Guardian Group of Funds Ltd. Announces Maximum $50-Million IPO of GGOF 2008-I Mining Flow-Through Limited Partnership



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

    TORONTO, Dec. 20 /CNW/ - GGOF today announced that a preliminary
prospectus has been filed on behalf of GGOF 2008-I Mining Flow-Through Limited
Partnership (the "Partnership"), and a receipt issued therefore 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
$50-million (2,000,000 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., Raymond James Ltd.,
Berkshire Securities Inc. and Genuity Capital Markets.
    GGOF provides investors with a full product line of 35 mutual funds,
diversified by asset class, geographic region and capitalization. GGOF, with
$5.84 billion of mutual fund assets under management at November 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 $275 billion as at
October 31, 2007.

    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.





For further information:

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

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BMO GUARDIAN FUNDS

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