Dynacor Gold Mines Inc. ( dynacor )
Symbol : DNG
Toronto Stock Exchange (TSX)

Dynacor Gold Mines Inc. reports record net earnings of more than $297,000 in Q3 2008

Montr�al, Qu�bec, November 17, 2008 � Dynacor Gold Mines Inc. (Dynacor TSX:DNG) is pleased to announce record net earnings exceeding $297,000 as well as its financial results for the 3rd quarter of 2008. The consolidated financial statements (all currency figures appear in Canadian dollars unless otherwise specified) along with management's discussion and analysis are available on Dynacor's website at www.dynacorgold.com and the documents have been filed with SEDAR at www.sedar.com.

Highlights for the three-month and the nine-month periods ended September 30, 2008

� Net earnings of $297,528 for the three-month period ended September 30 and of $559,429 for the nine-month period;

� Gold sales increased by 27% to reach 9,508 ounces (as compared to 7,478 ounces in Q3 2007);

� Sales of $8,379,445 for the three-month period ended September 30, 2008, for a total of $23,359,567 since the beginning of the year;

� Working capital of $3,889,346 as of September 30, 2008 ($713,114 as of September 30, 2007).

Operating Activities for the three-month period ended September 30, 2008

The Company recorded net earnings of $297,528 in comparison with net earnings of $185,953 for the same period in 2007. Gross earnings before amortization were $995,739, compared to $463,139 for Q3 2007. General and administrative expenses were $364,201, which represents a decrease in comparison with Q2 2008 ($477,060).

The income tax burden is composed of the taxes of the Peruvian subsidiary, at a rate of 30%. The effective tax rate is different from statutory rate because the Canadian parent company has recorded a loss and cannot record this tax benefit.

Gold Production from Custom Milling

In 2007, the Company had established a sales goal of 25,000 ounces for 2008. During the third quarter, gold sales were 9,508 ounces adding up to a total of 25,484 ounces for the first nine months of 2008. The Company has therefore, during the third quarter, already surpassed its sales goal for 2008.

Exploration Outlook

Tumipampa
In late 2007, the Company began a 4,000 meter drilling campaign and a surface exploration program. A total of 21 drill holes have been completed. The results compiled so far are very encouraging since they have revealed the continuity and significance of the target structures.

A new Skarn structure has been identified and sampled. Surface samples of the latter structure are very encouraging. The first drill hole in this new Skarn structure shows a gold and copper mineralization, notably gold grades of 15.3g/t over 4.9 meters (real thickness). The Company plans to further drill this Skarn structure. However, before undertaking this new drilling campaign, the Company wishes to carry out a detailed geochemical and geophysical survey as well as to finish its systematic surface sampling program of the property. With all of this data the Company will be able to estimate the size and importance of the Skarn and better the positioning of its future drilling targets. Sampling results and the drilling data obtained so far have been published (see Press Releases dated February 12, July 15 and September 4, 2008).

Mr Alain-Jean Beauregard, a geologist from G�ologica Groupe Conseil, acts as the qualified person ("QP") for the Company regarding the sampling procedure, the technical information, and the supervision of fieldwork. As he frequently visits the properties, he can therefore assess, in compliance with 43-101 regulations, of the precision and accuracy of the results and of the mining and geological knowledge relating to the Tumipampa property.

ABOUT DYNACOR GOLD MINES INC.

Dynacor is a gold exploration and mining company, that has been active in Peru through its subsidiaries since 1996. The Company's assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor's strength and competitive advantage comes with the experience and knowledge the Company has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.

For more information, please contact :

Renmark Financial Communications inc.
Barbara Komorowski : bkomorowski@renmarkfinancial.com
Ryan Van De Polder : rvandepolder@renmarkfinancial.com
Tel. : 514 939-3989
Fax : 514 939-3717
www.renmarkfinancial.com