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The term exact is open to discussion. Currently fossils are dated by a process known as "Carbon Dating".

Carbon dating is a process that uses the amount of carbon in the item. Carbon decays at a certain known rate. Knowing this rate, you can measure the Carbon decay and get a fairly accurate age of an item.

However, certain things and external influences will change the rate of decay of the Carbon in the fossil. If you can accurately measure the external forces, then you again are close to a very accurate age.

However, due to the extreme length of time fossils are buried, and the shifting external influences over time, it is not possible to be exact when dating fossils, instead they can be dated to a range of years.

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