Encouraging Results At Papayal Porphyry System

Encouraging Results At Papayal Porphyry System

September 22nd, 2004

Vancouver, BC, September 22, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM; the “Company”) is pleased to announce encouraging results from ongoing trenching and soil sampling on its Papayal Porphyry discovery. The program targeted initially an 800 m long, northerly-trending quartz stockwork located in the southern portion of Papayal. The stockwork (“Stockwork No. 3”), is one of a total of six associated high-grade gold/silver quartz stockworks that have been identified to date at Papayal.

The Papayal Porphyry system comprises a cluster of porphyries, which, collectively, represent one of a number recently-discovered porphyry copper/gold/silver systems within the Company’s 100% owned Dynasty Copper/Gold Belt in southern Ecuador. The extensive Dynasty project now occupies a north-easterly trending corridor, approximately 90 km long and 20 km.wide.

The sampling program included three line kilometres of soil sampling and 300 m of trenching. Assay results from channel samples taken from the porphyry ranged up to 6 g/t gold. Trenching on the Stockwork No. 3 has exposed intense alteration zones with significant quartz stockworks over an approximate area of 200 m x 800 m, open in all directions. The host rock appears leached and depleted. Initial assay results taken from the stockwork ranged from 0.1 g/t to 46.5 g/t gold and 1 g/t to 857 g/t silver. Trenching is continuing to the north for another 300 m towards previous channel samples from stockwork outcrops which assayed 10.5 g/t gold and 101 g/t silver over 1.7 m and 8.06 g/t gold and 323 g/t silver over 0.6 m.

Significant trench results to date are summarized below:

Stockwork No. 3

Trench
Number
Sample
Length (m)
Gold
(g/t)
Silver
(g/t)
Gold Equivalent
(g/t)*
T 913.06.54186.8
includes6.910.43711.0
T 44.82.14549.1
T 72.21.0485714.2
T 124.11.53552.4
includes10.02.31224.2
12.01.0851.2
1.36.655015.1
T 63.95.9306.4
T 52.55.91017.5
T 101.36.4427.0
* A silver-gold ratio of 65 to 1 was used for gold equivalent calculation

Sampling at Papayal has also identified a new copper soil anomaly, 1.3 km long with copper values varying from 70 ppm to 124 ppm, in the northwest portion of the Papayal soil grid. This anomaly is open-ended and suggests the occurrence of another substantial porphyry at Papayal. In addition, soil anomalies up to 25 g/t gold and 23 g/t silver in the northeast of the grid and may indicate another stockwork.

Separately, a new porphyry identified 80 m west the No. 3 Stockwork has yielded assay results ranging from 0.04 g/t to 1.08 g/t gold and 1 g/t to 102 g/t silver. The Company has commenced trenching on this porphyry.

Robert Washer, President and CEO, comments “The new porphyry discoveries and trenching results from the No.3 Stockwork confirm the presence of a significant mineralized system at Papayal. We are expediting trenching and sampling of this system in preparation for initial drilling.”

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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