DYNASTY METALS & MINING INC. ANNOUNCES
$6,000,000 BOUGHT DEAL FINANCING

VANCOUVER, Oct. 21 /CNW/ - Dynasty Metals & Mining Inc. (TSX: DMM, the "Corporation") announces that the Corporation has entered into an agreement with a syndicate of underwriters led by Canaccord Capital Corporation and including Cormark Securities Inc. (the "Underwriters") to sell an aggregate of 1,500,000 common shares at a price of $4.00 per common share for gross proceeds of $6,000,000 on a bought deal private placement basis.

Closing of the offering is anticipated to occur on or before November 3, 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 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 Company has the producing Zaruma Gold Project, the first large scale modern mine and processing facility in Ecuador which was constructed on budget in a country that lacks an infrastructure for large scale mining. In addition, the Company has the advanced-stage Jerusalem Project, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield.