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Precious Metals and Mining Trust (TSX: MMP.UN) announces intention to make normal course issuer bid
2007-10-22

TORONTO: Sentry Select Capital Corp. (the “Manager”), the manager of Precious Metals and Mining Trust (the “Trust”), announces that the Trust intends to purchase up to 973,661 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 “TSX”). The 973,661 Units represent approximately 10% of the public float of the Trust. As of October 18, 2007, 9,737,610 Units were issued and outstanding. The public float of 9,736,610 Units has been calculated as the issued and outstanding Units less Units held by insiders of the Trust.

Normal course issuer bid: The purchases may commence on October 24, 2007, and will terminate on October 23, 2008, or on such earlier date as the Trust may complete its purchases 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 TSX.

Pursuant to a Trust Agreement, the Trust is permitted, but not required, to purchase Units at prices less than 95% of the latest determined net asset value (“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 calendar quarter, subject to the maximum number of Units described above. Purchases of Units at less than NAV per Unit should have the effect of increasing the NAV per Unit. All purchased Units will be cancelled.

In any 30 day period, the Trust will not purchase more than 194,752 Units (2% of the issued and outstanding Units as at the date of acceptance of the notice of the normal course issuer bid by the TSX).

In the 12 months preceding the date of this release, the Trust has purchased for cancellation 7,000 Units pursuant to an expiring normal course issuer bid at an average price of $9.81.

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

Precious Metals and Mining 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 Canadian wealth management company that manages approximately $8 billion in gross assets as of September 30, 2007. Sentry Select offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. With 29 reporting issuers, Sentry Select is the manager and/or advisor to more TSX-listed entities than any other investment manager. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries)
Tel: 1-888-246-6656 Fax: 416-364-1197 info@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).