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



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES/

    TORONTO, Feb. 28 /CNW/ - 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.





For further information:

For further information: Gavin Graham, GGOF, (416) 350-3151; JoAnne
Hayes, BMO Financial Group, (416) 867-3996

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