Quarterly Exploration Update

Tertiary Minerals PLC
03 May 2005


                             TERTIARY MINERALS PLC
                                ('the Company')

                   QUARTERLY REPORT ON EXPLORATION ACTIVITIES
                       FOR THE PERIOD ENDED 31 MARCH 2005
_____________________________________________________________________

KEY DEVELOPMENTS

   • Sunrise Diamonds plc heading for AIM with Entitlement Offer
     over-subscribed
   • Kaaresselka high-grade gold mineralisation extended at depth
   • Drill targets defined at Nottrask nickel project in 750m long zone
   • Pre-feasibility planning progressing at Ghurayyah tantalum project

INTRODUCTION

This report gives details of significant corporate developments and the results
of exploration work carried out by Tertiary Minerals plc ('Tertiary Minerals' or
'the Company') during the quarter ended 31 March 2005 and up to the date of this
report.

CORPORATE

During the quarter the Company presented at the European Mining Forum held by
the Association of Mining Analysts, and also at the Master Investor Show held in
Islington, London. Both were well attended.

Sunrise Diamonds plc
In February 2005 Tertiary Minerals plc re-organised its diamond interests in
Finland into a newly incorporated, wholly owned subsidiary, Sunrise Diamonds plc
('Sunrise Diamonds'). These interests comprised rights to three kimberlites
discovered by Tertiary Gold last year in a previously unknown kimberlite
cluster, now known as the 'Kuusamo cluster', and an exciting portfolio of 45
untested kimberlite targets in the same general area.
Subsequently, on 1 April 2005, Sunrise Diamonds issued a prospectus making an
offer of up to 30,000,000 new Ordinary Shares at 1p per share to raise up to
£300,000 before expenses to raise funds to meet the costs of making an
application for admission to trading on AIM and for general working capital
purposes.

The Offer was structured to include an Entitlement Offer of up to 23,210,547 new
Ordinary Shares to eligible Tertiary Minerals shareholders on the basis of 1
share in Sunrise Diamonds for every 2 shares held in Tertiary Minerals. It was
structured to allow Tertiary Minerals' shareholders a more direct and
entry-level participation in the Company's diamond exploration assets and it is
consistent with the Tertiary Minerals' Chairman's stated objective to build on
the value inherent in the Company to the benefit of its shareholders.

The Offer closed over-subscribed on 26 April 2005. Under the terms of the Offer
the directors of Sunrise also reserved the right to issue an additional
10,000,000 Ordinary Shares if the Offer was over-subscribed. The directors of
Sunrise have elected to utilise the over-subscription facility and following the
issue of the new Ordinary Shares under the Offer there will be 60,000,000
Ordinary Shares in issue in Sunrise Diamonds, of which Tertiary Minerals holds
20,000,0000. Shareholders will be informed of their allocations when share
certificates in Sunrise are sent out, by 5 May 2005.

Sunrise Diamonds intends to carry out further fundraising following the close of
the Offer and make application for admission to AIM. The objective of the
further funding will be to fund the exploration of its diamond interests and for
working capital purposes. Sunrise has appointed Ruegg & Co as Nominated Adviser
and W.H.Ireland will be its Broker. Shareholders will be informed of their
allocations when share certificates in Sunrise are sent out, by 5 May 2005.

GOLD PROJECTS

Kaaresselka Gold Project
Finland - Tertiary Minerals 100%

Following the receipt of encouraging results from the Company's first drill
programme in 2004, a second phase drill programme at Kaaresselka was carried
out between November 2004 and January 2005, to test the depth extent of
high-grade gold mineralisation in the Vanha lode, the south-eastern extension of
the Tienvarsi lode and high-grade near-surface mineralisation at Lampi. Five
holes were drilled for a total of 750m. The results were released in early March
2005 and significant drill hole intersections are detailed in Table 1 below.

Four holes (04KD011, 04KD012, 04KD013 and 05KD002) were completed at the Vanha
prospect, at an average 50m spacing, to test for mineralisation at a vertical
depth of 100-150m. Narrow, high-grade mineralisation was intersected at Vanha,
confirming that the lode continues at depth and remains open over a
strike-length of at least 200m. The structure hosting the mineralisation at
Vanha is at least 600m long and up to 60m wide.

Hole 05KD001 was drilled at the Tienvarsi prospect to test the eastern extension
of the Tienvarsi lode, some 165m from its known limits. A narrow interval of
gold mineralisation was found in a weathered breccia on the south side of the
Tienvarsi magnetic lineament, extending drilled strike length to over 600m and
confirming Tienvarsi mineralisation to be open in all directions.

Trenching at Lampi targeted mineralisation in hole 04KD010 (10.3m grading 3.88g/
t gold from bedrock surface beneath the glacial till). Gold mineralisation was
found to be associated with a localised breccia with no significant strike
length. Consequently, no follow-up drilling was carried out at Lampi.

The variability in grade and thickness at Kaaresselka is typical of
structurally hosted gold mineralisation where an understanding of the controls
of mineralisation is critical to the success of exploration. Further evaluation
of the results is in progress.

Table 1: Kaaresselka drill intersection summary

HOLE NUMBER   DOWN       HOLE       INTERSECTED THICKNESS (m)       GOLD GRADE
              FROM (m)   TO (m)                                 (grammes/tonne)

VANHA

04KD011         163.40   166.10                         2.70               3.8
inc.            165.10   166.10                         1.00               8.9

04KD012         113.60   114.35                         0.75               3.3

04KD013         130.00   138.25                         8.25               4.9
inc.            136.50   138.25                         1.75              20.1

05KD002         114.60   114.90                         0.30               8.4

And             128.95   129.65                         0.70              18.3

And             152.55   158.75                         6.20               3.2
inc.            152.55   154.75                         2.20               7.2

And             162.10   163.00                         0.90               7.5

TIENVARSI

05KD001          36.75    37.90                         1.15               2.6

N.B. True widths estimated at approximately 50% of reported intersected widths.

Pitkajarvi Gold Project
Finland - Tertiary Minerals 100% (subject to 6% NPI royalty)

Acquisition of the Pitkajarvi high-grade gold prospect was announced in
August 2004. The prospect was discovered in May 2004, when an independent
prospector discovered a train of boulders containing visible native gold. Nine
samples from different mineralised boulders assayed up to 16.6 grammes per tonne
gold and averaged 8.5 grammes per tonne gold. A second train of mineralised
boulders containing visible gold and copper mineralisation was subsequently
located two kilometres to the north, at Tiaskuru.

Interpretation of airborne geophysics and a ground geophysical survey carried
out by the Geological Survey of Finland, revealed a number of possible source
areas for the mineralised boulders. These targets were drill tested in March
this year in a programme comprising seven diamond drill holes for a total 648m.

Although drilling results reveal several gold anomalous intersections,
consistent with mineralised boulder geology and alteration style, the size and
extent of mineralisation in bedrock is considered to be limited. Consequently
the project has been downgraded and no further work is recommended at this
stage.

BASE METAL PROJECTS

Nottrask Nickel Project
Sweden - Tertiary Minerals 100%

Results from a large loop transient electromagnetic (TEM) survey across the
Central Zone of the Nottrask mafic intrusive confirm a total of nine, closely
spaced, near-surface conductors and one deeper conductor, interpreted to
indicate massive-sulphide mineralisation.

The near-surface conductors are located on three distinct horizons within a
strike length of 750 metres. An additional zone of low resistivity extends over
3km along strike from the massive sulphide targets which may indicate the
presence of disseminated nickel-copper sulphide mineralisation or additional,
but yet unresolved, massive sulphide zones.

Previous exploration at Nottrask, including work by Tertiary, has focused on
the Marginal Zone of the gabbro intrusive and whilst this established the
occurrence of massive sulphides in the Nottrask intrusion, the nickel
sulphides found were of low nickel tenor.

Subsequent work by Tertiary Minerals and by Anthony Naldrett, (Emeritus
Professor of Geology at the University of Toronto and an internationally
acknowledged authority on nickel sulphide mineralisation) whilst consulting to
Tertiary on NottrTM?sk, highlighted the Central Zone as having the potential to
host higher-tenor nickel sulphide mineralisation.

The Nottrask intrusion is interpreted to lie in the north-western extension of
Finland's Kotalahti Nickel Belt which hosts numerous past and current producing
nickel mines, including Outokumpu's Hitura and Kotalahti mines.

The Company considers that targets defined by the recent survey at Nottrask
represent an exciting opportunity to advance its main nickel-copper project at a
time when market for these commodities is particularly strong.

Field validation of the anomalies will take place in May and drill testing of
the anomalies is provisionally scheduled for mid-June.

The geophysical survey and interpretation of the results was carried out by
Swedish geophysical consulting group Geovista AB.

Other Base-Metal Projects

Following the intersection of encouraging copper grades during winter 2003/2004
at the Ahmavuoma copper-gold-cobalt project, follow-up drilling has been
preliminarily scheduled for winter 2005/2006.

No work was carried out on the Company's other Iron-Oxide-Copper-Gold ('IOCG')
projects this last quarter.


TANTALUM PROJECTS

During the quarter tantalum stocks have been further depleted and the spot price
for tantalum concentrates continues to improve following the resurgence in
consumer spending on electronics. Current annual demand growth is estimated at
7p.c.-8p.c. and may be further enhanced by the delivery of 3G mobile phone
technology.

In tantalum production, the possibility of a change of control of Australia's
Sons of Gwalia, the world's largest tantalum producer, has turned the spotlight
on to alternative sources of supply, including Tertiary's world-class Ghurayyah
project.

Ghurayyah - Tantalum
Saudi Arabia - Tertiary Minerals 100%

The Company has recently received a proposal from St Barbara Consulting Services
detailing metallurgical testwork required for the Preliminary Feasibility Study.
Quotes for the conduct of this work have also been received. This testwork work
is aimed at optimising a commercial treatment process for beneficiation of the
Ghurayyah ore.

Early in 2005 the Saudi Arabian Mining Law was revised with changes clearly
aimed at making Saudi Arabia more attractive to foreign investment. These
changes are welcomed and will have a positive impact on the Company's
development plans.

Rosendal - Tantalum
Finland - Tertiary Minerals 100%

No further work was undertaken during the period

Patrick Cheetham
Executive Chairman

For further information please contact:

Patrick Cheetham, Executive Chairman, Tertiary Minerals plc. Tel: [phone]
Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: [phone]

Maps illustrating some of the features referred to in this report can be found
on the Company's website www.tertiaryminerals.com



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