Kolari Drilling Update

Tertiary Minerals PLC
18 October 2007



                             Tertiary Minerals plc
                     ('Tertiary Minerals' or 'the Company')
                            www.tertiaryminerals.com

                 DRILLING STARTS AT 200MT MAGNETITE ORE TARGET
                IN CENTRE OF FINLAND'S KOLARI IRON ORE DISTRICT

   • Shallow Ore Potential Being Tested In Strongest Magnetic Anomaly Within
     Area

   • Drilling In 1980's Returned Significant Intersections Of Iron
     Mineralisation
___________________________________________________________________

Tertiary Minerals ('Tertiary' or 'the Company') announces that drilling work
started today on its Kolari iron ore target in Kolari in the heart of Finland's
main iron ore district. Finnish mining company Rautaruukki Oy previously drilled
the target, the strongest known magnetic anomaly in the iron district, during
the late 1980's.

Based on Rautaruukki's drilling results and the size of the magnetic anomaly the
Geological Survey of Finland (GTK) referred to a 200mt potential target
resource1 within a 2km by 300m-500m broad area of Tertiary's claims. Significant
intersections included 311m of 14% iron from a depth of 36m including 5m of 62%
iron, 16m of 54% iron from a depth of 203m, 116m of 26% iron from a depth of
239m including 45m of 40% iron, 17m of 56% iron from a depth of 278m, and 31m of
56% iron from a depth of 273m.

Tertiary's drilling programme is initially targeting the core of the Kolari
magnetic anomaly which has now been defined by a detailed ground magnetic
survey. Three holes will test the magnetic anomaly over a strike length of 400m.

The Kolari project forms part of Tertiary's portfolio of IOCG (iron
oxide-copper-gold) targets. Other IOCG targets in this portfolio include VTM?
hTM?joki, Finland (recently joint ventured with Inmet Mining) and Ahmavuoma in
North Sweden.

Canada's Northland Resources (capitalised at over £210m and listed on the TS-V &
NAU exchanges) controls most of the Kolari-Pajala iron province - one of
Europe's largest - and last month announced a total measured and indicated
resource estimate of 84.6 million tonnes at Hannukainen, 10kms north from
Tertiary's property, and where it is working to develop a new mine. The average
grade of Northland's resource is 34.6% iron, 0.20% copper, and 0.093 g/t gold
using a cut-off of 15% iron. A further 82 million tonne inferred resource has
been estimated at a similar grade.

Tertiary's chairman Patrick Cheetham says: 'Our drilling is to test the near
surface potential with historic deep drilling results comparing favourably to
those reported at Hannukainen'.

He adds: 'With price rises for iron ore predicted to be around 35% for 2008,
eventual production within Europe would show big transport savings against the
cost of importing this commodity'.

Assay results from Tertiary's drilling should be known within a two-month
period.

Further info:

Patrick Cheetham, Executive Chairman, Tertiary Minerals plc. 
Tel: [phone]

Ron Marshman/John Greenhalgh, City of London PR Limited. 
Tel: [phone]

Notes:

The information in this release has been compiled and reviewed by Mr. Patrick
Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM
Guidance Note for Mining Oil & Gas Companies issued on March 16, 2006. Mr
Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a
member of the Australasian Institute of Mining & Metallurgy.

1. The historical tonnage figure referred to by GTK does not conform to any
resource categories in any recognised resource estimation Code or Instrument.
The Company believes that this tonnage figure is speculative and should not be
relied upon. The Company does not have - and is not aware of - any resource
estimates which conform to the standards laid out in any recognised Code or
Instrument.



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