MAY 21, 2001

TERTIARY CHAIRMAN SAYS FINNMARK PROJECT HAS POTENTIAL TO HOST NEW PROVINCE OF PGM MINERALISATION

. · Wide Mineralised Zones Previously Outlined By Norwegian Geological Survey

. · Company Encouraged By Positive Results From Sweden's Djuragruvan Project

In its interim report for the half year ended March 31, 2001, AIM-listed Tertiary Minerals plc highlights the diversification of the company's exploration programmes to include platinum group metals (PGMs) and tantalum, metals which have featured spectacular price increases in recent years. In this context, particular reference is made to the Porsvann and Karenhaugen prospects in the Finnmark district of Northern Norway, where previous drilling by the Norwegian Geological Survey returned wide intervals of platinum and palladium mineralisation in ultramafic intrusions.

Tertiary's executive chairman, Mr Patrick Cheetham, believes that these results "suggest the potential for a new province of PGM mineralisation". The company has acquired a dominant land position in the surrounding area and its Finnmark project now comprises 179 pre-claims (the Norwegian equivalent of exploration permits) covering several similar ultramafic intrusions with PGM potential.

The company is also considering provisional development options for its Rosendal tantalum resource in Finland where 1.3m tonnes of tantalum-mineralised pegmatite to a depth of 100m has been identified by the Geological Survey of Finland.

Exploration of the Windfall zinc project in south-central Sweden has produced mixed, sometimes disappointing, results, says Mr Cheetham. Tertiary is undertaking a thorough re-evaluation, incorporating the recently acquired Boliden database, to determine if the company should continue funding exploration of the project area or seek a JV partner.

In addition to its core projects, Tertiary also seeks to generate new exploration projects at low cost and to advance these quickly and cost-effectively to the drilling stage. Such a strategy inevitably involves a high turnover of projects and inevitably some yield negative rather than positive results. Mr Cheetham says it is therefore encouraging to note the positive results emerging from some of Tertiary's early-stage exploration projects. In particular, he notes that the Djuragruvan project in Sweden has yielded numerous surface boulders containing high-grade zinc, lead and silver mineralisation. The company is now seeking the source of these boulders which are believed to have originated from within the company's exploration permits, he adds.

The Group loss of £178,527 for the half-year includes administration costs of £124,243 and an amount of £70,574 arising from the write-off of certain capitalised exploration expenditure. At the end of the period, Tertiary had net assets of £934,068, including £501,872 in cash. .

Further Information:

Patrick Cheetham, Executive Chairman, Tertiary Minerals plc, Tel: 01625-626203

Ron Marshman or Ken Gooding, City of London PR, Tel: 020-7628-5518