Overallotment

PRESS RELEASE

For Immediate Release

Central Gold-Trust Agents Fully Exercise Over-allotment Option

Initial Public Offering Is Increased To C$46,000,000.

Ancaster, Ontario, Canada

Thursday, July 17, 2003

Central Gold-Trust is pleased to announce that its syndicate of Agents has fully exercised its over-allotment option with today’s purchase of an additional 300,000 Units at C$20.00 per Unit, for aggregate gross proceeds of C$6,000,000. The syndicate previously placed 2,000,000 Units at C$20.00 per Unit for aggregate gross proceeds of C$40,000,000. The additional net proceeds will be substantially invested in gold in accordance with Central Gold-Trust’s Declaration of Trust and stated investment policy.

The syndicate of Agents was co-led by CIBC World Markets Inc. and RBC Capital Markets, and included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Pollitt & Co. Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Haywood Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd. and Sprott Securities Inc.

Central Gold Managers Inc. and Sprott Asset Management Inc., both of which have significant experience in managing gold bullion investments, are serving as Administrator and Advisor.

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 and hold substantially all of its assets in unencumbered physical gold bullion, in 400-troy-ounce international bar form.

Central Gold-Trust provides investors an exchange-tradable, convenient, low-cost and secure investment alternative for gold bullion that is physically stored in allocated, segregated and insured safekeeping in a 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.

The securities offered were not registered under the U.S. Securities Act of 1933, as amended, and were not offered or sold in the United States absent registration or applicable exemption from the registration requirements.

The Units of Central Gold-Trust are listed on the Toronto Stock Exchange with symbol GTU.UN and may now be traded on the TSX by American and world-wide investors.

Information regarding Central Gold-Trust is available at www.gold-trust.com.

For further information, please contact J.C. Stefan Spicer

at 905-304-4653(GOLD) or write to info@gold-trust.com.