ASX and Media Release

1 June 2007

WARWICK DELIVERS SPECTACULAR GOLD RESULT AT JIMBLEBAR

KEY POINTS

JIMBLEBAR GOLD

·                                  Spectacular gold intercept of 1m @ 160g/t Au within 8m @ 22.3g/t Au from 34m depth in drill hole WRKRC6

·                                  Additional strong gold intersections from adjacent drill holes highlights open-ended potential of gold mineralization, including 3m @ 3.1 g/t and 10m @ 2.1 g/t from WRKRC7

COPPER RANGE

·                Broad copper intersections with high grade intervals at Copper Knob, 67m @ 0.48% Cu from surface including 6m @ 2.19% Cu from 6m depth in drill hole WRKRC2

·                Potential credit metals and higher copper grades could add value upside at Copper Knob

___________________________________________________________________

Pilbara explorer, Warwick Resources Limited (ASX:WRK) today announced a spectacular gold intersection from its maiden 1,254m drilling programme on the Jimblebar and Copper Range projects. 

Warwick Resources Technical Director Bruce McQuitty said the drilling results provided a solid start for Warwick’s shareholders following its listing on the ASX in February.

“Our maiden drilling program has demonstrated the presence of high grade gold mineralisation at Jimblebar while delivering some very encouraging copper intersections on the Copper Range project,” Mr McQuitty said.

The gold intercept was 1m @ 160g/t Au within 8m @ 22.3g/t Au from 34m depth in drill hole WRKRC6.  Copper results showed broad copper intersections with high grade intervals at Copper Knob, 67m @ 0.48% Cu from surface including 6m @ 2.19% Cu from 6m depth in drill hole WRKRC2.

“We always believed the Jimblebar goldfield was under-explored and under-exploited.  Historical mining activities in the 1930’s stopped when the old timers hit the water table and so we identified the potential to discover high grade gold shoots at shallow depths. 

“We are well funded and have access to drill rigs to undertake the next drilling programme which will include new and step-out targets following on the successes of the first programme,” he said.

“The Pilbara region is host to world class iron ore deposits and more recently emerging as a gold and base metals province.  Warwick Resources has assembled the people and projects to become an emerging explorer in the Pilbara,” Mr McQuitty said.

Jimblebar Gold Project (100% owned by WRK)

Three drill holes were completed at Sunny South (WRKRC5-7) and one at Middle Watch (WRKRC8), located midway between the Sunny South and Shearers workings (see figure 2 for locations).

Sunny South

Drilling at Sunny South returned significant gold intersections which are listed in Table 1.

Table 1: Drilling Results - Sunny South

Note: All intersections calculated using a lower cut-off of 1.0g/t Au. Gold was analysed by 40g Fire Assay with ICP MS finish.

WRKRC5 stepped out 30m from a previous high grade intersection of 2m @ 25.1g/t Au in drill hole SP9. A 1m interval of 3.1g/t Au was intersected from 45m depth and occurred within a broad zone of disseminated pyrite from 31m to 100m.  WRKRC6 infilled a 30m gap in the previous drilling. The drill hole intersected 8m of 22.3g/t Au from 34m depth, including 2m @ 85.3g/t Au. The intersection is 20m along strike from a similar intersection of 7m @ 26.6g/t Au from 32m depth in drill hole SP3, drilled by a previous explorer.  WRKRC7 drilled beneath the main shaft at Sunny South and returned intersections of 3m @ 3.1g/t Au from 17m and 10m @ 2.1g/t Au from 27m.

In all three holes at Sunny South, the gold mineralization is associated with a chlorite-quartz-magnetite unit, within a broader halo of disseminated pyrite mineralisation. The mineralised unit dips to the east at about 70 degrees.

These results have confirmed the presence of substantial high grade gold shoots within the broader mineralised structure. The drilling indicates the mineralisation is open both to the north and south and down dip to the east. Warwick intends to step out the drilling pattern to locate additional high grade shoots and will conduct some first pass metallurgical tests on the drill samples.

Molybdenum potential at Jimblebar

Significant levels of molybdenum (Mo) were present in all four drill holes at Jimblebar (Table 2).

Table 2: Significant molybdenum intercepts, Jimblebar

At Middle Watch prospect (Figure 2), drill hole WRKRC8 returned an intersection of 91m @ 0.02% Mo from surface, including a 1m interval of 0.09% Mo. WRKRC8 drilled beneath an outcrop of gossanous, quartz veined banded iron formation from which rock chip values up to 0.17% Mo have previously been reported (March quarterly report, April 2007).  The intersection in WRKRC8 is significant in that it is presently unconstrained and could be marginal to a larger deposit. The Company intends to undertake further surface sampling, mapping and interpretation to scope out the size of the Jimblebar molybdenum discovery and understand its geological context.

Copper Range (100% owned by WRK)

Based on past exploration, Copper Range has the potential to be a very large tonnage low grade copper project.  Warwick also intends to locate satellite sources of higher grade copper along the 9km strike length of the Copper Range unit. Located within this unit are the recognised prospects Copper Knob, Copper Knob East, Alteration Hill and Copper Hill (Figure 1).

Copper Knob

Four holes were drilled at Copper Knob with the aim of confirming copper intersections obtained by previous explorers, evaluating potential base metal and precious metal credits, obtaining information on the oxide and primary mineralisation zones and testing the footwall position of the Copper Range unit.  All four drill holes recorded significant copper intersections, as listed in Table 3.

Table 3: Copper Knob significant intersections

Intersections calculated using 0.15% Cu cut-off except where indicated and maximum internal waste interval (<0.15% Cu) of 4m. NSR = no significant result.

WRKRC1 & 2 were drilled close to the summit of Copper Knob where oxidation is more extensive and may have contributed to copper enrichment. WRKRC3 and WRKRC4 were drilled near the base of Copper Knob and intersected less oxidised material.

WRKRC1 was designed to twin an early percussion drill hole CRP09, which was one of 18 percussion holes drilled by Endeavour Oil in 1972 to test the oxide zone. CRP09 was drilled to a maximum depth of 45.72m (150 feet) and averaged 0.20% Cu over the entire hole. By comparison, the first 46m of WRKRC1 averaged 0.36% Cu. The 80% higher result in WRKRC1 could be due to a number of factors, including local geological variations, better sample recoveries or improved assaying techniques. The result is regarded as a positive in that it implies that the early drilling may have understated the copper grades, however more holes need to be twinned to confirm the pattern.

The results of WRKRC3 and WRKRC4, which were collared close to the hangingwall of the Copper Range unit, show that copper grades tend to be highest about 20-40m below the hangingwall, then taper off gradually towards the footwall. None of the drill holes reached the footwall of the Copper Range unit, although WRKRC1 was drilled to maximum depth 148m for this purpose. Copper grades in excess of 1.0% Cu were recorded in all drill holes. Generally, there is a good correlation between copper and gold. The maximum assay of 5.44% Cu and the maximum gold assay of 0.5g/t Au came from the same interval: 9-10m in WRKRC2. 

A suite of 21 elements were assayed in addition to copper, to assess the potential for credits. The results show that cobalt, zinc, gold and palladium are potentially important credits. Further work will now be undertaken to assess their value impact on the project.  The company also intends to undertake another phase of drilling at Copper Knob to scope the size of the oxide and primary mineral zones before committing to resource drilling.

Copper Hill and Alteration Hill

Table 4: Copper Hill and Alteration Hill significant intersections

Intersections calculated using 0.15% Cu cut-off except where indicated. NSR = no significant result

WRKRC9 and WRKRC10 targeted copper mineralization at Copper Hill. The holes were drilled 80m apart and underpinned two holes drilled by a previous explorer, one of which, JRC030, had returned a significant intercept of 9m at 1.2% Cu, 0.15g/t Au, 12g/t Ag, 0.12%Zn and 0.17% Ni from 22m depth, within the oxide zone. However WRKRC 9 & 10 failed to locate the same tenor of mineralisation, despite WRKRC10 intersecting a 14m interval from 68m depth averaging 18% pyrite. Structural complications due to faulting may have offset the mineralisation. The company will undertake detailed mapping to resolve the structural complexity before undertaking further drilling at Copper Hill.

WRKRC11 was drilled about 1.6km south of Copper Hill and targeted copper mineralization evident in outcropping magnetite lenses near the hangingwall of the Copper Range unit. An intersection of 4m @ 1.1% Cu and 0.09g/t Au was obtained from 9m depth, including 1m @ 2.7% Cu, 0.17g/t Au from 10m. The result confirms that the magnetite lenses, which occur along much of the 9km strike of the Copper Range unit, represent an important target for copper-gold mineralisation.

WRKRC12 drilled beneath old workings near Alteration Hill from which an anomalous lead rock chip sample of 0.43% Pb was obtained. Only slightly anomalous lead was recorded in the drill hole however some significant copper results were obtained from 89-91m depth.

The results of the drilling between Copper Hill and Alteration Hill highlight the importance of magnetite lenses within the as Copper Range unit as a host for base metal-gold mineralisation. The company is currently mapping these lenses and evaluating previous EM geophysical anomalies to assist with planning the next phase of drilling.  The copper intersections and copper credit results from the drilling at Copper Range confirm the company’s strategy to evaluate the project in terms of a large tonnage low grade open cut project at Copper Knob, with multiple satellite sources of higher grade ore.

Update on other Projects

The Company is continuing the exploration of its other projects and will provide an exploration update in due course.

Ends

For further information, please contact:

Warrick Hazeldine                                                          Bruce McQuitty

Purple Communications                                                  Warwick Resources Limited

Phone:   08 9485 1254 / Mobile:  0417 944 616               Phone:  08 9481 8181/Mobile: 0409 929 121

Email:    whazeldine@purplecom.com.au                         Email: bmcquitty@warwickresources.com.au

Website: www.warwickresources.com.au 

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.

Figure 1: Location of Jimblebar and Copper Range projects

Figure 2: Location of Drill Holes at Jimblebar

Figure 3: Copper Knob – Location of Drill Holes

Table 5: RC Drill Hole Collar Details *

Total metres                                                                                                                        1,254m

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