Drilling At Dynasty Goldfields Continues To Intersect Gold

Drilling At Dynasty Goldfields Continues To Intersect Gold

December 7th, 2005

Vancouver, B.C., December 7, 2005 - Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) reports assay results from the most recent, first-phase drilling on its newly-discovered “Dynasty Goldfields” in Ecuador.

The Dynasty Goldfields comprise outcropping high-grade gold and silver vein swarms and stockworks over an area of 30 square kilometres in the Papayal-Cerro Verde region of the Company’s Dynasty Copper-Gold Belt. Commenced earlier this year, the current diamond drill program has now consistently demonstrated the sub-service continuity of this mineralization over the area tested to date - approximately three square kilometres.

In total, 58 diamond drill holes, comprising 6,843 metres, have now been completed in the 2005 drill program - the first drilling ever undertaken in the area. Holes were drilled to a depth of between 40 and 300 metres each on approximately 45 degree inclinations. Results previously announced by the Company included hole 05DDH24, which intersected 25 metres grading 2.00 g/t gold and 8 g/t silver - see News Release dated July 13, 2005.

The results of this first drill program at the Dynasty Goldfields are now being evaluated for the purpose of determining initial resource estimates and new drill targets for a 2006 program. Exploration mapping and trenching is on-going.

Detailed Results

To date, 10 steeply dipping vein systems associated with porphyry-style bodies have been mapped, trenched and drilled in the Dynasty Goldfields area. The vein systems strike north-south to east-west. Most of the systems are now indicated to extend over 1,000 metres in strike length and range in width from two metres to 25 metres.

Significant drill intersections from the new assay results are reported below. Best results were from holes 05DDH53 and 05DDH41, which intersected57.9 grams/tonne (“g/t”) gold and 22 g/t silver over 0.7 metres in Papayal No. 5 Vein System and 10.66 g/t gold and 200 g/t silver over 4.02 metres in the Los Encuentros Vein System, respectively. Most holes contained gold mineralization over several metres in drilled widths.

HOLE #GOLD
(g/t)
SILVER
(g/t)
GOLD
EQUIVALENT*

(g/t)
LENGTH**
(metres)
FROM
(metres)
TO
(metres)


Cerro Verde


Los Encuentros


05DDH41 (621832E;9544099N)

10.66

200

13.99

4.02

117.53

121.55


05DDH43 (622098E;9544292N)

2.39

122

4.42

3.15

64.30

67.45


La Foto


05DDH45 (622231E;9544323N)

3.84

68

4.97

3.90

80.45

84.35

includes

8.25

172

11.12

1.45

82.90

84.35


Venado


05DDH42 (621610E;9544221N)

3.54

96

5.14

2.2

74.80

77.00


Papayal


Papayal No. 3


05DDH50 (627959E; 9547479N)

6.08

14

6.31

2.00

34.00

36.00


Papayal No. 5


05DDH52 (628068E; 9547615N)

3.50

55

4.42

1.82

20.00

21.82

7.17

106

8.94

1.20

83.59

84.79


05DDH53 (628233E; 9547714N)

57.90

22

58.27

0.70

193.91

194.61


05DDH54 (628207E; 9547840N)

7.08

35

7.66

3.21

152.54

155.75

* Gold Equivalent = 60:1 Ag:Au ** Core length

The Dynasty Copper-Gold Belt

The quartz-sulphide vein systems and stockworks comprising the Dynasty Goldfields form part of the Dynasty Copper-Gold Belt in southern Ecuador. The Dynasty Belt is a well-defined, north-east trending, 90 km by 20 km structural corridor. It hosts at least six major, copper-gold porphyry-style targets, each with associated large-scale quartz-sulphide vein systems and stockworks.

The Company’s exploration to date has shown the Dynasty Goldfields to have geological similarities to the Zaruma mining district, which occurs along strike and approximately 50 km to the north-east. The Zaruma district is reported historically to have produced more than five million ounces of gold and 20 million ounces of silver.

The Company recently reported that its Zaruma Gold Project, situated in the Zaruma district, is estimated in a new report to contain gold resources of1,110,200 ounces in the measured and indicated categories (see News Release dated 23 November 2005). These resources comprise 1,110,200 ounces, from 2,483,000 tonnes of ore at an average grade of 13.93 g/t in the measured category, and 13.87 g/t in the indicated category. The report also estimated an additional inferred gold resource of 1,383,400 ounces, from 3,382,000 tonnes of ore at an average grade of 12.72 g/t.

Quality Control and Assurance

Core samples, each weighing between 1 kg and 3 kg, were collected, sealed, and transported from the Papayal-Cerro Verde site 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 and multi-element ICP analysis. Standards are regularly inserted into the sampling sequence for quality control and a split of the core is maintained at the Company’s warehouse in Celica for check assay and metallurgical testing. Diamond drilling is being undertaken by Paragon Drilling based in Cuenca, Ecuador.

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.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian mining company focused on 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@dynastymining.com or visit the Company’s website atwww.dynastymining.com.

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

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