October 2, 2003

TERTIARY COMPLETES FURTHER EVALUATION OF DRILL CORE FROM NICKEL-COPPER DISCOVERY IN SWEDEN

• Assessment Identifies Potential For Higher Grade Massive Sulphides
• Leading Expert On Nickel Mineralisation Recommends Further Work at Notträsk

AIM-listed Tertiary Minerals has completed further evaluation of drill core from its new discovery of nickel-copper mineralisation at Notträsk in Sweden. The work included examination of the core by the Natural History Museum in London and assaying it for sulphur content. This has allowed evaluation of the potential for discovery of higher grade massive sulphides and for producing higher grade concentrates during mineral processing, states Tertiary in its end-September quarterly.

The company’s first diamond drill hole at Notträsk intersected two separate zones of semi-massive and disseminated mineralisation. Although the nickel mineralisation in these zones and in the marginal phase of intrusive complex is of low tenor – and the likelihood of high grade in that zone unlikely – the sulphides in the central part of the intrusion have a high nickel tenor making it an attractive target for nickel and platinum group metals.

As part of the evaluation programme Tertiary contracted Anthony Naldrett, Emeritus Professor of the University of Toronto, an internationally acknowledged authority on nickel mineralisation, to carry out a field visit and review the drill core. He has made recommendations for further exploration at the project on the basis that Notträsk has many key features associated with economic nickel-copper-magmatic sulphide deposits.

“In many nickel deposits, including those at Voisey’s Bay and Norilsk, economic concentrations of nickel sulphides occur in magma feeder channels. These targets are attractive and will be given high priority in follow up exploration at Notträsk”, comments Tertiary’s executive chairman Patrick Cheetham.

In Saudi Arabia, where Tertiary owns the massive Ghurayyah Tantalum Project, the company has been working with MerchantBridge & Co, the financial advisers to the British Offset Office, to formally register the project with the Al Yamamah Economic Offset Programme. Benefits of registration would allow Tertiary to apply for project funding under the Offset Programme on favourable terms and to enlist Programme support for further evaluation of the project. This includes identifying local sources of funding for ongoing preliminary and full feasibility studies.

Work on the company’s iron-oxide copper gold (IOCG) projects in Sweden and Finland have continued with sampling of priority targets. Assay results are awaited.

Further Information: Patrick Cheetham, Tertiary Minerals:
Tel: 01625-626203; mob: 07767-458751.