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2004 News

January 26, 2004 - Dynasty Metals & Mining Inc. (TSXV - DMM; "Dynasty") is pleased to announce the discovery of four high-grade, polymetallic gold-silver veins on its 100 % owned Jerusalem property in south-eastern Ecuador. The new gold zone represents a probable extension to the Pachicutza gold mineralization explored by TVX Gold ("TVX") from 1994 to 1996.

The discovery is the result of recent prospecting and underground sampling carried out by Dynasty. One of these veins, the Teniente vein, has been mapped at surface over a length of 550 metres before disappearing under overburden. A new tunnel being driven on the structure traces the vein over a strike length of 125 metres, reaching 90 metres below surface. A total of 7 channel samples collected at approximately 12 metre intervals assay from 9.8 grams per tonne (g/t) to 57.4 g/t gold with silver values from 220 to 2,500 g/t over a sampled strike length of 125 metres. The average true width of the vein is 0.60 metres (see table below).

Teniente vein samples along tunnel

The western edge of the Teniente vein system is defined by a sulphide bearing rhyolite dike 6 to 80 metres wide exposed along a strike of 1000 metres. Argillic alteration of the rhyolite is strongly developed as is localised sulphide leaching. Reconnaissance channel sampling of the rhyolite has provided assays of background to 0.7 g/t gold and 9 g/t to 86 g/t silver. Grab sampling of sulphide-bearing rhyolite further along strike has provided assays of 2.3 to 8.2 g/t gold and 13 to 37 g/t silver, indicating the rhyolite at the Chinapinza porphyry contact warrants detailed sampling.

Previous Work at Jerusalem

TVX identified 11 principal gold-silver and polymetallic veins in the southeastern portion of the Jerusalem concession. They reported a total geological reserve in all categories of 215,286 oz of gold and 1,144,335 oz of silver (see table below), on the basis of 10,825 metres of diamond drilling and 6,375 metres of tunnelling.

TVX Staff Geological Reserve estimate on the Jerusalem Concession (1996)

*The estimates presented in this table and the terminology used do not conform to National Instrument 43-101 and the CIM Standards on mineral resources and reserves. These estimates are part of the historical record, not a current fact.

The Company is encouraged by the recent discoveries and is continuing to tunnel on the Teniente vein. A crosscut into the nearby rhyolite dike is also in progress, as is prospecting for additional veins parallel to the Teniente vein (see attached geological map).

Exploration of the Company's properties is under the supervision of Franklin Guanuna, the Company's chief Geological Administrator, a qualified person as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects". Mr. Guanuna is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to ALS CHEMEX preparation laboratory in Quito, Ecuador. ALS Chemex to Vancouver, Canada ships sample pulps for fire assay and multi-element ICP analysis.

Other Work

Dynasty continues work on its Dynasty and Zaruma Gold Projects in southern Ecuador. Results will be announced as they become available.

Dynasty Metals & Mining Inc.

Robert Washer, President

For further information about the Company, please contact:

Murray Oliver

(604) 687-0888 Ext. 3


or visit the Company's website at www.dynastymining.com.

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

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