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PRESS RELEASECentral Gold-Trust Purchases An Additional 11,200 Troy Ounces of Physical Gold Bullion Ancaster, Ontario, Canada Monday, July 21, 2003 Central Gold-Trust is pleased to announce the purchase of an additional 11,200 troy ounces of physical gold bullion with the net proceeds from its Agents’ exercise of the full amount of their over-allotment option to purchase 300,000 voting Units at C$20.00 per Unit for C$6,000,000 that closed on Thursday, July 17, 2003. Central Gold-Trust now holds 87,200 troy ounces of gold representing 96.1% of net assets comprised of 82,800 troy ounces of physical gold bullion (91.3%) and 4,400 troy ounces in gold certificate form (4.8%). The balance of 3.9% of net assets is comprised of Canadian and United States dollars. Physical gold bullion holdings are represented by total purchases to date of 207 international gold bars of 400 troy ounces. Central Gold-Trust awaits final delivery confirmations of the bars and their precise weights. Standard LBMA “Good Delivery” bars are permitted to range in weight from 350 to 430 troy ounces. Most refined gold bars are at close variances to 400 troy ounces. Thus, there are always some variances in weights of delivered bars that must be adjusted, settled and accounted for upon confirmed delivery. When in receipt of the final deliveries of purchased bars, Central Gold-Trust may convert more of its cash into additional physical gold bullion. Central Gold-Trust is a self-governing limited purpose trust established under the laws of Ontario on April 28, 2003. Its purpose is to invest substantially all of its assets in unencumbered physical gold bullion, in 400 troy ounce international bars. Central Gold-Trust provides investors an exchange-tradable, convenient, low-cost and secure investment alternative for the ownership of gold bullion that is physically stored in allocated, segregated and insured safekeeping in a major Canadian chartered bank treasury vault. Units of Central Gold-Trust are eligible as Canadian property for RRSPs, DPSPs, RRIFs and RESPs. Central Gold-Trust anticipates that the Units will be considered as capital property for most investors and thereby qualify for capital gains tax treatment. Central Gold-Trust Units provide global investors with the first North American exchange tradable gold bullion proxy, with the convenience of North American exchange trading hours. The Units of Central Gold-Trust are listed for trading on the Toronto Stock Exchange and are available for purchase by world-wide investors under the TSX symbol GTU.UN . Some quotation systems are showing Central Gold-Trust’s quotation symbol as GTU_u.TO . Central Gold-Trust is now well and soundly established as “The Gold Bullion Trust”.
Information
regarding Central Gold-Trust is available at
www.gold-trust.com. |
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