Perth, Sept 9, 2008 (ABN Newswire) - The directors of Pilbara explorer, Warwick Resources Limited (ASX:WRK) are pleased to announce an initial Inferred Mineral Resource(1) at its 100% owned Jimblebar Range iron ore project as follows:

KEY POINTS

- Initial 'Inferred Mineral Resource' of 11.7Mt @ 57.6% Fe at Jimblebar Range

- Potential to increase resource by targeting extensions and identifying new areas of BIF enrichment

- Strategic location only 8km from near BHP Billiton's Jimblebar mine and rail head

- Company to investigate development opportunities

Jimblebar Range Project - Inferred Mineral Resource at 50% Fe Cut-off

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Tonnes Fe% SiO2% Al2O3% P%  S%   LOI% Ca  Fe%
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11,700,000 57.6  7.0    2.2 0.06 0.04 7.7 62.4
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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 deposit consists of two keel-shaped zones of supergene haematite-goethite mineralisation overlying a southeasterly dipping sequence of banded iron formation. The northern zone is approximately 400m long by 200m wide, up to 58m thick and is open to the northeast. The southern zone is approximately 500m long by 100m wide, up to 60m thick and is open to the south. The mineralisation displays a strong vertical zonation, with higher grade (+60% Fe) mineralisation concentrated in the lower part of each zone.

Significantly, there is potential to increase the size of the resource by targeting extensions to the deposit and by identifying new areas of iron enrichment on BIF ridges that lie parallel to, and along strike from the resource.

The deposit has several characteristics that are favourable for mining including low levels of impurities, a thin layer of overburden (0-26m) and minimal groundwater. The majority of the deposit lies above the groundwater table.

The Company is examining all avenues for the development of the resource.

Warwick Resources' Managing Director Bruce McQuitty said that the initial 11.7 Mt inferred resource at Jimblebar Range was an important milestone for shareholders.

"Jimblebar Range is the first resource to emerge from the Company's strong portfolio of iron ore projects. We will assess potential development options for the deposit while aggressively exploring our other iron ore targets with a view to growing our resource base" Mr McQuitty said.

The resource estimate was prepared by Chris De-Vitry(2) who is a full time employee of Quantitative Group (QG). QG are an internationally recognised, independent consultancy group specialising in resource evaluation. Chris De-Vitry acts as the competent person for the resource estimate while Bruce McQuitty(3) acts as the competent person in respect of the geological interpretation and data quality on which the estimate is based.

Resources were estimated from the results of 52 RC drill holes for a total of 3,651m. The drilling pattern is approximately 100m x 30m.

A further 13 RC drill holes have been planned to test potential extensions to the mineralisation at Jimblebar Range. This drilling is scheduled for October. In addition, core from two recently completed diamond drill holes will be cut and submitted for assay.

The Company expects to receive assay results from a further two RC drill holes at Jimblebar Range and from Phase 2 RC drilling at Caramulla South in the near future. Results will be released to the market as soon as they come to hand.

Warwick's iron ore projects near Newman are:

Jimblebar Range contains an Inferred Mineral Resource of 11.7Mt @ 57.6% Fe, with low levels of impurities (2.2% Al2O3, 0.06% P). The deposit consists of two zones of haematite-goethite mineralisation which extend from near surface to over 70m depth. The deposit is located only 8km from BHP Billiton's large Jimblebar iron ore mine and railway.

Caramulla South comprises an east-west striking strip of Marra Mamba Formation, up to 180m wide and 4km long, near the northern margin of the exploration licence. Drilling to date has returned significant intersections, including: 36m @ 57.73% Fe from 2m depth, 22m @ 59.29% Fe from 4m depth, 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.

Notes:
(1) This estimate is classified and reported in a manner compliant with the JORC code and guidelines (JORC, 2004).

(2) Mr Chris De-Vitry is a member and registered practicing geologist of the Australian Institute of Geoscientists (AIG). Mr De-Vitry has sufficient experience in the estimation of iron ore deposits to act as the competent person for this estimate as defined in the 2004 Edition of the "Australian Code for Reporting of Mineral Resources and Ore Reserves". Mr De-Vitry consents to the inclusion in this report of the Jimblebar Range resource estimate.

(3) Mr Bruce McQuitty 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.