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


2008 News

Vancouver, BC, February 20, 2008 - Dynasty Metals & Mining Inc. (TSX: DMM, "Dynasty" or the "Company") reports that Sprott Asset Management ("Sprott") has agreed to purchase 1,000,000 common shares out of a non-brokered private placement of up to 1,500,000 common shares of the Company at a price of $7.50 per share, for total proceeds of $11,250,000.

Upon completion, which is subject to final documentation and approval of the Toronto Stock Exchange, Sprott will own 6,837,900 common shares, or approximately 22.2% of the Company's issued shares.

Sprott has also agreed to enter into a voting trust agreement pursuant to which Sprott will vote any common shares it holds in excess of 20% of the issued common shares of Dynasty in favour of matters management brings before the shareholders. The agreement will have a term of one year and will be renewable for successive one year terms.

The Company currently has approximately $14 million in cash, the majority of which will be used to complete planned mine development and mill construction at the Company's Zaruma Gold Project. The proceeds of this offering will be used to expand exploration and development work at Zaruma, to expedite the Company's plans at its other major projects and for general working capital.

Company President, Robert Washer, commented: "We are very pleased with the continued support shown by Sprott and other participating investors. The proceeds from this financing will allow the Company to simultaneously advance on its previously stated objectives at Zaruma, Jerusalem and the Dynasty Goldfield as well as provide capital to pursue new opportunities".
The Company will pay a 4½% finder’s fee in cash or shares in respect of this transaction. 

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. 

The Company has two advanced-stage projects, Zaruma, which is nearing production, and Jerusalem, as well as a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield, the Copper Duke Project and the Marianna Joint Venture among other prospects. 

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

For further information please visit the Company’s website at www.dynastymining.com, or please contact 

Dynasty Metals & Mining Inc.
Murray Oliver
Tel: (604) 687-0888
Email: info@dynastymining.com
Brisco Capital Partners Corp.
Gordon Aldcorn
Tel: (403) 262-9888
Email: Gordon@briscocapital.com

This news release includes “forward-looking information”, as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the estimation of mineral resources, the realization of mineral resources estimates, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company’s limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Ecuador; potential defects in title to the Company’s properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company’s Annual Information Form dated February 19, 2007 filed with the Canadian Securities Administrators and available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.

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