MMP.UN Precious Metals and Mining Trust

Precious Metals and Mining Trust (the "Trust") (TSX: MMP.UN) is pleased to announce that the Trust's treasury offering (the "Offering") closed today. The Offering raised aggregate gross proceeds of $75 million and resulted in the issuance of an additional 7,095,553 units of the Trust ("Units"). Units were issued at a price of $10.57 per Unit, which reflects the Trust's net asset value per Unit of $10.12 as at November 19, 2010, plus the fees and expenses of the Offering. The Agents (as defined below) have been granted an over-allotment option exercisable within 30 days of the closing of the Offering to purchase an additional 1,064,333 Units which, if fully exercised, would bring the total gross proceeds of the Offering to approximately $86.25 million, before deducting the payment of expenses of the Offering by the Trust.

Use of proceeds

Subject to the Trust's investment restrictions, the net proceeds of the 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, with a current emphasis in the gold sector, listed on a North American stock exchange. The Trust trades on the Toronto Stock Exchange under the symbol MMP.UN.

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., TD Securities 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 including, but not limited to, the intended use of proceeds from the 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 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 o-n 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 prospectus. The final short form prospectus, dated November 22, 2010, contains important detailed information about the securities being offered. Copies of the final short form prospectus may be obtained from the Agents or is available electronically at www.sedar.com. Investors should read the 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: (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