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2004 News

Vancouver, BC, August 12, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM; the "Company") is pleased to announce encouraging results from recent geological mapping, trenching and underground work on its 100% owned Jerusalem Project, which covers 225 hectares in southern Ecuador.

The program of geological mapping and sampling was conducted on an under-explored area of the concession and indicates a material increase in the strike length of three previously-identified high-grade gold and silver veins. The work also uncovered five additional, highly-oxidized disseminated sulphide-bearing rhyodacite dikes, with a total strike length of 1400 metres, that constitute bulk tonnage targets, with widths ranging from 6 metres to 100 metres.

The principal vein at Jerusalem is the "Teniente Vein", which has been mined historically for a length of 120 metres, with widths varying from 0.2 to 1.0 metres and to an approximate vertical depth of 80 metres. Sampling and mapping by the Company indicate that this vein extends a further 850 meters with a vertical depth of 430 meters. A total of 6 trench rock channel samples and 7 underground channel samples were taken from the Teniente Vein. Assay results range from 1.2 grams/tonne ("g/t") to 61.5 g/t gold and 11 g/t to 1864.2 g/t silver. The results from base metal testing are pending. These values are consistent with the results from previous sampling, which assayed gold and silver up to 66.50 g/t and 2500.00 g/t, respectively.

The separate, "Palmira" and "Asanza" veins at Jerusalem have been mined historically over strike lengths of 120 metres and 210 metres and to vertical depths of 90 metres and 60 metres, respectively. In all, 3 trench and 1 underground channel samples were taken from the Palmira Vein and 4 underground channel samples were taken from the Asanza Vein. Assay values for the Palmira Vein ranged from 2.82 g/t to 16.2 g/t gold and 35.9 g/t to 292.3 g/t silver. Assay values for the Asanza Vein ranged from 8.05 g/t to 78.35 g/t gold and 180 g/t to 200 g/t silver.

The most significant channel sample locations are summarized below.

SampleSampleSample Co-ordsSampleGoldSilverEquivalent
NumberLocationEastNorthLength (m)(g/t)(g/t)(g/t)*
J0304088Trench 276924595542315.0028.60224.9032.06
J0304124Level 276914995541320.5061.50468.4068.71
JAH083Level 276915295541720.2056.90879.0070.42
J0304125Level 276914195541490.5056.80477.6064.15
JAH084Level 276918295540800.2036.80988.5052.00

* A silver-gold ratio of 65 to 1 was used for gold equivalent calculation.

A total of 66 rock channel samples were taken from highly oxidized and strongly leached rhyodacite dikes. Assay results range from 0.06 g/t to 0.88 g/t gold and from 5 g/t to 72.6 g/t silver. Sample widths vary from 0.2 to 6.0 metres.

The Company is very encouraged with the results from its recent work and expects that it will add to the Jerusalem Project resource. More information will be released as results become available.

A structural study of the Jerusalem vein system is planned in the next phase of work, which will also include detailed mapping and channel sampling of the whole project area.

Exploration of the Company's properties is 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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