Absolut Resources Corp.
TSX VENTURE : ABS

Absolut Resources Corp.

November 03, 2005 09:53 ET

Absolut Commences Phase IV Drilling Program at Pico Machay

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2005) - Absolut Resources Corp. (TSX VENTURE:ABS) is pleased to announce that it has commenced the Phase IV drilling program at the Pico Machay Gold Project, located in Central Peru . Absolut has engaged A.K. Drilling (www.akdrilling.com) to provide a Reverse Circulation drill rig to complete a 3000 meter program.

The focus of this drill campaign is to extend the known mineralisation around the contact of the dacite dome.

Previously (see news release Sept. 26, 2005) the Company announced an independent preliminary Mineral Resource Estimate indicating an in situ resource of 580,000 ounces of gold for the Pico Machay Gold Project. 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 and 145,579 ounces gold in the Sulphide Zone. The Resource calculated for the Oxide and Mixed Zones (15.9 million tonnes grading 0.85 g/t Au) lies above an average depth of 75 metres. As a reference, the Newmont / Buenaventura world-class Yanacocha high sulphidation gold mine has an overall grade of 0.96 g/t Au and Barrick's Alto Chicama deposit grades 1.39 g/t Au with cut-off grades of 0.35 g/t Au.

Absolut's wholly owned subsidiary, Minera Calipuy SAC has an agreement with Monterrico Metals PLC to earn up to a 75% interest in the Pico Machay Gold Project.

Under the guidelines of the 43-101 National Instrument the required qualified person for the Pico Machay Gold Project is Mr. Dan Noone who is a member of the Australian Institute of Geoscientists.

This press release contains forward looking statements.

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

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