Warwick Resources Limited Identifies Large New Iron Ore Target Near Newman

Pilbara explorer, Warwick Resources Limited announced its largest iron ore target to date following a detailed mapping and sampling programme at its Woggaginna project in Western Australia’s Pilbara region.

Woggaginna is located 55km southeast of Newman and 35km south of BHP Billiton’s Jimblebar iron ore mine and railway.

The Woggaginna project contains an extensive cluster of banded iron formations (BIFs) with corresponding zones of iron enrichment. The Company has identified more than 40 kilometres of cumulative strike length of the BIF units from magnetics. The strong correlation between magnetic highs and the BIF units has since been verified by the mapping and sampling programme. Significantly, the outcropping BIF units which have been mapped and sampled represent only one third of the total extent of BIF units within the project area.

Warwick Resources Managing Director Bruce McQuitty said that Woggaginna was shaping up as the Company’s largest DSO iron ore exploration target identified to date.

“What is pleasing, besides the potential size and scale of the iron target at Woggaginna, is that we are developing a good understanding of this style of mineralisation. The iron enrichment is similar to the mineralisation at Jimblebar Range where recent drilling confirmed high iron grades and demonstrated bedded iron enrichment at depths of over 70 metres,” Mr McQuitty said.

“The Woggaginna discovery extends the Company’s record of identifying iron ore targets from grassroots exploration and adding value through early exploration success and drilling. This is another very important milestone for shareholders and adds to the Company’s existing portfolio of iron ore projects.”

The Company’s consulting iron ore geologist completed a detailed mapping and sampling programme over approximately one third of the total extent of the BIF. The mapping outlined areas of iron enrichment, typically 20-40 metres wide and from 300-1,000 metres long, developed over moderately to steeply dipping BIF units. Over 400,000m2 of iron enrichment was mapped and sampled, of which 250,000m2 was strongly enriched (>55% Fe, typically between 57% and 63% Fe). The mapped iron enrichment consists predominantly haematite and goethite, with minor amounts of limonite. Minor detrital iron deposits were also identified.

A total of 76 rock chip sample traverses were undertaken across the strike of the zones of iron enrichment with the aim of obtaining a representative indication of the true width and grade of mineralisation. The length weighted average grades of 49 samples taken from areas of strong iron enrichment are shown in Table 1. The results include grades to 63% Fe and low to moderate levels of contaminants. The assay results indicate that the iron enrichment delineated at Woggaginna has excellent potential for DSO.

Table 1: Summary of rock chip sample traverses taken across areas of strong iron enrichment (>55% Fe)

———————————————————– No. of Avge. samples Interval(m) Fe% SiO2% Al2O3% P% LOI1000% ———————————————————– 49 24.9 58.61 6.16 2.87 0.065 6.4

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The Company recently completed aboriginal heritage clearances and plans to commence an RC drilling programme at Woggaginna in the September 2008 quarter. Meanwhile, resource drilling continues at Caramulla South, Jimblebar Range and Jimblebar CID projects with drilling results expected by end of June 2008.

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 Nickel Hills. Multiple targets for channel iron mineralisation have been identified on the Company’s tenements.

The information in this report to which this statement is attached that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Bruce McQuitty, who is a Member of the Australian Institute of Geoscientists. Mr McQuitty is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking 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’. Mr McQuitty consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

About WARWICK RESOURCES LIMITED:

Warwick Resources (ASX: WRK.AX) is an explorer with a diverse asset portfolio near Newman in the Pilbara region of Western Australia which is host to world class iron ore mines. The Company’s projects have a combined area of 1,700km2. Since listing on ASX in February 2007, the Company has rapidly identified significant iron ore targets on its existing tenure and has recently acquired further iron ore prospective ground. Through its relationship with Peak Drilling, the company has access to drill rigs to aggressively explore its projects. Earlier this month, Atlas Iron Ltd (ASX: AGO.AX) agreed to acquire a 19.9% stake in the Company as part of a strategic alliance to deliver a significant iron ore resource in the region.

Contact:

Bruce McQuitty Warwick Resources Limited Phone: +61-8-9481-8181 Mob: +61-409-929-121 Email: bmcquitty@warwickresources.com.au

Website: www.warwickresources.com.au

Source: WARWICK RESOURCES LIMITED