GREENWING RESOURCES LTD — Investor Presentation 2011

Mar 7, 2011

7 March 2011

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

Dear Sir

Presentation – PDAC 2011

Bass Metals Ltd (ASX code: BSM) ("the Company") is pleased to provide the Company's latest corporate presentation which the Managing Director, Mr. Mike Rosenstreich, is giving at PDAC 2011 in Toronto, Canada on 7 March 2011.

Yours sincerely

Susan Hunter Company Secretary

Key Points - a realistic growth story

• •VMS focused -production & exploration
• •High-grade Zn-Pb-Ag-Au-Cu production-cash flow
• •Large scale Gold-silver & Base Metal resources
• • Track record of exploration success -new VMS discoveries
• •100% owned modern processing infrastructure
• •Australia-Tasmania : Politically stable

Presentation - outline

• • Introduction; who & where who
• •Mine Production – Hellyer Mine Project overview
• • G th f i ti Growth from existing resources-dl t eve opment projects.
• •Growth via exploration success
• •Investment Proposition

Competent Persons Statement, Disclaimer & Technical Detail

An Important Notice

Competent Persons Statement

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 of Geoscientists. both, have 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 material, partic larl ularly those regarding possible or ass med umedf t re u ureperformance performance, costs, di idends vidends, 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.

IntroductionASX listed diversified miner

ASX: BSM / Frankfurt:RF2

C I d i l t s s u e a p a :	/ M M h M i 1 8 8 6 6 1 2 7 t s a r e s o p o n s
/ H i L o :	\$ \$ / A 0 1 0 1 6 5
C M k t a r e a p :	\$ ( ) A 8 0 M 4 4 t t a c e n s
C h a s :	\$ \$ ( / / ) 9 9 M M 3 1 1 2 2 0 1 0 7 7 t a s a

Major Shareholders:

14 % Metals Finance Ltd (ASX:MFC) 12 % JP Morgan Nominees Board & Management 17%

Board:

Don Boyer-Chairman, Mike Rosenstreich – MD, Craig McGown-NED & Tony Treasure-NED.

Don Boyer –admiring drill core

IntroductionOperation in Tasmania, Australia – a mining State

Tasmania:

• •150 y gy ears mining history
• • Major mines and smelting facilities
• •Excellent mine services support
• • Regional power, rail and road infrastructure
• •Talented local mining labour pool
• •Supportive government

IntroductionIntensely Mineralised VMS Terrain

"Elephant Country"

• • Mt Read Volcanic Belt is a world cl VMS t i lass terrain.
• • Populated by large scale, high grade ore bodies such as:
• ⁹Mt L ll (C Lyell (Cu-A ) ^u
• ⁹Rosebery (Cu-Pb-Zn-Ag-Au)
• ⁹Henty (Au)
• ⁹Que River (Cu-Pb-Zn-Ag-Au)
• ⁹Hellyer (Cu-Pb-Zn-Ag-Au)

Note: Historic production data presented in this figure and next slide is sourced from Govt. Dept public database (MRT). BSM Resources are summarised in accordance with the JORC Code either within thispresentation or at the rear of this presentation.

IntroductionHellyer – Que Region-large VMS system-100% owned 100%

Historic production:

Hellyer: 16Mt at 14% Zn, , 7% Pb 167 g/t Ag, 2.5 g/t Au & 0.4% Cu Que River: 3.3Mt at 13% Zn, 7% Pb, 195 g/t Ag, 3.3 g/t Au & 0.7% Cu

Current VMS Resources - 2.8 Mt•Fossey •Fossey East H ll•Hellyer

Current VMS-Stockwork VMSStockwork

Mt Charter – 6.1Mt at 1.2 g/t Au & 36 g/t Ag (394koz Au(Eq))

Current Hellyer Tails 9.5Mt at 2.5% Zn, 2.8% Pb, 2.6 g/t Au & 104g/t Ag.

Hellyer Mine Project (HMP) Location Plan

HMP-Overview 5 year Mine Plan-2 Phases

L i t o c a o n	C J O R C l i f i i t a s s c a o n	T o n n e s k t	C o p p e r ( ) %	L d e a ( ) %	i Z n c ( ) %	S i l e r v ( / ) t g	G l d o ( / ) t g
F F o s s e y	T T l l P P b b b b l l t t o a r o a e	1 1, 1 1 0 0 2 2	0 0 3 3	4 4 0 0	6 6 8 8	1 0 5	1 1. 9 9
F o s s e y	T l P d t o a r o v e	-	-	-	-	-	-
T l t o a		1 1 0 2 ,	0 3	4 0	6 8	1 0 5	1 9

Phase 1 - Ore Reserve –First 2 years production

• •Underground Mine – decline access.
• •Rate 450ktpa to 500ktpa of ore.
• •Mine operating cost ^c \$40 c. \$40-\$45/t ore \$45/t ore.

Phase 2 - Resources (years 3-5)

• •F Et ossey East
• •Que River
• •Hellyer

HMP-Overview

Phase 1 – Fossey Mine

• •Hellyer Mill is a 1.5Mtpa modern, purpose built flotation concentrator plant.
• •Process c.500ktpa on a campaign basis – 4 weeks on/4 weeks off.
• •Unit milling y cost approximately \$30-\$35/t.
• •Bass owns Mill – 100% and has spare processing capacity.
• •Purchased in 2009 for \$4M upfront cash payment-insitu

HMP-Overview

Phase 1 – Fossey Mine "achieves first shipment milestone"

• •Commissioning campaign completed – Zn Pb and Cu Zn, Cu-Ag-Au conc produced Au conc. produced.
• •First cheque for zinc concentrate received, Pb & Cu conc in stocks.
• •Second Milling Campaign starts 7 March-approx 40kt of ore.

HMP-Overview

Hellyer concentrate logistics & sales

Burnie Port Concentrate storage Burnie port port-concentrate loading facility concentrate loading

HMP – Planned Annual production estimates

ConcentrateZinc conc. 55,000 Zn, Ag, Au

Tonnes/Year Payable Metals

Lead conc. 27,000 Pb, Ag, Au (Zn) Copper/Silver 5,000 Cu, Ag, Au, Pb

HMP - Overview

Polymetallic = diverse revenue streams

Gross Revenue Split by Payable Metal

Gross Revenue Split by Concentrate Product

Diversity of revenue/customer:

• •Payment for 5 metal streams
• •Payment for 3 products delivered to 3 destinations 3

HMP - Overview

Robust Economics

Phase 1 - Fossey Ore Reserve* – estimate of financial outcome/tonne ore

l * i i F O t n a n c a u c o m e s	\$ / A t o r e
G R r o s s e v e n u e	2 8 5
l N S R t t t e m e e r e u r n	2 1 5
i i S O t t t e p e r a n g c o s s	8 1
l i R t o y a e s	2 2
E B I T D A	1 1 2
l i S C C t t‐ t t a r u p a p a o s s	2 9
l d i i i O C E t t n g o n g a p a x p e n u r e	1 0
E B I T	7 3

• •c. \$40M / year estimate of operating surplus (EBIT/yr)
• •C1 cost of c.US15 cents/lb payable Zn (after credits)
• •Lowest quartile of world cost curve

*Ore Reserve reported in accordance with JORC on slide 10 and CP statement slide 4. **These are estimates made at current AUD metal prices: Zn- \$2,460/t, Pb - \$2,630, Ag - \$35/0z, Au – 1,429/oz & Cu - \$9,890/t

HMP - Overview

HMP - Re-cap: 5 year mine plan-2 phases

• •Phase 1:
• • Fossey UG Mine – 1.1Mt Reserve*/2 years
• ⁹Significant Zn Pb and Cu Zn, Cu-Ag-Au concentrate production Au
• ⁹Revenue split is 2/3 base metals and 1/3 gold & silver
• ⁹Generate c. \$80M over 2 years of operating surplus (EBIT)
• 9Low cost
• •Phase 2:
• • UG and some op p gp g en pit mining potential from 2.1MT high-grade resources*:
• ⁹Fossey East Resource 0.65Mt
• 9Que e Riv r 0 t .7M
• ⁹Hellyer 0.75Mt
• •Phase 3 – pipeline of exploration targets-track record of finding ore

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

Next Production Phase(s) – 4 & 5?

Major Gold and Base Metals Opportunities

•Gold Recovery Study

• ⁹2M oz Gold(eq1) in 2 main Resources 2
• ⁹Refractory gold

⁹DFS Scoping study in progress .

• ⁹Target is gold production of 130koz Au (eq) per year for ⁷ Au for -10years, a "Company Maker".
• ⁹Testwork has started. Initial results in late April 2011.

•Tailings Re-treatment Study

• ⁹Objective is to produce either separate Pb and Zn concentrates or saleable Bulk Pb-Zn concentrate.
• ⁹Testwork in progress initial results late May.
• ⁹Target is to produce an additional 10,000 to 15,000 tonnes of Pb and Zn metal in concentrates.

Notes:

• 1. Au equivalence is based on Au:Ag ratio of 1:45. Grades are based on Resource grades, No modifying factors such as recovery has been included. See Note in Attachment - Table 5.
• 1. Resource estimate details in following tables-Hellyer Tails & Mt Charter.

Growth 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. 1986- 2000)
• • Reduced resource risk and simple "mining" - utilise dredge to reclaim tailings.

Hellyer Tails Metal Inventory

• •800koz Gold
• •32Moz Silver
• •290kt Lead
• •240kt Zinc
• •20kt Copper
• All contained metal no recovery factors applied.

Growth from Existing Resources Gold production

Production Aim130koz gold(eq) pa

"Fall-back" target 50koz gold(eq) pa

• 1 EXISTING RESOURCES 1. –2Moz Gold (eq )*
• •Hellyer Tails: 1.5 Moz Au(eq) 9.5Mt at 2.6 g/t Au & 104 g/t Ag
• • Mt Charter: 0.4Moz Au(eq) 6.1Mt at 1.2 g/t Au & 36 g/t Ag g/t Ag(does not include Au/Ag content in Fossey, Hellyer & Que Resources)

2. TECHNICALLY REALISTIC - Based on DETAILED FEASIBILITY level testwork from 1990 s' .

Note: Gold (Eq) is based on a Au:Ag ratio of 1:45. See Note with Table 4 in Attachment. It is based on total contained metal with no allowance for recoveries. There is no value for Zn, Pb or Cu included; only Ag and Au. The above summary is based on Tables 4&5 inAttachment.

Growth from Existing Mineral Resources

Resource S y ummar y – with G &S old &Silver Focus

H e	l l i l T y e r a s
	J O R C	T o n n e s	l d G o	i l S v e r	l d G o	i l k S	( ) l d G E o q	Z i n c	d L e a	C o p p e r
	f l i i i C t a s s c a o n	( ) M t	/ ( ) t g	/ ( ) t g	( ) k o z	( ) v e r o z	k o z	( ) %	( ) %	( ) %
	d M e a s u r e	4 9	2. 7	1 0 5	4 2 5	1 6, 5 4 3	7 9 5	2. 8	3. 1	0 2
	d d I i t n c a e	2. 5	2. 6	1 0 4	2 0 9	8, 3 6 0	3 9 6	2. 6	3	0 2
	f d I n e r r e	2. 1	2. 4	1 0 3	1 6 2	6, 9 5 5	3 1 7	1. 7	2. 9	0 2
	l T t o a	9 5	2 6	1 0 4	7 9 6	3 1, 8 5 9	1, 5 0 7	2. 5	2. 8	0 2
M	h C R t t a r e r e s o	r c e u
	O C J R	T o n n e s	l d G o	l S i e r v	l		l d ( ) G E o q	i Z n c	d L e a	C o p p e r
	l f i i i C t a s s a o n c	( ) M t	/ ( ) t g	/ ( ) t g	( ) d G o o z	( ) i l S v e r o z	O z	( ) %	( ) %	( ) %
	d M e a s u r e	0	‐	‐	‐	‐	‐	‐	‐	‐
	d d i I t n c a e	1. 9	1. 2	3 6	7 4	2, 2 1 8	1 2 3	0 7	‐	‐
	f d I n e r r e	4 2	1. 2	3 5	1 6 5	4, 7 5 4	2 7 1	0 4	‐	‐
	l T t o a	6 1	2 1	3 6	2 3 9	6, 9 7 1	3 9 4	0 5	‐	‐

⁹2Moz Gold (eq) total resources-with potential to increase

⁹Key Resource is Hellyer Tails- 1.5Moz Au (eq), 80% Meas.& Ind. category ⁹Gold (eq) grade of 4.4 g/t

Note: Gold (Eq) is based on a Au:Ag ratio of 1:45. See Note with Table 4 in Attachment. It is based on total contained metal with no allowance for recoveries. There is no value for Zn, Pb or Cu included; only Ag and Au. The above summary is based on Tables 4&5 inAttachment.

Growth from Existing Resources

Gold & Silver Recovery / Production / Cost Estimates (1Mtpa rate)

		D i t r e c C i d i t a n a o n y		A l b i o n	P r o c e s s	P i l P t a r a r e s s r e u O i d i t a o n x
	i U t n s	A u	A g	A u	A g	A u	A g
F d d e e g g r a e	/ t g g	2 6	1 0 4	2 6	1 0 4	2 6	1 0 4
T l R t o a e c o v e r y	%	2 5	4 0	8 6	8 2	3 7	6 5
M l R d t e a e c o v e r e	/ k o z p a	2 1	1 3 3 8 ,	2 7	2 4 2 7 ,	3 1	2 1 4 7 ,
G l d ( ) o e q i d t p r o c o n u	k o z	5 0	7	1 3 2 8		9 3 7
E i d l i t t t t t s m a e o a s e i t t o p e r a n g c o s s	\$ / A o z	5	9 0		3 6	5	4 5
O i i t p e r a n g m a r g n	%	5 7		4 6		6 0
C C i l t t a p a o s	\$ \$ A M	4 9	4		1 4 3 2		1 1 6 6

9Scoping study (July 2010) results – include DFS quality testwork from 1990's.

• 9 Potential production rate ran ge from 51k to 133koz gold(eq) per year. p g g ( q) p y
• 9Potential operating cost range - \$550 to \$740 per ounce gold (eq).
• 9Technically sound and financially viable – subject to detailed DFS in progress.
• 9Potential environmental benefits benefits.

Realistic potential to add major gold production to Hellyer operations

Growth from existing resources Pb and Zn Recovery

Hellyer Tails Historic Production 2006-08 (Previous owner)

• • Feed: 2Mt at 2.8% Zn, 3% Pb & 89 g/t Ag
• • Product: 90kt of bulk concentrate:
• 9Zn – 37%
• 9Pb - 12% (Pb + Zn=49%)
• 9Ag - 195g/t
• As - 0 77% .

Time of high prices – typical "swing" production

BSM's Aim – process on an incremental cost basis to be a long-term producer.

Bass plans for mid 2011:

• •Process 1Mtpa of Hellyer tails – on a campaign basis with Fossey ore.
• • P d ith dditi l 10 Pro duce either additional 10-15kt f Pb & Z i t t t 30kt 15ktpa of Zn in separate concentrates or pa of a Bulk lead-zinc concentrate.

Current Activity:

•Undertaking extra test work to enhance Zn & Pb and reduce As levels.

Growth from Existing Resources

Potential strategy - gold and base metals – from "high"-grade tailings

Subject to positive testwork & DFS

• • Commence tailings re-treatment to recover Pb & Zn. Minimal capital likely required required.
• •Store re-treated tailings separately-still high gold & silver grades.
• •Construct gold recovery "unit"
• • Reclaim un-treated tailings
• 1. recover Pb & Zn – existing flotation circuit
• 1. recover Au & Ag – new gold unit
• 9 3. tails now less acid forming – better environmental outcome for storage.
• •Reclaim early stage re-treated tails for gold & silver recovery only.
• • Continue assessment of other "gold-silver" rich VMS deposits such as Mt Charter, Que River etc.

Growth by Exploration

Bass is a successful explorer

Elephants leave big……….…FOOTPRINTS:

H ll D it

•Que River Deposit

•Mt Charter ResourceMt

•Fossey Deposit

VMS deposits occur in clusters, and the Hellyer-Que region has excellent potential to host more ore.

Find More Ore

"in the shadow of the Mill"

• •are within 5km radius of the Hellyer Mill.
• • Large and small discoveries can potentially be "cashed p y in"
• • Recent success at Fossey East & Switchback.

Resource growth-new targets – Hellyer Stockwork

• • 3 distinct stockwork targets -beneath Hellyer workings beneath workings•
• 3 to 5 Mt Exploration Target potential-indicated by historic drilling

Resource growth-new targets – Fossey East

Fossey East- still open

• • New Resource: 650kt at 6.1% Pb Zn, ⁺ 51g/t Ag & 1.4g/t Au
• • Indicated part of resource grades 14% Pb+Zn Pb+Zn.
• •Untested-north of Fault
• • Untested south & downplunge.
• • Easily accessible from Fossey Mine Decline

Recent resource estimate highlights potential to add at least ^a further year of production.

Resource growth- Positive track record

• 2005 Acquired Tasmanian leases Nil resources – 2005
• 2006 +Mt Charter Au-Ag Resource* +Que River Cu Cu-Pb-Zn-Ag-Au Resource Au
• 2007 Open-pit mining Que River starts +Hellyer Cu-Pb-Zn-Ag-Au Resource
• 2008 +Fossey Cu-Pb-Zn-Ag-Au Resource
• 2009 +Hellyer Tails Au Au-Ag-Zn-Pb Resource Pb Acquired Hellyer Mill & Infrastructure
• 2010 Que River open pits – complete (MMG-deal) F U d d Mi Fossey Underground Mine – first ore
• 2011 +Fossey East Resource 1st Concentrates sold from Fossey Mime More to come!

*Resource summaries reported in accordance with the JORC Code in Attachment.

Investment Proposition Growth profile

• Mi lif nee –N h li ti 5 Now have a realistic 5 -10 d ti tl k 10 year production outlook.

Investment Proposition Growth profile

Bass Metals – Investment Proposition

• 9 High-grade / Low cost polymetallic production – current cash flow.
• 9 Direct exposure to base & precious metals metals – VMS!
• 9Pipeline of resources and targets to keep the Mill turning.
• 9Large gold gold-silver resources with realistic production potential . silver
• 9Quality Exploration ground – "Elephant Country"
• 9 Excellent levera g pg e to 100% owned processin g infrastructure.
• 9Quality regional infrastructure
• 9Low political risk / Supportive regime.
• 9Experienced management/operators

Booth 3114

Thank you for your interest

HMP Mineral Resources & Ore Reserves

Table 1: Combined Polymetallic Massive Sulphide Mineral Resources as at 30 Polymetallic Sulphide Resources June 2010 – 5% Pb+Zn cut-off

i L t o c a o n	C J O R C i f i i l t a s s c a o n	T o n n e s k t	C o p p e r ( % )	L d ( e a % )	Z i c ( n % )	S i l v e r ( / ) t g	G d ( l o / ) t g
F o s s e y	I d i d t n c a e	6 9 0	0 4	6 1	1 0 4	1 4 3	2 5
	I f d n e r r e	1 1 0	0 3	4 3	4 7	1 0 6	2 1
	T l t o a	8 0 0	0 4	5 8	9 9	1 3 7	2 5
H l l e e r y	I d i d t n c a e	6 4 0	0 0 4 4	4	6 6 8 8	8 3	1 1. 3 3
R t e m n a n s	I f d n e r r e	1 1 0	0 2	4 9	8 1	1 0 7	1. 5
	T l t o a	7 5 0	0 3	4 1	7	8 7	1. 3
Q i R u e v e r	I d i d t n c a e	1 6 0	0 2	3 8	6 5	9 6	1. 2
P b Z Z n o n e -	I f d n e r r e	1 4 0	0 3	4 2	4 7	1 0 4	1. 2
	T l t o a	3 0 0	0 2	4	6 9	1 0 0	1. 2
Q R i e e r u v	M d e a s u r e	6 0	1. 7	0 7	2 1	6 9	0 3
C Z u o n e	I d i d t n c a e	2 6 0	1. 9	1. 6	4 3	6 8	0 3
	f I d n e r r e	6 0	2 5	0 2	0 6	3 3	0 2
	T l t o a	3 8 0	2	1. 3	3 4	6 3	0 3
T l t o a	M d e a s u r e	6 0	1. 7	0 7	2 1	6 9	0 3
	I d i d t n c a e	1, 7 5 0	0 6	4 5	7 8	1 0 6	1. 6
	I f d n e r r e	4 2 0	0 6	3 8	6 6	9 5	1. 4
	T l t o a	2 2 3 0 ,	0 6.	4 2.	7 4.	1 0 3	1 5.

HMP Mineral Resources & Ore Reserves

Table 2: Combined Polymetallic Mineral Resources as at 30 June 2010

As the Fossey Body contains two styles of mineralisation (base metal and gold) the combined Fossey mineralised resource can be summarised as in Table 2 below

				Me Gr de an a s
L E N S	O R E Z O N E	C A T E G O R Y	'0 0 To 0 nn es	% Cu	% P b	% Zn	/ Ag t g	/ Au t g	% Ba	S D E Y t N I T /m 3
O S S F E Y	S B M	In d ica d te	7 3 0	0. 3	5. 5	9. 6	1 4 0	2. 5	2 7. 2	4. 3 7
F O S S E Y	Fo l l tw o a	In d ica d te	4 0	0. 3	8 5.	3 7.	5 7	0. 8	3. 6	3. 0 5
O S S F E Y	Ba ite r	In d ica d te	1, 1 0 0	0. 1 <	0. 3	0. 6	4 2	1. 5	4 0. 5	4. 1 6
O S S F E Y	G S P	In fe d rre	1 0	0. 1 <	0. 1	0. 1	3 3	5. 2	4. 5	3. 1 6
F O S S E Y	Ba ite r	In fe d rre	2 9 0	0. 1 <	0. 2	0. 5	4 1	1. 4	4 1. 2	4. 3 0
O S S F E Y	S B M	fe In d rre	4 0	0 3.	4 0.	6 7.	8 8	2 1.	2 8 9.	4 2 . 2
F O S S E Y	Fo l l tw o a	In fe d rre	3 0	0. 2	4. 1	6. 2	5 7	1. 6	8. 5	3. 2 5
O S S F E Y	H L D 9 8 2 Le ns	fe In d rre	2 8	0. 3	4. 2	7. 3	1 5 6	2. 5	2 5. 6	4. 6 0
F O S S E Y	H L 6 8 3 Le ns	In fe d rre	2	0 5.	0. 5	8 5.	1 9 5	2 2.	2 4 4.	4 2 . 0
M I N O R L E N S E S	S Ba ite & B M r & Fo l l tw o a	fe In d rre	3 0	0. 2	2. 2	4. 9	7 6	2. 0	2 8. 5	3. 9 5
T O T A L	A l l	In & I d ica d te In fe f d rre	2, 3 0 0	0. 1	2. 2	3. 9	7 7	1. 8	5 3 4.	4. 2 2

HMP Mineral Resources & Ore Reserves

Table 3: 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.

lo ic l l in G t e o g a ou	e
Z O N E	C A T E G O R Y	k T	Zn %	b P %	/ Ag t g	/ A t u g	Cu %	D E N S I T Y
/ B M S Ba i te r	d d In ic te a	1 7 0	9. 4	4. 4	7 5	1. 7	0. 4	4. 1 5
/ B M S Ba i te r	fe d In rr e	4 5 0	2. 2	1. 1	4 4	1. 3	0. 1	4. 0 9
in S tr g er	fe d In rr e	3 0	2. 7	1. 2	2 2	0. 7	0. 1	3. 2 5
O T	T A L		4. 1	2. 0	5 1	1. 4	0. 2	0 6 4.
( b ) f f 3 % P Zn Cu t + o
/ B M S Ba i te r	d d In ic te a	1 6 0	1 0. 3	4. 8	7 9	1. 8	0. 5	4. 1 7
/ i B M S Ba te r	fe d In rr e	1 6 0	4. 9	2. 6	5 7	1. 6	0. 2	4. 1 5
in S tr g er	fe d In rr e	2 0	3. 2	1. 5	2 8	0. 7	0. 1	3. 3 1
O T T	A L	3 4 0	2 7.	3. 5	6 6	1. 6	0. 3	4. 1 0
( b ) f f % Cu 5 P Zn t + o
/ i B M S Ba te r	d ic d In te a	1 4 0	1 1. 0	5. 2	8 3	1. 9	0. 5	4. 1 8
/ i B M S Ba te r	fe d In rr e	1 0 0	6. 6	3. 5	6 3	1. 8	0. 3	4. 2 0
S in tr g er	fe d In rr e	0 1	3. 8	8 1.	3 0	0. 7	0. 1	3. 3 1
T O T	2 5 0	9. 1	4. 4	7 3	1. 8	0. 4	4. 1 6

Note:Small rounding errors may occur

Hellyer Tailings Mineral Resources

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

C C J O R l i f i i t a s s c a o n	T o n n e s t m	C o p p e r ( ) %	L d ( e a ) %	Z i c ( n ) %	S i l e r v ( / ) t g	G d ( l o / ) t g
M d e a s u r e	4 9	0 2	3 1	2 8	1 0 5	2 7
I d i d t n c a e	2 5	0 2	3 0	2 6	1 0 4	2 6
I f d n e r r e	2 1	0 2	2 9	1. 7	1 0 3	2 4
T l t o a	9 5	0 2	2 8	2 5	1 0 4	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.

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

C C J O R l i f i i t a s s c a o n	T o n n e s t m	G l d o ( / ) t g	S i l e r v ( / ) t g	Z i n c ( ) %	G l d o k o z	S i l e r v k o z
I d i d t n c a e	1. 9	1. 2 1	3 6 3	0 7	7 4	2 2 1 8 ,
I f d n e r r e	4 2	1. 2 2	3 5 2	0 4	1 6 5	4 7 5 4 ,
T O T A L	6 1	1. 2 2	3 5 5	0 5	2 3 9	6 9 7 2 ,