Perth, Apr 24, 2008 (ABN Newswire) - Diversified Pilbara explorer Warwick Resources Limited (ASX: WRK) today announced broad, high grade iron ore intersections from its initial RC drilling programme at its 100% owned Jimblebar Range project.

Highlights:

- Broad, high grade, near surface intersections of iron ore mineralisation from first phase drilling,

including:

- 60 metres @ 60.5% Fe from 6 metres depth (WRKRC60)

- 58 metres @ 60.6% Fe from 10 metres depth (WRKRC68)

- 44 metres @ 61.3% Fe from 14 metres depth (WRKRC64)

- 36 metres @ 61.3% Fe from 26 metres depth (WRKRC69)

- Follow up resource drilling to commence immediately

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.

Warwick Resources Managing Director Bruce McQuitty said the results from Jimblebar Range were highly encouraging, with high iron grades and low to moderate levels of contaminants indicating potential for direct shipping ore.

These results exceeded our expectations and underline the quality of Warwick's iron ore projects and the Company's ability to generate targets from early stage mapping and sampling," Mr McQuitty said. "This is a terrific result for Warwick shareholders, which now includes major shareholder Atlas Iron Ltd (ASX:AGO)".

The project consists of an area of iron enrichment approximately 1.8km long by 50m to 200m wide, developed over a south-easterly dipping sequence of banded iron formation (BIF). In December 2007, the Company announced positive results from initial mapping and sampling at the project.

The drilling programme consisted of 17 RC drill holes for a total of 1,237m. Two drill holes (WRKRC 65 and 66) in the northern part of the project were abandoned before reaching target depth due to difficult drilling conditions, consequently only 800m of the total 1.8km mapped strike length of iron enrichment has been tested.

The initial drill results indicate the presence of intense goethite-haematite enrichment of BIF units, extending from surface to vertical depths of approximately 70m. At this early stage of evaluation the mineralisation remains open in several directions, principally along strike and to the east.

The Company will move rapidly towards drilling out a resource at Jimblebar Range and has mobilised a rig for the purpose.

Earlier this month, Warwick Resources announced a strategic alliance with Atlas Iron Ltd (ASX:AGO) for the exploration and development of its iron ore projects. Under the terms of the agreement, Atlas will acquire a 19.9% stake in Warwick Resources through a share placement and the acquisition of existing shares.

Warwick's iron ore projects near Newman include:

Caramulla South - extensive surficial iron enrichment is evident 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, with low phosphorous levels (average 0.041%).

Jimblebar Range - an area of iron enrichment approximately 1.8km long and from 50m to 200m wide, developed over an easterly-dipping sequence of banded iron formation. Initial drilling results intersected broad, 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.

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%. Grassroots Iron Targets - extensive areas of surficial iron enrichment, developed over banded iron formation, have been mapped on the Company's Woggaginna and Nickel Hills projects. Multiple targets for channel iron mineralisation have been identified on the Company's tenements.

Note:

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.

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