Warwick Resources Limited announced that it has a strong portfolio of 100% owned iron ore and other mineral projects, strategically located with respect to rail and existing iron ore mines near Newman in the Pilbara region of Western Australia.

The Company's near term strategy is to build a substantial direct shipping iron ore resource base in the Newman area. Further important milestones were achieved during the quarter with the discovery of high grade DSO from RC drilling at Woggaginna, while four new Marra Mamba iron exploration targets were identified at McCamey's South. Subsequent to the end of the quarter, the Company completed an RC drilling program at both projects with results expected towards the end of May.

To the west of Newman, RC drilling of the Marra Mamba target at Western Creek has outlined an exploration target of 13 to 21 million tonne at 56-59% Fe. Two exploration licenses covering prospective Hamersley Group rocks were granted at Ironstone Bore, near BHP Billiton's Prairie Downs iron ore project.

The Company sold its Waite Kauri North lateritic nickel-cobalt project to Proto Resources and Investments Limited for 4 million ordinary PRW shares. The Company is also examining ways to realize value from its remaining non-iron assets. No drilling was undertaken during the quarter however a large volume of assay data was received from the extensive drilling campaign undertaken during the previous quarter and is subject to ongoing interpretation. Field activities undertaken during the quarter included mapping and sampling at the Woggaginna and McCamey's South projects and a gravity survey at the Ten Mile CID project.

Exploration expenditure during the quarter is estimated to be AUD 755,000.