Exploration Expands Cerro Verde Gold And Silver Mineralization

Exploration Expands Cerro Verde Gold And Silver Mineralization

August 1st, 2006

Vancouver, BC, August 1, 2006 - Dynasty Metals & Mining Inc. (TSXV:DMM, the “Company”) reports encouraging results from rock channel sampling and diamond drilling north and east of the Cerro Verde project area, part its 100% owned, 13 kilometre by 4 kilometre, Dynasty Goldfield, in southern Ecuador.

Significant new drill results, shown in Table 1, below, include hole 06DDH73, which intersected 3 metres grading 11.49 grams per tonne (“g/t”) gold and 29 g/t silver. Significant rock chip channel sampling, shown in Table 2, below, includes 1.1 metres of 21.67 g/t gold and 216 g/t silver.

The ongoing drilling and sampling program is designed to extend known mineralization and discover new gold and silver resources.

Table 1 - New Drill Results - Cerro Verde

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

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


Iguana Vein System


06DDH73 (622702E; 9545003N)

11.49

29

12.02

3.00

77.60

80.60

includes

14.53

30

15.08

1.35

79.25

80.60


06DDH69 (622702E; 9545003N)

4.22

43

5.00

6.75

81.40

88.15

includes

8.25

88

9.85

1.20

85.80

87.00


6DDH71 (622821E; 9544990N)

4.06

47

4.91

5.40

69.30

74.70

* Gold Equivalent is determined using 55:1, silver to gold, ratio. ** Core length


Table 2 - New Rock Chip Channel Sampling Results - Cerro Verde

Sample
Number
Gold
(g/t)
Silver
(g/t)
Gold Equivalent*
(g/t)
Width
(metres)

D1203453

21.67

216

25.60

1.1

D1203455

11.60

108

13.56

1.1

D1203459

9.80

64

10.96

0.8

D1203456

6.52

240

10.88

2.0

D1203454

5.84

61

6.95

2.0

D1203467

5.77

9

5.93

1.2

D1203457

5.84

20

6.20

1.0

D1203450

4.71

54

5.69

1.1

D1203451

4.42

117

6.54

1.4

D1203452

4.29

70

5.56

1.0

D1203471

3.44

125

5.71

1.0

* Gold Equivalent is determined using 55:1, silver to gold, ratio.
Drilling Details

Drilling is currently testing previously un-drilled areas east and north of Cerro Verde. The Cerro Verde project area forms part of approximately 30 km² of gold- and silver-mineralized veins and stockworks identified to date by trench sampling in the Dynasty Goldfield. For previous drill results, see, most recently, news release dated June 22, 2006.

A total of 1,783 metres, in 16 diamond holes, has now been completed in the current program. The exploration drilling is being conducted by two rigs over extensive, widespread vein systems and stockworks of up to 3.5 kilometres (“km”) in strike length. A third rig is being mobilized to the Dynasty Goldfield.

The 2006 drill program is the second drilling campaign in the Dynasty Goldfield. In the initial drill campaign, commenced in late 2004, 6,843 metres were drilled in 58 diamond holes, intersecting high-grade gold and silver mineralization over a large area to depths of up to 220 metres. Significant initial estimates of contained gold and silver resources identified by this program were announced April 24, 2006 (see also technical report filed May 30, 2006).

Trenching Details

The current trenching program is sampling a new region of quartz-sulphide vein swarms, approximately 1 km x 0.8 km in area, located north and east of Cerro Verde.

The Dynasty Goldfield

The Dynasty Goldfield is located in the canton of Celica, Province of El Oro, Ecuador, approximately 110 kilometres west of La Toma, the nearest commercial airport. Mineralization occurs within a 13 km by 4 km area in extensive epithermal gold and silver vein stockwork systems, probably related to porphyry intrusions at depth. The vein systems are hosted by Tertiary andesitic volcanics and appear to be the product of open space filling during a major structural event.

Quality Assurance and Quality Control

Mineralized core sections were sampled at approximately 1 metre intervals and cut in half using a diamond saw. 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 crushed, pulverized and split by the BSI Inspectorate sample preparation laboratory in Quito, Ecuador. Pulp samples weighing approximately 100 grams were sent to the BSI Inspectorate assay laboratory in Lima, Peru for assay using the fire assay technique.

Exploration of the Company’s properties is under the supervision of Greg Whitfield, the Company’s Exploration Manager and qualified as defined by NI 43-101. Mr. Whitfield is responsible for the preparation of the technical information in this news release.

Dynasty Metals & Mining Inc.

Dynasty Metals & Mining Inc. is a Canadian mining company involved in the exploration and development of mineral properties in Ecuador. In addition to its Dynasty Copper-Gold Belt, which contains the Dynasty Goldfield, the Company is currently working on two development-stage gold projects - the Jerusalem Gold Project and the Zaruma Gold Project.

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

For further information, please contact Murray Oliver at (604) 687-0888 Ext. 3 or info@dynastymining.com or visit the Company’s website atwww.dynastymining.com.

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