Dynasty Discovers 60 Km Mineralised Corridor In Southern Ecuador

Dynasty Discovers 60 Km Mineralised Corridor In Southern Ecuador

June 28th, 2004

Dynasty Project

Vancouver, BC, June 29, 2004 - Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) has now acquired or made application for new claims to expand its 100% owned, Dynasty Project, located in southern Ecuador, to cover a mineralised corridor approximately 60 km long by 10 km wide. In addition to the Cerro Blanco and Papayal copper-gold porphyry targets, with associated high-grade gold-silver vein swarms, previously discovered at Dynasty, the Company has now identified three new mineralised porphyry targets, two of which are located on the new claims.

The Company pursued these additional claims after its ongoing reconnaissance and exploration on the original Dynasty project claims suggested the possibility of a major, mineralised, structural trend extending from Tambo Grande in Peru (a significant copper and gold discovery) to the Company’s 100% owned Zaruma Gold Project in Ecuador (historical production of 5,000,000 oz. of high-grade gold). The Company’s investigations in the area to date have included over 4,000 stream sediment samples, 1,000 channel samples, and approximately 20 line kilometres of soil sampling. The Company now controls approximately 520 square kilometres of this extensive mineralised trend.

Exploration Manager, Greg Whitfield, commented: “We believe that we have identified a new mineral field. Our geological interpretation of our data and data recently acquired from the Ecuadorian government has confirmed the presence of a structural corridor which hosts at least five large, copper-gold hydrothermal systems. We now control approximately 95% of this trend, north of the Peruvian border.”

Geology

The 60 km long mineralized corridor is underlain by a thick volcanic sequence of andesites belonging to the Celica Formation of Cretaceous age. Associated with these volcanics are a number of younger diorite porphyry intrusions and significant hydrothermal alteration zones, which the Company considers to constitute very promising porphyry copper-gold targets. In addition to Cerro Blanco and Papayal the Company has now identified, the Copper Ridge, Victoria and Copper Duke copper-gold porphyry targets.

Cerro Blanco

Exploration at Cerro Blanco has identified a copper-gold porphyry target associated with a diorite porphyry intrusion and a major system of epithermal stockwork and gold-silver veins. The Cerro Blanco intrusive (6 km x 4 km) includes a 1.5 km x 0.4 km stockwork zone and a continuous 6 km x 2 km area of high-grade quartz vein swarm called the Cerro Verde vein swarm. Assay results from Cerro Verde (reported on December 22, 2003 and February 10, 2004) ranged from 0.2 grams per tonne (g/t) to 18.6 g/t gold and from 2 g/t to 169 g/t silver over 0.3 metre to 5.2 metre widths.

Papayal

The porphyry copper-gold target at Papayal is 4 km x 3 km and consists of two porphyries, associated hydrothermal argillic alteration zones, and a 3.6 km x 0.6 km high-grade gold-silver quartz vein swarm with stockworks. As reported on December 22, 2003 and June 24, 2004, the veins range in width from 0.12 metre to 2.0 metre and assay results are positive with values from 0.2 g/t to 141.5 g/t gold and <5 g/t to 608 g/t silver.

New Mineralised Porphyry Targets

Copper Ridge is located approximately 22km south-west of Cerro Blanco. Soil sampling by the Ecuadorian government and geological traverses by Company’s geologists have defined two copper-molybdenum targets, 1.2 x 1.3 km and 1.8 x 0.8 km in area. Reconnaissance and sampling work is continuing.

The Victoria target area is located within the Company’s original Dynasty project claims, approximately 14km south-west of Cerro Blanco. It consists of epithermal breccias and hydrothermal alteration zones associated with a porphyry intrusive that cover an area of two square kilometres. Work on the breccias and alteration zone is continuing.

The Copper Duke target area consists of a 2 km x 1.5 km alteration zone located approximately 27km north-east of Cerro Blanco. Mapping and channel sampling of this target has commenced.

The Company will release data on each of these new targets as field information is processed and evaluated.

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 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

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

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