Precious Metals and Mining Trust (TSX: MMP.UN) Provides Further Update on Warrant Offering

   Precious Metals and Mining Trust (TSX: MMP.UN) (the "Trust") wishes to provide unitholders and warrant holders with a further update on the Trust's warrant offering.

On March 16, 2010, the Trust announced that it would issue warrants (the "Warrants") to subscribe for Trust units (the "Warrant Offering") to its unitholders of record at the close of business (Toronto time) on March 30, 2010 (the "Record Date").

Unitholders received one Warrant for each Trust unit held on the Record Date.

The Warrants can be exercised up until the expiration date of July 23, 2010 at 4:00 p.m. (Toronto time) (the "Warrant Expiry Time"). Warrant holders should contact their broker or investment advisor in advance of the Warrant Expiry Time as each broker or investment advisor may require additional lead time to process a request.

Warrants and subscription price

One Warrant entitles the holder to purchase one Trust unit at a price of $7.42 per unit (the "Exercise Price") before the Warrant Expiry Time. At the close of business on July 15, 2010, the Trust's net asset value per Trust unit was $8.21 and the Trust's fully diluted net asset value was $8.01. On July 19, 2010, the Trust's closing market price was $7.70 per Trust unit.

Discount to NAV and market price

The subscription price of $7.42 represents a discount of 7.4% to the fully diluted net asset value per Trust unit on June 15, 2010 and a discount of 3.6% to the market price per Trust unit on July 19, 2010.

Distribution guidance

In a press release on June 22, 2010, Sentry Investments ("Sentry") announced that for the next 12 months, the indicative monthly distribution amount for the Trust will remain at $0.10 per unit. However if the make-up of the Trust's portfolio changes, distributions may differ.

Proceeds and expenses of the Offering

If all of the Warrants are exercised, the Trust will issue 9,717,733 Trust units for total net proceeds of approximately $70.26 million after deducting the payment of the expenses of the Warrant Offering and the Warrant exercise fee by the Trust.

Additional subscription privilege

Each Warrant holder who has subscribed for all of the Trust units to which such holder is entitled may subscribe pro rata for additional Trust units, if available, that were not subscribed for initially, at a price equal to the Exercise Price. Warrant holders who wish to use the additional subscription privilege should review the prospectus and the warrant indenture for further details.

Listing and trading

The Warrants began trading on the Toronto Stock Exchange (the "TSX") on March 26, 2010 under the symbol MMP.WT. On July 19, 2010, the Warrants' closing market price per warrant was $0.385 per warrant.

Use of proceeds

Subject to the Trust's investment restrictions, the net proceeds of this Warrant Offering will be invested by the Trust in securities in accordance with the investment objectives and the investment strategy of the Trust.

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 listed on a North American stock exchange. The Trust units trade on the TSX under the symbol MMP.UN.

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 and/or the Trust. The forward-looking statements are not historical facts but reflect Sentry's current expectations regarding future results or events including, but not limited to, the intended use of proceeds from the Warrant Offering. 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 and/or the Trust 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.

This offering is only made by short-form prospectus. The short-form prospectus dated March 15, 2010, as amended, contains important detailed information about the securities being offered. Copies of the short-form prospectus may be obtained from the issuer or are available electronically at www.sedar.com. Investors should read the short-form prospectus before making an investment decision.

Sentry Investments
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: [phone]
Fax: [phone]

Contacts: Sentry Investments Client Services (broker/investor inquiries and media inquiries) 1-800-730-4623 416-364-1197 (FAX) [e-mail] www.sentryselect.com