GREENWING RESOURCES LTD — Investor Presentation 2010

May 25, 2010

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Bass Metals – A Unique Proposition Investor Update May 2010.

Disclaimer & Competent Person An Important Notice

Disclaimer

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, reserves or potential growth of Bass Metals Ltd, industry growth or other trend projections are, or may be, forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction .

Competent Person

The information within this report that relates to exploration results is based on information compiled by Mr Michael Rosenstreich and Mr Kim Denwer who are both full time employees of the Company. Mr Rosenstreich is a Member of The Australasian Institute of Mining and Metallurgy and Mr Denwer is a member of the Australian Institute of Geoscientists . They both, individually have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.

Technical Detail

This presentation aims to provide a high level summary of various technical aspects of the Company’s projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals’ website: www.bassmetals.com.au

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A unique proposition

Bass Metals - a unique investment proposition….

1. Polymetallic resources - i.e. base & precious metals.

2. Mine operations in established, historic mining region – NW Tasmania

3. Active explorer, dominant tenement position in world class mineral province.

4. On growth trajectory with sound financial position - Cash $17.6M*

5. Significantly undervalued – mkt cap of ~A$30M

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• As at the end of March quarter 2010

Introduction Corporate Snapshot

	Exchange Codes Australia: ASX:BSM (shares) & BSMOA (options) Germany: R2F (F/furt & Berlin)	Exchange Codes Australia: ASX:BSM (shares) & BSMOA (options) Germany: R2F (F/furt & Berlin)	Exchange Codes Australia: ASX:BSM (shares) & BSMOA (options) Germany: R2F (F/furt & Berlin)
	Exchange Codes	Australia: ASX:BSM (shares) & BSMOA (options) Germany: R2F (F/furt & Berlin)
	Share Price	A$0.17 (20 May 2010) 12 month Hi/Lo - $0.35 /$0.09
	No. of Shares	170.5M
	No. Of Options	6.0M – unlisted options, various terms
		15 % Metals Finance Ltd (ASX:MFC) 5 % ANZ Nominees
	Sh h ld are o ers	G hi d 82% A t li & NZ eograp c sprea : us ra a 11% European 4% Nth America 3% SE Asia
	Directors	Don Boyer – Chair, Mike Rosenstreich – MD Craig McGown – NED & Tony Treasure – NED

A strong track record

Since listing 5 years ago Bass Metals has………

1. established the profitable precious & base metals Que River Mine in Tasmania.

2. Started its 2[nd] larger mining and processing operation at Hellyer for production .

start-up in Q4 2010

3. Discovered 2.3Mt of high grade Cu-Pb-Zn-Ag-Au resources and +1.0 Moz gold in resources on highly prospective tenements.

4. Pu . modern Hell . rchased the 1 5mtpa yer concentrator plant

5. A record of prudent management, a record of profit results and asset growth.

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Introduction
Tasmania is a Mining State
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Mining – a key industry

Introduction Tasmania is a Mining State

• Long, vibrant mining history from 1872 ( 20 years before Kalgoorlie gold boom )

• Many world class deposits – Hellyer, R ose b ery, en son R i & Mt L ye ll

• Minerals = 45% of Exports ($1.6Bn FY09)

• Major downstream processing facilities

• Minerals is major employer

• Excellent Infrastructure

Nyrstar’s Risdon Zinc Smelter-near Hobart

MMG’s Roseber y mine – est. 1930’s

Supportive Government

• Drilling approvals – normally 10-21 days.

• Bass’ Mine development approval <6 mont h s.

• No unreasonable environmental impediments

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Hellyer-Que River area – Orebodies & Infrastructure

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Sealed Road access
Rail Link
Hellyer Tails Resource
Hellyer Resource
1 . Mill
5mtpa Hellyer
Fossey Mine
(Active)
Reticulated grid power
Mt Charter Resource
Que River Mine
( Active )
1km
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The Hellyer Mine Project (HMP) High grade open-pit & underground 5 year mine plan

HMP drives transformational growth

• UG and open pit operations (Fossey, Hellyer & Que River)

• • I ncrease d pro d uc ti on sca e o l t 400kt pa o ore f

• Producing – Zn, Pb and Cu-Ag-Au concentrates

• Forecast operating surplus $15 - $20M pa

• Fossey UG Mine is the First Phase

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Fossey Decline Portal site

- HMP Location Plan

0.9km Decline trace c . 265m Decline advance to date

Que River -resource

0.71Mt at 5% Zn, 3% Pb, 1.2 g/t Au, 83 g /t A g & 0 . 9% C u Fossey Zone - Ore Reserve 0 . 85M t at 9% Z n, 5% Pb , 120 g/t Ag & 2.3 g/t Au

Hellyer Mill

Hellyer Portal & Decline (Plugged)

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

New Project - HMP Central Processing Plant

• Bass owns the large scale , modern 1 . 5mtpa Hellyer Plant

• A$4M Refurbishment Programme is 40% complete and on track.

• 90% of maintenance and mill operators have worked at Hellyer before.

• Planned commissioning Sept . Qtr . 2010

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New Project - HMP Phase 1 – Fossey Mine

Fossey Decline portal site in late March 2010

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Installing ground support for Decline portal
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Current status:

• Decline at c. 265 metres.

• $16M Capital expenditure (First Stope ore)

• Fi rs ore pro t d uc ti on - S ep . t Qt r. 2010

	New Project - HMP Phase 1-Improved outcomes in Hellyer Operating Plan	New Project - HMP Phase 1-Improved outcomes in Hellyer Operating Plan	New Project - HMP Phase 1-Improved outcomes in Hellyer Operating Plan	New Project - HMP Phase 1-Improved outcomes in Hellyer Operating Plan
		HOP
	Financial Outcomes	A$M	A$/t ore
	Gross Revenue	238	268
	Net Smelter Return	172	194
	Site Operating Costs	74	84
	Royalties	15	17
	EBITDA	83	94
	Start-up Capital Costs	21	24
	Ongoing Capital Expenditure	8	9
	EBIT	54	61
	EBIT Margin (%)	31%
	C1 Cost per lb payable Zn after credits	US$0.17

• Gross ore value in Oct 2009 (DFS) A$506/t. Current gross current ore value is A$523/t.*

• Robust Economics – high grade • Outstanding C1 Cost – lowest quartile on world cost curve.

*Metal prices and exchange rate on Bloomberg as at 20 May 2010

The Hellyer Resources HMP - Phase 2

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Fossey Ore Reserve
851kt at 9% Zn, 5% Pb, 0.3% Cu,
120 g/t Ag & 2.3 g/t Au
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• Large scale, realistic remnant resources

• Close proximity to the Fossey development 150 metres south

• .

• Further scope to extend resources

The Que River Resources HMP - Phase 2

Current Mineral Resource is:0.72Mt at 1.1% Cu, 3% Pb, 5% Zn, 85 g/t Ag and 0.8 g/t Au.

Comprising:

QR32 - 188kt at 5.5% Zn, 3.3% Pb, 80 g/t Ag & 1.1 g/t Au Nico – 102kt at 8.5% Zn, 4.9% Pb, 111 g /t A g & 0.9 g /t Au PQ – 50kt at 14.0% Zn, 8.0% Pb, 225 g/t Ag & 3.6 g/t Au

S lens – 377 kt at 3.4% Zn, 1.3% Pb, 2.0 % Cu, 63 g/t Ag &

0.3 g/t Au

Note: S-lens has high Cu- low Zn zone. So without S-lens the resource is - 340kt at 7.7% Zn, 4.5% Pb, 110 g/t Ag & 1.4 g/t Au

• Large scale, realistic remnant resources-currently being mined.

• 4km from the Hellyer Mill along existing road

• Further scope to extend resources

Que River Mine –current High grade open-pit, mining Cu-Pb-Zn-Ag & Au massive sulphide ore.

Recap -

• Bass sells ore to MMG’s Rosebery Mill 42km away.

• Generated:

• Sales revenue of c.A$50M

• At Margins on costs of c.50%

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Current Status

• March 2010 Quarter – operating surplus $1.8M; despite production problems.

• –

• April 2010 gross value of ore sold was $978/t.

• Forecasting improved operating conditions and financial outcomes for June quarter.

• Ore Sales due to be completed in July 2010.

Growth from existing resources Excess capacity in Hellyer Mill

Tailings re-treatment project:

• Tails – 10Mt at 2.5% Zn, 2.8% Pb, 104 g/t Ag & 2.6 g/t Au.

• Aim - to use dredge to reclaim tailings to produce a bulk Pb-Zn concentrate grading c. 50% Pb+Zn with Ag credits

Also gold recovery potential

• 1 . 2 Moz Au & 44 Moz Ag in JORC resources .

• Refractory – gold not easily extracted.

• +$10M of gold testwork from 1980-90’s.

What has changed?

• Technological advances, higher gold price and larger resource base.

Current Status

• PFS in progress – Como Engineers, CSA Global & BatteryLimits.

• Preliminary results late May - June 2010.

Bass ’ dredge on Hellyer Tails Dam doing rehab . in January 2010

THE PRIME OBJECTIVE IS TO BUILD SHAREHOLDER VALUE Realistic plan – based on current JORC Resources

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THE PRIME OBJECTIVE IS TO BUILD SHAREHOLDER VALUE Realistic plan – based on current JORC Resources ......and with Exploration success, multiple increments in value

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Growth through Exploration Bass is an active, effective explorer

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Exploration Upside
Hellyer Highly Endowed District
Fossey
Host Horizon
Que River
Mt Charter • Mt Read Volcanic Belt is a world class
VMS terrain.
•
Hellyer-Que Area Known VMS deposits are all associated
with the “Host Horizon”.
•
Bass has dominant tenement position over
R ose b ery
the Host Horizon.
•
Key VMS exploration focus is on:
Hercules
•
Hellyer Que area
Henty
•
Lake Margaret area (new acquisition)
Lake Margaret Area
Mt Lyell
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Exploration Upside Highly Endowed District

VMS deposits occur in clusters, and the Hellyer-Que region is an intensely mineralised area with excellent potential to host more ore.

Hellyer Deposit*:

• World class VMS deposit

• 16 Mt 14% Z n, 7% Pb , . 0 4% C u. 167 g/t Ag, 2.6 g/t Au

Fossey Deposit

• 0 . 8 Mt - 10% Zn , 6% Pb , . 0 4 % Cu , 137 g/t Ag & 2.5 g/t Au.

Que River Deposit*:

• 3 . 3 Mt – 13% Zn , 7% Pb , . 0 7% Cu , 195 g/t Ag & 3.3 g/t Au.

Mt Charter

• - 6 . 1 Mt 1 . 2 g/t Au & 36 g/t Ag .

*Important Note – Figures refer to historic production and existing resources based on data sourced from Mineral Resources Tasmania website and public reports to provide insight on the scale and polymetallic nature of the deposits

Exploration Upside Large Areas-Untested

Bass discovered Fossey 150m from Hellyer

Large ract ts of Host Hor zon noi t effectively tested by drilling (black dots) New technologies yielded new series of targets – currently e ng rb i d illed. Valid targets with mineralisation intersected at North Hellyer and Switchback.

Prospectivity highlighted by Fossey discovery BUT also by discovery of - outcropp ng ossey ai F lteration - D Zone.

D-Zone: +100m mineralised lens discovered in outcrop in +600m soil anomaly, 500m south of Fossey. Drilling planned

Exploration Upside D-Zone Target

Hellyer Fossey Mineralised Outcrop

Mineralisation discovered at surface.

• Fossey style mineralisation in 2 trenches 100m apart.

• Associated with +600m long soil anomaly

• At the target ore-horizon position .

• 500m south of Fossey

• An exciting outcropping target-drilling planned.

Indicative of the potential and prospectivity of the hellyer-Que area

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Growth through Exploration Lake Margaret Area

• New 59km[2] EL between giant Mt Lyell Cu-Au Mine & +1Moz Henty Au Mine.

• Historic sampling of large glacial boulder – average 5.6% Cu, 0.6 g/t Au and 29 g/t Ag.

• Similar grades and mineralogy to the Nth Lyell Mine to the south.

• Bass sampling and mapping confirms widespread mineralised boulders in area .

• Bass considers boulders are not derived from Nth Lyell and are from a proximal source.

• Exciting opportunity to utilise new exploration techniques as applied at Hellyer-Que.

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Undervalued?

1. Current cash $17.6M (31 March 2010)

2. Que River, ore sales revenue - $3 to $5M to come.

3. HMP Phase 1 Fossey EBIT (pre 30 June 2011) – c. $50M.

Indicates $0.40 to $0.50 per Bass share of planned cash/earnings

Other value drivers include:

• 1 . HMP Phase 2 * potential EBIT – c . $30-$40M .

• 100% of Hellyer Plant book value of $25M,

• Other resources e.g. tailings & Mt Charter

Compared to current price of $0.17 to$0.20 per Bass share

• Speculative estimate based on existing resources, current metal prices, generalised mining scenarios and concentrate sales terms. Full assessment and evaluation work needs to be completed.

In Summary

Bass Metals – a unique investment proposition......

1. Is a producer, expanding a robust production profile in Tasmania.

2. Is a successful & active explorer.

3. Is exploring in Elephant country – for high grade, polymetallic VMS deposits.

4. 4 . Owns the infrastructure to add value from new discoveries of all scales .

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

And is poised for major growth phase

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Thank you for your interest www . bassmetals . com . au

Fossey Ore

We know what we are looking for, mining and processing - High grade Cu-Pb-ZnAg-Au Deposits

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Que River Ore Hellyer Ore

Appendix – Mineral Resources

Combined Polymetallic Massive Sulphide Mineral Resources

	Deposit	JORC Classification	Tonnes4 (m)	copper %	lead %	zinc %	silver g/t	gold g/t
	Fossey1	Indicated	0.69	0.4	6.1	10.4	143	2.5
		Inferred	0.11	0.3	4.3	7.4	106	2.1
		T t l o a	0 80 .	0 4 .	5 8 .	9 9 .	137	2 5 .
	Hellyer Remnants2	Indicated	0.64	0.4	4.0	6.8	83	1.3
		Inferred	0.11	0.2	4.9	8.1	107	1.5
		Total	0.75	0.3	4.1	7.0	87	1.3
		Measured	0.08	1.3	3.1	6.0	119	1.6
	Que River3
		Indicated	0.45	1.2	2.8	5.6	85	0.7
		Inferred	0.18	1.0	2.6	4.8	72	0.7
		Total	0.72	1.1	2.8	5.4	85	0.8
	Total Combined		2. 27	0.6	4.3	7.5	104	1.6

• Fossey Resource is as reported to ASX 18[th] August 2009

• Hellyer Remnant Resource is as reported to ASX 26 October 2007.

• Que River Resource is as reported to ASX 14 September 2009.

• Rounding errors may occur

Growth from existing resources Gold Potential

– Gold Inventory JORC Compliant Resources

	Tonnes	Au	Ag	Zn	Pb	Cu	Au	Ag
	Mt	g/t	g/t	%	%	%	Moz	Moz
	1 Mt Charter - (0.7 g/t Au cut-off)
	6.1	1.22	35.5				0.24	7
	Fossey Expanded2 - (1.0g/t Au cut-off)
	2 .5	1 9 .	66	3 3 .	1 .5	0 1 .	0 1 . 5	5
	Hellyer Tailings3
	9.5	2.6	104	2.5	2.8	0.2	0.79	32
	Total Gold Resource Inventory
	18.1	2.0	75				1.20	44

• 1 – Combined Indicated and Inferred JORC Resources (Refer Bass Metals Ltd 2008 Annual Report); 2 – Combined Indicated and Inferred JORC Resources (Refer report to ASX 30 September 2008)

3 – Combined Indicated and Inferred JORC Resources (refer report to ASX 23 June 2009.

• 4 – Rounding errors will occur.

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Appendix – Ore Reserves

Ore Reserve & Mining Inventory

The resource base underpinning the reserve estimate contains some 8% by mass (60k tonnes), material categorised as Inferred . This material is largely constrained to the periphery of the resource limits . This material has been included in the production schedule as a Mining Inventory.

Mining Inventory and Ore Reserves (as at September 2009)

	Category	Volume (m3)	Tonnes (dmt)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)	Density
	Mining Inventory	16,000	62,000	0.2	3.8	6.2	84	1.9	4.0
	Probable (Stope Derived)	172,000	721,000	0.3	5.1	8.8	125	2.4	4.2
	Probable (Dev. Derived)	17,000	69,000	0.3	5.2	8.4	101	1.9	4.1
		204,000	851,000	0.3	5.0	8.6	120	2.4	4.2

Competent Persons Attribution

This Ore Reserve estimate was prepared by Tim Akerman BSc (Hons) MAusIMM, and Adrian Molinia BE (Hons) FAusIMM. Mr Akerman and Molinia are employees of Mancala Pty Ltd. Mr Molinia has 35 years, and Mr Akerman 25 years experience as professionals in the Australian mining industry, mainly involved in the underground extraction of base metal deposits. Specifically, both were directly involved in the feasibilit y to and the extraction of the Hell y er de p osit as em p lo y ees of Aberfo y le Limited. The y also have extensive ex p erience in the estimation of resources and reserves over a wide variety of deposit styles. As such, Mr Akerman and Mr Molinia both meet the requirements as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (AusIMM/AIG/MCA, 2004), to be Competent Persons for the estimation of Hellyer Mine Project Mineral Resources and Ore Reserves.

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Appendix – Competent Persons Statement

Exploration Results

The information within this report that relates to exploration results is based on information compiled by Mr. Kim Denwer and Mr. Mike Rosenstreich who are both full time em p lo y ees of the Com p an y . Mr. Rosenstreich is a Member of The Australasian Institute of Minin g and Metallurgy and Mr. Denwer is a Member of the Australian Institute of Geoscientists. They both, individually have sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person(s) as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and they consent to the inclusion of this information in the form and context in which it appears in this report.

Mineral Resources & Ore Reserves

Individual attributions relating to each of the Resource and Reserve estimates can be found within the ASX reports cited with each estimate presented within this report.

Technical Detail

This Report aims to provide a high level summary of various technical aspects of the Company’s projects. For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals’ website www.bassmetals.com.au

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