MMP.UN Precious Metals and Mining Trust

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: (416) 861-8729                                                   
Fax: (416) 364-5615

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