MMP.UN Precious Metals and Mining Trust

Precious Metals and Mining Trust (the "Trust") (TSX: MMP.UN) is pleased to announce that a preliminary short form prospectus in connection with a treasury offering (the "Offering") of units (the "Units") has been filed with, and the receipt issued by, the securities commissions and regulatory authorities in each of the provinces and territories of Canada. The Offering will be priced at not less than the most recently calculated net asset value per Unit prior to the date of the final short form prospectus plus the estimated fees and expenses of the Offering.

Precious Metals and Mining Trust

The Trust is a closed-end investment 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 mining issuers, with a current emphasis in the gold sector, listed on a North American stock exchange.

Agents

The syndicate of agents, co-led by RBC Capital Markets and CIBC, includes BMO Capital Markets, Canaccord Genuity Corp., National Bank Financial Inc., Scotia Capital Inc., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Desjardins Securities Inc., Industrial Alliance Securities Inc., Mackie Research Capital Corporation, Macquarie Private Wealth Inc., Manulife Securities Incorporated and Wellington West Capital Markets Inc. (the "Agents").

Sentry Investments

Sentry Investments is a Canadian asset management company that offers a diverse range of investment products including mutual funds, hedge funds, flow-through limited partnerships, closed-end trusts and other alternative investments, covering a variety of domestic and global mandates.

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 Sentry Select Capital Inc. ("Sentry"), the manager of the Trust, and/or the Trust. The forward-looking statements are not historical facts but reflect Sentry'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 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 and/or the Trust 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. For a complete disclosure record of the Trust, please visit the Trust's profile at www.sedar.com.

A preliminary short-form prospectus dated November 15, 2010 containing important information relating to these securities has been filed with the securities commissions or similar authorities in all of the provinces and territories of Canada. The preliminary short-form prospectus is still subject to completion or amendment. Copies of the preliminary short-form prospectus may be obtained from the Agents or is available electronically at www.sedar.com. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Sentry Investments
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615

Contacts: Sentry Investments Client Services (broker/investor inquiries and media inquiries) 1-888-730-4623 416-364-1197 (FAX) info@sentry.ca www.sentry.ca