New Kimberlite Discovery

Tertiary Minerals PLC
15 July 2004



                             TERTIARY MINERALS PLC
        TERTIARY DISCOVERS NEW KIMBERLITE BODY AT FINNISH DIAMOND TARGET

   • Two Separate Kimberlites Intersected In Drilling One Target
   • Samples Now Being Laboratory Evaluated For Microdiamonds
   • New Target 20km Away To Be Drilled Next Month
   • Enlarged Search Area Now Takes In 21 Targets
___________________________________________________________________

Tertiary Minerals plc ('the Company') is pleased to announce that it has
intersected two separate kimberlitic bodies in the first drill hole of its
diamond exploration project in the Karelian Craton of Finland.

The objective of drilling was to test a ground magnetic anomaly that, based on
previous exploration reports, was believed to reflect a small kimberlite pipe or
dyke. The hole confirmed the presence of massive hypabyssal kimberlite (Group I
geological characteristics) from 71.55m to 98.43m down hole. Unexpectedly, the
hole also intersected a second kimberlite (Group II geological characteristics)
between 51.35m to 59.85m down-hole.

The second kimberlite differs from the first in that it is micaceous, contains
visible kimberlite indicator minerals, is only slightly more magnetic than its
host rocks and may be significantly older than the massive kimberlite.

A second larger diameter hole was drilled adjacent to the first hole for
sampling purposes and made a second intersection of the Group II kimberlite from
46.41 m to 48.75 m where the hole reached the technical limit of the small drill
rig used. Samples of both kimberlites have now been sent to independent diamond
laboratories for an evaluation of microdiamond/indicator mineral content and
chemistry. A further announcement will be made when results are available in the
next few weeks.

The occurrence of two types, and possibly two distinct generations, of
kimberlite is seen as particularly encouraging for the wider distribution of
kimberlite in the project area and more generally in this under-explored part of
the Finnish Karelian craton.

Some 20km away, a ground magnetic survey has now defined the surface position of
a similar aeromagnetic target which the Company plans to drill test in August.

In view of the early success being generated by the Company's diamond
exploration programme the Company has applied for further claim reservations and
as a result now has a total of 21 targets under claim or claim reservation. All
lie within the Karelian Craton, a block of ancient crustal rocks which exhibits
all the characteristics necessary to host and preserve diamondiferous
kimberlites. This craton extends across the border into Russia where it hosts
the world-class Arkhangelsk diamond deposits (www.gsf.fi/explor/
eco_diamond_frame.htm).

For further information please contact:

Patrick Cheetham, Executive Chairman, Tertiary Minerals plc. Tel: [phone]
Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: [phone]

Technical Note : In this release the term 'kimberlite' is used sensu lato to
denote a rock of kimberlitic affinity which has potential to host diamonds.
Further mineralogical work, including microprobe studies will be required to
determine the exact classification of the rocks. Not all kimberlites contain
diamonds.



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