Absolut Resources Corp.
TSX VENTURE : ABS

Absolut Resources Corp.

October 23, 2007 02:00 ET

Absolut Cuts 59.5 Meters @ 2.52 g/t Gold at Pico Machay

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2007) - Absolut Resources Corp. (TSX VENTURE:ABS) is pleased to announce that it has received results from the second set of 20 drill holes from the drill out program on the Pico Machay Gold Project in Peru.

Drilling has once again encountered significant mineralisation confirming the continuity of a high grade, near surface zone running down the centre of the deposit. Highlights of the drilling were holes ABS-213 intersecting 59.5m @ 2.52 g/t Au, including 13.5m @ 8.01 g/t Au; ABS-224 intersecting 80.5m @ 1.68 g/t Au, including 58m @ 2.18 g/t Au and ABS-223 intersecting 83.5m @ 1.33 g/t Au.



All holes intersected significant mineralisation.

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Table 1. - Pico Machay Drill Hole Gold Grade Summary
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Grade
Hole From (m) To (m) Length (m) (g/t)
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ABS-211 0.00 34.00 34.00 1.08
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including 19.00 22.00 3.00 4.87
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ABS-212 0.00 70.00 70.00 0.99
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including 1.00 7.00 6.00 1.75
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including 25.00 34.00 9.00 2.87
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including 38.50 44.50 6.00 1.23
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77.50 82.00 4.50 0.36
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ABS-213 0.00 59.50 59.50 2.52
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including 5.50 19.00 13.50 8.01
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ABS-214 0.00 85.00 85.00 0.36
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ABS-215 0.00 17.50 17.50 0.41
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31.00 74.00 43.00 0.44
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ABS-216 0.00 31.00 31.00 0.46
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43.00 85.00 42.00 0.52
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ABS-217 4.00 46.00 42.00 0.76
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including 22.00 25.00 3.00 2.18
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including 38.50 41.50 3.00 2.72
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53.50 100.00 46.50 0.45
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ABS-218 0.00 100.00 100.00 0.39
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ABS-219 0.00 61.00 61.00 0.44
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68.50 97.00 28.50 0.41
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110.50 119.50 9.50 0.54
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ABS-220 0.00 50.50 50.50 1.49
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including 20.50 31.00 10.50 4.56
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ABS-221 0.00 7.00 7.00 0.57
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31.00 71.50 40.50 0.51
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ABS-222 0.00 88.00 88.00 0.91
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including 0.00 8.50 8.50 1.27
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including 17.50 25.00 7.50 1.74
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including 46.50 59.00 12.50 1.62
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ABS-223 0.00 83.50 83.50 1.33
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ABS-224 0.00 80.50 80.50 1.68
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including 0.00 58.00 58.00 2.18
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ABS-225 2.50 77.50 75.00 0.60
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including 20.50 41.50 21.00 1.07
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ABS-226 0.00 76.00 76.00 1.30
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including 5.50 23.50 18.00 3.10
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ABS-227 35.50 110.50 75.00 0.92
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including 38.50 44.50 6.00 1.87
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including 70.00 79.00 9.00 3.15
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ABS-228 32.50 73.00 40.50 0.89
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including 32.50 52.00 19.50 1.44
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ABS-229 0.00 119.50 119.50 0.96
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including 40.00 44.50 4.50 1.62
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including 59.50 73.00 13.50 1.83
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including 76.00 107.50 31.50 1.94
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ABS-230 0.00 85.00 85.00 0.71
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including 0.00 10.00 10.00 1.31
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including 50.50 53.50 3.00 1.21
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(i)Intersections are calculated using a 0.3 g/t Au cut-off and up to 1.5m
of internal dilution


Pico Machay is characteristic of a high-sulphidation, epithermal gold system. The geological model has been repeatedly tested and additional drilling continues to delineate and expand the resource base.

The Company previously announced an independent preliminary Mineral Resource Estimate indicating an inferred in situ resource of 580,000 ounces of gold (24.8 million tonnes grading 0.73 g/t Au) at Pico Machay Gold Project (see news release Sept.26, 2005). The Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. (CCIC), of Sudbury, Canada. The Mineral Resource was calculated using a 0.3 g/t gold cut-off and comprises 436,623 ounces gold in the Oxide and Mixed Zones (15.9 million tonnes grading 0.85 g/t Au) and 145,579 ounces gold in the Sulphide Zone (8.9 million tonnes grading 0.51 g/t Au). The Resource calculated for the Oxide and Mixed Zones lies above an average depth of 75 metres.

Absolut has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and reverse circulation drilling samples.

All drilling has been performed using a Reverse Circulation Drill Rig. Samples are split on site under the supervision of Absolut Resources geologists. Sampling is done on one and a half meter intervals and samples are transported by Company staff to Santa Ana, Peru for direct shipping to Acme Laboratories in Lima, Peru. Acme Analytical Laboratories is an ISO 9001:2000-registered laboratory. Gold values are obtained by a 50 gram fire assay.

Absolut Resources Corp. is a precious metals exploration and development company based in Toronto, Canada. Absolut strongly believes in an international best practices approach, and implements this on all its social and environmental decisions. Absolut has implemented a quality control program to ensure best practice. The required qualified person for the Pico Machay Gold Project is Mr. Dan Noone who is a member of the Australian Institute of Geoscientists and is the President and CEO of Absolut Resources Corp.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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