Dynasty Metals & Mining Inc.
TSX VENTURE : DMM

Dynasty Metals & Mining Inc.

December 20, 2006 09:00 ET

Exploration Yields High-Grade Gold and Silver at Dynasty Goldfield

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 20, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Dynasty Metals & Mining Inc. (TSX VENTURE:DMM) (the "Company") reports that ongoing resource delineation and exploration drilling and sampling at its 100% owned Dynasty Goldfield in southern Ecuador continue to return very promising results.

Results from two holes that were pending at the time of the Company's last news release (December 5, 2006) have now been received. Of particular note:

- hole DDH-103 intersected 14.01 grams per tonne ("g/t") gold and 55.23 g/t silver over 8.50 metres; and

- hole DDH-102 intersected 4.61 g/t gold and 22.36 g/t silver over 13 metres.

The holes were drilled to test at depth surface mineralization in the "Iguana" vein and stockwork, in the north central portion of the Cerro Verde project. The down-hole intersections are estimated to be approximately 150 metres apart.

Separately, rock chip channel sampling from newly-discovered veins at Cerro Verde returned several significant results, including:

- 137.60 g/t gold and 136.7 g/t silver over two metres from the "Linderos 2 vein east", in the central portion of Cerro Verde; and

- 9.33 g/t gold and 57.30 g/t silver over one metre from the "La Flaca 2 vein south", located south of the Linderos vein.

Company President, Robert Washer, commented: "Our ongoing high-grade results from exploration at the Dynasty Goldfield continue to demonstrate its potential. We look forward to mounting an aggressive program of resource delineation and infill drilling, ahead of the preparation of new project resources estimates, in 2007."

Drilling Details

Details of recent assay results from drilling are tabulated below:



-------------------------------------------------------------------
Hole No. Gold Silver Gold Eq(i) Width From To
(g/t) (g/t) (g/t) (metres) (metres) (metres)
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DDH- 103 14.01 55.23 15.01 8.5 97.30 105.80
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includes 35.33 160 38.23 1.22 99.80 101.02
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and 21.53 84.8 23.07 1.20 101.00 102.20
-------------------------------------------------------------------
DDH- 102 4.61 22.36 5.02 13 114 127.00
-------------------------------------------------------------------


(i) Gold Equivalent - established using a 55:1, silver to gold ratio, without regard to metallurgical recoveries.

These holes are part of the Company's 2006 drilling program in the Cerro Verde area of the Dynasty Goldfield, which now includes 46 drill holes, totalling 6,077.5 metres. The target area covers a 30km2 zone, along a strike length of 13 km.

Results from the 2006 drilling program are not been included in the Company's initial estimate of resources at the Dynasty Goldfield. Significant estimates of contained gold and silver resources identified by the Company's 2005 drilling program were announced April 24, 2006 (see also NI 43-101 compliant technical report filed May 30, 2006, at www.sedar.com).

About the Dynasty Goldfield

The Dynasty Goldfield is located in the canton of Celica, Province of Loja, Ecuador, approximately 110 kilometres west of La Toma, the nearest commercial airport. The project comprises seven mineral concessions covering 29,909 hectares in a largely unexplored area.

Mineralization occurs within an area of approximately 30 km2, in extensive epithermal gold/silver vein and stockworks systems that are likely related to porphyry intrusions at depth. The vein systems are hosted by Tertiary andesitic volcanics and appear to be open space filling during a major structural event.

Quality Control and Assurance

Mineralized core sections were sampled at approximately one metre intervals and cut in half using a diamond saw. Core recovery is, on average, 95%. Mineralized intersections reported are down-hole lengths and may not represent the true thickness of mineralization.

One-half of the core was archived at the core storage facility at Celica while the other half was bagged and sealed on the property, and shipped to the BSI Inspectorate laboratory in Quito, Ecuador for preparation. Sample pulps were shipped by BSI Inspectorate to its laboratory, in Lima, Peru, for gold fire assay, and silver and multi-element ICP analysis.

The Cerro Verde drilling and sampling programs are under the supervision, of Mr. Michel Rowland, a "qualified person", as defined by National Instrument 43-101, who is responsible for the preparation of technical information in this news release.

About Dynasty

Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.

The Company has two advanced-stage projects, Jerusalem and Zaruma, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield.

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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