New Diamond Project

Tertiary Minerals PLC
27 January 2004


JANUARY 27, 2004

                  TERTIARY ADDS KARELIAN CRATON DIAMOND TARGET
                        TO FINNISH EXPLORATION PORTFOLIO

   •Previous Operator Intersected Kimberlite In Shallow Drilling
   •Re-interpretation Of Results Shows Main Magnetic Anomaly Not Tested
   •Company Plans To Better Define Kimberlite Pipe-Like Target Before
    Drilling

AIM-listed Tertiary Minerals plc ('the Company') is pleased to announce that it
has added diamond exploration to its project portfolio in Finland after becoming
aware of a kimberlite target during its ongoing programme to generate new gold
exploration projects. Whilst initial testing of this new target in an
undisclosed locality in Finland can be carried out quickly and at low cost,
Tertiary's main focus in the region remains the drilling of its gold,
gold-copper and nickel projects in Finland and Sweden.

The new target was originally discovered by a previous diamond explorer who
encountered kimberlite over intervals of 9m and 19m in two shallow, closely
spaced holes drilled to test an airborne magnetic anomaly. The kimberlite was
considered then to be a small, dyke-like occurrence and deemed to be of no
further interest.

Tertiary has now re-interpreted the airborne geophysical data and concluded that
the previously drilled holes may have been located off target. Even though they
intersected kimberlite, the Company believes the holes are unlikely to have
tested the main magnetic anomaly whose expression is consistent with a
kimberlite pipe.

A ground magnetic survey is now planned to confirm Tertiary's interpretation and
better define the pipe-like target and the kimberlite dyke prior to drill
testing in the June 2004 quarter.

The new project lies within the Karelian Craton, a block of ancient crustal
rocks which dominates Finland's geological make up. The Karelian Craton is
considered to exhibit all the characteristics necessary to host and preserve
diamondiferous kimberlites and extends across the border into Russia where its
hosts the world-class Arkhangelsk diamond deposits (www.gsf.fi/explor/
eco_diamond_frame.htm).

In Finland, that part of the Karelian Craton which is diamond prospective
extends over an area similar in size to the Slave Craton in Canada. Separate
diamondiferous kimberlite clusters are being evaluated elsewhere in Finland by
AIM-traded European Diamonds and Canadian-listed Poplar Resources.

Executive chairman Mr Patrick Cheetham says: 'We were reviewing exploration data
as part of our gold target generation programme when we came across this
opportunity that was just too exciting to ignore. The company which previously
owned the area looked at nearly 100 anomalies in Finland but this is the only
one where kimberlite was reportedly found.'


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

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



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