Results to 31/03/2000

Tertiary Minerals PLC
22 May 2000


Chairman's Statement

 
I am pleased to report the Group's progress and first interim results for the
period from incorporation on 3 August 1999 to 31 March 2000.
 
On 8 September 1999 the Company acquired, through a share exchange, 100% of
the issued capital of Tertiary Gold Limited. It subsequently raised £600,267
by way of a private placing and the Company's shares were admitted to trading
on the Alternative Investment Market of the London Stock Exchange Limited on
18 November 1999.
 

Results

 
The Group reported a loss of £75,304 for the period after administration
costs and the write off of certain exploration costs.
 

Review of Activities

 
In the months since flotation the Group has:
 
 
* completed an orientation geophysical survey and commenced a further
drilling programme at its Windfall zinc-silver project, 
 
* carried out a surface-till geochemical sampling programme over its Rocky
Bay project, 
 
* undertaken a data review and targeting exercise on its Juniper Ridge
project, 
 
* acquired a new zinc exploration project at Djuragruvan, also in Sweden, and 
 
* initiated an ongoing project generation programme aimed at the low-cost
acquisition of high quality advanced exploration projects. 
Assay results are awaited from the drilling and geochemical sampling
programmes. Surface-till sampling is planned for specific areas at Juniper
Ridge in central Sweden, including targets close to the previously producing
Enasen copper-gold mine.
 
Further information on these activities can be found on the Company's new
website at www.tertiaryminerals.com where all future press releases will be
available.
 

Corporate

 
In February, shareholders gave approval for the Company to place up to 5
million new ordinary shares. This facility will allow further funds to be
raised for on-going and future exploration programmes as suitable
opportunities arise.
 
On behalf of the Board, I would like to thank all of those who have given
their support throughout the flotation and welcome those who have since
become shareholders.
 
Patrick L. Cheetham, Executive Chairman
 

Consolidated Profit and Loss Account

For the eight months to 31 March 2000
 
 

                                                                        
                                                   Eight months      
                                               to 31 March 2000  
                                                      Unaudited         
                                                              £               
 
Administrative expenses                                 (74,478)
Exploration costs written off                            (4,380)
                                                        _______
Operating Loss                                          (82,858)
Other operating income                                    7,554
                                                        _______
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION             (75,304)
TAXATION                                                      -
LOSS FOR THE PERIOD                                     (75,304)
                                                        _______
Loss per share - basic (p)                                 (0.6)
 
 

Consolidated Balance Sheet

As at 31 March 2000
 
 

                                                                    
                                                          As at 
                                                  31 March 2000 
                                                      Unaudited 
                                                              £ 
FIXED ASSETS                                                    
Intangible                                              237,774
Tangible                                                  6,607
                                                        _______
                                                        244,381
                                                        _______
CURRENT ASSETS                                                  
Debtors                                                   8,457
Cash at bank and in hand                                450,115
                                                        _______
                                                        458,572
                                                        _______
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR           28,934
                                                        _______
NET CURRENT ASSETS                                      429,638
                                                        _______
TOTAL ASSETS LESS CURRENT LIABILITIES                   674,019
                                                        _______
CAPITAL AND RESERVES                                            
Called up share capital                                 169,675
Share premium account                                   448,552
Merger reserve                                          131,096
Profit and loss account                                 (75,304)
                                                        _______
SHAREHOLDERS' FUNDS                                     674,019
                                                        _______
 
Consolidated Cashflow Statement 
For the eight months to 31 March 2000
 
 

                                                                         
                                                Eight months to 
                                                  31 March 2000 
                                                      Unaudited 
                                                              £ 
Net cash outflow from operating activities              (68,228)
Returns on investments and servicing of finance           7,554
Capital expenditure and financial investment            (31,754)
Acquisition and disposals                                18,108
Equity dividends paid                                         -
                                                       ________
Net cash outflow before financing                       (74,320)
Financing                                               524,435
                                                       ________
Increase in cash in the period                          450,115
                                                       ________
 
Notes to the Interim Statement 
 
 
 
Basis of preparation

 
The interim report has been prepared on a basis consistent with the
accounting policies to be adopted in the annual report and accounts for the
period ending 30 September 2000.
 
The interim report has been approved by the Directors and is unaudited.
 
The interim report does not comprise statutory accounts within the meaning of
section 240 of the Companies Act 1985. No statutory accounts for any period
have been delivered to the Registrar of Companies.
 
 
Loss per share

 
Loss per share has been calculated on profit and the weighted average number
of shares in issue during the period.
 

                                                                   
                                                   Eight months 
                                               to 31 March 2000 
Loss for the period (£)                                 (75,304)
Weighted average shares in issue                     13,005,901
Basic loss per share (p)                                   (0.6)
 
The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted earnings per
ordinary share are identical to those used for basic earnings per ordinary
share. This is because the exercise of share warrants would have the effect
of reducing the loss per ordinary share and is therefore not dilutive under
the terms of FRS 14.
 
 
Reconciliation of operating loss to net cash outflow from operating
activities

 

                                                                       
                                                   Eight months 
                                               to 31 March 2000 
                                                              £ 
Operating loss                                          (82,858)
Depreciation charge                                       1,220
Increase in debtors                                      (6,357)
Increase in creditors                                    19,767
                                                        _______
Net cash outflow from operating activities              (68,228)
                                                        _______
 
 
 
Reconciliation of net cash inflow to movement in net funds

 

                                                                   
                                                   Eight months 
                                               to 31 March 2000 
                                                              £ 
Increase in net cash in the period                      450,115
Opening net funds                                             -
                                                        _______
Closing net funds                                       450,115
                                                        _______
 
 
Interim report

 
Copies of this interim report will be sent to all shareholders and are
available from Tertiary Minerals plc, Sunrise House, Hulley Road, Hurdsfield
Industrial Estate, Macclesfield, Cheshire SK10 2LP.