News Releases

Guardian Group of Funds Ltd. Announces Maximum $20-Million IPO of GGOF 2007 Mining Flow-Through Limited Partnership

GGOF today announced that a preliminary prospectus has been filed on behalf of GGOF 2007 Mining Flow-Through Limited Partnership (the “Partnership”), and a receipt issued therefor by all of the Canadian securities regulators, for its initial public offering of limited partnership units. The maximum gross proceeds of the offering are set at $20-million (800,000 Units).

The Partnership's investment objective is to provide holders of Units with a tax-assisted investment in a diversified portfolio of equity securities of mining issuers with a view to earning income and achieving capital appreciation for limited partners.

In order to achieve its investment objective, the Partnership will invest in flow-through shares of mining issuers that may incur Canadian exploration expense and that: (i) have experienced management; (ii) have a strong exploration program in place; (iii) may require time to mature; and (iv) offer the potential for future growth. The Partnership's Portfolio Manager expects to invest the portfolio primarily in mining issuers listed on Canadian stock exchanges.

GGOF is the manager of the Partnership and has retained Jones Heward Investment Counsel Inc. to provide all of the investment counselling and portfolio management services to the Partnership. Bill Belovay, Vice President and Portfolio Manager of Jones Heward Investment Counsel Inc., will be primarily responsible for the management of the portfolio.

This offering is made by a syndicate of securities dealers co-led by BMO Capital Markets and CIBC World Markets Inc., and includes National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Adams, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Richardson Partners Financial Limited, Blackmont Capital Inc., Desjardins Securities Inc., Raymond James Ltd., GMP Securities L.P. and Berkshire Securities Inc.

GGOF provides investors with a full product line of 35 mutual funds, diversified by asset class, geographic region and capitalization. GGOF, with $6.21 billion of mutual fund assets under management at June 30, 2007, offers its funds exclusively through financial intermediaries.

GGOF is a member of BMO Financial Group and part of the organization's
Private Client Group. The Private Client Group provides integrated wealth
management services in Canada and the United States and had total assets under management and administration and term investments of $299.86 billion as at April 30, 2007.

This press release is not for distribution in the United States.

A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of a distribution to the public. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory.

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