RELEASED ON BEHALF OF TERTIARY MINERALS PLC: 31 October 2001 GALLUJAVRI NOW TERTIARY'S HIGHEST PRIORITY PGM TARGET AFTER HIGHLY ENCOURAGING EXPLORATION RESULTS · Good Potential For Discovery Of Sulphides With Economic PGM Grades · Follow-Up Work To Take Place This Winter · Djuragruvan Base Metal Project Also Priority Target AIM-listed exploration company Tertiary Minerals reports that Gallujavri in its Finnmark platinum group metals (PGM) exploration area in northern Norway has become its highest priority target, the company announced today in its September quarterly. Work so far on Gallujavri, the largest known ultramafic intrusion in the exploration area - and the biggest so far found in the North Karasjok greenstone belt - indicated a 2.5km strike length within which low grade nickel-copper mineralisation has been found at four locations with values of up to 2.45 g/t combined platinum, palladium and gold. "Because rock exposure is very poor in this area, amounting to less than 5p.c., only limited sampling is possible. To achieve these results at such an early stage in the programme is therefore considered to be highly encouraging," states Mr Patrick Cheetham, Executive Chairman. He says there is "excellent potential" for the discovery of nickel-copper-PGM massive sulphides near the unexposed base of the intrusion, where sulphide ponding may have occurred, and also for the further discovery of disseminated sulphides containing economic grades of PGMs. However, as the discovery of "economically interesting" PGM values at Gullujavri occurred during the later part of the summer season, only limited follow up work has been possible. Mr Cheetham says follow-up magnetic and electromagnetic surveying will take place immediately ice conditions permit access over Lake Gullujavri. Diamond drilling of geophysical targets will follow, probably in early Spring 2002. Exploration carried out during the summer by SRK Consultants of Toronto on behalf of Tertiary in conjunction with Tertiary's own geologists has also been successful in extending the strike length of know PGM mineralisation at both the Karenhaugen and Porsvann prospects in the Finnmark project area. STRIKE LENGTH DOUBLED AT PORSVANN At Porsvann further profile sampling returned values of up to 6.85g/t of palladium, platinum and gold and the strike length containing economically interesting grades has so far been doubled to 240 metres. Detailed mapping suggests that in the area drilled the pyroxenite is complexly folded and that previous drill holes may not have tested its full thickness. SRK have proposed a number of drill holes to test this further. Tertiary says that the relatively small size of the host intrusions at Porsvann and Karenhaugen suggests that strike extensions to the existing drilled mineralisation will need to be found to maintain viable exploration targets and for Porsvann SRK has recommended a programme of IP and magnetic surveys to trace the southern extent of the mineralised ultramafic under cover. The Djuragruvan base metals project in Sweden has also become a priority target following Tertiary's discovery of a 3km long, high-grade ore boulder train (18 boulders averaging 10.6p.c. zinc, 3.9p.c. lead, 0.3p.c. copper) to the south-south-east of the historic Gruvberget mining centre. A geophysical programme is in progress to define drill targets. At the Windfall zinc-silver project in the Bergslagen mining district of south-central Sweden integration of drill databases from Tertiary and Boliden, the Swedish group, has been completed and thoroughly re-evaluated. PROSPECTIVE "CORRIDOR" TO BE TARGETED However, a reliable interpretation of the geology and an estimation of resources has been hampered by differences in logging and sampling protocols between the Boliden and Tertiary data sets. Tertiary plans a two phase re-logging and sampling programme on Boliden drill core over the winter to determine if a geological interpretation can be made that would permit a reliable resource estimate to be made. A review of the surrounding geology has highlighted a prospective "corridor" that will be targeted by exploration in Spring 2002. As the company reported on October 4, Phase 1 metallurgical test work on samples from the Rosendal tantalum deposit in south west Finland shows 95p.c. of the ore to have commercial value. High-grade tantalum concentrate can be produced by relatively simple processing plant. The Rosendale pegmatite is estimated by the Geological Survey of Finland, which collected samples on Tertiary's behalf, to contain 1.3m tonnes of material to a vertical depth of 100 metres with an average grade of 289g/t of tantalum pentoxide. The deposit is on the coast next to an existing industrial minerals processing plant and ship-loading facilities. Planning is under way for the next stage of evaluation of the Rosendal deposit and this will include infill drilling and economic scoping studies. Further information: Patrick Cheetham, Tertiary Minerals. Tel: 01625-626203 Ron Marshman, City of London PR. Tel: 020-7628-5518