Sentry Select Primary Metals Corp. (TSX: PME) Announces Intention to Make Normal Course Issuer Bid

TORONTO, ONTARIO (TSX: PME) announces that it intends to purchase up to 1,709,690 of the class A shares of the Corporation (the "Shares") for cancellation by way of a normal course issuer bid through the facilities of The Toronto Stock Exchange (the "TSX"). The 1,709,690 Shares represent approximately 10% of the public float of the Corporation. As of July 16, 2008, 17,167,900 Shares were issued and outstanding. The public float of 17,096,900 Shares has been calculated as the currently issued and outstanding Shares, excluding those Shares that are owned and controlled by the Corporation, the principal securityholders of the Corporation or the directors and senior officers of the Corporation and excluding those Shares that are pooled, escrowed or non-transferable.

The purchases may commence on July 21, 2008 and will terminate on July 20, 2009, or on such earlier date as the Corporation may complete its purchase or provide notice of termination. Any such purchases will be made by the Corporation at the prevailing market price at the time of such purchases in accordance with the requirements of the TSX.

If Class A Shares are offered on the TSX at prices that are less than 90% of the latest determined net asset value per Share, the manager of the Corporation intends to offer to purchase such Shares, if it determines that such purchases are in the best interests of Shareholders, and subject to compliance with the applicable regulatory requirements and limitations.

The Corporation will not purchase in any 30-day period more than 343,358 Shares, representing 2% of the issued and outstanding Shares as at the date of acceptance of the notice of the normal course issuer bid by the TSX.

In the 12 months preceding the date of this release, the Corporation has purchased for cancellation 1,254,000 Shares pursuant to an expiring normal course issuer bid at an average price of $6.74, and 232,200 Shares pursuant to a mandatory market purchase plan at an average price of $6.08.

To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation intends at present to sell any Shares under this bid. However, sales by such persons through the facilities of the TSX or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased.

Sentry Select Primary Metals Corp.

The Corporation'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 manager has the discretion to alter the composition of the actively managed portfolio at any time.

Trading information

The Class A Shares and the Warrants trade on the TSX under the symbols PME and PME.WT, respectively.

Sentry Select Capital Corp.

Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6 billion in gross assets as of June 30, 2008. 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.

This news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the future performance of the Corporation, including the potential for purchases pursuant to the normal course issuer bid. These statements reflect Sentry Select's current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Sentry Select cannot assure that the forward-looking statements contained in this news release will be realized.

Sentry Select Capital 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 Capital Corp. Investor Services (broker/investor inquiries) 1-888-246-6656 [phone] (FAX) Sentry Select Capital Corp. Kinga Lam (media inquiries) 1-888-246-6656 [phone] (FAX) Email: [e-mail] Website: www.sentryselect.com