Dynasty Metals & Mining Inc.

Dynasty Metals & Mining Inc.

March 07, 2005 09:00 ET

Dynasty Metals & Mining Inc.: First Drilling at Papayal Cuts High-Grade Gold and Silver


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DYNASTY METALS & MINING INC.

TSX VENTURE SYMBOL: DMM

MARCH 7, 2005 - 09:00 ET

Dynasty Metals & Mining Inc.: First Drilling at
Papayal Cuts High-Grade Gold and Silver

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 7, 2005) - Dynasty
Metals & Mining Inc. (TSX VENTURE:DMM) (the "Company") announces that it
has discovered significant gold and silver mineralization in initial
drilling at the Papayal project, located within its 100% owned 90 km x
20 km Dynasty Copper-Gold Belt in southern Ecuador. Of particular note,
Hole 05DDH05 encountered 17.38 g/t gold and 723 g/t silver over 3.33
metres of veining, from 7.05 metres to 10.38 metres.

This drilling is the first conducted on the Dynasty Copper-Gold Belt,
which is a new discovery with no history of mining. A total of six
holes, comprising 620 metres, were completed on two of twelve vein
swarms (project areas Nos. 3 and 5) at Papayal. Gold and silver
mineralization was encountered in four holes, while first two holes
missed the target.

Company President and CEO Robert Washer commented: "The high-grade gold
and silver results in the trenches, and now at depth, suggest the
possibility of the existence of a major ore body at Papayal."

Selected drill results follow. Drill intercepts are intersection lengths
and possibly not true widths:



--------------------------------------------------------------------
GOLD
Hole # GOLD SILVER EQUIVALENT (i) LENGTH FROM TO
LENGTH (g/t) (g/t) (g/t) (metres) (metres) (metres)
--------------------------------------------------------------------

Papaya1
No. 3

04DDH03
(ii) 1.53 602 11.56 2.65 113.10 115.75

05DDH05 17.38 723 29.43 3.33 7.05 10.38
Plus 3.77 184 6.83 1.62 40.00 41.62

05DDH06 5.67 21 6.02 1.20 31.45 32.65
Plus 2.13 200 5.46 0.69 41.66 42.35

Papayal
No. 5

05DDH04 9.18 101 10.86 3.39 19.61 23.00
Plus 19.22 64 20.28 2.80 50.29 53.09
Includes 96.93 48 97.73 0.40 51.75 52.15
Plus 13.81 117 15.76 0.78 59.18 59.96
--------------------------------------------------------------------

(i) Gold Equivalent equals 60:1 Ag/Au
(ii) Base Metal Values equals 5.7 % Zinc, 3.26 % Lead and
0.40 % Copper


Papayal is related to one of six copper-gold, porphyry-style systems
that the Company has identified to date in the Dynasty Copper-Gold Belt.
Previous sampling at Papayal and at the adjacent Cerro Verde site has
established high-grade surface gold and silver mineralization over an
area of 12 km x 3 km, with at least twelve epithermal vein swarms
associated with porphyry-style bodies.

This initial drilling focused on vein swarms 200 m apart, at Papayal
Nos. 3 and 5, where the best results had been encountered in previous
soil sampling and trenching (see News Releases dated September 22, 2004
and October 14, 2004). Holes 04DDH03, 05DDH05, and 05DDH06, located on
the Papayal No. 3 vein swarm, were spaced approximately 200 metres
apart. The Papayal No. 3 vein swarm has been traced at surface for at
least 800 metres along strike. Hole 05DDH04 was located on the 600 metre
long Papayal No. 5 vein swarm.

Results to date are encouraging and the presence of significant base
metals at depth indicates the presence of polymetallic veining.
Trenching and drilling is ongoing, with a minimum of ten additional
drill holes planned to test other vein swarms at Papayal and Cerro
Verde, in March.

Methodology

Core samples, each weighing between 1 kg and 3 kg, were collected and
transported from the Papayal site for assay by the BSI Inspectorate
laboratory of Lima, Peru. Standards are regularly inserted into the
sampling sequence for quality control and a split of the core is
maintained at the Company's warehouse in Celica for check assay and
metallurgical testing. Diamond drilling is being undertaken by Paragon
Drilling based in Cuenca, 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. 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 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.

Dynasty Metals & Mining Inc.

Robert Washer, President and CEO

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Dynasty Metals & Mining Inc.
    Murray Oliver
    (604) 687-0888 Ext. 3
    info@dynastymining.com
    www.dynastymining.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.