TSX-V: CGLD $0.25 OTCQX: CGLDF $0.19 Gold: $1,678/oz Copper: $2.60/lb


2006 News

VANCOUVER, BRITISH COLUMBIA - December 21, 2006 - Dynasty Metals & Mining Inc. (the "Company") (TSXV: DMM) reports the completion of its previously-announced bought deal offering of 1,700,000 common shares at $5.00 a share for gross proceeds of $8,500,000.

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 Canaccord Adams. In consideration of its services, the underwriter was paid a cash commission equal to 6% of the gross proceed and was issued warrants to purchase 102,000 common shares of the Company at $5.20 per share, exercisable until December 21, 2007.

The common shares issued in the financing and any shares issued upon the exercise of the underwriter's share purchase warrants are subject to resale restrictions until April 22, 2007.

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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