Significant Gold Resources Defined On Dynasty’S Zaruma Project

Significant Gold Resources Defined On Dynasty’S Zaruma Project

November 1st, 2004

Vancouver, B.C., November 1, 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 Zaruma Gold Project, which includes its Portovelo District, in south-western Ecuador. The estimation is contained in an NI 43-101 compliant Technical Report (the “Technical Report”) prepared by Consulting Geologist Miroslav Kalinaj, MSc, a “qualified person”. The report estimates 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 Technical Report also notes the potential for expansion of the gold resources at the Zaruma Project. The detailed resources are set out below:

TOTAL MINERAL RESOURCES CONTAINED IN ZARUMA PROJECT
(INCLUDING THE PORTOVELO AREA)

ResourceIndicated
Inferred
AreaTonnesG/TAu oz.TonnesG/TAu oz.
Zaruma
Project
733,29217.94423,0971,773,3629.72554,239
Portovelo
District
398,59717.33221,531670,70412.19262,980
Zaruma and
Portovelo
1,131,88917.73644,6282,444,06610.40817,219

About Zaruma

The Zaruma Gold Project is located in the Portovelo-Zaruma District in south-western Ecuador, approximately 160 km south of Guayaquil, Ecuador’s main seaport. The project comprises 41 mineral concessions covering more than 88 square kilometres in an active goldfield. Gold mineralization occurs in a 15 km by 5 km polymetallic vein system. The Technical Report notes that the Portovelo-Zaruma District has produced gold and silver since at least the Incan period and that it is estimated to have produced 5 million ounces of gold and 20 million ounces of silver in the past 100 years.

The Company has conducted ongoing exploration at the Zaruma Project since it acquired the project in April 2004. In a news release dated July 7, 2004, President and CEO Robert Washer stated that the Company had expectations of significant gold mineralization at the project.

Mr. Washer commented: “We are very pleased to have confirmation of the existence of a significant resource at Zaruma. We believe that the potential exists to substantially expand and upgrade this resource and we are continuing our exploration activities at Zaruma, with a view to proceeding on to a scoping study.”

About the Technical Report

The Technical Report is based upon the results of the Company’s exploration activities at Zaruma and from a number of databases generated by previous third-party exploration. These databases included the results of extensive underground channel sampling (over 100,000 samples taken) and diamond drilling (37 holes) by the South American Development Company and by Iamgold and TVX Gold Inc. The author conducted additional sampling as required to confirm previous results.

With respect to methodology, the Technical Report states: “The outcome of the mineral resource calculation was based on dimensions and grades of individual veins determined from outcrops, trenches, tunnels and drill holes. A classic block method was applied using all available data at the time of writing the Report. No resource blocks that are dependent entirely on surface data have been considered in the indicated resource calculation.”

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 Zaruma Gold 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. The Company has also commissioned and expects to receive shortly an initial independent resource estimation on its Jerusalem Gold Project in south-eastern Ecuador.

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.

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.

.