Quarterly Drilling Report

Tertiary Minerals PLC
19 July 2002


                               TERTIARY MINERALS

                              QUARTERLY REPORT ON

                             EXPLORATION ACTIVITIES

                       FOR THE PERIOD ENDED 30 JUNE 2002

                                   HIGHLIGHTS

GHURAYYAH TANTALUM


                        Mineralogical And Metallurgical Characterisation
                        Underway At Lakefield Research

                        Preliminary Results Encouraging - Fifty-Fold Upgrading
                        Of Tantalum And Niobium Levels Achieved With
                        Non-Optimised Flotation And Magnetic Separation.
                        Optimisation And Further Upgrading Work In Progress.



ROSENDAL TANTALUM


                        Preliminary Feasibility Study - Phase 1 Drill
                        Intersections Show 77% Higher Tantalum Grade

                        Strike Length of Drill-Defined Pegmatite Increased from
                        200m to 500m - Remains Open Along Strike And At Depth

                        Additional Tantalum Bearing Dykes Mapped And Sampled -
                        Results Awaited

_____________________________________________________________________

INTRODUCTION

This report gives details of exploration work carried out during the quarter
ended 30 June 2002 and up to the date of this report, and the results for the
period.



TANTALUM PROJECTS

GHURAYYAH (Saudi Arabia) - Tertiary Minerals 100%

Ghurayyah is reportedly the World's single largest deposit of tantalum with an
Inferred Mineral Resource estimated by SRK Consulting to contain 385 million
tonnes grading 245 g/t tantalum pentoxide (Ta205), 2,840 g/t niobium pentoxide
(Nb205) and 8,915 g/t zirconium oxide (Zr02).

A programme of characterisation and mineral processing testwork is in progress
using samples collected from archived drill core. The testwork is being carried
out at Lakefield Research laboratories in Canada, with input from the Company's
consulting metallurgist St Barbara Consulting.

Initial results are encouraging although the majority of the planned programme
remains to be completed. The testwork carried out so far was intended to examine
the processing characteristics of the Ghurayyah mineralisation. It has included
preliminary mineralogical examination of samples, gravity, magnetic and
flotation separation.

The mineralogical work has indicated that the tantalum and niobium bearing
minerals are columbite, pyrochlore, yttriopyrochlore and ilmenorutile. The
relative contribution of these minerals to the overall tantalum and niobium
grade of the deposit is not yet clear but will be determined in further
mineralogical evaluation of the testwork concentrates. Testwork has suggested
that these minerals might be liberated from the rock at a more favourable,
coarser, grind size than was initially expected.

Preliminary concentration tests using the industry-standard flotation technique,
and magnetic separation of zircon, have achieved a fifty-fold upgrading of the
tantalum and niobium contained in the rock and a preliminary concentrate grading
approximately 13% niobium + tantalum. The test results also suggest that
commercially acceptable recoveries of tantalum and niobium might be achieved
using flotation.

None of the testwork parameters have yet been optimised - this work is in
progress and is expected to improve significantly upon the grades and recoveries
so far obtained by flotation. Following this, upgrading testwork will begin on
flotation concentrates where the target is to produce a higher-grade final
concentrate.



ROSENDAL (Finland) - Tertiary Minerals 100%

During the quarter, the results were released for phase 1 pre-feasibility study
drilling on the Rosendal tantalum project in southwest Finland.

The objective of this programme, carried out in conjunction with a limited
programme of trenching, was to infill and extend the tantalum mineralised
pegmatite previously explored by the Geological Survey of Finland (GTK).

The drilling programme comprised 14 diamond core holes on eight 50-100m spaced
sections for a total of 1,221m. Results included highlights of


  • 541 g/t Ta205 over 9.1m in Hole 02RD001

  • 589 g/t Ta205 over 10.6m in Hole 02RD003

  • 1275 g/t Ta205 over 3.0m in Hole 02RD007

  • 241 g/t Ta205 over 20.2m in Hole 02RD013

  • 439 g/t Ta205 over 8.0m in Hole 02RD014

The latest drilling has extended the drill tested strike length of the pegmatite
from 200m to 500m. The deposit remains open at depth and along strike to both
the east and west.

The geometry of the pegmatite is more complex at its western end and is
generally thicker and higher grade in the eastern half although some very high
grades have been encountered in narrow intersections in the west (e.g. 02RD007).
The pegmatite is continuing under cover on the most easterly drill section where
a number of parallel tantalum bearing dykes have also been intersected.

The weighted average tantalum grade of drill-intersections of the main pegmatite
dyke is 346 g/t Ta205, 77% higher than the equivalent grade from previous GTK
drilling. At least partly this may be because the drill samples collected and
assayed by Tertiary were significantly larger than the earlier GTK samples.

The results of the Phase 1 drilling and prospecting will now be included in a
revised resource estimate as a part of the development pre-feasibility study.
The study will also include further drilling and metallurgical testwork.
Following the conclusion of discussions with SP Minerals (owner of the nearby
Kimito industrial minerals plant) on sharing certain processing facilities, the
preliminary feasibility study will now consider an independent stand-alone
mining and mineral processing operation for Rosendal.

During the quarter, a number of additional tantalum-prospective pegmatite dykes
were mapped in the Company's surrounding claims and claim reservations. The
dykes are from 1 to 13m wide, and some contain visible tantalum minerals. A
follow-up programme of diamond saw surface sampling has now been completed to
assess the additional resource potential of these dykes. Assay results are
awaited.



PLATINUM GROUP METAL ('PGM) & NICKEL-COPPER PROJECTS

FINNMARK PROJECT (Norway) - Tertiary Minerals 100%

Previously reported work has identified a strong geophysical anomaly at the
Gallujavre PGM prospect in association with a zone of outcropping low grade
nickel-copper mineralisation where reconnaissance sampling at the end of summer
2001 returned PGM assays of 2.5g/t platinum+palladium+gold.

During the quarter, work has been restricted to planning of the follow up
drilling programme and archaeological, cultural and environmental drill-site
clearance. Four diamond drillholes are planned as an initial test of the
Gallujavri prospect once all clearances and permissions are obtained.



BASE-METAL/GOLD PROJECTS

No significant work has been carried out on the company's gold or base metal
projects during the quarter.

Patrick L. Cheetham

Executive Chairman

For further information contact the Company on : Tel: [phone], or
visit the company's website: www.tertiaryminerals.com



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