Last Updated 3 March 2006

Click on project or country name from the map on the right for details of each project or country.

Additional information on projects can be found in the Company's Annual and Quarterly Reports (see Company Reports ) and Press Releases.

For information on individual projects click on the project name on the map opposite or scroll down using the arrows on this page.

Background information on the countries in which the company operates can be found by clicking on the country names on the map opposite or by scrolling to the base of this page.

Gold Projects

Kaaresselkä – Finland, Tertiary Minerals 100%

The Company holds the Kaaresselkä gold prospect in Northern Finland. First discovered by the Geological Survey of Finland (“GTK”) which put down 10,000m of diamond core drilling in 185 shallow holes. The project area has well developed infrastructure and is accessed by a network of logging roads and is just 15km from the Pahtavaara gold mine.

Drilling to date at Kaaresselkä is reported by GTK to have intersected gold mineralisation in three separate zones – Vanha, Tienvarsi and Lampi – within an area of 1.1km by 0.6km. Drilling of the Vanha zone indicates that it is at least 650m long and broken into a number of fault blocks so that it does not outcrop continuously. In the centre of the Vanha zone there is a continuous block of mineralisation 200m long and 9-16m wide continuing to the deepest drill-hole at a depth of 55m from surface.

Click the images below for larger versions

Geology and drill-hole location (courtesy of GTK)	Drill section R444 (courtesy of GTK)
Kaaresselka Project - Vanha Lode

The Tienvarsi zone, drill defined for 200m along strike to date, has a reported width of 4-13m and has been drilled to only 40m vertical depth.

At Lampi drilling has defined a 10m wide breccia zone with assays up to 5.87g/t gold. Several other targets are defined by geochemical and geophysical anomalies and limited drilling.

GTK has reported a best drill intersection of 2m grading 45g/t gold and several drill intersections of 3m grading better than 10g/t gold. The gold occurs as free gold, sometimes visible in drill core. Previous drilling was reportedly hampered by weathering of the mineralised zones which made for poor core recovery and hindered a detailed resource estimate. However, from drilling of the Vanha and Tienvarsi open-ended 200m long zones, GTK estimated a volume of at least 160,000 cubic metres of mineralised material grading between 1 and 10g/t gold and between 0.2% and 2% copper to the maximum drilled depth of 55m from surface. Mineralisation remains open at depth and along strike within Tertiary’s claims and claim applications.

Tertiary has completed a first pass drilling programme to test various geological interpretations and a follow up programme was completed in January 2005 with results awaited

The explored area is just one part of the prospective Kaaresselkä Shear Zone in the 4km long project area now controlled by Tertiary Minerals. The Shear Zone itself is associated with the Sirkka Break, a major geological feature associated with gold mineralisation in Central Lappland. [return to top]

The Storberget prospect is located in northern Sweden, 30km north of Skelleftea, in the heart of the historic Skellefte mining district. The famous Boliden gold mine and the active Bjorkdal gold mine both lie within a 25km radius.

Outcrops within the prospect were originally sampled by Boliden in the 1940’s, who discovered locally semi-massive arsenopyrite plus minor pyrite in an east-west striking, sub-vertical quartz vein, between 20cm to 80cm in thickness and hosted by foliated mafic meta-volcanics.

Two phases of grab and composite sampling by Tertiary returned grades of between 3.6 g/t and 10.0 g/t gold from 5 samples of quartz-vein, sulphide-rich material.

The high-grade gold-bearing quartz vein at Storberget outcrops at the top of a prominent hill. The area immediately surrounding the mineralised outcrop is covered by dense vegetation and low-lying swampy ground which may conceal further mineralisation and possibly a larger stockwork vein system.

Follow-up exploration will include geochemistry and ground geophysics to define priority targets for eventual drill testing.

Copper-Gold Projects

Tertiary is exploring for Olympic Dam style Iron-Oxide-Copper-Gold (“IOCG”) deposits in Finland and Sweden.

IOCG deposits are typically large, and have become one of the most sought after deposit types in the world today. In the Norbotten district of northern Sweden two major IOCG deposits have been recognized (Kiruna with over 1 billion tones of iron ore and Aitik with over 300 million tonnes grading 0.4% copper and 0.2g/t gold) and a number of companies, including Rio Tinto, Anglo American, BHP-Billiton, Phelps Dodge, Equinox, and South Atlantic Natural Resources, are actively exploring for new IOCG deposits.

The prospective geology of the Norbotten district extends into large areas of northern Finland but, to-date, Finland has not received the same exploration effort. Both Sweden and Finland have, courtesy of their respective Geological Surveys, well-developed geological, geophysical and geochemical databases that the Company is using for exploration targeting in conjunction with the Geological Survey of Finland as one of its exploration consultants.

The company’s initial efforts have focused on known large iron-oxide mineralised systems where it believes there is potential for the discovery of significant IOCG deposits. Historically, iron exploration and development in Finland has been very focused, with deposits often evaluated and mined by single-purpose state-owned companies. Furthermore, past exploration for iron in Finland has targeted airborne magnetic anomalies for magnetite iron ore. The hematite dominated parts of the IOCG systems would not be discovered in this way and magnetite dominated IOCG systems are commonly zoned – the most intense magnetic anomalies (the previous focus of iron exploration) may not represent the most prospective zones for copper and gold mineralisation and these could easily remain hidden under the extensive till cover that blankets much of Finland.

Tertiary holds several projects in Sweden and Finland targeting iron-oxide-copper-gold (“IOCG”) mineralisation. IOCG mineral deposits include some of the largest in the world, including Olympic Dam in Australia and the giant Kiruna iron-ore deposit in the Norbotten district of Sweden, where a new copper-gold deposit has recently been discovered by Anglo-American Corporation 40km west of the Company’s Ahmavuoma project. Tertiary’s IOCG projects include a number of projects at the drilling stage, including Ahmavuoma.

During 2004 Tertiary competed a programme of drilling at Ahmavuoma with encouraging results and follow up drilling is now needed [return to top]

Ahmavuoma – Sweden (Copper-gold-cobalt) – Tertiary Minerals 100%

Tertiary’s Ahmavuoma project is an advanced copper-gold-cobalt exploration project covering a 3km long zone of iron-oxide mineralisation and alteration with multiple targets defined by coincident geophysical and geochemical anomalies.

Only one 200m long part of this complex zone, the SE prospect, has seen any significant drilling to date. Here, drilling has indicated an open-ended zone of copper-gold-cobalt mineralisation with intersections including :

KAHM 4 : 18.15m intersection from 60.85m grading 1.24% copper, 0.51% cobalt. 0.48g/t gold
KAHM 7 : 4.10m intersection from 71m grading 2.06% copper, 0.72 % cobalt and 0.70g/t gold

has completed a drill programme over the winter of 2003/4 and has intersected significant copper-cobalt mineralisation, extending the Discovery zone to the north. Further follow up drilling is planned for the winter of 2004/5.

Click the image below for a larger version


Ahmmavuoma plan [return to top]

Other IOCG Projects

During the year the Company carried out an integrated review of geophysical and geochemical data sets purchased from the Geological Survey of Finland for each of its Kolari, Vähäjoki and Raajärvi project areas.

Numerous targets were identified and a programme of field examination and sampling was carried out which has allowed targets to be prioritised for follow up exploration. [return to top]

Tantalum Projects

Tantalum Market

The market for tantalum is tied to the market for tantalum capacitors which account for 80% of tantalum demand. Capacitors are an essential component controlling current flow in most electronic devices including mobile phones, DVDs, laptops, personal computers, videos and digital cameras. Capacitor manufacturers (such as AVX and Kemet Corporations) use high purity, high performance tantalum powders and tantalum wire supplied by processors of tantalum concentrates (such as H.C.Starck and Cabot Corporation) who buy raw materials including tantalum concentrates from miners worldwide.

In the period up to the year 2000 the tantalum market had been growing strongly, at 10% per year, but in 2000 unrealised projections for consumption resulted in stockpiling through the supply chain artificially boosting demand by 34%.

In the period 2000-2002 the market for consumer electronics generally stagnated with the result that tantalum demand was then largely be met by stockpiled inventories held by processors and capacitor manufactures. In 2002 modest growth returned to the tantalum market resulting in the draw-down of tantalum raw material inventory by capacitor manufacturers such that by mid 2003 their inventories had returned to normal.

Strong growth has now returned to the tantalum market, prices are recovering quickly and growth of 7-10% is now forecast.

Developments in tantalum capacitor technologies suggest that the use of tantalum capacitors will at least keep pace with its main rivals, ceramic and aluminium capacitors. For example, in automotive electronics, a growth market, the high temperature and high stress environment requires the high performance delivered by tantalum capacitors and in electronics generally the replacement of lead solders with alternative but higher melting point solders means that capacitors need to survive increasingly high temperatures, again favouring tantalum. [return to top]

Ghurayyah - Saudi Arabia (tantalum-niobium). Please click here for details on the Ghurayyah Project in Saudi Arabia.

Rosendal - Finland (tantalum-industrial minerals) - Tertiary 100%

The Rosendal claim is located in south-west Finland, on Kemiö Island, adjacent to the current feldspar mining and mineral processing operations of SP Minerals, a subsidiary of the Belgian industrial minerals company Sibelco.

Originally discovered and evaluated by the Geological Survey of Finland (GSF), the Rosendal dyke was originally estimated by GSF to contain 1.3 million tonnes of pegmatite to a vertical depth of 100m with an average grade of 289 g/t Ta2O5, based on surface channel and drill hole sampling.

Tertiary has subsequently carried out a number of drilling programmes at Rosendal and initiated a preliminary feasibility study. CSMA Consultants Ltd completed an initial financial evaluation as a part of the preliminary feasibility study. This work evaluated capital and operating costs for a contract mining operation feeding a gravity concentration plant producing 60,000 pounds of Ta2O5 in high-grade tantalite concentrates. The capital cost for a 125,000 tonne per annum plant was estimated at US$5.5 million.

The basis for the CSMA study was an Inferred Mineral Resource block model compiled by SRK Consulting and estimated to contain 1.05 million tonnes at a mean grade of 255ppm Ta2O5.

The results of CSMA pit-optimisation studies suggest a limited mine life based on the current block model and low tantalum prices. CSMA concluded that a resource of 1mt at an in situ grade of approximately 390 ppm Ta2O5 would be required in addition to higher tantalum prices to progress the project further and that additional drilling at depth may be justified to increase the available tonnage of higher-grade material.

The Rosendal pegmatite is currently open at depth and contains a number of higher grade zones with potential to meet the future requirements for a commercial operation. Consideration will be given to advancing the project as tantalum prices recover. [return to top]

Base Metal Projects

The Group's base-metal projects are all located within or close to the established mining districts in Sweden.

Windfall - Sweden (zinc-silver) - Tertiary Minerals 75-100%

Windfall is a mature zinc-silver exploration project located in the historic Bergslagen mining district of south central Sweden.

Previous exploration by the Boliden mining company from the 1960's reportedly identified resources of 150,000 tonnes grading 9.5% zinc, 69 grammes/tonne ("g/t") silver, 0.2% copper and 3.3% lead in the Sörtärnan deposit and 210,000 tonnes grading 5.8% zinc, 91 g/t silver, 0.8% copper and 2.4% lead in the nearby Vindfall deposit.

The Company has completed a number of drilling campaigns since 1997 and whilst this work has confirmed that significant zones of zinc mineralisation occur at both Vindfall and Sörtärnan, the geology and geometry of mineralisation is complex. Furthermore, a reliable interpretation of the geology and an estimation of resources are prevented by differences in logging and sampling protocols between the Boliden and Tertiary data sets. A two-phase re-logging and sampling programme has therefore commenced to determine if a geological interpretation can be made which would permit a reliable resource estimate. [return to top]

Djuragruvan - Sweden (zinc-silver +/--gold) - Tertiary Minerals 100%

Also located in the Bergslagen mining district of south central Sweden, the Djuragruvan project contains the historic Gruvberget mining centre where a private open-pit mining campaign in 1989 produced 40,000 tonnes grading 7% zinc and lead and 90g/t silver from a 30m deep open pit.

A review of previous drilling data suggests that mineralisation is open at depth and along strike with several economically interesting intersections of ore having been found, but not mined, beneath the open pit, e.g.

• 7.23m@ 9.9% Zn, 3.3% Pb, 0.6% Cu 152g/t Ag from 24m in hole DBH18

• 15.9m@ 5.5% Zn, 2.1% Pb, 0.3% Cu 125g/t Ag from 22m in hole DBH13

The Company has discovered a 3km long boulder train south of Gruvberget with 18 boulders averaging 10.6% zinc, 3.9% lead and 0.3% copper. Many boulders are large, over 2m across, suggesting a local source within the Company's exploration permit but following an initial trenching programme the source remains elusive.

In order to generate drilling targets an orientation geophysical survey, geochemical sampling, and a follow-up magnetic survey have been completed. A number of targets were defined for follow up drilling. A three-hole drilling programme to test for mineralisation down-dip of the Gruvberget open-pit failed to intersect significant mineralisation [return to top]

Introduction to the Nordic Countries

Finland

Finland has a total area of 338,000km2 and a population of 5.1 million people, the majority of whom live in urban areas. Approximately 60% of the country is forested and only 8% is under cultivation.

The country has been an independent Republic since 1917 when its ceased to be an autonomous grand duchy united with the Russian Empire. Before 1809 it was a part of the Kingdom of Sweden.

Finland has a parliamentary system of government and has been a Member of the European Union since 1995. It currently has a broad coalition Government.

As with Sweden, transport infrastructure is excellent, even in remote areas, and natural resources are an important part of the economy. The currency is the Euro."

Finland's Mining History

In common with Sweden, Finland has a long history of mining activity dating back to 1540 when iron ore mining began. Some 270 metal mines have been in operation with an output of over 250 million tonnes of ore.

The Country has well established mineral processing and refining plants for a number of metals and industrial minerals.

Finland's Mineral Code

Finland has a well defined and favourable mineral code, which encourages exploration and mining and ensures access to private land subject to compliance with environmental and other legislation. The Geological Survey of Finland plays a major role in promoting the mineral resources of the country through early exploration and the provision of exploration consulting services to companies. [return to top]

Sweden

Sweden is one of the larger European countries with an area of approximately 450,000km2. Half of Sweden's land is forested and less than one-tenth is farmland.

Sweden's population is 8.8 million of which over half live in the south of the country. The northern two thirds of Sweden is very sparsely populated.

Sweden is a constitutional monarchy with a parliamentary democracy. It has been a Member of the European Union since 1995. The current minority government is led by the Social Democrat Party.

Natural resources have always formed the foundation for Sweden's economic success. Infrastructure is well developed and financial and professional services are widely available. The currency is the Swedish Kroner (SEK).

Sweden's Mining History

Mining is a traditional industry in Sweden with a history extending back several hundred years. The copper mine at Falun was for hundreds of years the most important industrial site in the country producing, at times, up to two-thirds of Europe's copper requirements. The following centuries saw deposits of base metals, silver and iron ore discovered and exploited. Notable early discoveries include the giant iron ore mines of Kiirunavaara and Luossavaara discovered during the 1730's and operated today by Luossavaara - Kiirunavaara AB. In 1924 prospecting in the Skellefte district led to the discovery of the Boliden deposit and the foundation of Boliden Limited now listed in Toronto. Historical restrictions on foreign participation in Sweden's mining industry has led to its domination by a small number of large domestic mining companies. Mining has traditionally been concentrated in the Bergslagen region, north west of Stockholm, and in the Skellefte and Kiruna districts in the north and far north of Sweden.

Sweden's Mineral Code

Until recently the State took a major role in the mining industry through State run exploration and the right to acquire a major stake in any new mining venture.

In 1991 however, following a change in Government and an application to join the European Union, Sweden adopted new policies to encourage foreign investment including cuts in the level of taxation, better business conditions and the privatisation of state industrial interests.

These new policies extended to the mining industry with the lifting of foreign investment restrictions and the abolition of State participation in mining projects. A new mining law was introduced to give effect to these new policies.

The attraction of post 1991 Sweden has been recognised by a number of major exploration companies that have developed a significant exploration presence in recent years. [return to top]