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A debug build will usually be much larger than a release build. Try building in release mode.
There's a few compiler options that may help too. Not sure whats default for iphone release mode though. -Os will optimize for a smaller binary. There's also an option for dead code stripping that will remove any code that can never be run. Also you might try stripping the binary .. not sure if that works for iphone binaries though.
This is assuming that your problem is due to executable binary size and not the image resources.