TSX-V: CGLD $0.18 OTCQX: CGLDF $0.13 Gold: $1,512/oz Copper: $2.58/lb


2004 News

Vancouver, BC, August 30, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM; the “Company”) is pleased to announce the discovery of a porphyry cluster system at its Copper Duke Project in southern Ecuador. Assay results from initial rock channel sampling have yielded up to 1% copper, 4.7 grams per ton (g/t) gold and 97.1 g/t silver.

Copper Duke is a new property (originally reported in the Company’s News Release dated June 29, 2004), which is located approximately 27 km north-east of the Cerro Blanco discovery, within the Company’s 520 square kilometre, 60 km long, Dynasty Copper Gold Belt.

Initial work at Copper Duke has identified nine sericitic altered porphyries within an 8 km by 5 km area, which appear to form a cluster, with associated high-grade gold and silver vein stockworks and disseminated sulphide-bearing epithermal breccias. The largest individual porphyry has been recognized over an area 2.4 km by 1.1 km. Sericitic alteration occurs in the leached and oxidized porphyries. In all, 103 rock channel samples were taken from surface rock outcrops and assay results ranged from 0.004 % to 1.00% copper, 0.01 g/t to 4.70 g/t gold, 0.02 g/t to 97.1 g/t silver and 1 ppm to 61 ppm molybdenum.

The most significant channel sample results from mostly leached rock outcrops are summarized below.

Copper Duke – (rock channel samples)

Length (m)

The Company is very encouraged by these results. Further mapping and soil sampling is planned to define geophysical profiling sites.

Dynasty’s President & CEO Robert Washer comments “Copper Duke is proving to be a substantial copper porphyry target, with associated gold values and possible supergene enrichment zones above primary ore zones.”

Exploration of the Company’s properties is conducted under the supervision, of Greg Whitfield, the Company’s Exploration Manager and a “qualified person”, as defined by National Instrument 43-101. Mr. Whitfield is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to the BSI Inspectorate laboratory in Lima, Peru for preparation and gold fire assay. Sample pulps are shipped by BSI Inspectorate to its laboratory in Reno, Nevada for silver and multi-element ICP analysis.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. 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

Dynasty Metals & Mining Inc.
Robert Washer, President and CEO

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

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