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GGOF 2008-I Mining Flow-Through Limited Partnership Raises $7.2 Million Through Initial Public Offering

Guardian Group of Funds Ltd. (GGOF) today announced that GGOF 2008-I Mining Flow-Through Limited Partnership (the “Partnership”) has completed the first closing of its initial public offering of limited partnership units. The Partnership issued 289,049 limited partnership units at a price of $25.00 each, for gross proceeds of $7,226,225. The maximum amount of the offering is $50 million and the offering remains open to investors.

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.

GGOF provides investors with a full product line of 35 mutual funds, diversified by asset class, geographic region and capitalization. GGOF, with $5.47 billion of mutual fund assets under management at January 31, 2008, 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 $275 billion as at October 31, 2007.

This offering was 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., Raymond James Ltd., Berkshire Securities Inc. and Genuity Capital Markets.

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

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