Results from Pico Machay

RNS Number:1606G
Monterrico Metals PLC
23 October 2007


                             Monterrico Metals plc
                        ("Monterrico" or the "Company")

                                                                        AIM: MNA

                    Second set of drilling results from the

                   Pico Machay Gold Project in southern Peru

LONDON, 23 October, 2007 Monterrico Metals plc is pleased to announce the second
set of results from a drilling programme being undertaken by Absolut Resources
Inc. (ABS - TSX Venture) at Monterrico's concessions covering the Pico Machay
Gold Project in Peru.  The results of the previous 20 drill holes (ABS-191 to
ABS-210) were announced on 26 September, 2007. The Company is presently
conducting a review of Absolut's investment program in the Project, with the
objective of formalising its association with Absolut Resources.


The following is the text of the announcement by Absolut Resources Inc.:


 Absolut cuts 59.5 meters @ 2.52 g/t Gold at Pico Machay


Toronto, October 23 2007 - Absolut Resources Corp. (TSX-V: 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 mineralization.

Table 1. - Pico Machay Drill Hole Gold Grade Summary

 Hole                           From (m)      To (m)      Length (m)     Grade (g/t)

ABS-211                            0.00      34.00            34.00           1.08
             including            19.00      22.00             3.00           4.87

ABS-212                            0.00      70.00            70.00           0.99
             including             1.00       7.00             6.00           1.75
             including            25.00      34.00             9.00           2.87
             including            38.50      44.50             6.00           1.23
                                  77.50      82.00             4.50           0.36

ABS-213                            0.00      59.50            59.50           2.52
             including             5.50      19.00            13.50           8.01

ABS-214                            0.00      85.00            85.00           0.36


Table 1. - Pico Machay Drill Hole Gold Grade Summary continued


 Hole                           From (m)     To (m)        Length (m)    Grade (g/t)

ABS-215                            0.00      17.50             17.50           0.41
                                  31.00      74.00             43.00           0.44

ABS-216                            0.00      31.00             31.00           0.46
                                  43.00      85.00             42.00           0.52

ABS-217                            4.00      46.00             42.00           0.76
             including            22.00      25.00              3.00           2.18
             including            38.50      41.50              3.00           2.72
                                  53.50     100.00             46.50           0.45

ABS-218                            0.00     100.00            100.00           0.39

ABS-219                            0.00      61.00             61.00           0.44
                                  68.50      97.00             28.50           0.41
                                 110.50     119.50              9.50           0.54

ABS-220                            0.00      50.50             50.50           1.49
             including            20.50      31.00             10.50           4.56

ABS-221                            0.00       7.00              7.00           0.57
                                  31.00      71.50             40.50           0.51

ABS-222                            0.00      88.00             88.00           0.91
             including             0.00       8.50              8.50           1.27
             including            17.50      25.00              7.50           1.74
             including            46.50      59.00             12.50           1.62

ABS-223                            0.00      83.50             83.50           1.33

ABS-224                            0.00      80.50             80.50           1.68
             including             0.00      58.00             58.00           2.18

ABS-225                            2.50      77.50             75.00           0.60
             including            20.50      41.50             21.00           1.07

ABS-226                            0.00      76.00             76.00           1.30
             including             5.50      23.50             18.00           3.10

ABS-227                           35.50     110.50             75.00           0.92
             including            38.50      44.50              6.00           1.87
             including            70.00      79.00              9.00           3.15

ABS-228                           32.50      73.00             40.50           0.89
             including            32.50      52.00             19.50           1.44

ABS-229                            0.00     119.50            119.50           0.96
             including            40.00      44.50              4.50           1.62
             including            59.50      73.00             13.50           1.83
             including            76.00     107.50             31.50           1.94

ABS-230                            0.00      85.00             85.00           0.71
             including             0.00      10.00             10.00           1.31
             including            50.50      53.50              3.00           1.21

*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.


ENDS


For further information, please contact:


Monterrico Metals plc                               Tel: + 44 20 7776 2900

Richard Ralph, Non-Executive Chairman

Susan Connolly, Investor Relations Manager


Ambrian Partners                                    Tel: + 44 20 7776 6421

Tim Goodman


Parkgreen Communications Limited                    Tel: + 44 20 7851 7480

Simon Robinson/Beth Harris/Laura Llewelyn


Absolut Resources Corp.                             Tel: + 1 416 214 4654

Dan Noone, President & CEO


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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