New Work at Cerro Blanco Porphyry Suggests Copper-Gold Potential

New Work at Cerro Blanco Porphyry Suggests Copper-Gold Potential

May 6th, 2004

Vancouver, B.C. May 6, 2004 – Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) continues its ongoing reconnaissance and exploration on its extensive, 100% owned, Dynasty Project located in southern Ecuador (see map attached). Of particular note, highly anomalous copper values from recent soil sampling, and previous stream sediment sampling, in the Cerro Blanco porphyry are now seen as strongly indicative of a copper-gold porphyry system.

Sampling continues to upgrade other targets at the Dynasty Project, as set out below.

Cerro Blanco Copper-Gold Porphyry Target

Intense hydrothermal alteration within the 6 km x 4 km Cerro Blanco intrusive is related to the large porphyry-hosted stockwork zone of 1500 m x 400 m that was announced by the Company in February 2004 . In addition to the new soil sampling results, limited chip sampling taken from a 50 x 200 m area in the stockwork have returned assay values from 0.3 to 0.9 g/t gold and 7 to 24 g/t silver.

This extensive copper-gold target will be followed-up with further geochemistry and geophysics to define the mineralized system. Geological investigations with mapping are continuing.

Separately, a 12 metre wide shear zone has now been identified in Cerro Blanco at the contact between an intermediate batholith and andesites. A total of 15 channel samples have assayed from 0.6 to 8.9 g/t gold and 3 to15 g/t silver, with average values of 2.7 g/t gold and 7 g/t silver. The shear zone is also anomalous in copper. To date the mineralization is exposed over a strike length of only 100 metres but it remains open along strike to the northeast and southwest. Exploration to extend the zone is underway

Papayal Porphyry Target

The Papayal porphyry target is located approximately 8 km northeast of Cerro Blanco in the Dynasty Project. Zones of intense porphyry-style hydrothermal alteration denote a broad target area of approximately 4 km x 3 km. Sampling of a number of topographic rises dispersed within a 2 sq. km. area at Papayal has recently been completed. Twenty-nine channel samples, averaging 1.4 m in width, were taken from outcrops showing substantial strike lengths, characterized by silicification and quartz vein swarms. These samples assayed from 0.01 to 141 g/t gold and 0.4 to 427 g/t silver. Cutting the high gold values to 50 g/t has given an average value of 5.9 g/t gold and 86 g/t silver for the 29 samples.

These encouraging results have now been followed up by an auger assisted soil sampling program consisting of 156 samples, within a 2 km x 1.25 km area. Assay results are pending.

Cerro Verde Gold-Silver Vein Swarm

Cerro Verde is located north of, and adjacent to, Cerro Blanco in the Dynasty Project. Recent prospecting has discovered a further 8 quartz veins within the 6 km x 2 km Cerro Verde vein swarm. Seventeen new channel samples taken from vein outcrops have assayed 0.8 to 18.1 g/t gold and 3 to 388 g/t silver, over widths of 0.14 to 2.40 m. Further sampling is required to determine average vein widths and grades.

Two of the channel samples from the recently discovered Bambu Vein at Cerro Verde, taken 40 metres apart and across the vein, have assayed 10.4 g/t gold and 90 g/t silver over 2.4 m., and 18.1 g/t gold and 57 g/t silver over 1.57 m.

In addition, six channel samples corresponding to the Cabuyal Vein, have averaged 4.0 g/t gold and 119 g/t silver, over an average width of 1.4 m. The interpreted strike length of this vein is 250 metres. These new discoveries at the Dynasty Project demonstrate the large size and intensity of mineralization. Exploration is continuing on both the porphyry targets and vein systems to advance the Company’s understanding and define targets for drill testing.

Update on Dynasty’s Other Projects

Jerusalem Gold Project – sampling continues

The latest assay results from three channel samples collected underground from the Teniente vein extensions have assayed 41 g/t Au, 439 g/t Ag and 15.7% Zn for sample LBCH-043; 66.5 g/t Au, 253 g/t Ag and 6.25% Zn for sample LBCH-044, and 19.45 g/t Au, 217 g/t Ag and 2.6% Zn for sample LBCH-045. Sampled widths were approximately 0.5 m.

Also at Jerusalem, Dynasty has completed a 125 m long crosscut that intersected 16 m of pyritic rhyolite. A collapsed stope that was reportedly developed on a high-grade gold-silver vein in the rhyolite was intersected in the crosscut. Assays from the rhyolite samples are pending.

Zaruma Gold Project- resource calculation in progress

Dynasty is assessing its extensive data base of more than 100,000 channel samples taken from stopes and drives, and more than 15,000 m of drilling to determine a resource estimate for the project. In addition, an underground sampling program of newly accessed drives and cross-cuts at four different locations has commenced.

Dynasty’s 82 sq. km concessions cover the majority of the 15 km long Zaruma- Portovelo Gold Field, which is understood to have had historical gold production of more than 5 million ounces.

Exploration of the Company’s properties is under the supervision of Franklin Guanuna, the Company’s chief Geological Administrator, and qualified person as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects”. Mr. Guanuna is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to the 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.

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 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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