ASX and Media Release

28 January 2009

HIGH GRADE IRON ORE DRILL RESULTS FROM JIMBLEBAR RANGE

KEY POINTS

?                     High grade iron ore intersections with low impurities from two Diamond drill holes at Jimblebar Range

?                     Results confirm presence of a high grade core to the deposit as outlined by earlier RC drilling

?                     Assay results from RC drilling, targeting extensions to the deposit, are due in next few weeks

?                     A resource upgrade is expected during the June quarter

Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced high grade iron ore results from two Diamond drill holes completed at its 100% owned Jimblebar Range iron ore project near Newman.

Significant widths of high grade, low impurity iron ore were intersected in each hole, as follows:

62.5m @ 61.2% Fe, 2.12% SiO₂, 0.97% Al₂O₃, 0.052% P, 8.80% LOI from 14m depth (WRKDD004)

22.9m @ 59.7% Fe, 4.25% SiO₂, 1.08% Al₂O₃, 0.065% P, 8.63% LOI from 17m depth (WRKDD005)

WRKDD005 terminated in mineralisation due to drilling difficulties; the last 6.65m averaged 63.0% Fe (see Table 1 for further details).

These results follow the announcement on 9 September 2008 of an initial Inferred Mineral Resource of 11.7Mt @ 57.5% Fe (at 50% Fe cut off) for the project. The Jimblebar Range deposit consists of two keel shaped 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.

Warwick Resources' Managing Director Bruce McQuitty said that the results confirmed both the modelled geology of the deposit and the presence of a high grade core in each of the two mineralised zones.

"These excellent drill results underline the key characteristics of the Jimblebar Range deposit; broad zones of high quality DSO close to surface and close to existing infrastructure", Mr McQuitty said.

Meanwhile, the Company is awaiting assay results from 14 RC drill holes, completed in November 2008, targeting extensions to the deposit. The results are expected to be received in the next few weeks. A resource upgrade is expected during the June quarter.

Figure 1: Cross section through the northern mineralised zone at Jimblebar Range showing the location of the intersection of 62.5m @ 61.2% Fe in WRKDD004

For further information, please contact:

Bruce McQuitty

Warwick Resources Limited

Phone: 08 9481 8181 / Mobile: 0409 929 121

Email: bmcquitty@warwickresources.com.au

Website: www.warwickresources.com.au

Competent Persons Statements

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.

The Jimblebar Range inferred resource estimate was prepared by Chris De-Vitry who is a full time employee of Quantitative Group (QG). Chris De-Vitry acts as the competent person for the resource estimate while Bruce McQuitty acts as the competent person in respect of the geological interpretation and data quality on which the estimate is based. 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 in the form and context in which it appears.

About Warwick Resources Limited

Warwick Resources (ASX:WRK) is an emerging iron ore explorer with a diverse asset portfolio near Newman in the Pilbara region of Western Australia which is host to world class iron ore mines. The Company's projects have a combined area of 1,200km?. Since listing on ASX in February 2007, the Company has rapidly identified significant iron ore targets on its existing tenure and has recently acquired further iron ore prospective ground. Through its relationship with Peak Drilling, the company has access to drill rigs to aggressively explore its projects. Pilbara iron ore producer Atlas Iron Ltd (ASX:AGO) is Warwick's largest shareholder with a 19.4% stake.

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.

Western Creek contains a 3km long outcrop of Marra Mamba Formation with iron enrichment. RC drilling by BHP/Renison Ltd JV in the early 1990's obtained significant iron ore intersections from shallow depths, including 36m @ 59.2% Fe and 21m @ 59.2% Fe. The project also contains CID and enriched BIF targets.

McCamey's South adjoins BHP Billiton's McCamey's Monster mining lease and contains Marra Mamba iron ore targets.

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.

Table 1: Jimblebar Range Diamond Drill Results

# denotes hole terminated in mineralisation. Samples of halved HQ₃ Diamond drill core ranged from 0.2m to 1.0m in length. All samples were analysed by X-Ray Fluorescence Spectrometry (XRF). Loss on Ignition (LOI) values were determined using Thermo-Gravimetric Analyses at 1000^oC. Results are reported on a dry sample basis. Intersections have been calculated using 50% Fe lower cut-off, except where otherwise indicated, and up to 2m internal dilution. True widths are estimated to be between 80% and 100% of downhole widths.

Table 2: Drill Hole Collar Details

    Coordinates are MGA Zone 51 (GDA) projection.

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