Quarterly Report

Tertiary Minerals PLC
06 April 2004


                                                      6 April 2004

                              QUARTERLY REPORT ON
                             EXPLORATION ACTIVITIES
                       FOR THE PERIOD ENDED 31 MARCH 2004

INTRODUCTION

This report gives details and results of exploration work carried out during the
quarter ended 31 March 2004 and up to the date of this report.

GOLD & BASE METAL PROJECTS

Ahmavuoma Copper-Gold-Cobalt Project
Sweden - Tertiary Minerals plc 100%

Known mineralisation at Ahmavuoma has characteristics of IOCG
(iron-oxide-copper-gold) type deposits. IOCG deposits support a number of
world-class mines such as Olympic Dam in Australia and Kiruna in Sweden. Further
details can be found in the 'Projects' section of Tertiary's website.
During January 2004 a programme of deep-seeking ground geophysics was conducted
over the 3km long Ahmavuoma magnetic anomaly to better define electrical targets
having potential for copper-gold and cobalt bearing sulphide mineralisation. The
results of this survey confirm strong electrical conductors in the Northwest
Zone (2km long) and the Central Zone (1 km long) and a weak conductor in the
Discovery Zone where previous exploration drilling intersected economically
interesting levels of copper-cobalt and gold.

A programme of follow-up drilling is now underway to test the mineralisation in
the Discovery Zone and the large geophysical targets in the Central and
Northwest zones. To date three holes have been completed at 50m intervals along
the strike of the Discovery Zone. Two holes (04AD001 and 002) were drilled
within the known mineralisation in order to check for copper-gold and cobalt
grade and grade distribution whilst a third hole (04AD003) stepped out 50m to
the north of previous drilling.

Hole 04AD001, in the centre of the Discovery Zone intersected disseminated
sulphides throughout (to end depth of 162.60m) with semi-massive sulphides in a
56m thick (down-hole) section between 33.75m and 89.90m. The sulphides are
dominated by iron sulphides (pyrite) but contain small amounts of fine-grained
copper sulphide (chalcopyrite). Copper grades are difficult to estimate visually
and assay results are awaited.

Hole 04AD002, on the northern limit of previously drilled mineralisation,
intersected an 18m thick zone of similar sulphides from 47.4m to 66.1m down
hole.

Hole 04AD003 contained disseminated sulphide mineralisation with a visibly
increased proportion of copper sulphides.

In all three holes the sulphide mineralisation is associated with albite
alteration, magnetite veining and brecciation and late stage brittle fractures
typical of IOCG style mineralisation.

The mineralised intersection in 04AD003 demonstrates that mineralisation is
continuing further to the north in the Discovery Zone despite the associated
geophysical anomalies being generally weak in this zone and tailing off towards
hole 04AD003. This raises the prospect that mineralisation may be more
widespread in this zone than previous work has suggested.

Drilling is now testing the Central and Northwest Zones. Hole 04AD004 is
currently at 110m depth on the south end of the Central Zone and has penetrated
a thick zone of magnetite veining but has not yet reached the target depth.
Drilling is current suspended for the drillihg contractor's Easter break and
will resume on 13 April and continue to at least the end of April, weather
permitting. Initial assay results from the Discovery Zone are now expected
sometime towards the end of April.

Kaaresselka Gold Project
Finland - Tertiary Minerals 100%

Previous drilling at Kaaresselka by the Geological Survey of Finland (GTK) was
reported to have intersected significant gold mineralisation in three separate
zones - Vanha, Tienvarsi and Lampi - within an area of 1.1km by 0.6km. Further
background details can be found in the Company's press release dated 3 November
2003 and in the 2003 Annual Report.

During the quarter the Tertiary commissioned ACA Howe (geological consultants)
to compile and review past exploration by GTK and make recommendations for
further drilling. Following an internal review of the ACA Howe draft report and
GTK exploration data 10 diamond drill holes have been completed for a total of
800m of drilling as an initial test of previous GTK exploration results.

GTK has previously reported the existence of significant bodies of gold
mineralisation but was not able to make any resource estimates due to the
unreliability of previous exploration data resulting from their use of small
diameter diamond drill core, small assay samples and unreliable assay
techniques.

The results from the first three holes have now been received with the better
results shown in the following table.

Drill Hole 04KD001 is located in the centre of the Vanha prospect and was
designed to test the main, east-west trending Vanha lode by twinning GTK hole
R444 where GTK reported grades of 6.0m @ 3.6 ppm Au (from 35.0m down-hole) and
1m @ 7.77 ppm Au (from 26m down-hole). Whilst the overall distribution of
mineralisation was similar within the two holes the gold content was reportedly
higher in the GTK drill hole than in Tertiary's twin hole 04KD001.

Tertiary holes 04KD002 and 003 were drilled at the Tienvarsi prospect. Hole
04KD002 was designed to test beneath mineralised drill intercepts in GTK hole
R566 (2.85m grading 5.45 g/t Au) where core recovery was poor. With better
drilling equipment and techniques satisfactory core recovery was obtained in the
mineralised sections but assay results obtained by Tertiary Minerals were lower
than those reported by GTK.

Hole                 Drill Hole        From        Gold Grade
Number              Intersection      (down hole  (grammes per tonne
                    (down hole width)  depth)      -g/t- gold)
                   

04KD001               9.35m           35.80m       1.27 g/t Au
Including             2.00m           40.15m       4.87 g/t Au
Including             1.00m           40.15m       6.70 g/t Au

and                   1.00m           52.25m       2.96 g/t Au

and                   1.00m           57.20m       0.21 g/t Au
  Duplicate
       Sample         1.00m           57.20m       6.47 g/t Au

04KD002               2.90m           18.25m       0.96g/t Au
Including             1.05m           19.00m       1.86g/t Au

04KD003               1.50m           48.10m       1.74g/t Au
Including             0.60m           48.10m       3.87g/t Au

Tertiary hole 04KD003 was drilled close to GTK holes R121 (which intersected
5.95m grading 3.48 g/t gold, including 1.00m grading 13.10 g/t gold) but
comparable high results were not obtained in 04KD003.

Tertiary's quality control procedures include submission of 10% duplicate
samples for assay. Poor repeatability in one case (see duplicate analysis in
table of results) may be a result of coarse gold within the sample and this
requires further investigation.

No further drilling results will now be released until all of the results from
the remaining 7 holes become available at the end of April or in early May.
Whilst noting that the results received so far are low in comparison to previous
GTK results, further conclusions cannot be drawn at this stage.

Whilst the current diamond drilling programme has been completed a programme of
shallow bedrock percussion drilling is continuing with the objective of testing
outlying targets at Kaareselka including targets not previously drill tested by
GTK. This programme is due to be completed within two weeks and assay results
will be available in mid-late May.

Vehkavarra Copper-Gold Project
Sweden - Tertiary Minerals 100%

Vehkavaara, a target for IOCG copper-gold mineralisation, is situated in the
Norbotten mining district some 70km south of Ahmavuoma.

Fifty base-of till/bedrock percussion drill holes were completed during the
quarter, on two traverses, to follow up surface copper geochemical anomalies in
an area considered prospective for IOCG deposits.

Assay results are expected by the end of April or in early May.

Boliden East Gold Project
Sweden - Tertiary Minerals 100%

In order to follow up a surface geochemical anomaly 1km along strike from the
historic Boliden gold mine, 50 base-of till/bedrock percussion drill holes were
completed during the quarter.

Assay results indicate a minor zone of anomalous gold in basal till but
examination of bedrock drill chips suggest that this is associated with a zone
of unaltered pyrrhotite-bearing black-shales.

The anomaly is therefore downgraded and no further work is planned.

Finnish Diamond Project
Tertiary Minerals 100%

A programme of ground magnetic geophysics was completed during the quarter to
locate the ground position of an airborne magnetic anomaly close to (but
distinct from) a kimberlite dyke intersected in two shallow holes drilled by a
previous explorer.

The results of the ground magnetic survey show that the airborne magnetic
anomaly is incorrectly located and is in fact coincident with the previous drill
holes.

Whilst the ground magnetic anomaly is small, the kimberlite has a high remnant
magnetism and may be more therefore be more extensive than its associated
magnetic anomaly. Furthermore, there is the possibility that other less-magnetic
kimberlitic phases may also be present.

A drilling programme is now being planned to test the kimberlite for diamonds
and to map out the extent of the kimberlite under cover of the glacial till.

TANTALUM PROJECTS

During the quarter further progress was made towards the objective to secure
external funding for the further development of the Rosendal and Ghurayyah
tantalum projects.

A European industrial minerals company with an interest in potential the
by-product feldspar has requested a due-diligence review of the Finnish Rosendal
tantalum project data.

In Saudi Arabia discussions are continuing with a potential partner for the
Ghurayyah tantalum project following that company's completion of an exhaustive
12-month due-diligence review of the project.

Patrick Cheetham
Executive Chairman

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

Note:
All assay results reported in this exploration report were carried out by
independent laboratories owned and operated by SGS Chemex in Sweden and Canada.
Gold was assayed by fire assay by methods
Au -AA26 and Au-AA22.

Maps illustrating some of the features referred to in this report can be found
on the Company's website www.tertiaryminerals.com



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