River
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Page 23 of 45

Exploration Growth

• H e ll Q i l l yer- ue area s c ear y a

• highly mineralised VMS area: •Hellyer

• •Que River

• •Fossey

• •Mt Charter

•Large extent of the target-Host Horizon (brown & yellow)value ore de osits. p

• •Main focus for BSM’s exploration (c.75% of expenditure)

• •Large historic core library.

• BSM -app y ng new exp ora l i l ti on

• techniques.

Page 24 of 45

Exploration Growth

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Fossey Resources –
3Mt. Discovered
Hellyer Orebody – 16Mt historic
2007/2010
production 1988-2000
150m apart!
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• Highlights exp oral tion potentia – espec al i lly south a ong ossey l F Trend

Page 25 of 45

5.6m at 0.7%Cu, 5.4%Pb, 14 8% Zn. , 109 g/t Ag and Fossey asE t 2.1 g/t Au, I nfill drilling program – now. 75% complete. •Allow update resource estimate. •Extension targets •across Easy Street Fault •Across Jack Fault •Down dip •Along strike •Will be assessed with added geological knowledge from the current drilling 4.2m at 2.2%Cu, 8.8%Pb, programme.

4.2m at 2.2%Cu, 8.8%Pb, 16.6% Zn, 71 g/t Ag and 0.9 g/t Au,

Page 26 of 45

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Exploration Growth
Fossey Zone-an example of new exploration potential
•
Historic drilling focussed
on “traditional” VMS
target zone.
•
New discoveries lie
dee er than this.
p
•
Opens up significant new
targets
Traditional targets
Fossey
in Host Horizon”
New “unorthodox”
Fossey East ore position
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Exploration Growth Fossey Zone-an example of new exploration potential Traditional targets Historic Drilling in Host Horizon” Bass Drilling Fossey New “unorthodox” ore position

Page 28 of 45

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Exploration Growth
Fossey – Hellyer Trend
Hellyer
Fossey/F.East
Fossey Trend
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Utilising new exploration model -Bass is drilling along the HellyerFossey Trend.

Page 29 of 45

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Exploration Growth
MacKay Zone – a new discovery, East of Jack Fault.
Hellyer
Fossey/F.East
MacKay
Prospect
HLD1030 - 6 metres of massive base metal sulphide – Fossey East
look alike. (based on visual inspection/Handheld XRF readings
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Exploration Growth Long Section East Side of Jack fault; view looking west

Jack Fault

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Que River
Que River
MacKay
Base of Dacite/HVS Fossey , Hellyer;
projected from west of
window for VMS in the unconventional fault
stratigraphy adjacent to the Jack Fault
Base of Dacite/HVS
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Both “conventional” & “unorthodox” target zones are under drilled and highly prospective.

Page 31 of 45

Ramifications of Fossey,Fossey-East & MacKay discoveries

New Lesson -expanded potential

• Even after many years of exploration - great potential for another discovery on the Hellyer mine lease

• Hellyer – Que River – Mt Charter large mineralised zone with strong alteration, Bass has developed a methodology for navigating / vectoring within the alteration

• Mineralisation within the Footwall – whole new area to test eg Mackay & Fossey East

Outlook

• Test for extensions

• Infill on existing resource

• Increase resources close to existing mine infrastructure

Page 32 of 45

3. Gold Project - production from existing resources.

Large Gold & Base Metal Resource Hellyer Tails – 9.5Mt at 2.5% Zn, 2.8% Pb, 104 g/t Ag & 2.6 g/t Au. (product of former Hellyer Ops. 1988-2000).

Tails Dam with Resource

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Contained Metal

• 800koz Gold

Shore tanks & Piping

• 32Moz Silver

• 290kt Lead

Hellyer Mill

• 240kt Zinc

• 20kt Copper

1 km

All contained metal – no recovery factors applied.

Page 33 of 45

Gold Project

A realistic large scale development opportunity

• Bass Scoping Study (2010)

• Significant historic (1990’s) testwork on refractory gold recovery – but at $ 300- $ 500/oz Au p rice.

• BSM completed scoping study on historic results and modern cost estimates

• Highlighted potential for project producing 80 to 130koz Au(eq)/year for 6-8 years at $550 to $740/oz Au(eq*) operating cost for Pressure oxidation and Albion process routes.

• Capital Cost estimates were $116M to $143M (POx and Albion respectively)

• Feasibility Study (in progress)

• Preliminar results: y

  • Confirm and enhance Albion Au and Ag recoveries

  • Confirm & enhance Pox Au recoveries with Ag results pending.

*Notes on gold equivalent estimate in Attachment 1 with Table 4.

Page 34 of 45

Gold Project – Outlook

DFS-in progress:

• Significant test work program results overdue (lab issues)

• one

• Second study phase to focus on process route.

• Gold feasibilit stud in ro ress – ositive results to date to assess treatin 6 y y p g p g

• to 8 Mt of Hellyer tailings plus other resources – maybe Mt Charter.

Realistic potential to develop a significant gold-silver project

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Bass Metals’ dredge at Hellyer
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Corporate Strategy – rebuild shareholder value Deliver forecast cash flow from Fossey Mine

• Robust, high-grade mine plan based on production and detailed geological data.

• Increase dewatering capacity and looking to further reduce this risk .

• Com lete drill out and feasibilit stud on Fosse East. p y y y

Increase mine life to underpin long-term cash flow

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

• Increase resources through exploration success

• Convert prospects to reserves

Focus on Tasmanian assets

• Major potential for additional discoveries on current leases

• Strong exploration and cash flow upside

• $5M planned to be spent on exploration over next 12 months

• .

Develop large scale gold project – 1 Million ounce resource

• Gold PFS September 2011 Qtr

• Gold BFS early 2012

• Fund gold project internally with appropriate debt.

Page 36 of 45

Questions?

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Page 37 of 45

k2

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

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

Page 38 of 45

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

==> picture [720 x 78] intentionally omitted <==

Page 39 of 45

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: 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

Page 40 of 45

Attachment 1: Hellyer Tailings Mineral Resources

Table 4: Hellyer Tails Combined Mineral Resource Estimate – 23 June 2009

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

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.

Page 41 of 45

Attachment 1: Mt Charter Mineral Resource

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

	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006	Table 5: Summary of Mt Charter Mineral Resource at a 0.7 g/t Au cut-off 30 October 2006
	JORC Classification Tonnes mt Gold (g/t) Silver (g/t) Zinc (%) Gold koz Silver koz
	JORC Classification	Tonnes mt	Gold (g/t)	Silver (g/t)	Zinc (%)	Gold koz	Silver koz
	Indicated	1.9	1.21	36.3	0.7	74	2,218
	Inferred	4.2	1.22	35.2	0.4	165	4,754
	TOTAL	6.1	1.22	35.5	0.5	239	6,972

Page 42 of 45

Attachment 2: Conceptual Mining Study-Fossey East

Fossey East Mining Concept Study Parameters

• The Fossey East concept study treats the new ore body as an extension of the Fossey ore body. To access the FE ore body the study assumes extending the current Fossey decline (post the exploration drive) and hence the capital development required to open up the Fossey East resource is minimal. Mining costs have been reduced by 20% compared to the current Fossey costs, due to Fossey East h av ng a sma i ll er oo pr n requ r ng ess eve opmen an f t i t i i l d l t d th e ma or j it y o f th e m n ng n ras ruc ure i i i f t t already being in place. Milling costs and concentrate sales terms are a mirror of the existing Fossey ore terms.

• Metal prices:

• Zinc – US$2 , 293/t

• – Lead – US$2,577/t

• – Copper – US$9,031/t

• Silver – US$37/oz

• G o ld – US$1 , 538/ oz

• FX = AUD:USD 1.06

• Other Assumptions used:

• The NSR values both cases is based on current Fossey terms.

• The mining costs are lower for Fossey East (opex) as the foot print for the mine is smaller than for Fossey, and back fill requirements (CAF fill reduced).

• Capital costs decline, FAR and RAR are based on costs we are incurring currently

• Fossey East capital includes $1M for dewatering Hellyer

• The models give a Net return of $17.5M and $24.5M for the 2 options considered.

Page 43 of 45

Attachment 2: Conceptual Mining Study-Fossey East (Scenario 1 of 2)

Resource 5% (Pb+Zn)	t	Zn %	Pb %	Cu %	Ag g/t	Au g/t
Fossey East	250,000	9.10%	4.40%	0.40%	73	1.80
Mining Inventory Conversion
Dilution (10%)	275,000	8.3%	4.0%	0.36%	66	1.6
Recovery (90%)	247,500	8.3%	4.0%	0.36%	66	1.6
Esitmated Mining Plan	t	Zn %	Pb %	Cu %	Ag g/t	Au g/t
Fosse east	247 500	8 27%	4 00%	0 36%	66	1 6
y	,	.	.	.		.
	Gross smelter	Smelter Costs			Net smelter
	Revenue	Treatment	Handling	Total	Revenue
Element	A$	A$	A$	A$	A$
Z n	24 327 723 , , 16,279,581 4,198,387 19,933,051 2,924,363	7 448 870 861 422 8 310 292 , , , , , 3,309,938 395,544 3,705,483 605,556 809,099 1,414,655 235,566 235,566 9,659 9,659			16 017 431 , , 12,574,098 2,783,732 19,697,485 2,914,703
Pb
Cu
Ag
Au
Total	67,663,104	11,609,589 2,066,065 13,675,655			53,987,450
Capital requirement	m	$/m	Total Cost
Decline (420 to 360m)	280	10,500	2,940,000 $
RAR and FAR	80	7,000	560,000 $
Hellyer Dewater			1,000,000 $
Total Capital			4,500,000 $
d l Cost Mo e
Tas Ops Capital ($/t)	18
Mining ($/t)	66
Processing ($/t)	44
Admin ($/t)	4
State Royalty ($/t)	11
Intec Royalty ($/t)	2.5
Total Costs ($/t)	146		36,155,250 $	<<‐‐Total Project cost
Revenue (NSR $/t)	218.13		53,987,450 $	<<‐‐Total Revenue
Net Return	72		17,832,200 $	<<‐‐Net Return

Page 44 of 45

Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion	Attachment 2: Conceptual Mining Study-Fossey East (Scenario 2 of 2) Resource 5% (Pb+Zn) t Zn % Pb % Cu % Ag g/t Au g/t Fossey East 325,000 9.10% 4.40% 0.40% 73 1.80 Mining Inventory Conversion
Resource 5% (Pb+Zn)	t	Zn %	Pb %	Cu %	Ag g/t	Au g/t
Fossey East	325,000	9.10%	4.40%	0.40%	73	1.80
Mining Inventory Conversion
Dilution (10%)	357,500	8.3%	4.0%	0.36%	66	1.6
Recovery (90%)	321,750	8.3%	4.0%	0.36%	66	1.6
Esitmated Mining Plan	t	Zn %	Pb %	Cu %	Ag g/t	Au g/t
Fossey east	321,750	8.27%	4.00%	0.36%	66	1.6
	Gross smelter	Smelter Costs			Net smelter
	Revenue	Treatment	Handling	Total	Revenue
Element	A$	A$	A$	A$	A$
Zn	31,626,039 21,163,455	9,683,531 1,119,849 4,302,920 514,208		10,803,380 4,817,128	20,822,660 16,346,328
Pb
Cu	5,457,903 25,912,966 3,801,671	787,223 1,051,829 306,236 12,557		1,839,052 306,236 12,557	3,618,852 25,606,731 3,789,114
Ag
Au
Total	87,962,036	15,092,466 2,685,885		17,778,351	70,183,684
Capital requirement	m	$/m	Total Cost
Decline (420 to 360m)	280	10,500	2,940,000 $
RAR and FAR	80	7,000	560,000 $
Hellyer Dewater			1,000,000 $
Total Capital			4,500,000 $
Cost Model
Tas Ops Capital ($/t)	14
Mining ($/t)	66
Processing ($/t)	44
Admin ($/t)	4
State Royalty ($/t)	11
Intec Royalty ($/t)	2.5
Total Costs ($/t)	142
			45,651,825 $	<<‐‐Total Project cost
Revenue (NSR $/t)	218.13		70,183,684 $	<<‐‐Total Revenue
Net Return	76		24,531,859 $	<<‐‐Net Return

Page 45 of 45