Sampling Confirms Discovery At Dynasty Project

Sampling Confirms Discovery At Dynasty Project

June 24th, 2004

Vancouver, B.C., June 24, 2004 - Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) continues ongoing reconnaissance and exploration on its extensive, 100% owned, Dynasty Project located in southern Ecuador (see map attached). Of particular note, latest assay results from a program of channel sampling south of the Papayal gold-silver porphyry target (see May 6, 2004 News Release) have confirmed the existence of a highly-anomalous, gold-silver mineralized area on a 4 km x 1.5 km stockwork-bearing quartz vein swarm structure. The complete results from this initial sampling program now show veining up to 200 m in length at surface and 2 m in width with assays ranging from 0.01 to 141 g/t gold and <5 to 608 g/t silver.

Robert Washer, Dynasty’s President and CEO, commented: “The Dynasty Project is a very large, regional mineralized system. The number and the size of its contained zones of interest continue to grow as we advance our exploration of it. We have no doubt that it has the potential to host a world class deposit.

Dynasty Project

The Dynasty Project includes a number of claim blocks located on the western side of the oriental Andes, at an altitude ranging from 850 to 1,250 metres. Exploration work on the project has delineated a 15 kilometre-long, 6 kilometre-wide, mineralized structural trend. Hydrothermal alteration zones outlined to date within this significant regional mineralised structural trend have identified two porphyry copper-gold targets: at Cerro Blanco and at Papayal. Associated with both targets are stockworks with high-grade, epithermal, gold-silver quartz vein swarms, namely the Cerro Verde Quartz Vein Swarm (associated with Cerro Blanco) and the Papayal Quartz Vein Swarm.

Papayal Porphyry Target

Rock chip channel sampling on a broad, 4 km x 3 km, target area of intense porphyry-style hydrothermal alteration south of Papayal was reported, on May 6, 2004, to have assayed from 0.01 to 141g/t gold and 0.4 to 427 g/t silver. The completion of this sampling program has now confirmed an area of mineralized veining over a 4 km x 1.5 km structure - the Papayal Quartz Vein Swarm. Latest assay values range from 0.01 to 17.33 g/t gold equivalent and <5 to 608 g/t silver. Out of a total of 44 samples taken from outcrops in a generally soil-covered terrain, 16 samples returned values greater than 4 g/t gold equivalent. Individual quartz veins have been identified with strike lengths of up to 200 m and widths up to 2.0 m.

In addition, a concurrent, auger-assisted soil survey of 20 line km with elevations up to 400 m along lines has also yielded highly encouraging and anomalous assay results. The survey has outlined a broad anomalous zone south of Papayal and extending along strike the Papayal Quartz Vein Swarm structure (geochemical maps available on web-site). Gold, silver and arsenic values range from <0.011 to 2.77 g/t gold, <0.1 to 22.8 g/t silver and <5 to 475 ppm arsenic. Within this area lies an anomalous zone that is open-ended to the north-east over a width of 600 m. Soil sampling has now been expanded for an additional 2.4 km to the north east, making a total strike length of 4.4 kilometres being sampled. The Company considers the area to have potential for additional stockwork gold-silver mineralization.

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 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@pemcorp.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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