Tertiary Minerals Regulatory News (TYM)

29 Jul 2005 10:19

Tertiary Minerals PLC29 July 2005 Tertiary Minerals plc. QUARTERLY REPORT ON EXPLORATION ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2005_____________________________________________________________________ INTRODUCTION This report gives details of significant corporate developments and the resultsof exploration work carried out by Tertiary Minerals plc ("Tertiary Minerals" or"the Company") during the quarter ended 30 June 2005 and up to the date of thisreport. CORPORATE Sunrise Diamonds plcAs previously reported, in February 2005 Tertiary Minerals plc re-organised itsdiamond interests in Finland into a newly incorporated, wholly owned subsidiary,Sunrise Diamonds plc ("Sunrise Diamonds"). Subsequently Sunrise Diamonds issued40,000,000 shares at 1p per share through an Entitlement Offer of up to23,210,547 new Ordinary Shares to eligible Tertiary Minerals shareholders and byutilising an over-subscription facility. On 6 June Sunrise Diamonds made a further placing of 15, 375,000 shares at 2pand all of the issued share capital was admitted to trading on AIM. Sinceadmission, Sunrise Diamonds has made two announcements advising : • the commencement of exploration programmes including ground magnetic surveys and till sampling programmes • the finding of Kimberlite Indicator Minerals (KIMs) associated with a number of magnetic anomalies with kimberlite-like signatures Sunrise Diamonds shares continue to trade at a premium to the last issue price.Tertiary Minerals currently holds 20,000,000 shares in Sunrise Diamonds (26.53%of the issued capital) with a market value at close yesterday of £600,000. BASE METAL PROJECTS Nottrask Nickel ProjectSweden - Tertiary Minerals 100% During the quarter a detailed Slingram electromagnetic survey was completed tofollow up results from a large loop transient electromagnetic (TEM) surveyacross the Central Zone of the Nottrask mafic intrusive which identified atotal of nine, closely spaced, near-surface conductors and one deeper conductor,interpreted to indicate massive-sulphide mineralisation. The Slingramgeophysical survey confirmed conductors with individual thickness up to 60m,possibly comprising multiple stacked massive sulphide lenses, on three distincthorizons within a strike length of 750m. Drilling of up to five holes was originally planned. The first drill holeintersected multiple narrow (10cm and less) bands of massive sulphides,dominantly pyrrhotite, within a 50m wide zone. Preliminary assays results ofmassive sulphide intervals returned low nickel and copper values but elevatedvalues in platinum and gold and, as a result, a decision was taken to defer theremainder of the drill programme until more comprehensive assaying of the firsthole could be carried out and the target re-interpreted. Core sampling has beencompleted and assays are awaited. TANTALUM PROJECTS Ghurayyah - TantalumSaudi Arabia - Tertiary Minerals 100% During the quarter a number of meetings were held in Saudi Arabia with partiesinterested in funding further feasibility studies on the Company's world-classGhurayyah tantalum-niobium project. As a result detailed negotiations are takingplace with a number of parties who have completed, or are completing, duediligence data reviews. PROJECT GENERATION The Company has an ongoing project generation programme and holds various claimsand claim reservations on targets where reporting is not made until significantresults are obtained, or until expenditure reaches a significant level. Various prospecting programmes are planned over the summer on these projects,including at Kalkinnen, a new prospect in Finland, where recent reconnaissance(grab) sampling on a new prospect has returned assays such as 2.3% copper with3.4 g/t Pd+Pt+Au, and 0.3% copper with 3.2 g/t Pd+Pt+Au. Patrick Cheetham 29 July 2005Executive Chairman For further information please contact: Patrick Cheetham, Executive Chairman, Tertiary Minerals plc. Tel:+44 (0) 1625-626203 Ron Marshman/John Greenhalgh, City of London PR Limited. Tel:+44 (0)20-7628-5518 This information is provided by RNS The company news service from the London Stock Exchange