GREENWING RESOURCES LTD — Investor Presentation 2013

Jun 17, 2013

ASX / Media Release

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18 June 2013

Corporate Presentation June 2013

Bass Metals Ltd (ASX:BSM) is pleased to announce a new updated Corporate Presentation, a copy of which is attached to this announcement and is also available on the Company’s website: www.bassmetals.com.au

END

Contact

Mike Rosenstreich Managing Director - Bass Metals Ltd T: +61 (0)8 6315 1333

Media

David Ikin/Colin Hay Professional Public Relations T: +61 (0)8 9388 0944

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Introducing Bass Metals Ltd

A successful explorer and experienced Australian mining company (ASX:BSM)

June 2013

1. Bass Metals – current situation

1. Tasmanian focussed polymetalic (VMS) exploration and development company. 2. Key Attributes

• Experienced and focused management.

• High grade, Hellyer-Que VMS* (CuPb-Zn-Ag-Au) resources & prospects.

• Tasmanian regional exploration.

• A$2.6M cash (est for 30 June 2013).

• No debt.

• **

• Damages claim estimated at A$56M.

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VMS-geological term, volcanogenic massive sulphides. Typically high-grade, polymetallic ore deposits. *Bass vs LionGold Corp. Ltd for breach of contract in WA Supreme Court.

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1. Bass Metals – planned “near-term” position

Core objective – rebuild value and increase BSM share price!

• 3 fold strategy to achieve this objective

• Diversify into new projects – BSM has the skills, the experiences and cash to contribute.

• Review Tasmanian VMS projects and either explore or farm-out.

• Vigorously pursue the litigation against LionGold Corp to achieve a financial settlement or successful judgement.

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1. Bass Metals-Synopsis

Capital Structure

• 309.5M shares

• 90.1M listed options (20 cents/Sept. 2014)

• 30.2M unlisted options held by RMB (0.6 to 1.8 cents/ 2015 expiries)

• Market Capitalisation c. A$3.4M (at current price of 1.1 cents)

• Share price 12 month range 0.4 to 2.0 cents

• Listings: ASX(BSM & BSMO) and Deutsche Bӧrse (R2F-FRA)

• Major shareholders:

• Metals Finance Corp. (ASX:MFC) 9.6%,

• JP Morgan Nom. 8.7% &

• Intec Ltd (ASX:INL) 5.9%.

• Directors:

• Craig McGown – Non-Executive Chairman

• Mike Rosenstreich – Managing Director

• Barry Sullivan – Non-Executive Director

• Tony Treasure – Non-Executive Director

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1. Bass Metals-Synopsis

1. Successful Explorer

• Base metals – Increased high-grade VMS (Cu-Pb-Zn-Ag-Au) resources from nil to 1.9Mt at 0.7% Cu, 4.0% Pb, 7.3% Zn, 90g/t Ag & 1.3 g/t Au – post mining (current resource base)*.

• Gold – discovered and acquired 3 resources containing 1.1Moz gold & 42moz silver (**majority sold recently).

• Numerous targets for further high-grade VMS discoveries.

Geologist sampling glacial erratic grading 5.6% Cu, 29 g/t Ag & 0.6 g/t Au at Lake Margaret EL.

refer Competent Persons attribution on Page 22 and Mineral Resource details in Appendix 1. *Part of the Hellyer asset sale transaction.

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1. Bass Metals-Synopsis

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2. Experienced Mine Developer & Operator

• Que River – open pit mines (2007 – 2010).

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1. Bass Metals-Synopsis

2. Experienced Mine Developer & Operator

• Fossey – underground mine (2010-2012).

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1. Bass Metals-Synopsis

2. Experienced Mine Developer & Operator

• Hellyer flotation

• 1.5Mtpa flotation concentrator – producing zinc, lead and copper-silvergold concentrates.

• Operations in close proximity to World Heritage Conservation area.

• Exemplary safety culture - nearly 3 years free of any Lost Time Injuries.

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1. Bass Metals-Synopsis

3. Established commercial and financial relationships

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Retain good relations with former:

• concentrate off take parties comprising smelters and traders, and

• various financial institutions.

Maintain - strong investor relationships in Australia and Europe.

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1. Bass Metals-Synopsis

The Recently Completed Strategy

1. Completed mining and milling operations - June 2012.

2. Retired all debt (A$35M) and recapitalised the company from operational cash flow and asset divestment - completed March 2013.

3. Completed study on 1Moz gold and 38M oz silver resources – and sold project for $11M in cash (after original sale for $13.5M was repudiated).

4. Commenced litigation to recover up to c.A$5-6M in damages from LionGold for breach of sale contract in Sept. 2012 (see above).

5. Cut corporate staff, salaries and infrastructure –refocused for next phase. The Company took a pro-active stance to wind-down operations and ensure full creditor settlements …..

…..in anticipation of continuing declining AUD metal prices coincident with a series of on-going technical problems in the mine and plant which had manifested unexpectedly due to the campaign nature of the ore processing operations. The short ore reserve meant it was not possible to sustain further refinancing or capital improvements and hence an orderly closure of operations was the sensible option to ensure full repayment of all creditors, which was achieved, ensuring a platform (capital, management & assets) remained from which to refocus on shareholder value.

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2. Refocused on a new strategy

Three core initiatives to the new strategy

1. Diversify into a new project – active assessment process underway.

2. Discover large high grade VMS (Cu-Pb-Zn-Ag-Au) deposits on existing tenements in Tasmania – either on a sole fund basis or joint venture.

3. Conclude litigation against LionGold Corp with a sensible financial outcome for Bass, whilst reducing the costs to its shareholders.

The objective of these initiatives is to rebuild Bass shareholder value……..

• …..whilst continuing to maintain a stringent focus on cost containment both at a site level in Tasmania and at a corporate level.

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NEW STRATEGY: NEW PROJECTS

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2. Diversification to a New Project/Corporate Opportunity

Can only share generic comments as project generation is a competitive and uncertain process.

• The Rationale; Bass can….

• Contribute exploration, commercial and project development skills;

• Fund modest initial investments from existing cash;

• Draw on existing relationships and a strong network amongst mining, finance and commodity trading groups to develop and fund the growth of its business.

• Provide investor upside and liquidity through existing ASX listing.

• The Quest

• Commodity focus – gold, gold-copper, base metals, tin, tantalum and lithium.

• Project status – ideally, advanced exploration to pre-feasibility status projects.

• Corporate – looking for access to quality projects, complimentary skills and sound consolidation rationale.

• Most jurisdictions where Bass’ employees and assets are safe and it is practical to operate.

• Current Status

• Assessing several project and corporate opportunities in Australia and internationally.

• Target time frame 6-12 months.

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NEW STRATEGY: TASMANIA

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2. Discovery Potential in Tasmania Track record of discoveries

Excellent discovery prospects based on: Right Address – a world class VMS terrain

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New exploration concepts highlighted by discovery success Existing resources to expand

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Exciting profile of targets

New improved exploration techniques that enable rapid evaluation of proximity to ore Discovery objective:

A new 2 to 4Mt scale deposits such as Que River (3.3Mt at 13% Zn, 7% Pb, 0.4% Cu, 195g/t Ag & 3.3 g/t Au).

Discovery Strategy:

Bass is undertaking a detailed review of 40 years of data with support from expert consultants; 2-3 month process.

Result in decision on whether to sole fund, divest or farm-out these projects.

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2. Discovery Potential in Tasmania The Right Address

• Mt Read Volcanic Belt is a world class VMS terrain.

• Populated by large scale, high grade ore bodies such as:

  • Mt Lyell (Cu-Au)

  • Rosebery (Cu-Pb-Zn-Ag-Au)

  • Henty (Au)

  • Que River (Cu-Pb-Zn-Ag-Au)

  • Hellyer (Cu-Pb-Zn-Ag-Au)

• Bass has major ground position of

• c.350km[2] , focussed on MRV.

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2. Discovery Potential in Tasmania Existing resource base to build from within a large mineralised system

Historic VMS 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

Fossey: 0.54Mt at 7.8% Zn, 4.2% Pb, 101 g/t Ag, 1.7 g/t Au & 0.3% Cu.

Current VMS Resources – 1.9Mt

• Fossey / Fossey East

• Hellyer

High-grade Cu-Pb-Zn-Ag-Au resources refer Attachment 1.

• Que River

Resources and key target areas all close to existing access roads and processing infrastructure.

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2. Discovery Potential in Tasmania Exciting profile of targets – under review

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Que South Target

Que River Resource

Mt Charter Resource

D-Zone Target

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Switchback Target

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Hellyer Mill

Fossey Resources

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Hellyer Zone Resource

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3. Bass’ Directors & Management team

“ a lean, experienced group of mining executives with sound leadership, technical, corporate and financial skills tempered and tested through times of success and also adversity”

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Craig McGown – Non Executive Chairman

Mr McGown has more than 35 years experience in corporate finance, covering mergers and acquisitions, capital raisings in both domestic and international financial markets, asset acquisitions and asset disposals, initial public offerings and corporate restructurings.

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Mike Rosenstreich – Managing Director/Exploration Manager

Mr Rosenstreich has a strong combination of technical and commercial skills gained over the past 25 years in the mining and resource finance sectors as an exploration and mining geologist, banker and various corporate roles .

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Barry Sullivan – Non-Executive Director

Mr Sullivan is an experienced mining engineer with a career spanning 40 years in the mining industry in RSA and Australia. This includes more than 20 years with Mount Isa Mines with last five years in the role of Executive General Manager responsible for the extensive Mount Isa and Hilton operations.

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Pierre Malherbe – Company Secretary & Chief Financial Officer

Mr Malherbe has a strong financial and accounting background. His extensive experience in South Africa and Australia includes 24 years in the investment and Banking, Finance and Mining Industries.

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Tony Treasure – Non-Executive Director

Mr Treasure is a geologist by profession who has been actively involved in the resource and metal recovery industry for over 34 years, holding senior executive positions with a number of publicly listed companies in the process metallurgy and mining fields.

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Steve Richardson – Senior Exploration Geologist

Mr Richardson is a qualified geologist with 30 years exploration and mining geology experience. His background covers range of commodities but predominantly base metals, gold and tin with a strong exposure to VMS deposits.

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4. Bass Metals – in conclusion

• Core objective – rebuild value and increase BSM share price! 1. A 3 fold strategy to achieve this objective is well underway.

  • Diversify into new projects – currently more than 12 opportunities on the work-in-progress list.

  • Review Tasmanian VMS projects and either explore or farm-out.

  • Vigorously pursue litigation against LionGold Corp. to achieve successful outcome.

2. Bass has made significant cost cuts at all levels whilst maintaining all permit obligations at its Tasmanian sites.

3. Bass is investigating means to isolate the cost impact of its litigation on shareholders whilst retaining entitlement to any successful outcome.

4. Bass has the skills, experience and tenacity to execute this strategy. 5. Bass continues to have the support of several key shareholder and external groups to implement this strategy and enable it to succeed.

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THANK YOU

For further information please note contact details below

Contact Mike Rosenstreich Managing Director - Bass Metals Ltd T: +61 (0)8 6315 1333

Media David Ikin/Colin Hay Professional Public Relations T: +61 (0)8 9388 0944

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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 who is a full time employee of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy. He has 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 as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)” and he consents to the inclusion of this information in the form and context in which it appears in this report.

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. No obligation is assumed to update any forward looking statements.

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, including in the United States.

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Appendix 1: HMP Mineral Resources

Table 1: Combined Polymetallic Massive Sulphide Mineral Resources - (as at 10 June, 2013 at a 5% Pb+Zn cut off )

Location	JORC Classification	Tonnes kt	Copper (%)	Lead (%)	Zinc (%)	Silver (g/t)	Gold (g/t)
Fossey measured Indicated Inferred Total		220 0.5 6.9 13.0 131 2.7 90 0.4 6.1 9.9 98 1.5 20 0.3 4.4 7.2 104 2.2
		330 0.5 6.5 11.8 120 2.4
Fossey East measured Indicated Inferred Total		5 0.6 9.1 16.3 189 3.1 120 0.6 6 12.1 90 2.0 30 0.4 4.7 9.5 93 2.3
		155 0.5 5.8 11.6 93 2.1
Fossey Trend Sub-Total		485 0.5 6.3 11.7 112 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 7.0 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 2.0 1.2 3.4 63 0.3
Total Measured Indicated Inferred Total		285 0.8 5.5 10.5 116 2.2
		270 0.7 3.8 7.0 83 1.2
		360 0.6 3.8 6.6 92 1.3
		1,915 0.6 4.2 7.5 90 1.3

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Appendix 1: Fossey “barite only” mineral resource

Table 2: Summary of Fossey Barite only Mineral Resource – 31[st] December 2011.

JORC Classification	Tonnes mt	Gold (g/t)	Silver (g/t)	Zinc (%)
Inferred	2.2 1.3 38 0.8
Total	2.2 1.3 38 0.8

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