President's Update

President's Update

October 16th, 2006

Vancouver, B.C., October 18, 2006 - Dynasty Metals & Mining Inc. (TSXV: DMM, the “Company”) provides the following update to shareholders from its President, Robert Washer:

“Dear Shareholder,

On September 7, 2006, I reported to you on the significant progress we had made to that date, including the commencement of feasibility studies on our two, advanced-staged gold projects, Zaruma and Jerusalem.

I am now pleased to be able to report that, with support from the local Chamber of Mining and the Mayor’s office, we have received approval from both the Zaruma and Portovello districts for plant construction at the Zaruma Gold Project. This is an important milestone for the Company.

In addition, we have now submitted to the government of Ecuador an application, together with the community approved plan, to construct and operate up to a 500,000 tonnes per annum plant at Zaruma. The materials submitted in support of the application include a completed environmental impact study, preliminary plant designs, metallurgical testing results, and a mine development plan. By taking this early, inclusive approach, we believe that we have significantly shortened the Zaruma project development process.

We also continue to advance the Jerusalem Gold Project and to develop new regional prospects in our extensive Dynasty Copper-Gold Belt. The Dynasty Goldfield, in particular, continues to generate new exploration targets, along and parallel to strike, that we believe will expand the existing project resources.

Presidential Elections

As many of you know, Presidential elections are currently being held in Ecuador. The first phase resulted in a split vote between the right and left-leaning candidates. As a result, an election run-off is scheduled in November. Having seen several Presidential changes during the 14 years that I have lived and carried on business in Ecuador, I do not believe the final election results will adversely affect our ability to develop our projects. Regardless of the election outcome, we fully expect to continue to enjoy an effective working relationship with the government of Ecuador.

Market Capitalization

Our present market capitalization of less than CDN$100 million includes CDN$7,500,000 in cash and, as previously reported, significant gold and silver resources in southern Ecuador - an area that has hosted some spectacular gold exploration results and generated intense market interest over the past six months.

In these circumstances, we know of no fundamental reason for the recent change in our market valuation. Our management and directors own approximately 40% of the Company’s issued shares and their economic interests are strongly aligned with yours. We remain very confident about the Company’s prospects and continue to work to generate value for our shareholders.

We encourage you to view the Company’s technical reports and press releases posted on the Company’s website at www.dynastymining.com and on SEDAR at www.sedar.com.

Company Update Conference Call

A conference call and live audio webcast is scheduled for 11:00 a.m. EST, Thursday, October 19, 2006. If you wish to participate, please dial 1.416.695.9757, or 1.866.902.2211 if you are outside the Toronto area. A link to the live and archived audio webcast will be available on the Company’s website at: www.dynastymining.com.

Registered brokers, analysts, media and accredited investors will be invited to ask questions. All participants are also encouraged to submit questions via email to info@dynastymining.com, prior to the scheduled call. I wish to thank our shareholders for their continued support.

Rob Washer
President & Chief Executive Officer”

About Dynasty Metals & Mining Inc.

Dynasty Metals & Mining owns 100% of four mining exploration properties located in Ecuador, and is currently focused on the exploration and development of three gold projects. The Company has two advanced-stage projects nearing production, the Jerusalem and Zaruma gold projects, and one new large-scale discovery, the Dynasty Goldfield project.

Dynasty Metals & Mining Inc.

Robert Washer, President and CEO

For further information about the Company, please contact Murray Oliver at (604) 687-0888 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 news release.
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