CEF.U Sprott Physical Gold and Silver Trust

Central Fund of Canada Limited ("Central Fund") (TSX:CEF.A)(TSX:CEF.U)(NYSE
Alternext US:CEF)(NYSE Amex:CEF.A) is pleased to announce that CIBC has
exercised its right to purchase an additional 950,000 Class A Shares at a price
of U.S.$10.50 per Class A Share, for additional gross proceeds of U.S.$9,975,000
to Central Fund. CIBC agreed earlier this morning to purchase 19,050,000 Class A
Shares for gross proceeds of U.S.$200,025,000.


The purchase price of U.S.$10.50 per Class A Share was non-dilutive and
accretive for the existing Shareholders of Central Fund. The additional net
proceeds have been committed to purchase gold and silver bullion for settlement
at closing, in keeping with the asset allocation policies established by the
Board of Directors of Central Fund. Any additional capital raised by this
underwriting is expected to assist in reducing the annual expense ratio in
favour of the Shareholders of Central Fund.


Central Fund has filed a base shelf prospectus and registration statement with
the Canadian securities regulatory authorities and the United States Securities
and Exchange Commission ("SEC") for the offering to which this communication
relates. Before you invest, you should read the base shelf prospectus and
prospectus supplements and any other documents Central Fund has filed with the
securities commissions in each of the provinces and territories of Canada,
except Quebec, and the SEC for more complete information about Central Fund and
this offering. You may obtain a copy of the base shelf prospectus and prospectus
supplements filed in the United States from CIBC, 425 Lexington Avenue, 5th
Floor, New York, New York 10017, by fax at 212-667-6303 or by e-mail at
useprospectus@us.cibc.com. You may obtain a copy of the base shelf prospectus
and prospectus supplements filed in Canada from CIBC, fax 416-594-7242 or
request a copy by telephone at 416-594-7270. 


Statements contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Central Fund's
actual results could differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, those risks detailed in Central
Fund's filings with the Canadian securities regulatory authorities and the SEC.


Central Fund of Canada Limited (est. 1961) is an exchange-tradeable, refined
gold and silver bullion holding company. Class A Shares are qualified for
inclusion in many North American regulated accounts. Central Fund's bullion
holdings are stored on an unencumbered, allocated, segregated and insured basis
in the treasury vaults of a major Canadian bank and are inspected semi-annually
in the presence of Central Fund's auditors and bank representatives. Class A
Shares are quoted on the NYSE Amex, symbol CEF and the TSX, symbols CEF.A (Cdn.
$) and CEF.U (U.S. $).

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