First Drilling At Papayal Cuts High-Grade Gold And Silver

First Drilling At Papayal Cuts High-Grade Gold And Silver

March 7th, 2005

Vancouver, BC, March 7, 2005 - Dynasty Metals & Mining Inc.(TSXV: DMM; the “Company”) announces that it has discovered significant gold and silver mineralization in initial drilling at the Papayal project, located within its 100% owned 90 km x 20 km Dynasty Copper-Gold Belt in southern Ecuador. Of particular note, Hole 05DDH05 encountered 17.38 g/t gold and 723 g/t silver over 3.33 metres of veining, from 7.05 metres to 10.38 metres.

This drilling is the first conducted on the Dynasty Copper-Gold Belt, which is a new discovery with no history of mining. A total of six holes, comprising 620 metres, were completed on two of twelve vein swarms (project areas Nos. 3 and 5) at Papayal. Gold and silver mineralization was encountered in four holes, while first two holes missed the target.

Company President and CEO Robert Washer commented: “The high-grade gold and silver results in the trenches, and now at depth, suggest the possibility of the existence of a major ore body at Papayal”.

Selected drill results follow. Drill intercepts are intersection lengths and possibly not true widths:

Hole #
LENGTH
GOLD
(g/t)
SILVER
(g/t)
GOLD
EQUIVALENT *
(g/t)
LENGTH
(metres)
FROM
(metres)
TO
(metres)

Papayal No. 3

04DDH03 **

1.53

602

11.56

2.65

113.10

115.75

05DDH05
Plus

17.38
3.77

723
184

29.43
6.83

3.33
1.62

7.05
40.00

10.38
41.62

05DDH06
Plus

5.67
2.13

21
200

6.02
5.46

1.20
0.69

31.45
41.66

32.65
42.35

Papayal No. 5

05DDH04
Plus
Includes
Plus

9.18
19.22
96.93
13.81

101
64
48
117

10.86
20.28
97.73
15.76

3.39
2.80
0.40
0.78

19.61
50.29
51.75
59.18

23.00
53.09
52.15
59.96

* Gold Equivalent = 60:1 Ag/Au
** Base Metal Values = 5.7 % Zinc, 3.26 % Lead and 0.40 % Copper


Papayal is related to one of six copper-gold, porphyry-style systems that the Company has identified to date in the Dynasty Copper-Gold Belt. Previous sampling at Papayal and at the adjacent Cerro Verde site has established high-grade surface gold and silver mineralization over an area of 12 km x 3 km, with at least twelve epithermal vein swarms associated with porphyry-style bodies.

This initial drilling focused on vein swarms 200 m apart, at Papayal Nos. 3 and 5, where the best results had been encountered in previous soil sampling and trenching (see News Releases dated September 22, 2004 and October 14, 2004). Holes 04DDH03, 05DDH05, and 05DDH06, located on the Papayal No. 3 vein swarm, were spaced approximately 200 metres apart. The Papayal No. 3 vein swarm has been traced at surface for at least 800 metres along strike. Hole 05DDH04 was located on the 600 metre long Papayal No. 5 vein swarm.

Results to date are encouraging and the presence of significant base metals at depth indicates the presence of polymetallic veining. Trenching and drilling is ongoing, with a minimum of ten additional drill holes planned to test other vein swarms at Papayal and Cerro Verde, in March.

Methodology

Core samples, each weighing between 1 kg and 3 kg, were collected and transported from the Papayal site for assay by the BSI Inspectorate laboratory of Lima, Peru. 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. 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@dynastymining.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.
.