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


2009 News

Vancouver, BC, February 2, 2009 - Dynasty Metals & Mining Inc. (TSX: DMM, "Dynasty" or the "Company") provides the following update to shareholders.

Ecuador Mining Law

Late last week the new Ecuadorian Mining Law was published in the Ecuadorian government's official registry. The Mining Law has now taken effect, replacing the Mining Mandate.

The new Mining Law allows the Company to continue developing each of its three principal projects.

Company President, Rob Washer, commented: "The Mining Law provides a solid framework for the future development of the mining industry in Ecuador.

Dynasty continues to advance plant construction and mine development at our Zaruma Gold Project. We are still planning to commission the gold plant at the end of March 2009 and are currently on budget.

Initially, we plan to process 300,000 tonnes of ore to produce approximately 100,000 ounces of gold annually. The installed capacity of the plant, except for the leaching section, is 800,000 tonnes, allowing for significant expansion without additional significant capital investment."

Bought Deal Private Placement

On January 30, 2009 the Company announced that it had entered into an agreement with Cormark Securities Inc. as lead underwriter and including Canaccord Capital Corporation (the "Underwriters") pursuant to which the Underwriters agreed to purchase 2,500,000 common shares on a "bought deal" private placement basis at a price of $4.00 per share (see news release dated January 30, 2009).

Company President, Rob Washer, further commented: "This financing allows the Company to move forward its timetable for growth without putting existing working capital at risk with minimal dilution to shareholders. Upon closing, we will have cash resources in excess of $26 million.

In addition to commissioning the Zaruma gold plant, the Company is currently evaluating other opportunities, which include increasing mining activity at the Zaruma Gold Project to utilise the excess capacity of the mill, further advancing other projects in Ecuador and investment opportunities outside of Ecuador."

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.

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 three advanced-stage projects, Zaruma, Jerusalem and the Dynasty Goldfield as well as a highly prospective exploration project, the Dynasty Copper-Gold Belt.

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


Michel Rowland, a member of AUSIMM (Australian Institute of Mining and Metallurgy) and a "qualified person" as defined by NI 43-101, is responsible for the technical information contained in this news release.

This news release includes "forward-looking information", as such term is defined in applicable securities laws. Users of forward-looking information are cautioned that actual results may vary from forward-looking information contained herein. The forward-looking information includes, without limitation, the projected completion date of the Zaruma plant and mine, statements regarding future production from and profitability of the Zaruma plant and mine and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking information was developed using the material factors or assumptions stated herein. However, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. Accordingly, readers should not place undue reliance on 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 except as required by law.



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