CEF.U Sprott Physical Gold and Silver Trust

Central Fund of Canada Limited ("Central Fund") (TSX:CEF.A)(TSX:CEF.U)(NYSE
Amex:CEF) is pleased to announce that a syndicate of underwriters (the
"Underwriters") led by CIBC have exercised their right to purchase an additional
1,475,000 Class A Shares at a price of U.S.$13.56 per Class A Share, for
additional gross proceeds of approximately U.S.$20 million to Central Fund. The
Underwriters agreed earlier this morning to purchase 15,500,000 Class A Shares
for gross proceeds of approximately U.S.$210 million.


The purchase price of U.S.$13.56 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. 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 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 filed in the United States from CIBC World Markets
Corp., 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 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 unencumbered in allocated and segregated safekeeping in
Canada, in the treasury vaults of the Canadian Imperial Bank of Commerce. The
gold and silver bullion is physically inspected by Ernst & Young LLP in the
presence of Central Fund's Directors and Officers as well as bank officials.
Class A Shares are quoted on the NYSE Amex LLC, symbol CEF and on the TSX,
symbols CEF.A (Cdn. $) and CEF.U (U.S. $).

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