Warwick Resources Limited announced a review of operations. Warwick Resources in a statement said that “The Company 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 1,200km2 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, the Company has generated a pipeline of iron ore projects through exploration success and the strategic acquisition of tenure. The Company's 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 31 December 2008, the Company completed a total of 139 RC drill holes for 7,009m, 5 diamond drill holes for 420m and 127 aircore drill holes for 1,627m at its iron ore, gold and chromite projects.”

The release added that “During the half year, the Company completed a transaction for the acquisition of two iron ore tenements, Western Creek E52/2160 and Davidson South E52/2132 for a combined scrip purchase to the value of AUD 100,000.”

It said that “As at December 31st 2008 the Company's cash position was AUD 6,083,003. With continued weakness in the global economy, the Company 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.”