Pilbara explorer Warwick Resources Limited has announced a review of operations. It has a strong portfolio of 100% owned iron ore and other mineral projects located near Newman in the Pilbara region of Western Australia. These projects are held under approximately 1,200 square kilometers of mineral tenure and are strategically located with respect to railways, major roads and existing iron ore mines.

Since listing on the ASX in February 2007, Warwick has generated a pipeline of iron ore projects through exploration success and the strategic acquisition of tenure. Its near term strategy is to build a substantial direct shipping iron ore resource base in the Newman area.

Operations during the half year consisted of ongoing exploration and evaluation of the company's iron ore and other mineral deposits in the Pilbara region of Western Australia. During the half year to December 31st 2008, it completed a total of 139 RC drill holes for 7,009 meters, 5 diamond drill holes for 420m and 127 air core drill holes for 1,627 meters at its iron ore, gold and chromite projects.

As at December 31st 2008, its cash position was AUD 6,083,003. With continued weakness in the global economy, it intends to adopt a more conservative approach to capital management, while remaining an active explorer during 2009. As a cash conservation measure, the company's non executive directors and chairman have agreed to a 25% reduction in fees from January 1st 2009. Exploration staff numbers were reduced by 30% during the half year.