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2007 News

Vancouver, B.C., May 31, 2007 - Dynasty Metals & Mining Inc. (TSXV: DMM, the "Company" or "Dynasty") has signed a binding letter of intent ("LOI") with Mariana Resources Ltd. (AIM: MARL, "Mariana") to jointly explore and develop 8,641 hectares of adjacent mineral concessions held by them in southern Ecuador.

The joint venture project area combines Dynasty's 3,408 hectare ("Ha") "Chorrera" concession (representing less than 4% of its Dynasty Copper-Gold Belt) and Mariana's 5,234 Ha "Macara", "Madeira Fina", "U̱a de Gato" and "Ceibo Quemado" concessions. The project is located approximately 10 kilometres west of the town of Macara, in Loja Province.

The companies will each hold a 50% participating interest in the joint venture - to be called the "Macara Joint Venture" - and will jointly fund it. Mariana will be the operator during the exploration phase and Dynasty the operator during any resultant development and mining.

Dynasty President, Rob Washer, commented: "John Sutcliffe and his team have been active in Ecuador for some time. They have an excellent understanding of the country and its geology. This deal increases our exposure to mineral discovery at the southern tip of our Dynasty Copper-Gold Belt and advances exploration in an area that we would not otherwise be focused on at this time. And it does so without deflecting us from our principal projects."

About the Macara Joint Venture Project

Reconnaissance work conducted by Mariana in the area of the joint venture concessions has identified high-grade stratabound gold mineralization, with values of up to 42 g/t gold in shallow artisanal workings that straddle the concession boundary between Mariana's Macara and Dynasty's Chorrera concessions.

Outcrop in the area is restricted, but gold mineralization observed to date is present in at least two gold-bearing strata that range in thickness from 1 metre to 2 metres, hosted by calcareous volcaniclastics of the Celica Formation. The mineralization is unusual and believed to be porphyry-related skarn-type. The area around the old workings presents an immediate drill target.

The LOI contains terms governing the operation of the joint venture that are consistent with industry standards in a structure of this kind. The initial exploration budget is expected to be in the range of US$300,000, with work to commence immediately.

A plan showing the Macara joint venture concession holdings will be available shortly on the Mariana website www.marianaresources.com.

About Mariana Resources

Mariana Resources Ltd is a South America-based exploration company that is actively exploring for gold, silver and copper in Ecuador, Chile and Argentina. The company has exploration joint ventures with Anglo American Corporation, Apex Silver Ltd and IAMGOLD Corporation and was listed for trading on the AIM in London, in May 2006.

Quality Control and Assurance

The preparation of this news release was supervised by the Company's Exploration Manager, Pippa Jeffcock, a fellow of the Geological Society, London, and a "qualified person" as defined by National Instrument 43-101.

While the Company has no reason to doubt the accuracy of the results reported in this news release, it can provide no assurance as to the accuracy of any such results that are not expressly stated to have been confirmed by its own exploration.

About Dynasty Metals & Mining

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. Its common shares are listed for trading on Tier 1 of the TSX Venture Exchange under the symbol "DMM".

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 and Copper Duke. The Company recently announced its intention to finance the development of Copper Duke through a new 60% owned publicly traded subsidiary.

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

For further information, please contact Murray Oliver at (604) 687-0888 or info@dynastymining.com or visit the Company's website atwww.dynastymining.com.

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

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