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Sentry Select Primary Metals Corp. Announces Completion of Strategic Review Process

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) - Sentry Select Primary Metals Corp. (the "Corporation") (TSX:PME), is pleased to announce the results of its review of strategic alternatives for the Corporation. The Corporation's special committee (the "Special Committee"), comprised of the independent members of the Corporation's Board of Directors (the "Board"), has recommended, and the Board has subsequently approved, that the approval of the shareholders of the Corporation be sought to restructure the Corporation as follows:

a) amend the management agreement between the Corporation and Sentry Select Capital Inc., the manager of the Corporation (the "Manager"), to reduce the annual management fee payable to the Manager from 1.60% of the Corporation's net asset value, to 1.10%;

b) amend the management agreement to eliminate the Manager's right to receive a performance fee;

c) amend the management agreement to eliminate the Manager's right to receive a termination fee;

d) amend the management agreement to state that the Manager will not resign as the manager of the Corporation;

e) amend the Corporation's articles of amendment to implement an unlimited annual redemption right at the net asset value per Class A Share ("Share"), subject to a declining redemption fee schedule (the "Redemption Fee"); and

f) amend the Corporation's articles of amendment to terminate the Corporation's mandatory market purchase program (collectively, the "Proposal").

The Special Committee has received a fairness opinion from their independent financial adviser, Grant Thornton LLP, stating that the Proposal is fair to the Corporation's shareholders from a financial point of view.

The Proposal remains subject to the review by the Corporation's Independent Review Committee and applicable regulatory approvals.

Redemption Fee Schedule

Depending on the year of the annual redemption, Shares may be subject to a declining Redemption Fee, payable by the redeeming shareholder out of the redemption proceeds. The Redemption Fee will be paid to the Manager and will be equal to the percentage of net asset value per Share as of the applicable redemption date as shown in the following table:

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Annual Redemption Redemption Fee
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2010 5%
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2011 4%
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2012 3%
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2013 2%
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2014 1%
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2015 onwards 0%
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A management information circular and other proxy materials containing further information regarding the Proposal as well as the date, time and location of the Special Meeting of the Corporation's shareholders will be provided to shareholders of record in due course.

Dividend

The Proposal is not expected to affect the Corporation's current monthly dividend rate of $0.05 per Share.

Sentry Select Primary Metals Corp.

Sentry Select Primary Metals Corp.'s investment objective is to provide shareholders with long-term capital appreciation. The Corporation is invested in an actively managed portfolio consisting primarily of securities of mining and exploration issuers, with a current focus on gold and silver issuers.

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 or the Manager. The forward-looking statements are not historical facts but reflect the Corporation's and the Manager'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, but not limited to, the failure to receive any required regulatory approvals or shareholder approval to implement the Proposal. Although the Corporation and the Manager believe 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. A complete disclosure record for the Corporation, please visit the Corporation's profile at [ www.sedar.com ].

Sentry Select Capital Inc.
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