AGM Statement

Tertiary Minerals PLC
29 January 2004



                            www.tertiaryminerals.com

                                29 January 2004

                       AGM STATEMENT - EXPLORATION UPDATE

   •Drilling To Commence On Two Projects In Finland And Sweden


   •Drilling Programmes Scheduled On Four Further Projects


   •Work Begins To Define Drill Site At New Finnish Kimberlite Target


   •Opportunities For External Funding Of Tantalum Projects Under Evaluation
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The Chairman of Tertiary Minerals plc ('Tertiary' or 'the Company'), Patrick
Cheetham, will give an overview of the Company's new exploration programmes in
Finland and Sweden at the Company's Annual General Meeting due to be held at
12.00 noon today. Details are as follows :

Kaaresselka Gold Project (Finland - Tertiary Minerals 100%)

In November 203 the Company announced the acquisition of the Kaaresselka gold
prospect in Northern Finland 15km from the operating Pahtavaara gold mine and in
the same Central Lappland gold belt as the 2 million ounce Suurikuusikko gold
deposit.

Drilling to date at Kaaresselka by the Geological Survey of Finland (GTK), is
reported to have intersected significant gold mineralisation in three separate
zones - Vanha, Tienvarsi and Lampi - within an area of 1.1km by 0.6km.

In preparation for further drilling on the project Tertiary commissioned
geological consultants ACA Howe International in December 2003 to compile all
historical GTK exploration data from over 10,000m of drilling and numerous
geophysical and geochemical surveys and to make recommendations for a programme
of follow-up drilling. Their report is expected next week

Drilling to identify resource potential within the known zones of mineralisation
at Kaaresselka will commence in mid-February. Additional targets within the
project area will also be tested.

Provisionally,1,000m of drilling is planned in an initial three week programme
and further drilling programmes are scheduled. Assay results from the initial
drill programme can be expected within 3-4 weeks following the end of the
programme.

Ahmavuoma Copper-Gold-Cobalt Project (Sweden - Tertiary Minerals plc 100%)

At Ahmavuoma the Company is targeting an IOCG (iron-oxide-copper-gold) type
deposit. Such deposits can be very large, for example Olympic Dam in Australia
and Kiruna in Sweden.

Ahmavuoma lies 40km east of Kiruna in the Norbotten district of northern Sweden,
a 'hot-spot' for IOCG exploration. Anglo-American plc, Rio Tinto plc and Phelps
Dodge Corporation all hold large ground positions in Norbotten and a new
discovery, Rakkurijarvi, was recently made by Anglo-American.

Previous drilling at Ahmavuoma in the 1980's targeted a 3km long magnetic
anomaly comprising three off-set zones (the 'South-East', 'Main' and
'North-West' zones) and focussed on the South-East zone where wide intervals of
copper-gold-cobalt mineralisation were intersected. An accurate evaluation of
grade and thickness of the South-East mineralised zone was hindered by poor core
recoveries in zones of strong alteration and in massive sulphide mineralisation.
Limited drilling in the Main and Northwest zones encountered magnetite-breccias
typical of IOCG deposits and sporadic copper-gold mineralisation.

The South-East massive sulphide mineralisation is conductive and detectable by
electromagnetic (EM) geophysical surveys. Previous such surveys also gave
numerous untested EM anomalies in the Main and North-West zones but were only
effective to shallow depths (less than 80m). To assist drill targeting, a three
week programme of large fixed-loop Time-Domain EM geophysics has already
started. This will cover all three zones of the 2 km long Ahmavuoma magnetic
anomaly and test to depths of over 200m.

The second drill rig will mobilise to Ahmavuoma on 9th February for an initial
programme of 7-10 holes for a total of 1,000-1,500m. Further programmes are
scheduled contingent on results. The initial programme will take 3 weeks to
complete and assay results should be available within 3-4 weeks from the end of
the programme. In order to obtain good core recoveries a larger diameter
triple-tube core barrel will be used and the programme will be supervised by a
specialist drill foreman from Canada.

The objective of the programme is to determine the grade and tonnage potential
of the South-East zone of mineralisation and to extend this where it is open
along strike. A number of coincident geophysical and geochemical anomalies will
then be tested within the Main and North-West zones.

Other Exploration Programmes

Base of till geochemical drilling programmes are also planned to start next week
at the Boliden East (gold) and Vehkavaara (copper-gold) projects in Sweden.

At Boliden East, 50 holes base-of-till holes will be drilled on two traverses
1km along strike from the historic Boliden gold mine, which produced over 4
million ounces of gold at a grade of over 15 grammes per tonne prior to closure
in 1965. At Vehkavarra a further 50 base-of-till holes will test for IOCG
copper-gold mineralisation in a zone of coincident geophysical and surface
geochemical anomalies. Follow up drilling is provisional planned for later this
winter.

At the new Finnish diamond project (see release dated 27 January 2004) a
programme of ground magnetic geophysics has now been contracted to GTK and is
expected to take place within the next two weeks. Drill testing of the
kimberlite target will follow.

At the Nottrask nickel project further geophysical exploration is planned to
target additional drilling programmes.

Tantalum Projects

The market recovery for tantalum use in consumer electronics continues to gather
pace to the benefit of the Company's Rosendal and Ghurayyah tantalum projects in
Finland and Saudi Arabia.

The Company is seeking external funding for feasibility studies and development
of these projects whilst current expenditure remains focussed on its
Scandinavian gold and base-metal projects. A number of promising funding
opportunities are being investigated and the Company hopes to make a further
statement on one or both of its tantalum projects before the end of the March
quarter.

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

Note:

Due to the recent publication of the Company's 2003 Annual Report and its
detailed Report on Operations this statement will replace the usual quarterly
report on the results of previous exploration activities.





                      This information is provided by RNS
            The company news service from the London Stock Exchange
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