President's Update

President's Update

May 3rd, 2005

Vancouver, BC, May 3, 2005 - Dynasty Metals & Mining Inc. (TSXV:DMM, “Dynasty” or the “Company”) provides the following update to shareholders from its President, Robert Washer:

“Dear Shareholder,
Dynasty continues to make significant progress actively exploring and developing its mineral projects in Ecuador. The following is a current status report on each of these projects and on our operations:

Dynasty Copper-Gold Belt Project

In the last three months, our exploration work at the large Dynasty Copper-Gold Belt has focused on an extensive program at the Papayal and Cerro Verde sites. To date, we have completed the trenching and sampling of twelve, separate epithermal veins swarms (see news release dated April 21, 2005) and 23 holes in an ongoing drill program. The results from the first six of these drill holes have been reported (see news release dated March 7, 2005), and additional results are pending.

We are excited that results from this program have demonstrated the presence of widespread high-grade gold and silver veining at Papayal and Cerro Verde, neither of which has been explored before. We will continue our exploration for gold and silver at Papayal and Cerro Verde, and, thereafter, at the number of other prospective vein swarms and stockworks associated with five additional, porphyry-style systems that have been identified, to date, within the Dynasty Copper-Gold Belt.

Zaruma and Jerusalem Gold Projects

We have recently commenced engineering scoping studies at the Zaruma and Jerusalem Gold Projects. These preliminary studies will be used to plan appropriate programs for the further development of these advanced, high-grade projects, and as a base document for discussions with potential development partners.

Recent exploration work on the Zaruma Gold Project includes 680 meters of new tunnelling, which has been mapped and prepared for sampling. In addition, general exploration reconnaissance and mapping continues throughout the project area, which is 88 square kilometres in size.

Recent exploration work at the Jerusalem Gold Project includes 320 meters of tunnelling, which has exposed nine new veins along a northern extension of the existing resource. In addition, we have discovered three parallel veins to the west of the current resources. Sampling results are pending.

We are reviewing all of our options for the further development of the established gold and silver resources at Jerusalem and Zaruma, including possible joint ventures. In that regard, we have received several expressions of interest and have had initial discussions, although we have made no commitments as yet.

About Ecuador

The Company continues to maintain good relations with the communities in and around our projects. Working closely with these communities has allowed us to progress our projects quickly, without major interruption or incident.

Recently, a new President of Ecuador was appointed by Congress, pursuant to the country’s constitution. To reassure the investment community, the new President has publicly stated that his administration will respect all current international agreements. We very much look forward to working with the new administration toward the further development of a progressive mining environment.

Summary

We continue to be very enthusiastic about our prospects.

At present, our aggregate resources include 1.2 million ounces of gold classified as measured and indicated and 1.5 million ounces of gold classified as inferred, each with average grades over 10 grams per tonne (see the Company’s 43-101 compliant technical reports, filed on www.sedar.com). Collectively, these resources are currently being valued at less than US$3.25 an ounce by our current market capitalization. And this valuation attributes nothing to either our prospective Dynasty Copper-Gold Belt Project or the potential of the unexplored areas of our Jerusalem and Zaruma Gold Projects.

Finally, we have more than $3 million in cash in treasury, an amount that we believe to be more than sufficient to fund our active exploration plans and our general operations in 2005.

We would be pleased to answer any questions you might have regarding our operations or present conditions in Ecuador.

Dynasty remains committed to achieving continued success in 2005 and beyond.
Rob Washer, President”

About 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. The Company’s present activities are focused on the discovery and development of gold, silver and copper resources on three major projects.

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

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.

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