Significant Gold Resources Defined On Dynasty’S Jerusalem Project

Significant Gold Resources Defined On Dynasty’S Jerusalem Project

November 8th, 2004

Vancouver, B.C., November 8, 2004 - Dynasty Metals & Mining Inc. (TSXV:DMM, the “Company”) announces that it has received an independent estimation of the gold resources at its 100% owned Jerusalem Project, in south-eastern Ecuador. The estimation is contained in a NI 43-101 compliant technical report (the “Technical Report”) prepared by Allen J. Maynard, BAppSc(Geol), MAIG, MAusIMM, a “qualified person”.

The Technical Report estimates measured and indicated gold resources of 430,000 ounces, from 1,021,400 tonnes of ore at an average grade of 13.9 grams/tonne (measured) and 12.8 grams/tonne (indicated), and an inferred gold resource of more than 660,000 ounces, from 1,785,200 tonnes of ore at an average grade of 11.6 grams/tonne.

The Technical Report also notes the potential for economic development on the Jerusalem Project’s polymetallic veins.

President and CEO Robert Washer comments, “We are pleased to have defined resources now on our Jerusalem Project to add to those recently announced on our Zaruma Gold Project in Ecuador (see News Release November 1st, 2004). The Jerusalem mineral resource further demonstrates the quality of our assets and the opportunity for new gold discoveries in Ecuador. We will continue our exploration work at Jerusalem to determine the full extent of known mineralization and to identify new mineralization beyond the defined resources.”

The detailed resources are set out below:

TOTAL MINERAL RESOURCES CONTAINED IN JERUSALEM PROJECT

CategoryTonnes
(t)
Au
g/t
Au
oz.
Ag
g/t
Ag
oz.
Cu
ppm
Cu
t
Pb
ppm
Pb
t
Zn
ppm
Zn
t
Measured298,90013.9133,430102980,0005761705631,68026,8598,030
Indicated722,50012.8296,570982,267,7005013604933,56024,44617,660
Inferred1,785,20011.6661,6301035,855,4704247503,8876,93018,39732,840

About Jerusalem

The Jerusalem Project comprises a single concession covering 225 hectares in the Sierra del Condor of the Ecuadorian Amazon region. The concession is located in a mineralized district that contains several styles of precious and base metal deposits. The Technical Report notes that it was discovered in 1984 by informal miners. The main feature is an intrusive-volcanic complex, the Chinapintza Porphyry, consisting of andesite, dacite and rhyodacite porphyry bodies, cut by numerous dykes of similar composition. The Chinapintza Porphyry hosts a 1.5 km long vein system featuring at least ten main high-grade gold and silver veins.

About the Technical Report

The Technical Report is based upon the results of the Company’s recent underground channel sampling data and upon data generated by previous third-party exploration, including approximately 12,300 metres of diamond drilling in 52 holes. Much of the general information in the Technical Report was obtained from a previous NI 43-101 compliant technical report prepared for the Company in May 2003 by Peter Ronning, P.Eng. Mr. Ronning is a “qualified person”, as defined in NI 43-101. A copy of his report is available on SEDAR at www.sedar.com.

The Technical Report notes that geological mapping is currently being conducted by the Company, which, when completed and properly evaluated, is expected to allow reclassification of much of the resources estimated in it. In addition, a review of underground sampling from the high-grade vein system for resource tonne estimates is in progress. The results are expected to have a positive effect on the total resources at Jerusalem.

The full Technical Report is being preparing for electronic filing with the Canadian securities regulators and on the Company’s website and may then be viewed at www.sedar.com www.sedar.comor at www.dynastymining.com.

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. In addition to its Jerusalem Project, the Company is currently conducting an initial exploration program on its extensive Dynasty Copper-Gold Belt – a new discovery comprising a north-easterly trending corridor, 90 km long and 20 km wide, running from the Peruvian border to the Portovelo-Zaruma District.

Separately, on November 1, 2004, the Company announced an initial resource estimation on its Zaruma Gold Project, which includes its Portovelo District, in south-western Ecuador, consisting of an existing indicated resource of 644,600 oz. of gold, from 1,131,889 tonnes of ore at an average grade of 17.73 grams/tonne, and an inferred resource of 817,200 oz. of gold, from 2,444,066 tonnes of ore at an average grade of 10.4 grams/tonne. The Company plans to continue its exploration activities at Zaruma, with a view to proceeding on to a scoping study.

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 technical information in this News Release.

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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