TSX-V: CGLD $0.26 OTCQX: CGLDF $0.19 Gold: $1,676/oz Copper: $2.60/lb


2006 News

VANCOUVER, BRITISH COLUMBIA - May 17, 2006 - Dynasty Metals & Mining Inc. (the "Company") (TSXV: DMM) reports the completion of its previously-announced bought deal offering of 2,000,000 common shares at $5.00 a share for gross proceeds of $10,000,000.

The Company intends to use the net proceeds of the offering to advance its mineral projects in Ecuador and for general corporate purposes.

The offering was placed by an underwriting syndicate led by Canaccord Adams, which included Pacific International Securities Inc. In consideration of their services, the underwriters were paid a cash commission equal to 6% of the gross proceed and were issued warrants to purchase 120,000 common shares of the Company at $5.20 per share, exercisable until May 17, 2007.

The common shares issued in the financing and any shares issued upon the exercise of the underwriters' share purchase warrants are subject to resale restrictions until September 18, 2006.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. The Company has two advanced-stage projects, Jerusalem and Zaruma, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield.

Dynasty Metals & Mining Inc.
Robert Washer, President and CEO

For further information about the Company, please contact Murray Oliver at (604) 687-0888 or info@dynastymining.com 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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