New Report Significantly Increases And Upgrades Estimated Gold Resources At Dynasty's Zaruma Project

New Report Significantly Increases And Upgrades Estimated Gold Resources At Dynasty's Zaruma Project

November 23rd, 2005

Vancouver, BC, November 23, 2005 - Dynasty Metals & Mining Inc. (TSXV:DMM, the “Company”) announces that it has received an updated gold resources estimation for its 100% owned Zaruma Gold Project, in south-western Ecuador.

Allen J. Maynard, BAppSc(Geol), MAIG, MAusIMM, the author of the new independent report, was commissioned to review and update the resources estimation contained in an initial independent report announced by the Company on November 1, 2004 (the “Initial Report”), prepared by Consulting Geologist Miroslav Kalinaj, MSc. The authors of both reports are “qualified persons” under NI 43-101.

The Initial Report noted the potential for expansion of the gold resources at the Zaruma Gold Project. The new, NI 43-101-compliant, report estimates measured and indicated gold resources of 1,110,200 ounces, from 2,483,000 tonnes of ore at an average grade of 13.93 grams/tonne (measured) and 13.87 grams/tonne (indicated),and an inferred gold resource of 1,383,400 ounces, from 3,382,000 tonnes of ore at an average grade of 12.72 grams/tonne.

With the new report, the Zaruma project is now estimated for the first time to have a “measured” gold resource (702,100 ounces), while the combined “measured and indicated” project resource estimate has been increased 72% from the Initial Report and the “inferred” resource has been increased 69%.

The new report is based upon recent underground channel sampling conducted by the Company and a review of databases generated by previous third-party exploration.. It was commissioned in conjunction with the preparation of a scoping study of the Zaruma Gold Project, which is currently in process.

Rob Washer, President and CEO of the Company commented, “Zaruma is reported to have produced five million ounces of gold in the past and this updated resources estimation confirms that it continues to be a major goldfield in Ecuador. Dynasty has 103 square kilometres of concessions at Zaruma, which have excellent exploration potential.”

The detailed resources from the new report are set out below. For details of the Initial Report, please see the Company’s news release dated November 1, 2004. Both reports may be viewed in their entirety at www.sedar.com.

NEW ESTIMATED GOLD RESOURCES - ZARUMA GOLD PROJECT

CategoryAu
Ounces
(oz)(1)
Au
Grams/Tonne
(g/t)
Tonnes (1)Au
Ounces/Tonne
(oz/t)

Measured

702,100

13.93

1,568,000

0.45

Indicated

408,100

13.87

915,000

0.45

Inferred

1,383,400

12.72

3,382,000

0.41

(1) Numbers are rounded down.

The Zaruma Gold Project

The Zaruma Gold Project is located in the cantons of Zaruma and Portovelo, Province of El Oro, Ecuador, approximately 160 kilometres south of Guayaquil, Ecuador’s main seaport. The project comprises 44 mineral concessions covering approximately 103 square kilometres in an active goldfield. Gold mineralization occurs in a 15 kilometre by five kilometre polymetallic epithermal precious metal vein system. The vein system is hosted by a monotonous Tertiary volcanic sequence of intermediate to mafic volcanic breccias, tuffs and andesites.

The Company has conducted ongoing exploration at the Zaruma Gold Project since its acquisition in April 2004. This work has consisted mainly of surface mapping, trenching and underground mine sampling in an effort to extend known vein systems and locate new veins and mineralized systems.

The New Technical Report

The new report is based upon the results of underground channel sampling undertaken by the Company from nineteen main veins, as well as a number of databases generated by previous, third-party exploration. These databases include the results of extensive underground channel sampling (over 100,000 samples) and diamond drilling (37 holes) by the South American Development Company, Iamgold Ecuador S.A. and TVX Gold Inc. The report should be read in conjunction with the Initial Report.

The report notes that with its recent exploration work, the Company has successfully extended the strike length of several known veins, and located four previously unknown, quartz-sulphide veins, with a total strike length of 1200 metres. This constitutes new targets with widths ranging from 0.7 metres to 2.2 metres.

Dynasty Metals & Mining Inc.

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. In addition to its Zaruma Gold Project, the Company is currently working the development-stage Jerusalem gold project, and a large grass-roots discovery, the Dynasty Copper-Gold Belt.

As announced on May 3, 2005 and October 11, 2005, scoping studies on both the Zaruma Gold Project and the Jerusalem Project are currently being prepared for the Company by Keith Dodd & Associates and other consultants. On November 8, 2004, the Company announced an initial, independent, NI 43-101- compliant resources estimate for the Jerusalem Project. Subsequently, the Company announced an increase in the size of Jerusalem resources on February 10, 2005 (see table below for the total mineral resources estimation from the two reports).

ESTIMATED MINERAL RESOURCES - JERUSALEM GOLD PROJECT

CategoryAu
oz
Au
g/t
TonnesAg
g/t
Ag
oz
Cu
%
Cu
t
Pb
%
Pb
t
Zn
%
Zn
t

Measured

239,730

12.38

602,300

91

1,760,400

0.07

370

0.66

3,940

2.79

16,810

Indicated

345,370

12.42

864,400

95

2,627,700

0.06

452

0.55

4,690

2.57

22,210

Inferred

710,130

11.46

1,927,600

102

6,276,470

0.05

831

0.42

8,050

1.97

37,840



It is expected that the estimated resources at both the Zaruma and the Jerusalem gold projects will be further expanded and upgraded with the results of ongoing exploration work.

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 NI 43-101. Mr. Whitfield is responsible for the preparation of the technical information in this news release.

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.

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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