Absolut Resources (TSXV:ABS) through its wholly owned Peruvian subsidiary Minera Calipuy has recently acquired through staking a large epithermal gold system in northern Peru. The Hualatan project falls within the Absolut - AngloGold Ashanti Northern Peru Partnership.

Mineralisation occurs as multiple silica ribs and silica rich breccias, up to 30m wide, which occur within a NW trending corridor up to 3km wide and more than 10km long. Six concessions totalling 4,050 hectares cover the corridor.

To date a total of 8 separate zones have been located, the best of which is the Hualatan zone where 104 samples collected by AngloGold Ashanti averaged 2.3 g/t gold with a highest value of 16.2 g/t Au.

HUALATAN PROJECT Geology and Gold Data
	(Click to enlarge)

Mineralisation is hosted within a package of argillic altered, andesitic to felsic volcanics near the contact with underlying Cretaceous quartzites. The overall geologic environment bears similarities to several gold deposits in northern Peru such as Alto Chicama (Barrick), La Arena, La Virgen, and Santa Rosa.

Creeks draining the western and southern slopes of Cerro Hualatan contain numerous boulders of banded quartz-vein material and pannable fine gold.

Drilling by the Japan International Co-operation Agency in the late 1980's, 8 holes, was largely not assayed and remains intact. This drilling contains multiple quartz veins and quartz vein stockworks.

Absolut believes Hualatan has the potential to host both a large low grade disseminated gold system in the underlying quartzites and smaller bonanza grade gold veins / breccias in the overlying volcanics.

Absolut plans to commence a work program in early 2005 which will include geological mapping, systematic rock chip sampling, soil sampling and geophysics. An initial drilling program is expected to follow this work program.

AngloGold Ashanti retains a back in right to a maximum 65% interest in any project within the area covered by this agreement which would have resources greater than 2 million ounces, by making payment to Absolut three times Absolut's exploration expenditures to such a date. On all other projects AngloGold Ashanti will retain a 1% NSR."

Absolut Resources Corp. is a precious metals exploration and development company based in Toronto, Canada. The Company's primary asset is the Pico Machay Gold Project, Peru. A second phase 3,040m drill program consisting of 19 Reverse Circulation drill holes has been completed on the project and further assays are due out shortly.

Peter Mullens, a qualified person within the definition of that term in NI 43-101 of the Canadian securities administrators, has supervised the preparation of the technical information contained in this news release.

This press release contains forward looking statements.

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