TSX-V: CGLD $0.25 OTCQX: CGLDF $0.18 Gold: $1,468/oz Copper: $2.65/lb


2009 News

Vancouver, BC, February 19, 2009 - Dynasty Metals & Mining Inc. (TSX: DMM, the "Company") reports the closing of its previously-announced underwritten private placement offering of 2,500,000 common shares at a $4.00 per share for gross proceeds of $10,000,000. The offering was underwritten by Cormark Securities Inc., as lead underwriter, and Canaccord Capital Corporation.

The Company now has in excess of $25 million in cash to be used to fund the development of the Company's Ecuador properties, property acquisitions as well as for general corporate purposes.

The shares issued in the financing and any shares issued upon the exercise of broker warrants are subject to resale restrictions until June 20, 2009.

The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "1933 Act"), as amended, or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Recent Comments by President Correa

During a meeting with Canadian investors earlier this week, President Correa commented: "Canada has always been a good friend of Ecuador." He added: "In the mining sector, the majority (of investment) is Canadian. They are the ones that respect the environment and laws of the country." In an official press release, the Presidential Communication Secretary said, "the government is very interested in deepening contracts with Canada."

We welcome the President's comments and look forward to continuing our work with the government to develop a sustainable and responsible mining industry in Ecuador.

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 and Jerusalem, as well as 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 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 March 26, 2008 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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