Dynasty Discovers New Gold Targets

Dynasty Discovers New Gold Targets

December 22nd, 2003

December 22, 2003

Dynasty Metals & Mining Inc. (“Dynasty” or the “Company”) (TSX V: DMM) is pleased to announce promising results from ongoing exploration work on its 100 % owned Dynasty Project in the Loja Province of southeastern Ecuador. As a result of the discovery of new gold bearing veins and zones of intense hydrothermal alteration, Dynasty has extended the project area from three concessions (covering 67 square kilometres) to five concessions (covering more than 160 square kilometres). The project now includes numerous gold occurrences along a 12 km x 3 km gold trend.

Previous Work at Dynasty Project

The Dynasty Project is a grassroots discovery made by the Company’s geological team. Previous work on the original project concessions had discovered gold-bearing quartz veins, stockworks and sheeted zones on the Cerro Verde and Papayal prospects (see map attached, or on Company website), aligning northeast-southwest along a regional structure. In addition, significant gold values were reported from La Union, a zone some 300 metres long and 30 metres wide that represents a disseminated gold target. An independent geologist, consulting to Dynasty, had calculated the average contained values of 377 rock samples taken from the entire property to be 2.0 g/t gold and 20.4 g/t silver.

New Results from Dynasty Project

Initial assay results have now been received for 158 samples taken during the current, ongoing program. Of these samples, 129 were rock chip channel outcrop samples.

At Cerro Verde, in the central portion of the Dynasty Project concessions, 25 individual quartz veins have been mapped within a 2000 metre x 1500 metre area. The veins are mesothermal in character and trend northeast through Cretaceous andesitic rocks. Only eight of these veins have been sampled to date, the sampling consisting of several rock chip channel samples from each vein. The results of 33 rock chip channel samples are given in the Table attached.

Veins mapped consist primarily of quartz with minor oxidized sulphides. Weighted average values for individual veins ranging from 2.0 g/t to 10.1 g/t gold and 16 g/t to 152 g/t silver over widths from 0.63 m to 5.20 m.

At La Zanja, two kilometres south of Cerro Verde, a hydrothermal alteration zone with high sulphidation affinities has been discovered over an area 800 metres long and 300 metres wide. Intense leaching is evident leaving clay, iron oxides and gypsum at surface carrying rock chip values of below detection to 0.3 g/t gold and below detection to 8 g/t silver. Work continues in the area.

At Papayal, five kilometres northeast of Cerro Verde, an extensive vein system is being mapped and sampled. The number of veins is not yet known, although prospecting has discovered at least 12 veins, most aligned parallel to a northwest trend. Preliminary geological observations have made it clear that the Papayal veins are unlike the Cerro Verde veins. Typically, the Papayal veins consist of quartz and quartz-carbonate with oxides after sulphides. Only four of these veins have been sampled. The veins range in width from 0.12 metre to 1.07 metres. Assay results are positive with values from 0.2 g/t to 141.5 g/t gold and 6 g/t to 421 g/t silver.

Separate from the vein system, exploration at Papayal has identified two hydrothermal alteration zones indicative of a high sulphidation system (clay-silica-sericite-pyrite). Selective sampling of quartz chips in soils overlying one of the zones has assayed 3.5 g/t gold and 20 g/t silver, indicating a disseminated gold target in bedrock. Both alteration zones are aligned along a northwest regional structure extending from the nearby Curiplaya gold porphyry (located at 4 km distance to the east-southeast). Trenching of the Papayal targets is scheduled.

Management considers that the results to date from this first phase work program on the Dynasty Project to be very encouraging. The property appears to be an extensive hydrothermal gold system that hosts vein-type and disseminated gold mineralization. Field work is continuing and results will be reported as they are available. The Company intends to prioritise targets for drilling in early 2004.

Exploration of the Company’s properties is under the supervision of Mr. Franklin Guanuna, the Company’s Chief Geological Administrator, a qualified person as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“43-101”). Mr. Guanuna is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to a ALS Chemex preparation laboratory in Quito, Ecuador. Sample pulps are shipped by ALS Chemex to Vancouver, Canada for fire assay and multi-element ICP analysis.

Other Projects

In addition, to work at the Dynasty Project, the Company has commenced a program of reconnaissance exploration and mapping at its Jerusalem Project. The Jerusalem Project forms part of the “Chinapintza Project” on which TVX Gold Inc. (“TVX”) completed approximately 45,000 metres of drilling and reportedly spent over US$22 million from 1993 to 1996. The Jerusalem project hosts approximately two-thirds of the gold and silver resource identified by TVX at Chinapintza. The other one-third of the TVX resource is now contained in a claim block held by Goldmarca Limited (“Goldmarca”) (TSX V: GMM) under an option agreement with a private Ecuadorian company, which forms part of Goldmarca’s “Condor” project.

Finally, the Company has commenced the comprehensive review and compilation of an extensive geological data package recently acquired from Iamgold Ecuador S.A. (“Iamgold”) relating to approximately 8,175 HA of concessions in the Zaruma-Portovelo historical high-grade gold mining camp that has produced, historically, approximately 5 million ounces of gold. Those concessions now form part of Dynasty’s Zaruma Gold Project in southeastern Ecuador. During the period 1999 to 2003, Iamgold conducted an extensive exploration program on these concessions, including mapping, sampling and over 15,000 metres of drilling.

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 website 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.

.