TSX-V: CGLD $0.25 OTCQX: CGLDF $0.18 Gold: $1,674/oz Copper: $2.60/lb


2006 News

Vancouver, BC, December 11, 2006 - Dynasty Metals & Mining Inc. (TSXV: DMM, the "Company") has entered into an agreement with Canaccord Adams (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase 1,500,000 common shares on a "bought deal" basis, at a price of $5.00 per common share, for aggregate gross proceeds of $7,500,000.

The Underwriter has been granted an overallotment option to purchase an additional 500,000 common shares at $5.00 per share. The net proceeds of the offering will be used by the Company to advance its mineral projects and for general corporate purposes.

In consideration of its services in connection with the offering, the Underwriter will receive a commission of 6% and options to purchase, at a price of $5.20 per share, additional common shares of the Company equal to 6% of the number of shares placed in the offering, exercisable for 12 months after the closing of the offering.

The offering is scheduled to close on or about December 28, 2006 and is subject to certain conditions, including the receipt of the approval of the TSX Venture Exchange.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian mining company involved in the exploration and development of mineral properties in Ecuador. In addition to its two advanced gold projects at Jerusalem and Zaruma, the Company has title to over 970 square kilometres comprising the Dynasty Copper-Gold Belt, a corridor in south-western Ecuador running north from the Peruvian border, which includes the recently-discovered Dynasty Goldfield.

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.

Dynasty Metals & Mining Inc.

Robert Washer, President and CEO

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

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