Sentry Select Primary Metals Corp. Announces the Commencement of Monthly Cash Dividend and Strategic Review Process Update

  Sentry Select Primary Metals Corp. (the "Corporation") (TSX: PME), is pleased to announce that the Corporation will commence paying a cash dividend of $0.05 per Class A share per month. Based on the net asset value per share on August 6th, 2009 of approximately $6.41 the dividend represents a cash on cash yield of 9.36%. The first payment will be made on September 15, 2009 to shareholders of record on August 31, 2009. As the Corporation has available tax losses, the dividends are expected to be treated as a return of capital for tax purposes.

The decision to implement a regular monthly dividend is part of an ongoing strategic review process being carried out by the independent members of the Board of Directors of the Corporation (the "Independent Directors"), as first announced on April 30, 2009. As of August 10, 2009, the Corporation's Class A share price performance was approximately 76.49% year-to-date and one-year performance is approximately 28.5%.

The Independent Directors are continuing their review of strategic alternatives for the Corporation with a view to maximizing shareholder value. Results of the strategic review process will be announced as soon as practicable and, should the Independent Directors conclude that any further action is warranted, by no later than September 30, 2009.

Sentry Select Primary Metals Corp.

Sentry Select Primary Metals Corp.'s investment objective is to provide shareholders with long-term capital appreciation by investing in an actively managed portfolio consisting primarily of securities of mining and exploration issuers. Although the Corporation's initial intended focus was to invest in issuers that are engaged in the production of and/or exploration for uranium, nickel and molybdenum, the composition of the actively managed portfolio may be altered at any time.

Sentry Select Capital Inc.

Sentry Select Capital Inc., the manager of the Corporation, is a Canadian wealth management company that offers a diverse range of investment products including closed-end investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, 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 the Corporation. The forward-looking statements are not historical facts but reflect the Corporation'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, including the ability of the Corporation to pay the indicated dividends on the dates specified and the timing of the release of the results of the Corporation's strategic review, if any. Although the Corporation 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. For a complete disclosure record of the Corporation, please visit the Corporation's profile at www.sedar.com.

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

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