Warwick Resources Limited (ASX:WRK) Announce Jimblebar Range Iron Ore Drilling Update

July 3, 2008

July 3rd (ABN Newswire) – Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced further significant iron ore intersections from the second phase of RC drilling at its 100% owned Jimblebar Range iron ore project.

Jimblebar Range is located near Newman in Western Australia’s Pilbara region and is only 8km from BHP Billiton’s large Jimblebar iron ore mine and railway. It is one of a suite of iron ore projects being developed by Warwick Resources in the region.

The project consists of an area of outcropping iron enrichment approximately 1.8km long by 50m to 200m wide, developed over a south-easterly dipping sequence of banded iron formation. In April 2008, the Company announced broad high grade intervals of iron ore from first phase RC drilling (17 holes), including 60m @ 60.5% Fe and 58m @ 60.6% Fe from 6m and 10m depth, respectively.

Warwick Resources Managing Director Bruce McQuitty said the latest drill results had confirmed the continuity of mineralisation in the central part of the deposit, and extended the mineralisation to the east and to the south.

“The drilling has defined two keel-shaped bodies of iron enrichment separated by an east-west striking fault. The northern zone is approximately 400m long by 200m wide and up to 58m thick. The southern zone is approximately 500m long by 100m wide and up to 60m thick and is still open at the southern end. Geological modelling of the deposit is in progress and resource estimation is due to commence later this month,” Mr McQuitty said.

The second phase drilling programme consisted of 35 RC holes for a total of 2,414m.

The Company is also pleased to report that it has secured a diamond drill rig for the next phase of work on its iron ore resource projects. The rig will provide drill core for density measurements and metallurgical work. Assay results from recently completed drilling programmes at Caramulla South and Jimblebar CID projects are expected to become available later this month. Meanwhile, RC drilling continues at Woggaginna.

Warwick’s iron ore projects near Newman are:

Jimblebar Range is an area of iron enrichment approximately 1.8km long and from 50m to 200m wide, developed over a steeply dipping sequence of banded iron formation. Initial drilling results intersected thick high grade near surface mineralisation, including 60m @ 60.5% Fe from 6m depth, 58m @ 60.6% Fe from 10m depth, 44m @ 61.3% Fe from 14m depth and 36m @ 61.3% Fe from 26m depth (see announcement dated 8 April 2008).

Caramulla South has extensive surficial iron enrichment within an east-west striking strip of Marra Mamba Formation, up to 120m wide and 4km long, near the northern margin of the exploration licence. An initial drill traverse returned significant intersections, including: 21m @ 56.3% Fe from 15m depth and 11m @ 59.2% Fe from 9m depth.

Woggaginna has extensive areas of surficial iron enrichment, developed over banded iron formation confirmed by detailed mapping and sampling. Grades up to 63.0% Fe and low contaminants indicate DSO potential.

Jimblebar CID – a 3km long mesa from 75m to 150m wide capped by pisolitic iron mineralisation. An initial drill traverse completed across the CID demonstrated that the channel contains up to 7m of iron-rich pisolite grading to 57% Fe. Phosphorous levels are very low, ranging from 0.020% to 0.025%.

Ten Mile CID is a recently identified channel iron target over 3km in length and up to 400m wide, with potential for further mineralisation beneath shallow cover. Initial rock chip sampling returned grades up to 58.5% Fe. Grassroots Iron Targets – Areas of surficial iron enrichment, developed over banded iron formation, have been mapped at Black Hills. Multiple targets for channel iron mineralisation have been identified on the Company’s tenements.

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