GREENWING RESOURCES LTD — Capital/Financing Update 2012

Jul 5, 2012

ASX / Media Release

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6 July 2012

Asset Sale to Revive Bass Metals

Bass M e tals Ltd (A S X: BSM) is pleased to announce a major ass e t sale that w ill see the Company revived w ith cash, n o debt and able to refo c us on expl o ration of it s Tasmania n tenements and new project o p portunities.

The Co m pany has e n tered into a greements t o sell its w h olly-owned s ubsidiary, H ellyer Mill O perations Pty Ltd (HMO), to LionGold Cor p Ltd, a Sin g apore liste d gold inves t ment and d evelopment company (SGX:A78). The consideration f o r the bindin g Share Sal e Agreement is A$13.5 m illion cash, p ayable in two equ a l installme n ts; the firs t on settle m ent, expec t ed in mid- A ugust and the second 30 days thereafter. LionGold will also ta k e a placem e nt in Bass c omprising 5 8 million sh a res at 1 ce n t to raise $580,00 0 and giving it a 16.5% s t ake.

HMO o w ns the Hellyer Tails G old Resou r ce, proces s ing plant, H ellyer Min e Licence and has a Sublicen c e agreement with Bas s over the M t Charter G old Resource ( refer A n nexure A f o r Mineral Resourc e details ). B ass will ret a in explorati o n rights ov e r the Helly e r Mine leas e through a Sublease agreement with a fo c us on base m etals. Th e Hellyer Pla n t is expect e d to remain on site and Bass may utilise it s ubject to av a ilability, though LionGo l d may rede p loy certain c omponents.

The HM O divestme n t will leav e Bass Met a ls debt fre e and with a forecast f ree cash p osition of approxi m ately $6 million, along w ith an additional $2 million held i n a retentio n account in favour of LionGold which, less any unexp e cted claims or costs, re v erts to Bas s after 12 m o nths. On completion of this tr a nsaction B a ss will hav e sufficient w orking capital to undert a ke planned exploration programs in Tasm a nia, pursue new project opportuniti e s, share th e Hellyer sit e maintenan c e costs an d will have secured a resource s -focused cornerstone investor on its register. The de a l is subjec t to Bass sharehol d er approva l and approval from FIR B . However, it is not subject to any f u rther due di l igence by LionGold.

The two c ompanies p lan to nego t iate to colla b orate on exploiting new deposits di s covered in T asmania, with Bas s focused o n base metal s and LionG o ld focused on gold.

Bass Me t als’ Managi n g Director, Mike Rosen s treich, said: “Our mining and proce s sing opera t ions have recently c eased, and whilst that w ork-out str a tegy has g e nerated mo r e revenue t h an originally forecast it is still n ot sufficient to retire all debt and f u nd the Co m pany’s no n -discretiona r y expendit u re for the next 12 m onths.

“This tra n saction will revive the C ompany’s fi n ancial posi t ion, give us the opportu n ity to forge close ties with an e merging in t ernational r e sources gr o up, and very importantly, allow us to retain a c cess to a processi n g facility an d share the H ellyer site m aintenanc e costs.”

“We will also retain sufficient s u rplus funds to meet g e neral worki n g capital n e eds and to restart a compreh e nsive expl o ration campaign on our T asmanian t enements,” Mr. Rosenst r eich said.

“The sal e of HMO is b eing under t aken in res p onse to stressful financi a l circumsta n ces brough t about by a series of adverse technical is s ues affecti n g our relati v ely small s c ale resour c e development which was highly geared in an environ m ent of decli n ing metal p r ices and rising costs.

The Co m pany will also seek an d evaluate n ew project opportunitie s where its exploration skills and develop m ent experiences can a d d value to p rovide Bass shareholde r s exposure to greater project and commod i ty diversity. ”

As the H e llyer site o p erations co n tinue to wind down, the Company’s corporate e x penses will be scaled back in line with thos e of a non-p r oducing mi n erals explo r ation and d e velopment b usiness.

At a Ge n eral Meetin g , to be held in mid-Aug u st, Bass M e tals will seek sharehold e r support f o r the plan with furt h er details to be provided in the Notic e of Meetin g to be relea s ed shortly.

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ASX / Media Release

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Contact

Mike Ro s enstreich Managin g Director - B ass Metals Limited T: +61 ( 0 )8 6315 13 0 0

Media

David Ikin/Colin H ay Prof e ssional Pu b lic Relation s T: + 6 1 (0)8 938 8 0944

ANNEXURE A

HELLYER TAILS & MT CHARTER MINERAL RESOURCE SUMMARIES

1. Hellyer Tailings Resource Estimate

The Hell y er Tailings M ineral Res o urce is su m marised in T able 1, in a c cordance w i th the JOR C Code.

Table 1: Hellyer Tails Combined Mineral Resource Estimate

J Class ORC ification	Tonnes	Gold	Silver	Zinc	L ead	Cop per
	Mt	(g/t)	(g/t)	(%)	( %)	(% )
Measure Indicate Inferred d d	4.9 2.5 2.1	2.7 2.6 2.4	105 104 103	2.8 2.6 1.7	3 3 2 .1 .0 .9	0. 0. 0. 2 2 2
Total	9.5	2.6	104	2.5	3 .0	0. 2
Conta rec ined Metal overy assu (No met. med)		Gold	Silver	Zinc	L ead	Cop per
		Moz	Moz	kt	kt	k t
Measure Indicate Inferred d d		0.4 0.2 0.2	17 8 7	137 65 36	1 52 75 61	1 5 4 0
Total		0.8	32	238	2 88	1 9

Note: S m all roundin g errors ma y occur. Re f er Compet e nt Person s tatement a n d Technical Checklist below.

2. Mt Charter Gold-Silver Resource

At Mt C h arter a lar g e tonnage low grade g old-silver M ineral Res o urce has b e en delineated. The resource is reported above a 0.7 g/t cut-off w ithin the mineralised envelope bou n dary and is classified as Indic a ted and Inf e rred in acc o rdance wit h the JORC code (Dec e mber 2004 ) , as listed i n Table 2 below.

Table 2: Summary o f Classified Mt Charter Mineral	Table 2: Summary o f Classified Mt Charter Mineral	Table 2: Summary o f Classified Mt Charter Mineral	Table 2: Summary o f Classified Mt Charter Mineral	Re source	at a 0.7g/t	Au cu t-off
J Class ORC ification	Tonnes Mt	Gold (g/t)	Silver (g/t)	Zinc (%)	G old koz	Sil k ver oz
Indicate Inferred d	1.9 4.2	1.2 1.2	36 35	0.7 0.4	75 165	2,2 4,8 00 00
Total	6.1	1.2	36	0.5	2 40	7,0 00

Note: S m all roundin g errors may occur. Refer Competen t Person sta t ement and T echnical C h ecklist below.

3. Competent Persons Statement

Exploration Results a nd Mineral R esources The info r mation in this report t h at relates t o Mineral R esource e s timates is b ased on i n formation compiled by Mr Michael Rosenstreich who is a fulltime e m ployee of B ass Metals and a Member of the Australa s ian Institut e of Mining a nd Metallu r gy. Mr Ro s enstreich h as sufficien t experienc e which is

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ASX / Media Release

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relevant t o the style o f mineralis a tion and ty p e of deposi t and to the a ctivity whic h he is und e rtaking to qualify a s a Compet e nt Person a s defined in t he 2004 Ed i tion of the “ A ustralasian Code for R e porting of Explorati o n Results, Mineral R e sources and Ore Res e rves (the J ORC Cod e )”. Mr Ro s enstreich consent s to the inclu s ion in the r e port of the m atters based on this inf o rmation in t h e form and context in which it a ppears.

4. Mineral Resource Estimate Checklists

4. Mi neral Resou rce Estima te Checklist s	4. Mi neral Resou rce Estima te Checklist s	4. Mi neral Resou rce Estima te Checklist s	4. Mi neral Resou rce Estima te Checklist s
Table 3: Checklist o f Assessme nt and Rep orting Crite ria - Hellyer Tails Miner al Resourc e.
Geological Setting	Hellyer is a VMS sedimentary seq 13.8 % Zn, 167 production. style deposit oc uence. The depo g/t Ag and 2.5 curring as polyme sit was mined fr g/t Au. The Helly tallic massive su om 1985 to 2000 er Tails Mineral lphide mineralisat with production Resource estima ation within a mafic of 16.9 Mt @ 0.4 ate relates to the –felsic volcano- % Cu, 7.2% Pb, tailings from this
Estimation Source:	AMC estimated Ltd to restate th 2006. the Mineral Reso e Hellyer Tailing urce of the Hellye s Mineral Resou r tailings in 2005 rce estimate allo . In June 2009 AM wing for depletion MC was requeste n of tailing for re d by Bass Metals processing since
Tenementa nd land status	Hellyer occursw MetalsLtd. ithin CML 103M/ 87 and is 100%o wned by Hellyer Mill Operations, a a wholly owned s ubsidiary of Bass
Drilling	Total hole drill sa techniqueswere mples were colle used. cted in June 199 8 (61 holes) andJ uly 2000 (53 hole es) programmes.V ibracore drilling
Logging	No geological lo deposit. gging of the drillc uttings was unde rtaken. This is un derstandable give en the type of mat erial in the
Sampling	Samples werec Drillholeswere c ollected at 2 metr omposited to one e intervals in the sample downhol 1998 programme efor length weigh and 6.5 metre inte ting during grade ervals in the 2000 e estimation. programme.
Assaying	Samples werea ZnandAgwere nalysed by AMMT determined using EC Burnie Resea XRF.Onlymino rch Laboratory (B rQA-QCwas com RL), Au was dete pleted/ ermined by fire as say and Cu, Pb,
Databasein tegrity	Routinevalidatio n was carried out byAMC.
Estimation techniques and modelling	A block model o determined in 19 Pit andWestern f the tailings was 98, 2000 and 200 Armareas (retrea developed using 9. Grades were ted tailings)wer	e predeposition (of estimated into the calculated byme tailings) topograph model using ordi tallurgicalbalanc hy and tailings su nary kriging. Grad ce. rfaces e in the Shale
Cut-off para meters.	The Hellyer Tails 2.04%Zn, 0.10% Mineral Resourc Cu,76.83 g/tAg e statement and and2.28 g/tAu. classification refe rs to tonnes and g grade above cut-o ffs of 1.65% Pb,
Mining / Me assumption tal s.	No assumptions were made abou t mining or metall urgical factors
Bulk densit y	A bulk density o of 1.64tm-3. f 1.93 tm-3was as signed to insitu t	a ilings. Tailings th at had been retrea ated were assigne d a bulk density
Classificatio n	A numeric code, Resource, Indica the classification Measured Reso This equates to classification int there was greate Resource, as the wireframes in th borrow pits', the Western Armda RESCODE, was ted Resource an is only intended urce in all areasw most of the tailing his area. The mo r uncertainty in th re was uncertain ese areas. The ar north eastern cor mand ShalePit. set in the model, d Inferred Resour to be valid if the t here the drillingd s dam that wasd del has been clas e continuity of gr ty in grade contin eas in questiona ner of the modelw with values of on ce respectively.T ailings are mined ensity was suffic rilled in 2000. Krig sified as Indicate ade. Four areaso uity as well as un re the western ed here the tailings e, two or three, co he model has be in their entirety. T ient to allow an es ing efficiency tes d Resource at the f the model have certainty in the vo ge of the model in have inundated a orresponding toM een classified in a The model has be stimate of grade in sting helped to con e peripheries of th been classified a olume represented n the areas marke a shallow creek an easured global sense and en classified as the first pass. firm the e drilling, as s Inferred by the d as 'shale d tailings in the
Table 4:C hecklist of	A ssessment a nd Reportin g Criteria - M t Charter Min eral Resourc e estimate.
Criteria	Comments
Geological Setting	The Mt Charte argentiferous ba r deposit is av riteveins. ariety of VHMS deposit. Minera lisation is mass sive to stockwork auriferous and
Estimation Source:	The Mt Charter geological interp Mineral Resourc retations provided es estimation wa byBassMetals s undertaken by Ltd,in 2006. Snowden Minin ng Industry Cons ultants based on
Drilling	All Bass MetalsL drilling was also achieved. TheM approximately 50 td holes have be diamond-drilleda t Charter resourc malong these se en diamond-drille nd of NQ core siz e has been drilled ction lines. d and NTW-sized e (47.6mm diame on 50m spaceds core recovered (d ter). An average ections oriented (diameter of 56mm of 92% core recov WNW/ESE. Drill- ). Historic ery was hole spacing is
Logging	All drill holes we codes). Wet and at perdrill-run in re geologically lo dry digital photog tervals (average o gged using the raphs of all core f3.0m). same nomenclat s were systemati ure as pre- Bass cally taken and R Metals Ltd drillin RQD measuremen g (Aberfoyle log ts were recorded
Sampling	Half-core sample detailed samplin s were collected g. at 1.0m intervalu nless there were major lithological boundaries which warranted more
Assaying	Half core sample were routinely a XRF). SG deter (every 25 sampl comparison. s were submitted nalysed for Au (f mination was con es) and blanks (e to Ammtec-Burn ire assay); Ag, P ducted by the la very 25 samples ie Research Lab b, Zn, Cu, As, Fe boratory on the1 ) and a selection oratories located (triple acid diges m composite sam of samples were in Wivenhoe, Ta st and AAS); Ba mples. QA-QC in analysed by Gen smania. Samples (pressed powder volved standards alysis (Perth) for
Surveying	Alldrill-hole colla r locationshave b een measured b y a contract surve yor.
Database in tegrity	The responsible these are within anexcelspreads project geologist acceptable limits heet. reviewed and c . This is required hecked new resu before the labora lts and plots stan tory job is accept ndard and blank ted. The drill-hole results to ensure data is stored in
Geological Interpretation	The Mt Charter sub-vertical/stee mineralisation com p westerly dip. Th prises a barite-r e mineralized vei ich vein package ns have a NNWs which has a NNE trike and are sub- E trending envelo -vertical. ping surface and
Estimation techniques and modelling	Multiple element domain boundar elements studied s were estimated ies. The changeo and grade trends using ordinary kr f support proces modelled. iging. Ordinary kr s is based on mu iging restricted to lti-element conditi o mineralisation a ional simulation.V nd homogeneous ariography of all
Cut-offpara meters.	Acut-offgrade o f0.7g/tAuwas a pplied.
Previous M ineProduction	No previousmin inghas takenplac e ontheMt Char terdeposit.

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AS X / M edia Relea se	AS X / M edia Relea se
Mining fact assumption ors or s.	The tonnage an modelling the de 5mby10mby 5 d grade estimat posit behaviouru m. ion is based on sing anticipated	o a ‘change of su pen pit mining on pport’ geostatisti five metre high b ical technique th benches and a mi at is targeted at ning selectivity of
Metallurgic al factors	No assumptions have been made aboutmetallurgi	c altreatment.
Bulkdensit y	Average bulkde nsityvaluesforst ratigraphic domai ns calculated and applied to estima ated blocks.
Classificatio n	Snowden andB geologicalconfid ass Metals hav ence and drill hol e completed cla e spacing. ssification by tak ing into account t data integrity, grade continuity,
Audits or re views	No audits or revi ewshave beenco mpleted.

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