ASX and Media Release

29 April 2008

WARWICK IDENTIFIES SUBSTANTIAL NEW CHANNEL IRON TARGET

KEY POINTS

�           Substantial new channel iron target identified: outcropping CID over 3km strike length with   potential to extend beneath shallow cover

�           Initial rock chip samples to 58.5% Fe

�           Drilling programme scheduled for September quarter

�               Continues the development of Warwick Resources� high quality Pilbara  iron ore portfolio

Diversified Pilbara explorer Warwick Resources Limited (ASX:WRK) today announced it has identified a substantial new channel iron deposit (CID) target near Newman in Western Australia�s Pilbara region.

The CID - named �Ten Mile� - is located on a recently granted exploration licence and is approximately 55km south of Newman and 10km from the Great Northern Highway.

The CID consists of typical iron pisolite mineralisation, featuring diagnostic fossil plant fragments, within an east-northeast trending zone up to 3km long and 400m wide.  Significantly, the mineralisation is partly concealed beneath shallow cover and may be more extensive that it appears in outcrop (see Figures 1 & 2).  Seven rock chip samples taken from the CID returned an average grade of 55.6% Fe with a maximum value of 58.5% Fe (Table 1) with low phosphorous levels.

Warwick Resources Managing Director Bruce McQuitty said it was pleasing to identify this target so soon, and continue the Company�s exploration success on its Pilbara tenements.

�The Ten Mile CID is another substantial iron ore target generated from grassroots exploration on the Company�s 100% owned tenure,� Mr McQuitty said.

�The Company has an excellent record of identifying iron targets and adding value through exploration success and drilling.  Ten Mile represents another important addition to the Company�s portfolio of existing iron ore projects.�

The Company has commenced detailed mapping and sampling of the Ten Mile CID, with a view to outlining a target for initial drilling in the September quarter, subject to the necessary approvals and clearances.

The Company also advises that it has agreed to issue up to a maximum of 400,000 shares as consideration for the identification of two new iron ore exploration licences located near Newman.  The applications have been lodged by the Company and the consideration payable is conditional on the licences being granted and the Company�s exploration team identifying a minimum target of 10 million tonnes of iron ore on the tenements.

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

Figure 1: Mapped extent of CID mineralization at Ten Mile showing rock chip sample results

Figure 2:  A two metre thick blanket of hardpan material overlying the Ten Mile CID

Table 1: Results of rock chip sampling of iron pisolite at Ten Mile CID

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.

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 1,700km�. 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. Earlier this month, the Company welcomed Atlas Iron Ltd (ASX:AGO) as a cornerstone investor with a 19.9% stake and is looking forward to working with Atlas to deliver a significant iron ore resource in the region for the benefit of the shareholders in both companies.

Warwick�s iron ore projects near Newman are:

Jimblebar Range is an area of iron enrichment approximately 1.8km long and from 50m to 200m wide, developed over a steeply dipping sequence of banded iron formation.  Initial drilling results intersected thick high grade near surface mineralisation, including 60m @ 60.5% Fe from 6m depth, 58m @ 60.6% Fe from 10m depth, 44m @ 61.3% Fe from 14m depth and 36m @ 61.3% Fe from 26m depth.

Caramulla South has extensive surficial iron enrichment is evident within an east-west striking strip of Marra Mamba Formation, up to 120m wide and 4km long, near the northern margin of the exploration licence. An initial drill traverse returned significant intersections, including: 21m @ 56.3% Fe from 15m depth and 11m @ 59.2% Fe from 9m depth.

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%.

Grassroots Iron Targets � Extensive areas of surficial iron enrichment, developed over banded iron formation, have been mapped on the Company�s Woggaginna and Nickel Hills projects. Multiple targets for channel iron mineralisation have been identified on the Company�s tenements.

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Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au