Update at Pico Machay

RNS Number:9470H
Monterrico Metals PLC
19 November 2007



                             Monterrico Metals plc

                        ("Monterrico" or the "Company")



                                                                        AIM: MNA





            Final set of results from the current drilling programme

                   Pico Machay Gold Project in southern Peru





LONDON, 19 November, 2007 Monterrico Metals plc is pleased to announce the final
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 first two previous sets of results
(for drill holes: ABS-191 to ABS-210 and ABS-211 to ABS-230) were announced on
26 September and 23 October 2007, respectively. 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.:



    Drill Out Completed at Pico Machay

  plus Positive Metallurgy Testwork



Toronto, November 19, 2007 - Absolut Resources Corp. (TSX-V: ABS) is pleased to
report the final results from the definition drilling program on the Pico Machay
Gold Project in Peru. It also reports that preliminary metallurgical testwork on
Pico Machay samples has indicated that cyanide leaching would yield good
recoveries of gold and silver.



The drilling confirms the continuity of near surface mineralisation which,
supported with favourable preliminary metallurgical results, demonstrates the
feasibility of a low capital cost, heap leach operation at Pico Machay.



Highlights of the drilling were holes ABS-242 intersecting 100m @ 0.83 g/t Au,
including 7.5m @ 2.13 g/t Au and 27m @ 1.26 g/t Au; ABS-234 intersecting 80.5m @
0.71 g/t Au, including 16.5m @ 1.46 g/t Au. All results are tabulated below:




 Pico Machay  - Drill Hole Gold Grade Summary
    Hole                     From (m)     To (m)    Length (m)        Gold

                                                                  grade (g/t)
 ABS-231                            8.5       35.5          27.0           0.33
                                   58.0      100.0          42.0           0.34
 ABS-232                            0.0       88.0          88.0           0.70
             including             53.5       71.5          18.0           1.75
 ABS-233                            0.0       80.5          80.5           0.43
             including             20.5       26.5           6.0           1.12
 ABS-234                            0.0       80.5          80.5           0.71
             including              1.0       17.5          16.5           1.46
             including             67.0       71.5           4.5           1.05




Pico Machay  - Drill Hole Gold Grade Summary continued


Hole                           From (m)     To (m)    Length (m)      Gold

                                                                    grade (g/t)
ABS-235                            13.0       31.0          18.0           0.44
                                   41.5       52.0          10.5           0.32
                                   58.0       82.0          24.0           0.39
ABS-236                             0.0      100.0         100.0           0.44
ABS-237                             0.0       47.5          47.5           0.42
                                   55.0       67.0          12.0           0.33
                                   79.0       89.5          10.5           0.50
ABS-238                             0.0       37.0          37.0           0.36
                                   61.0       80.5          19.5           0.50
ABS-239                             0.0       23.5          23.5           0.62
            including               8.5       16.0           7.5           1.57
                                   28.0       38.5          10.5           0.35
ABS-240                             4.0       25.0          21.0           0.61
ABS-241                             0.0       41.5          41.5           0.90
            including               0.0        4.0           4.0           1.47
            including              22.0       31.0           9.0           1.50
ABS-242                             0.0      100.0         100.0           0.83
            including              17.5       25.0           7.5           2.13
            including              41.5       68.5          27.0           1.26
ABS-243     No significant
ABS-244                             0.0       56.5          56.5           0.56
            including              22.0       40.0          18.0           1.04
                                   65.5      100.0          34.5           0.40
ABS-245                             0.0       70.0          70.0           0.68
            including              32.5       56.5          24.0           1.18
ABS-246     No significant

*Intersections are calculated using a 0.3 g/t Au cut-off and up to 1.5m of
internal dilution



A series of metallurgical tests are ongoing in order to determine the maximum
mineral recovery and optimum operational parameters, these include:

-          Solubility Tests: To determine if gold responds to leaching with
sodium cyanide solution.

-          Bottle Roll Tests: To determine the maximum possible extraction of
gold under conditions similar to operating conditions.

-          Column Leach Tests: To determine the possible recoveries from a heap
leach scenario.  This type of tests aims to simulate the operating conditions,
such as the size of the particle, PH, cyanide concentration, float flow, etc.

 Highlights of the Column leach tests, which were designed to determine the
possible recoveries from a heap leach operation, returned recoveries of greater
than 87% on samples from the silicified and advanced argillic zones, whilst a
blended sample of silicified and argillic altered rock returned recoveries of
74%. The test work was carried out with solution of 50 ppm cyanide
concentration. Further tests with greater cyanide concentrations will be carried
out to determine the optimal cyanide concentration for maximum gold recovery.




The results of the three types of tests completed to date were as follows:



Table 1: SOLUBILITY TESTS


                                     MINERAL SOLUBILITY
                    Alteration Type                                       SOLUBILITY (%)
                                                                         Au           Ag
Silicio                                                      L1         89.23       93.89
Advanced Argilic                                             L2         91.46       83.77
Argilic                                                      L3         96.17       74.62
Blended Silicic & Argillic                                  L1+L3       87.82       67.53





From the three alteration types, the argillic alteration produced the best
average gold solubility with solubility results of 96%, whilst solubilities for
the other alteration types averaged approximately 90%. As an operational
scenario, a 1:1 blend of the two most extensive alteration types within the
deposit was tested and returned a solubility of about 88%.  In general,
solubility above 80% indicates that the gold present in the mineral will be
easily extracted by a cyanide solution. Silver follows a trend similar to that
of the gold.



Table 2:           BOTTLE ROLL TESTS


                                     BOTTLE ROLE TESTS
             Alteration                               50 ppm (CN)          500 ppm (CN)
                                                       RECOVERY              RECOVERY

                                                          (%)                   (%)
                                                     Au         Ag         Au         Ag
Silicic                                  L1        82.76      43.01      90.54      52.86
Advanced Argilic                         L2         87.8      22.28      89.76      44.44
Argilic                                  L3        90.77      45.51      91.34      54.25
Blended Silicio & Argillic              L1+L3      80.43      26.25      86.27      39.93



All the results obtained show that the gold recovery is above 80%, confirming
that the gold present in the mineral will be easily extracted by the leaching
process with sodium cyanide.



Table 3            COLUMN LEACH TESTS


                                     COLUMN LEACH TESTS
                  Alteration                                           50 ppm (CN)
                                                                      RECOVERY (%)
                                                                 Au              Ag
Silicio                                              L1         87.17           32.28
Advanced Argillic                                    L2         87.41           15.73
Argillic                                             L3         64.43           19.89
Blended Silicic & Argillic                         L1+L3        74.13           18.54





With these first series of column leach tests, the expected recoveries are
getting closer to that to be expected at a run of mine heap leach operation.
The initial tests have been performed with a solution of 50 ppm cyanide
concentration. Tests using higher concentrations of cyanide will be performed to
determine the optimum cyanide concentration to achieve maximum recovery.



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.

The metallurgical samples were taken from road cuts and drilling platforms, with
an average linear extension of 50m, for an approximate weight of 2 tons (2,000
Kilos), from each sampling area. The samples were placed in polyethylene water
proof bags of approximately 40 kilos each.  All these bags were duly classified
and enumerated by sampling areas.



The samples were transported by company staff to Santa Ana Peru for direct
shipping to TECMMINE (Tecnologia Minera Metalurgica Industrial Empleada
E.I.R.L.) in Lima, Peru. The metallurgical tests were supervised by Jose Mallqui
Romayna, Metallurgical Engineer.



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. 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
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