TSX-V: CGLD $0.24 OTCQX: CGLDF $0.18 Gold: $1,490/oz Copper: $2.60/lb


2004 News

Vancouver, BC, October 4, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM; the "Company") is pleased to announce that it has received approximately $815,000 from the recent exercise of warrants.

These proceeds will be applied towards the Company's ongoing exploration of its large Dynasty copper-gold belt in southern Ecuador. The regional mineralized system covers a north-easterly trending corridor, approximately 90 km by 20 km, that runs from the Peruvian border to the historic gold camp at Portovelo-Zaruma and represents one of the largest mineral tenures in Ecuador. The Company has identified over 20 separate porphyry structures at Dynasty to date and is focusing on exploration which will culminate in drill target selection.

Separately, the Company is awaiting delivery of independent resource calculations on its Jerusalem and Zaruma gold projects. These NI 43-101 reports are expected shortly and will assist the Company in its planning for the further development of these projects.

With the exercise of warrants, the Company now has 15,591,138 shares outstanding, and warrants and options to acquire an additional 2,809,500 common shares.

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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