November 26, 2003

News Release: Dynatec Corporation Provides Update on Ambatovy Nickel Project

Dynatec Corporation (TSX: DY) today announced that the bankable feasibility study for the Ambatovy nickel laterite project in Madagascar is progressing on schedule for completion by June 2004. Achievements to date are summarized below.

- The basic pressure acid leach flowsheet is essentially complete. Preliminary batch testing of Ambatovy material has shown encouraging results, including favourable liquid-solid separation characteristics. - A 25-tonne bulk sample is currently being extracted from Ambatovy with the first shipment expected to leave Madagascar for the Company's Fort Saskatchewan-based laboratories by the end of the week. Testing of the bulk sample will be used for final refinement of the plant design.
- Following completion of environmental permitting, an in-fill drilling program has commenced for the purpose of establishing proven and probable reserves and confirming the location of higher-grade zones. The program involves about 20,000 metres of closely spaced drilling, which will supplement the more than 900 holes that have already been drilled into the orebody.
- Site selection work is ongoing for the plant, tailings facility and slurry pipeline route, and infrastructure studies are underway.

- Capital and operating cost estimates continue to be evaluated, and will be announced as part of the bankable feasibility study results.

W. R. (Bob) Dengler, Dynatec's President and CEO, commented: 'We are very pleased with the progress being made at Ambatovy. Work to date has gone well, and the results of batch testing have been positive and consistent with the information gained from previous work performed for Phelps Dodge. Bulk sampling has proven to be a straightforward exercise, taking days instead of weeks or months, as is often the case for other mining projects. We are also looking forward to establishing reserves at the mine as the in-fill drilling program progresses, and to isolating the location of high-grade zones, which will help us with the mine plan.

'With the bankable feasibility study on track, Ambatovy is at the forefront of emerging nickel projects. When development is complete, the Ambatovy mine has the potential to be one of the world's largest and lowest cost nickel producers.'

About The Ambatovy Nickel Project

The Ambatovy nickel project is a large tonnage project located approximately 130 kilometers east of Antananarivo, the capital of Madagascar. On August 5, 2003, Dynatec Corporation announced the signing of a joint venture agreement with subsidiaries of Phelps Dodge Corporation to evaluate and develop the project, which has the potential to produce 50,000 tonnes of nickel and 4,000 tonnes of cobalt annually for more than 20 years at operating costs expected to be among the lowest in the world. Dynatec is earning a 53% interest in the project by funding US$20 million of project costs, including completion of the bankable feasibility study, and providing commercial licenses for the use of its metallurgical technologies at the project. Initial production from the Ambatovy project is targeted for 2007.

Dynatec Corporation

Dynatec Corporation is a growing mining company with mining, drilling and metallurgical operations. The Company's expertise has been developed over a 23-year history as a leading service provider to the mining industry. Dynatec's strategy is to grow and create value by applying its extensive capabilities to direct ownership in attractive projects. The Sudbury Joint Venture, which commenced production of nickel, copper, platinum, palladium and gold in May 2003, was the first example of this strategy in action. The Company's agreement to earn a 53% interest in the Ambatovy project in Madagascar is the next step, one that will accelerate Dynatec's plans to become a major global mining company. 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: Dynatec Corporation: Mark Utting, Director, Communications &Investor Relations, (905) 780-1980 Ext. 329, (905) 780-1990 (Fax), Email: utting(at)dynatec.ca, Website: www.dynatec.ca

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