Dynasty Metals & Mining Inc. TSX: DMM

Dynasty Metals & Mining Inc. Announces $10,000,000 Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Dynasty Metals & Mining Inc. (TSX:DMM) (the "Corporation") announces that the Corporation has entered into an agreement with Cormark Securities Inc. as lead underwriter and including Canaccord Capital Corporation (the "Underwriters") pursuant to which the

Underwriters have agreed to purchase 2,500,000 common shares on a "bought deal" private placement basis at a price of $4.00 per share (the 'Issue Price').

The Corporation will pay the Underwriters a cash commission equal to 6.0% of the gross proceeds of the offering and issue broker warrants to acquire up to that number of common shares as is equal to 4.0% of the aggregate number of Common Shares issued pursuant to the Offering at a price of $4.00 per common share for a period of 12 months following the closing date.

Closing of the offering is anticipated to occur on or before February 19, 2009 and is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange.

The proceeds of the financing will be used to fund development of the Corporation's Ecuador properties, property acquisitions as well as for general corporate purposes.

About Dynasty Metals & Mining

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

The Corporation 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

For further information please visit the Company's website at www.dynastymining.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.