CEF.U Sprott Physical Gold and Silver Trust

Central Fund of Canada Limited (TSX:CEF.A)(TSX:CEF.U)(AMEX:CEF) is pleased to
announce that CIBC World Markets Inc. has exercised its right to purchase an
additional 1,240,000 Class A shares, for additional gross proceeds of
approximately U.S.$11,700,000 to Central Fund. CIBC World Markets Inc. agreed
earlier this morning to underwrite 10,600,000 Class A shares for gross proceeds
of U.S.$100,064,000.


The underwritten price of U.S.$9.44 per Class A share was non-dilutive and
accretive for the existing shareholders of Central Fund. The additional net
proceeds are being substantially invested in gold and silver bullion in
accordance with Central Fund's articles and stated investment policy. It is
anticipated that this additional capital will reduce the annual expense ratio in
favour of the existing and new shareholders of Central Fund.


Class A shares of Central Fund are qualified investments for RRSPs, DPSPs, RRIFs
and RESPs. The Class A shares are also eligible investments in the United States
for various regulated investors and accounts.


Central Fund (est. 1961) amended its Articles in 1983 to provide investors with
an exchange-tradable share reflecting convenient, low-cost and secure ownership
of gold and silver bullion that is physically stored on an unencumbered,
segregated and insured basis and held in safekeeping within a Canadian chartered
bank's treasury vaults. The bullion is audited semi-annually in the presence of
Central Fund's auditors and bank officials.


The Class A shares of Central Fund have been listed on the Toronto Stock
Exchange (CEF.A/CEF.U) since 1966 and on the AMEX (CEF) since 1986. They may be
purchased on either stock exchange by worldwide investors.


CFOC has filed a base shelf prospectus and registration statement with the
Canadian securities regulatory authorities and the United States Securities and
Exchange Commission ("SEC") for the offering to which this communication
relates. An investor should read the base shelf prospectus including any
prospectus supplement and the other documents the Company has filed with the
securities commissions in each of the provinces and territories of Canada,
except Quebec, and the SEC for more complete information about the Company and
this offering. You may obtain a copy of the base shelf prospectus from CIBC
World Markets Corp., Prospectus Department, 425 Lexington Avenue, 5th Floor, New
York, New York 10017, by fax at 212-667-6303, or by e-mail at
useprospectus@us.cibc.com. You may obtain a copy of the base shelf prospectus in
Canada from CIBC World Markets Inc., 6th Floor, 161 Bay Street, Toronto,
Ontario, M5J 2S8, fax 416-594-7242. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale
of these securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such state.


Central Fund of Canada Limited is a refined gold and silver bullion holding company.

Grafico Azioni Sprott Physical Gold and... (TSX:CEF.U)
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Grafico Azioni Sprott Physical Gold and... (TSX:CEF.U)
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