Drilling And Sampling At Dynasty Goldfield Continue To Expand Gold And Silver Mineralization

Drilling And Sampling At Dynasty Goldfield Continue To Expand Gold And Silver Mineralization

December 5th, 2006

Vancouver, B.C., December 5, 2006 - Dynasty Metals & Mining Inc. (TSXV: DMM, the “Company”) continues to receive promising results from ongoing resource delineation drilling and sampling at its 100% owned Dynasty Goldfield, in southern Ecuador.

The Company has encountered widespread gold and silver mineralization in its 2006 drill program, using two diamond drill rigs to delineate resources over 30 km² in the Dynasty Goldfield. Recent drilling has targeted surface veins and stockworks in a 3 km² zone in the centre and north-east of the Cerro Verde area. Virtually all holes encountered significant mineralization. Results from a further five drill holes are pending.

Highlights of the 13 holes reported in this news release include:

  • hole DDH-89D containing 14.47 grams per tonne (“g/t”) gold and 14.00 g/t silver over 0.85 metres;
  • hole DDH-99 containing 7.15 g/t gold and 19.05 g/t silver over 2.80 metres; and
  • hole DDH-85 containing 9.4 g/t gold and 5.3 g/t silver over 1.15 metres.
Separately, rock chip channel sampling in an unexplored area in the south-east of the Cerro Verde project area has identified a new vein that shows significant potential, with high-grade gold at surface. Sampling from the new, “Santi”, vein returned 45.37 grams per tonne (“g/t”) gold and 38 g/t silver over 1.5 metres and 27.23 g/t gold and 14.7 g/t silver over 4.5 metres. The vein has been traced in outcrop for over 300 metres.

Company President, Rob Washer, commented: “The consistently positive results that we have received this year from early-stage drilling over a very large area at the Dynasty Goldfield continue to increase the potential size of the project resources. These results and data from infill drilling planned for early 2007 will be incorporated as quickly as possible into updated project resources estimates, in preparation for scoping and feasibility studies.

“In addition, the discovery of one ounce per tonne material at the surface with good width at the new Santi vein is very exciting. Our sampling program, aimed at identifying new drill targets for our resource expansion drilling, continues to demonstrate that we are in a target rich environment.”

Detailed Drilling Results

Details of assay results from recent drilling in the Cerro Verde area are tabulated below:

Vein and
Hole No. #
Gold
(g/t)
Silver
(g/t)
Gold Eq.
(g/t)
Width
(metres)
From
(metres)
To
(metres)


Nine Vein

DDH-90D

2.74

24.90

3.19

1.78

64.07

65.85

includes

11.40

33.90

12.02

0.29

64.66

64.95


Eight Vein and stockwork

DDH-89D

3.42

29.33

3.95

6.78

1.87

8.65

includes

7.24

44.90

8.06

2.05

2.72

4.77

4.09

3.74

4.16

1.94

56.91

58.85

includes

8.80

8.40

8.95

0.75

58.10

58.85

14.47

14.00

14.72

0.85

107.15

108.00

DDH-95D

4.49

45.20

5.31

0.55

124.45

125.00

2.47

10.07

2.65

3.90

126.25

130.15

4.44

12.10

4.66

1.00

130.90

131.90

2.26

7.70

2.40

0.95

173.85

174.80


Picos Vein and stockwork

DDH-99

4.73

23.57

5.15

5.67

92.13

97.80

includes

8.73

39.70

9.45

0.22

92.13

92.35

includes

7.15

19.05

7.49

2.80

93.40

96.20

DDH-96

3.08

4.54

3.16

3.03

72.40

75.43

includes

5.42

12.90

5.65

0.33

75.10

75.43

3.72

20.61

4.09

2.93

93.17

96.10

includes

5.53

14.60

5.79

0.90

94.15

95.05

DDH-94

2.15

4.40

2.23

0.63

45.27

45.90

3.12

28.50

3.63

3.00

49.50

52.50

includes

5.64

40.20

6.37

1.00

49.50

50.50


Fred Vein and stockwork

DDH-91

1.38

32.45

1.97

1.32

44.88

46.20

5.35

43.80

6.15

2.51

138.35

140.86

includes

7.51

20.60

7.88

1.45

139.41

140.86


Los Encuentros Vein

DDH-83

3.88

168.30

6.94

0.80

187.00

187.80


Iguana Vein

DDH-84D

1.42

51.20

2.35

0.54

35.20

35.74


Venado Vein and stockwork

DDH-85

9.40

5.30

9.50

1.15

108.00

109.15

4.57

4.70

4.66

2.05

121.30

123.35

1.81

22.16

2.21

9.90

130.60

140.50

1.24

58.3

2.30

2.45

154.30

156.75


Overal Vein and stockwork

DDH-86D

3.50

18.27

3.83

1.80

106.75

108.55

5.63

37.70

6.32

0.50

118.45

118.95

3.18

4.50

3.26

1.77

131.53

133.30

includes

7.14

4.20

7.22

0.32

131.53

131.85

3.94

20.2

4.31

0.75

206.95

207.70

DDH-92D

1.98

1.25

2.00

2.50

67.00

69.50

5.12

1.80

5.15

0.60

85.60

86.20

2.73

7.90

2.87

1.65

148.00

149.65


Esperanza Vein and stockwork

DDH-88

4.62

6.30

4.73

0.70

26.30

27.00

0.53

2.20

0.57

3.25

35.35

38.60

* Gold Equivalent, established using a 55:1 silver to gold
ratio, without regard to metallurgical recoveries.
Detailed Sampling Results

Significant assay results from new rock chip channel sampling to the south of the Cerro Verde area are tabulated below:

Vein and
Sample No.
Gold
(g/t)
Silver
(g/t)
Gold Equiv.*
(g/t)
Width
(metres)


Santi Vein

D 1603056

45.37

38

46.06

1.5

D 1603062

27.23

14.7

27.49

4.5

D 1603055

11.23

36

11.88

3

D 1403139

8.81

7.5

8.94

1.1

D 1603049

4.7

11.4

4.9

2


JT East Vein

D 1203492

8.63

7.6

8.76

4.5

D 1503053

9.73

9.1

9.89

1.09


Jose Antonio Vein

D 1606033

8.34

15.6

8.62

1


Fernand Vein

D 1203527

8.1

152

10.86

0.7


Fernand East Vein

D 1203549

5.07

145.5

7.71

1.4


Venado South Vein

D 1203505

4.65

48.7

5.53

1

* Gold Equivalent, established using a 55:1 silver to gold
ratio, without regard to metallurgical recoveries.
About the Drilling Program

The Company has now completed 41 drill holes, totalling 5,210 metres, in its 2006 resource delineation drilling program at Cerro Verde, using two diamond drill rigs. Drilling in this program has been widespread, and has been focused recently on the centre and the north-east of the Cerro Verde area. Delineation drilling at Cerro Verde will carry on into 2007, focusing primarily on targets in the south and south-east of the area.

The 2006 drill program is the second drilling campaign on the project. In the first, completed in 2005, 58 widespread diamond holes, totaling 6,843 metres, intersected high-grade gold and silver mineralization up to depths of 220 metres. Initial estimates of contained gold and silver resources identified by this program were announced April 24, 2006 (see also NI 43-101 compliant technical report filed May 30, 2006 at www.sedar.com).

About the Dynasty Goldfield

The Dynasty Goldfield is located in the canton of Celica, Province of Loja, Ecuador, approximately 110 kilometres west of La Toma, the nearest commercial airport. The project comprises seven mineral concessions covering 29,909 hectares, in a largely unexplored area.

Mineralization occurs within an area of approximately 30 km², in extensive epithermal gold/silver vein and stockworks systems that are likely related to porphyry intrusions at depth. The vein systems are hosted by Tertiary andesitic volcanics and appear to be open space filling during a major structural event.

Quality Control and Quality Assurance

Mineralized core sections were sampled at approximately one metre intervals and cut in half using a diamond saw. Drill intersections reported are based on core lengths and may not represent the true width of mineralization. Core recovery is, on average, 95%.

One-half of the core was archived at the core storage facility at Celica while the other half was bagged and sealed on the property, and shipped to the BSI Inspectorate laboratory in Quito, Ecuador for preparation. Sample pulps were shipped by BSI Inspectorate to its laboratory, in Lima, Peru, for gold fire assay, and silver and multi-element ICP analysis.

The Cerro Verde drilling and sampling programs are under the supervision, of Mr. Michel Rowland, a “qualified person”, as defined by National Instrument 43-101. Mr. Rowland is responsible for the preparation of technical information in this news release.

About Dynasty

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, Jerusalem and Zaruma, and 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 about the Company, please contact Murray Oliver at (604) 687-0888 or info@dynastymining.com or visit the Company’s website at www.dynastymining.com.

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