BASS METALS LTD

Bass Metal announced that a Definitive Feasibility Study to mine and process the Fossey deposit has just been completed. As outlined below, the DFS outcomes highlight that the Fossey mine development and utilisation of the Hellyer plant to produce zinc, lead and copper-precious metals concentrates appears financially and technically robust. The DFS has generated a positive financial and technical outcome with an EBITDA of approximately $75 million and a positive operating surplus of approximately $50 million, after capital expenditure of $26 million at an overall C1 production cost of US$0.39/lb payable zinc (after credits), which is in the lower half of the world cost curve.