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Precious Metals and Mining Trust (TSX: MMP.UN) announces Rights Offering
Toronto: Precious Metals and Mining Trust (the “Trust”) announces that it has filed a preliminary prospectus in connection with an offering of Rights to its unitholders to subscribe for Trust Units (the “Rights Offering”). The Rights Offering is subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange (“TSX”).Rights and Subscription Price: Each unitholder will receive one Right for each Trust unit held on the record date. Two Rights will entitle the holder to purchase one Trust unit at a price of $10.28 per unit (the “Basic Subscription Privilege”). The record date and rights expiration date have not yet been determined. The Trust will make a further announcement with respect to these matters subsequent to the filing of the final prospectus. Additional Trust Units: Holders of Rights who fully exercise their Rights are entitled to subscribe pro rata for additional Trust units, if available, that were not subscribed for initially under the Basic Subscription Privilege.Step Up Privilege: Holders of Rights not evenly divisible by two will be entitled to round up subscriptions to the next highest whole number of Trust units, provided that the aggregate gross proceeds of this Rights Offering do not exceed $58,852,101. Use of Proceeds: The Trust will use the net proceeds of this Rights Offering to (i) acquire, in the open market and through private placements, equity securities of mining issuers and other similar issuers listed on a North American stock exchange, all in accordance with the Trust’s investment objectives, strategy and criteria and (ii) fund its pro rata share of the ongoing fees and expenses of the Trust.Listing and Trading:  The Trust has applied to list the Rights for trading and to list the units issuable upon the exercise of the Rights on the TSX. Listing will be subject to the Trust fulfilling all the listing requirements of the TSX.Trading Information and NAV: Precious Metals and Mining Trust units trade on the TSX under the symbol MMP.UN. As of February 6, 2008, the Trust’s closing price on the TSX was $10.90 per unit.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.Dealer Manager: CIBC World Markets Inc. has been engaged as the Dealer Manager for the Rights Offering.Sentry Select Capital Corp.: Sentry Select Capital Corp. (“Sentry Select”), the manager of the Trust, is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. The company 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. Sentry Select is the manager and/or advisor to 30 TSX-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.More information: Investor Services for broker/investor enquiries or Kinga Lam for media enquiries.  Tel:  1-888-246-6656   Fax: 416-364-1197   

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to the Trust. The forward-looking statements are not historical facts but reflect Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

A preliminary prospectus dated February 6, 2008 relating to these securities has been filed with the securities regulatory authority in each of the provinces and territories of Canada, but has not yet become final for the purpose of the sale of securities to the public. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt of the final prospectus is obtained from such securities regulatory authorities. Important information concerning this offering is contained in the prospectus. Obtain a copy from your financial advisor and read the prospectus before investing.

All defined terms enclosed in this news release, but not defined herein, are as per the preliminary prospectus.

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 (