We are developing a new instrument for diffuse optical mammography in parallel plate geometry that operates over a broad spectral range of 600-1000 nm, features a scan time of 1-2 min, and allows for dynamic measurements at a selected region of interest. Furthermore, this new instrument is capable of depth discrimination of optical inhomogeneities embedded in the examined tissue by using multiple off-axis detection fibers. Using a solid silicone phantoms, mimicking breast tissue with 39 mm thickness, we demonstrate the capability of this instrument to recover the depth of blood-vessel-like structures to within similar to 2 mm. Additionally, we demonstrate the capability of this instrument to perform dynamic optical measurements with a temporal sampling rate as high as 20 Hz. We describe our plans to integrate this rich spectral, spatial, and temporal information into a single instrument for translation into clinical measurements on breast cancer patients.