Dynasty Metals Australia Limited: General Meeting Results

Sydney - In accordance with Section 251AA of the Corporations Act, the following information is provided to ASX Limited in relation to the resolution considered by members of Dynasty Metals Australia Limited (ASX: DMA) at its General Meeting held on 27 September 2010.

Resolution 1: Approval of Issue of Securities to Hebei Xinghua Iron and Steel Co. Ltd or Nominees.

The total number of proxy votes exercisable by proxies validly appointed was 32,191,372.


Chairman's Commentary

Directors appreciate that the company's major shareholders have made a clear-cut decision to vote against the resolution to place shares with Hebei Xing Hua Iron & Steel Co. Ltd ('XingHua'). A list of the Top 20 Shareholders is presented in the attachment.

Directors voted their shares in favour of the transaction, in accordance with their recommendation.

It is understood that the main concerns of shareholders was the major shareholding position being offered to XingHua with no premium by placing 40 million shares at A$0.16/share plus 20 million options at exercise price of A$0.20c, expiring December 2012.

Dynasty has completed the second stage drilling at Spearhole, the final results are expected to be received and announced in late October 2010. Dynasty's last Quarterly Report released in August included a map which confirmed the geological interpretation that the mineralised channel of 'detrital iron' (ironstone gravels) extended further to the south and south east of the initial resource area which contained the reported JORC resource announced on 18th March 2010. This map demonstrated that there was potential for significant expansions to the JORC-compliant resources.

Preliminary results from the completed 2010 drilling program further demonstrate the continuation of the channel as shown in the map below (refer to link at bottom of release). This map is a plot of the latest 'visual' results and shows the iron and thickness correlations and which also shows the extent of the detrital iron resource from recent drilling.

Drilling found a continuation of the resource across the entire tenement. Also of note is the significant extension to the thicker higher grade material found in the southern part of the 2009 JORC resource. This thicker channel extends to the southeast for at least 2,500m and widens significantly as shown in the figure below.

Work on the results of the 2010 exploration season drilling and related beneficiation test work on bulk samples is ongoing. An update to the March announced JORC resources is to be finalised; together with initial results of beneficiation, towards the end of October.

Your directors remain confident in the technical integrity of the Prairie Downs Iron Deposit confirmed by the results to date from recent drilling.

For the complete Dynasty Metals announcement including map and figure, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63826-ASX-DMA-506805.pdf


About Dynasty Metals Australia Limited:

Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.

In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.

The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.

During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.



Contact:

Malcolm Carson, Executive Director - Technical
Dynasty Metals Australia Limited
Tel:+61-2-9229-2704

Lewis Tay, Executive Director
Dynasty Metals Australia Limited
Tel:+61-2-9229-2710 (Chinese)
http://www.dynastymetals.com.au