AGF Makes Early Warning Report



    TORONTO, May 26 /CNW/ - AGF Funds Inc. ("AGF") today announced that as a
result of an increase in the fully diluted outstanding shares of Silvermet
Inc. (V.SYI) caused by the expiration of warrants, AGF, on behalf of its
clients, now has direction over:

    
    -   8,366,933 shares (or 8.199% of the outstanding shares calculated on a
        fully diluted basis) of Silvermet Inc. (V.SYI).
    

    The increase in the fully diluted outstanding shares resulted from a
corporate action and it is not AGF's intention to influence the control or
direction of Silvermet Inc. (V.SYI).

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of award-winning mutual
funds, AGF Elements portfolios, the Harmony asset management program, AGF
Asset Management Group services for institutional and high-net-worth clients,
as well as AGF Trust GICs, loans and mortgages. With approximately $35.9
billion in total assets under management, AGF serves more than one million
investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.





For further information:

For further information: Martin Hubbes, Executive Vice-President and
Chief Investment Officer, AGF Funds Inc., (416) 367-1900


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