Re Agreement/Drilling Report

Tertiary Minerals PLC
8 May 2001





             TERTIARY MINERALS PLC ('Tertiary' or 'the Company')

TERTIARY GAINS CONTROL OF HIGH POTENTIAL PALLADIUM-PLATINUM AREAS IN FINNMARK,
                               NORTHERN NORWAY

  * Agreement Wraps Up Key Ultramafic Intrusions
  * Porsvann Shows Broad Mineralised Zone Including 43m Of 1.2g/t Pd+Pt
  * Surface Grab Samples Up To 15g/t Pd+Pt Over Wide Area At Karenhaugen


  * Known Mineralisation Characterised By High Palladium : Platinum Ratio

AIM-listed Tertiary Minerals Plc has reached agreement with the Finnmark
County Council to acquire 12 pre-claims (the Norwegian equivalent of
exploration permits) in two blocks which cover the Porsvann and Karenhaugen
platinum group metals (PGM) prospects in the Porsanger district of Finnmark in
northern Norway. The company has built up land holdings in the surrounding
area which also contain PGM prospective ultramafic intrusions.

The prospects have high potential and were previously drilled by the Norwegian
Geological Survey (NGU) in the early 1990s. Broad zones of palladium-platinum
mineralisation were encountered but as the mineralisation is characterised by
a high (up to 3:1) palladium (Pd) to platinum (Pt) ratio they were given
relatively low exploration priority because PGM prices then, particularly
palladium, were a fraction of what they are today.

MINERALISED INTERSECTIONS OF 43M-93M AT PORSVANN

At the Porsvann prospect, the NGU drilling outlined a broad zone of low-grade
palladium-platinum mineralisation with a best intersection of 43m grading 1.2g
/t combined Pd+Pt from a downhole depth of 67m. This included a 15.2m section
which averaged 2.1g/t.

In three of the four holes drilled, the entire thickness of the assayed
sections contain significant levels of PGMs, including 67m averaging 0.9g/t
Pd+Pt and 93m grading 0.7g/t Pd+Pt. Drilling to date has tested the
mineralised zone over a strike length of only 100m but the mineralisation
remains open in all directions.

Some 9km to the east of Porsvann, the NGU completed 12 holes on the
Karenhaugen prospect over a strike length of just 150m. Only five of these
holes appear to have been assayed for PGMs and all returned PGM values,
although the intersections to date have been narrower that at Porsvann. They
include 5.1m grading 1.2g/t Pd+Pt from 30.9m, 5.6m of 1.1g/t from 6.1m, and 7m
of 1.2g/t from 36m (including 1.1m which averaged 3.6g/t). However, surface
grab samples are anomalous throughout the 350m by 100m area sampled, returning
values of up to 15g/t Pd+Pt.

Since the end of December 2000, Tertiary has been gradually accumulating a
significant landholding in the Porsanger district. In its most recent
quarterly report the company announced that it had been granted 179 pre-claims
in ten blocks. Two of these blocks overlap and surround the pre-claims held by
Finnmark County Council which will be surrendered to give first priority to
the company's pre-claims.

HIGHLIGHTS POTENTIAL OF OTHER ULTRAMAFIC INTRUSIONS

The drilling results at Porsvann and Karenhaugen highlight the potential of
the several other ultramafic intrusions which occur within the company's
pre-claims, none of which have been evaluated for their PGM potential.

Other targets include the 5km long Gallujavrri intrusion in which low-grade
nickel-copper mineralisation was drilled some 20 years ago. Grab samples
collected from surface outcrops by the NGU have assayed up to 0.5g/t Pd+Pt.

The pre-claims are all located in areas of established infrastructure.
Porsvann and Karenhaugen lie within 10km of the coastal town of Lakselv whilst
other pre-claim blocks occur within 6km of the main road between Lakselv and
Karasjok.

The purchase agreement with the Finnmark County Council requires Tertiary to
pay 180,000 Norwegian Krona (approx £14,000) and a net smelter returns royalty
of 1.25p.c. on any production from the 45 pre-claims (Blocks A and B) that
cover and surround the Porsvann and Karenhaugen prospects.

Further Information:

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

Ron Marshman, City of London PR. Tel: [phone]