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Dynasty Reports Financial Results for the Three and Nine Months Ended September 30, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Dynasty Metals & Mining Inc. (TSX:DMM)(OTCQX:DMMIF) ("Dynasty" or the "Company") announces that it has released its consolidated financial statements for the three and nine months ended September 30, 2012. The selected financial information presented herein is qualified in its entirety by, and should be read in conjunction with, the Company's unaudited condensed interim consolidated financial statements as at and for the three and nine months ended September 30, 2012 and the related notes thereto and the Company's management's discussion and analysis, which are available on the Company's website (www.dynastymining.com) and on SEDAR (www.sedar.com).

All dollar amounts in United States dollars unless otherwise stated.

The following tables show selected comparative consolidated financial information as at and for the three and nine months ended September 30, 2012 and September 30, 2011.

Condensed Interim Consolidated Statements of Financial Position, as at:

                                 September 30        June 30    December 31
(Unaudited)                              2012           2012           2011
---------------------------------------------------------------------------
                                                                           
ASSETS                                                                     
Current assets                                                             
                                                                           
  Cash and cash equivalents      $    771,389   $  1,143,750   $  6,238,514
  Receivables                         113,249        163,570         53,479
  Prepaid expenses                    456,679        389,547        394,450
  Inventory                         3,852,960      4,503,902      4,575,976
                                 ------------------------------------------
                                    5,194,277      6,200,769     11,262,419
Advances and deposits                 369,506        251,433         76,688
Mine properties, plant and                                                 
 equipment                         53,036,555     52,413,848     52,109,644
Exploration and evaluation                                                 
 properties                        13,141,104     13,080,467     11,993,371
                                 ------------------------------------------
                                                                           
                                 $ 71,741,442   $ 71,946,517   $ 75,442,122
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
LIABILITIES AND SHAREHOLDERS'                                              
 EQUITY                                                                    
Current liabilities                                                        
  Accounts payable and accrued                                             
   liabilities                   $  4,914,314   $  3,724,454   $  4,870,324
Provision for closure and                                                  
 restoration                        1,308,158      1,295,687      1,270,746
                                 ------------------------------------------
                                    6,222,469      5,020,141      6,141,070
                                 ------------------------------------------
Shareholders' equity                                                       
  Capital stock                    89,059,365     89,059,365     89,059,365
  Contributed surplus              13,477,683     13,377,179     12,848,842
  Deficit                         (37,018,078)   (35,510,168)   (32,607,155)
                                 ------------------------------------------
                                   65,518,970     66,926,376     69,301,052
                                 ------------------------------------------
                                                                           
                                 $ 71,741,442   $ 71,946,517   $ 75,442,122
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Condensed Interim Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss):

---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                For the     For the     For the     For the
                                   nine        nine       Three       Three
                                 Months      Months      Months      Months
                                  Ended       Ended       Ended       Ended
                              September   September   September   September
(Unaudited)                     30 2012     30 2011     30 2012     30 2011
---------------------------------------------------------------------------
                                                                           
EXPENSES                                                                   
  Amortization and                                                         
   accretion                $   427,455 $   422,568 $   214,128 $   114,428
  Management fees               342,256     185,916     125,188      62,398
  Office and general          1,925,279   1,933,744     668,007     549,420
  Professional fees             638,016     720,451     155,535     354,445
  Shareholder communication      64,783      45,323      20,600       8,519
  Stock-based compensation      628,841     751,382     100,503     209,770
  Transfer agent and filing                                                
   fees                          45,522      57,207       1,753       6,751
  Travel and entertainment      225,498     364,568      57,179     211,767
                            -----------------------------------------------
                                                                           
                             (4,297,650) (4,481,159) (1,342,873) (1,517,498)
                            -----------------------------------------------
                                                                           
OTHER ITEMS                                                                
  Interest income                 2,154      11,645           -       3,062
  Foreign exchange gain                                                    
   (loss)                      (115,424)     35,404    (165,035)    (11,574)
                            -----------------------------------------------
                                                                           
                               (113,270)     47,049    (165,035)     (8,512)
                            -----------------------------------------------
                                                                           
Loss and comprehensive loss                                                
 for the period              (4,410,920) (4,434,110) (1,507,908) (1,526,010)
                                                                           
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
Troy ounces of gold sold       12,634(a)     16,086     3,178(a)      3,130
Troy ounces of silver sold     27,034(a)     64,549    11,615(a)     17,797
Total Sales(b)              $21,590,197 $25,878,934 $ 5,547,122 $ 5,108,780
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(a) - Excludes approximately 1,300 ounces of gold and 4,000 ounces of      
 silver stolen from the Zaruma plant on July 23, 2012 for which insurance  
 proceeds of approximately $2.2 million have been recovered.               
                                                                           
(b)- Since operations at the Company's Zaruma Gold Project are in the pre- 
 commercial phase, the proceeds from the sale of precious metals, net of   
 production expenses and taxes, are credited to mine development costs and 
 not recorded in the Company's consolidated statements of operations as    
 permitted under International Financial Accounting Standards.             

Production and Sales

For the nine months ended September 30, 2012, the Company received proceeds of $21.6 million from the sale of approximately 12,600 ounces of processed gold and 27,000 ounces of processed silver derived from intermittent operations at its processing plant in Zaruma while continuing testing and making improvements to the facility. In addition, during the three months ended September 30, 2012 the company received insurance proceeds of $2.2 million relating to approximately 1,300 ounces of gold and 4,000 ounces of silver that was stolen from the Zaruma plant during an armed robbery on July 23, 2012.

The installation of the gravity concentration circuit at the Zaruma processing plant has now been completed. The gravity concentration circuit increases the efficiency and recovery from the plant and by using the Falcon concentrator allows the Company to produce dore from concentrate on site rather than having to ship concentrate to a third party to be processed. The benefit of this circuit is expected to become increasingly important once the "Cabo de Hornos" mine has been dewatered (see discussion below) and the Company has access to higher grade material for mining.

Small Mining Licenses

On October 16, 2012 the Company announced that it had been granted small scale mining licenses for five concessions at its Zaruma Gold Project.

These five concessions are the focus of the Company's current mine development plans at Zaruma. Under the current Mining Law of Ecuador such licenses permit the Company to mine up to 300 tonnes per day from each concession at a royalty of 3%, payable to the Ecuador government, and no windfall tax on the extraction and sale of precious metals. Other corporate taxes are unaffected.

Mining

The Company is developing three separate mines, of which one mine, "Cabo de Hornos", currently supplies the majority of material to the plant for processing. A significant proportion of material processed to date has been excavated during mine development and is not part of the Company's estimated resource set out in its Technical Reports on the Zaruma Gold Project.

During the second quarter of 2012, as the declines at "Cabo de Hornos" progressed to further depths to access the higher grade material it became necessary to commence dewatering the lower levels of Dynasty's mine as well as the adjacent area. A primary cause of the accumulation in the water is believed to be the existence of the old abandoned mine workings in close proximity at the current level. Once the declines get beneath the level of the old mine workings the water intake to the mine is expected to subside. This dewatering process resulted in a decrease in both the tonnage and grade of material that has, and continues to be, accessible to mine.

Recently, the Company successfully dewatered the southern decline at "Cabo de Hornos" and has recommenced decline development in this area to gain access to the region where the higher grade material is believed to reside. The Company expects to have dewatered the northern decline at "Cabo de Hornos" in due course.

Liquidity

As at September 30, 2012, the Company had approximately $2.1 million in cash and gold dore available for sale, compared to approximately $9.0 million as at December 31, 2011.

The majority of the proceeds from the sale of precious metals continue to be re-invested in the Zaruma Gold Project to continue the advancement of the three declines and develop the project towards commercial production. The cash provided from gold and silver sales has allowed for the continued development of the project without the need for equity financing and further dilution to shareholders. As at June 30, 2012 the Company had 42.5 million shares outstanding and, with the exception of the exercise of incentive stock options, has not undertaken an equity financing since April, 2010.

Subsequent to September 30, 2012, and up to the date of this report, the Company produced and exported dore bars containing approximately 2,500 ounces of gold and 6,400 ounces of silver of which 1,766 ounces of gold and 3,400 ounces of silver have been sold to date for aggregate proceeds of approximately $3.2 million. The balance of the unsold gold of approximately 730 ounces, with a market value of approximately $1.3 million, is expected to be sold in the coming week.

Furthermore, on November 9, 2012 the Company received proceeds of $600,000 from entering into a loan agreement with a local Ecuadorian bank. The Loan is secured by the Company owned office premises in Quito.

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 advanced-stage Jerusalem Project, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the advanced-stage Dynasty Goldfield.

For further information regarding the Company's Zaruma project readers should refer to the Company's Independent Technical Report entitled "Independent Preliminary Assessment - Zaruma Project - El Oro Province" dated August 21, 2006, available on SEDAR at www.sedar.com.

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

Forward-Looking Statements

This news release contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature, including, without limitation, statements regarding Dynasty's future plans, the expected benefits derived from the utilization of new equipment, and expectations relating to the Cabo de Hornos mine. Forward-looking statements are not based on historical facts, but rather on then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including assumptions that the Company will be able to continue its progress in respect of its mines as planned, that the Falcon concentrator will be installed as described, that the Company will continue to sell processed gold and silver at levels that allow it to fund the continued development of its mining projects, and that the Company's equipment will operate at expected levels. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Dynasty's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important risks that could cause Dynasty's actual results, revenues, performance or achievements to differ materially from Dynasty's expectations include, among other things: (i) risks related to being an early stage producer; (ii) risks related to Dynasty's lack of history in producing metals from Dynasty's mineral exploration properties and its ability to successfully establish mining operations or profitably produce precious metals; (iii) that Dynasty will be unable to successfully negotiate agreements with the holders of surface rights on areas covered by Dynasty's project concessions; (iv) changes in the market prices of gold, silver, and other minerals, which, in the past, have fluctuated widely and which could affect the profitability of Dynasty's operations and financial condition; (v) risks related to governmental regulations, including taxation statutes; (vi) risks related to Dynasty's primary properties being located in Ecuador, including political, economic, and regulatory instability; (vii) uncertainty in Dynasty's ability to obtain and maintain certain permits necessary to the Company's current and anticipated operations and risks disclosed in Dynasty's Annual Information Form for the year ended December 31, 2011 and other filings which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. Other than in accordance with its legal or regulatory obligations, Dynasty is not under any obligation and Dynasty expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities law.

Contacts:
Dynasty Metals & Mining Inc.
Murray Oliver
(604) 687-0888
[email protected]
www.dynastymining.com

Brisco Capital Partners Corp.
Scott Koyich
(403) 262-9888
[email protected]

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