March 3, 2004

News Release: Preliminary Gas-In-Place Estimate of 65 Billion Cubic Feet Announced at Dynatec Coal-Bed Methane Project

Dynatec Corporation (DY - TSX) today announced a preliminary gas-in-place (GIP) estimate of 65 billion cubic feet at its Anthem coal-bed methane project in West Virginia. The project involves the leasing of coal-bed methane rights to 42,053 acres in an area of West Virginia known to be a quality source of coal-bed methane. The preliminary GIP estimate was calculated by Questa Engineering Corporation, the project's independent reservoir engineer, based on total coal tonnage and the average of a range of test well results.

W.R. (Bob) Dengler, President and CEO of Dynatec, commented: 'We are encouraged by the results announced today, which indicate that we have a significant methane gas deposit on our leased property. Going forward, our plan is to drill our first pilot production pattern during the second quarter, with additional pilot patterns to follow in the latter half of the year. Production results from these pilot wells will then be used to design and establish full-scale operating well patterns. We expect to commence pipeline deliveries of methane gas from at least the pilot patterns before the end of 2004.'

The GIP estimate disclosed in this press release does not constitute a resource or reserve as defined under the newly adopted National Instrument (NI) 51-101 and the Canadian Oil and Gas Handbook. Under provisions of NI 51-101, establishing a prospective gas resource requires demonstration that production is technically viable and the gas is economic to recover. Dynatec expects to be in a position to announce a coal-bed methane resource as defined under NI 51-101 during the second quarter, after completion of a further series of field tests and individual well pump testing. A proved reserve under NI 51-101 relates to quantities of gas remaining in known accumulations that can be estimated with a high degree of certainty to be economically recoverable. An important objective of the pilot production program, scheduled to begin during the second quarter of 2004, is to demonstrate commercial rates of production, which is required in order to establish a proved reserve as defined by NI 51-101.

About Dynatec Corporation

Dynatec Corporation, based in Richmond Hill, Ontario, is a growing mining company with mining, drilling and metallurgical operations. It also produces a variety of industrial mineral products and is pursuing opportunities to expand its capabilities in the high-potential market for coal-bed methane. The Company's growth strategy is focused on creating value by applying its operating and technical expertise to direct production and project ownership. For more information about Dynatec and its business strategy, please see the Company's website at www.dynatec.ca.

This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward- looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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For further information: please contact Dynatec Corporation: Mark Utting, Director, Communications and Investor Relations, (905) 780-1980 Ext. 329, (905) 780-1990 (Fax), Email: utting(at)dynatec.ca, Website: www.dynatec.ca

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