DISSEMINATED MINERALIZATION DISCOVERED AT NEW PORPHYRY

Vancouver, BC, July 13, 2004 - Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) is pleased to announce that it has identified a prospective low-sulphide, bulk-tonnage epithermal breccia target within its 100% owned Victoria copper-gold porphyry prospect. The breccias exposed at surface are highly oxidized with rock-chip assay results showing widespread disseminated mineralization over two square kilometres.

The Victoria porphyry is located 14 kilometres southwest of the Cerro Blanco copper-gold porphyry prospect and is one of five porphyry prospects identified to date within a 60 kilometre mineralized structural corridor that constitutes the Dynasty Project in southern Ecuador.

Assay results from 108 leached breccia samples, which are base-metal depleted, range from 0.01 grams/tonne (“g/t”) to 2.66 g/t gold and <0.2 g/t to 193.00 g/t silver. To date, the area of channel sampling covers 1.2 kilometres x 1.0 kilometre of exposed epithermal breccias. Channel sample widths vary from 1.0 metre to 24.0 metres and the more significant results are presented below:

Sample Number	Sample Location	Sample Length (m)	Gold (g/t)	Silver (g/t)	Total Equivalent (g/t)*
DRV269	608863.09E 9533349.49N	1.40	2.66	193.00	5.63
DRV225- DRV226	609050.00E 9532550.02N Includes	12.00 6.00	0.90 1.06	41.00 56.00	1.53 1.92
DRV332	609048.00E 9532550.00N	3.00	0.82	26.25	1.23
DRV324- DRV331	609049.00E 9532547.00N	24.00	0.60	35.13	1.14
DRV294	608297.00E 9533408.09N	float	0.34	46.00	1.05
DRV301	608503.19E 9533633.15N	5.00	0.40	28.54	0.84
DRV333	609049.00E 9600821.00N	3.00	0.62	16.15	0.87

Exploration continues and the Company’s geologists are following up significant copper, lead and zinc anomalies identified through previous government sponsored stream sediment surveys covering the Victoria prospect area.

The Company’s exploration manager, Greg Whitfield comments: “The disseminated mineralization discovered at Victoria makes Victoria a priority exploration target in order to assess its potential for bulk-minable tonnage.”

Exploration of the Company’s properties is under the supervision of Greg Whitfield, the Company’s Exploration Manager and a “qualified person”, as defined by National Instrument 43-101. Mr. Whitfield is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to the BSI Inspectorate laboratory in Lima, Peru for preparation and gold fire assay. Sample pulps are shipped by BSI Inspectorate to its laboratory in Reno, Nevada for silver fire assay and multi-element ICP analysis.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. For further information about the Company, please contact Murray Oliver at (604) 687-0888 Ext. 3 or info@pemcorp.com or visit the Company's web-site at www.dynastymining.com

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

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