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Precious Metals and Mining Trust (TSX: MMP.UN) announces intention to make normal course issuer bid
2006-10-19

TORONTO: Sentry Select Capital Corp. (the “Manager”), the manager of Precious Metals and Mining Trust (the “Trust”), announced today that the Trust intends to purchase up to 961,090 of the units of the Trust (the “Units”) for cancellation by way of a normal course issuer bid through the facilities of The Toronto Stock Exchange (the “Exchange”). The 961,090 Units represent approximately 10% of the public float of the Trust. As of October 18, 2006, 9,743,500 Units are issued and outstanding. The public float has been calculated as the issued and outstanding Units less Units held by insiders of the Trust.

The purchases may commence on October 23, 2006 and will terminate on October 22, 2007, or on such earlier date as the Trust may complete its purchase or provide notice of termination. Any such purchases will be made by the Trust at the prevailing market price at the time of such purchases in accordance with the requirements of the Exchange.

The Declaration of Trust, which created the Trust, prohibits the Trust from purchasing Units at a price exceeding the NAV per Unit (as defined in the Declaration of Trust). The Declaration of Trust requires the Trust to purchase Units offered on the Exchange at prices less than 95% of the latest determined NAV per Unit (i) provided that the Manager determines that such purchases are in the best interests of the Unitholders, (ii) subject to a maximum number in any three month period of 1.25% of the number of Units outstanding at the beginning of such period, (iii) subject to the provisions of the Declaration of Trust pursuant to which the redemption or purchase of Units may be suspended, and (iv) subject to the rules of the Exchange.

The Trust is permitted, but not required, to purchase Units at prices equal to or greater than 95% of the latest determined NAV per Unit (but not exceeding the latest determined NAV per Unit) and/or in excess of 1.25% of the number of Units outstanding in any three month period, subject to the maximum number of Units described above.

To the knowledge of the Manager, no director, senior officer or other insider of the Manager intends at present to sell any common shares under this bid. However, sales by such persons through the facilities of the Exchange or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other holders whose common shares are purchased.

Trading information and NAV: The Trust units trade on the Toronto Stock Exchange under the symbol MMP.UN. As of October 12, 2006, the Trust’s net asset value was $9.89 per unit and the closing price on the TSX was $8.99 per unit.

The Trust: Precious Metals and Mining Trust is a closed-end trust that aims to provide unitholders with long-term capital appreciation and monthly cash distributions. The Trust invests in an actively managed portfolio consisting primarily of equity securities of metals and minerals mining and exploration issuers listed on a North American stock exchange.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 17 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. As of September 30, 2006, the firm had approximately $8.5 billion in gross assets under management.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1330 info@sentryselect.com www.sentryselect.com


Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).