Exploration Initiative

Tertiary Minerals PLC
23 October 2002



23 October 2002

                   TERTIARY TAKES MAJOR INITIATIVE IN FINLAND

                        TO SEARCH FOR OLYMPIC DAM STYLE

                        IRON OXIDE-COPPER-GOLD DEPOSITS



  • Eight Large Targets Secured Under Claim And Claim Reservation
  • Focus On Known Iron Oxide Systems
  • Joint Venture Partner To Be Sought After Data Evaluation

__________________________________________________

Tertiary Minerals plc ('Tertiary Minerals' or 'the Company') is pleased to
announce that it has launched a major initiative to explore for Olympic Dam
style Iron-Oxide-Copper-Gold ('IOCG') deposits in Finland.

IOCG deposits are typically large, and have become one of the most sought after
deposits 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 300mt 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 in Sweden.

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 organisations, 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.

Five of the Company's existing targets are located in the Kolari iron district
200km NW of Rovaniemi, adjacent to the Swedish border. These targets are:

Rautavaara where over 13 million tonnes of iron ore was produced between 1975
and 1988 and several million tonnes of open ended low grade copper
mineralisation was discovered along strike from the magnetite deposits.

Hannukainen where several near surface contiguous stratbound ore bodies have
resources of several tens of millions of tonnes of iron ore and where open-pit
mining operations produced 4.6 million tonnes of ore grading 43% iron, 0.9%
copper and almost 1g/t gold from the adjoining Keuervaara and Laurinoja ore
bodies. .

Taparova, a zone of hematite mineralisation with IOCG characteristics estimated
to contain 20 million tonnes of near surface iron mineralisation (43% iron)

Sivakkalehto, the largest mineralised zone in the Kolari area with an estimated
200 million tonnes of magnetite mineralisation with under-evaluated copper and
gold potential.

Lauttaselka a poorly explored zone of copper-gold-iron mineralisation with
multiple down hole drill intersections of typical IOCG grade copper-gold
mineralisation.

Other targets in Northern Finland include the Vahajoki, Palokiimanselka
and Raajarvi deposits.

Vahajoki comprises multiple deposits (total 10 million tonnes to 100m) of
magnetite breccia with associated but under-evaluated copper-gold and cobalt
mineralisation.

At Palokiimanselka trenches dug and sampled in the 1950' returned gold values
to 10g/t in north-south trending magnetite bearing metavolcanics. A later
airborne magnetic survey shows these trenches to be located within a 2km long
north-south striking magnetic anomaly , now a priority for follow up
exploration.

Raajarvi is a poorly documented iron ore deposit, that produced 5mt of
magnetite iron ore from 1962-1975.

The Company intends to seek the involvement of a larger mining company to fund
the further evaluation of its IOCG projects in Finland. Work will start with
further detailed data evaluation and re-logging and sampling of extensive drill
core that still exists for many of the projects.



Further Information:

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

John Greenhalgh, City of London PR. Tel: [phone]


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