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2004 News

Vancouver, B.C., February 10, 2004 - Dynasty Metals & Mining Inc. (TSXV: DMM; the "Company") announces that its current work program on its 100 % owned Dynasty property in southwestern Ecuador has identified two porphyry gold-silver targets (see attached geological map).

The two gold-silver porphyry targets are Cerro Blanco (6 km x 4 km) and Papayal (4 km x 3 km). In addition, a stockwork zone has been identified over an area of 1500 m x 400 m within the Cerro Blanco alteration zone, adjacent to the Cerro Verde vein swarm. The stockwork, containing oxidized crosscutting quartz veins between 0.30 m and 0.80 m in width, is hosted within argillically altered andesites.

Strong multi-element stream sediment geochemical anomalies, typical for porphyry style gold-silver mineralization, clearly define the Cerro Blanco and Papayal porphyry targets and their associated quartz vein swarms. A total of 166 stream sediment samples were collected at a density of approximately 1 sample per 1 km2.

A continuous 6 km x 2 km zone containing high grade quartz vein swarms to the north of the Cerro Blanco porphyry target is now collectively identified as the Cerro Verde vein swarm. Additional assay results from 32 channel samples from quartz veins located within the Cerro Verde vein swarm show values ranging from 0.2 grams per tonne (g/t) to 18.6 g/t gold and from 2 g/t to 169 g/t silver over 0.30 m to 3.00 m widths. The Cerro Verde vein swarm is interpreted as a distal expression that forms an integral component of the Cerro Blanco porphyry gold-silver system.

The Papayal porphyry gold-silver target also revealed the presence of additional high grade veins within an adjacent vein swarm (see map). New assay results of 33 channel samples from the vein swarm range from 0.1 g/t to 13.2 g/t gold and from 1 g/t to 427 g/t silver over sample widths of 0.20 m to 2.00 m.

The Company is encouraged by these discoveries, in particular their importance in demonstrating the size and intensity of the Dynasty gold-silver system. Exploration is continuing, with the porphyry and stockwork zones considered high priority targets. The objective is to more closely define such bulk tonnage targets ahead of drill testing.

Separately, work also continues on the Company's Jerusalem and Zaruma Gold Projects. Results will be announced as they become available.

Exploration of the Company's properties is under the supervision of Mr. Franklin Guanuna, the Company's chief Geological Administrator, and 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 the ALS CHEMEX preparation laboratory in Quito, Ecuador. Sample pulps are shipped by ALS Chemex to Vancouver, Canada, for fire assay 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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