Dynamite Resources Adds Drill to Mike Lake Gold-Copper Project, Yukon

TORONTO, ONTARIO--(Marketwire - July 22, 2008) - Dynamite Resources Ltd. (TSX VENTURE: DNR.V) today announced that an additional drill rig will be placed on the Mike Lake gold-copper property, located in the Yukon Territory, which brings the total number of drills operating at Mike Lake to three. The 2008 drill program at Mike Lake will now comprise 10,000 metres of drilling with a total exploration budget of $6.5 million. To date, a total of 3,000 metres has been drilled on the property.

"We are excited about the progress being made at Mike Lake," commented Stan Bharti, Chairman of Dynamite Resources Ltd. "Adding another drill to the property will allow our team to fast track the data collecting process, which will enable us to gain a better understanding of the geological model and the distribution of mineralization at Mike Lake. We look forward to releasing the first set of assays from this program in the coming months."

Mike Lake Project

The Mike Lake gold-copper project is located in the prospective Tintina Gold Belt, Yukon and is situated 25 km north of the former Brewery Creek gold mine and 70 km northeast of the Klondike Goldfields.

In 2007, nine holes were drilled over three targets with a combined total of 1,827 metres of diamond drilling (Upper Skarn Ridge (one hole), the Anvil Stock (three holes) and Bindie Birdie (five holes)). Results from the Upper Skarn Ridge discovery hole cut a section of skarn mineralization grading 0.61% copper (Cu), 1.38 g/t gold (Au) and 13.6 g/t silver (Ag) over 89.31 metres near surface (refer to press release dated October 11, 2007). The Company also reported tungsten oxide assays for the discovery hole with grades averaging 0.044% (refer to press release dated January 29, 2008).

About Dynamite Resources

Dynamite Resources is a Canadian mineral exploration and development company with a focus on three highly prospective projects. Dynamite's projects include the Mike Lake gold-copper project in Canada's mineral rich Tintina Gold Belt; Lake Torrens, an iron-oxide copper-gold-uranium project that adjoins BHP Billiton's Olympic Dam Mine in South Australia; and four uranium and gold properties located in Kyrgyzstan's Tien Shan Mineral Belt. The Company plans to drill approximately 10,000 metres in 2008 at the Mike Lake project. Dynamite will have approximately $20 million in cash at the completion of the 2008 Mike Lake, Kyrgyz and Lake Torrens exploration programs.

Cautionary Note Regarding Forward-Looking Information. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, statements regarding exploration prospects, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration and requirements for additional capital. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages, other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To View Figure 1: Location and Proximity Map, Please click the following link: http://media3.marketwire.com/docs/722dnr.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release.

Contacts

David Argyle
Dynamite Resources Ltd.
President and CEO
(416) 861-2965