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


2004 News

Vancouver, B.C., November 23, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM, the "Company") announces that it has secured commitments for a non-brokered private placement of 3,500,000 units at a price of $1.10 per unit to raise proceeds of $3.85 million. Each unit will comprise one common share and one-half of a share purchase warrant to purchase one additional common share of the Company for a period of one year at a price of $1.50.

Company President, Rob Washer commented: "We have been very pleased with the positive response to our decision to raise equity funding at this time. We believe that we have attracted an excellent group of institutional investors who will become long-term shareholders as we put this money to work to build upon our existing resources base."

The financing is subject to regulatory approval. Finder's fees will be paid in respect of it.

Proceeds of the private placement will be used to advance exploration and development of the Company's projects in southern Ecuador, and for working capital.

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 Jerusalem Project and Zaruma Gold Project, and is preparing for initial drilling on 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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