TSX-V: CGLD $0.27 OTCQX: CGLDF $0.19 Gold: $1,275/oz Copper: $2.73/lb


2004 News

Vancouver, B.C., December 15, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM, the "Company") announces that it has closed the non-brokered private placement of 3,500,000 units at a price of $1.10 per unit announced on November 23, 2004 for gross proceeds of $3,850,000. Each unit comprises one common share and one-half of a warrant to purchase one additional share at a price of $1.50, exercisable for one year. Units are subject to a hold period that will expire on April 15, 2005.

The issue was placed primarily with Canadian and European institutions. Finder's fees were paid in units on portions of it. Proceeds of the placement will be used to advance the exploration and development of the Company's projects in southern Ecuador, and for working capital.

With the completion of this financing, the Company has approximately $4.2 million in treasury and 19,360,638 shares issued and outstanding.

About Dynasty Metals & Mining Inc.

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. The Company has recently announced resource estimations for its Zaruma Gold Project (644,628 oz gold in the measured and indicated category and 817,219 oz gold in the inferred category) and Jerusalem Project (430,000 oz gold indicated and 661,630 oz gold inferred). Technical Reports in Form 43-101F on these projects can be viewed at www.sedar.com.

Separately, the Company has now commenced initial drilling on selected gold targets at its extensive Dynasty Copper-Gold Belt - a new discovery comprising a north-easterly trending corridor, 90 km long and 20 km wide, running from the Peruvian border to the Portovelo-Zaruma District.

Dynasty Metals & Mining Inc.

Robert Washer, President and CEO

For further information about the Company, please contact Murray Oliver at (604) 687-0888 Ext. 3 or info@pemcorp.com or visit the Company's web-site at www.dynastymining.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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