Gold Participation and Income Fund Declares Monthly Distribution

TORONTO, ONTARIO, Nov 02 (MARKET WIRE) --
Gold Participation and Income Fund (the "Fund") (TSX: GPF.UN) has
declared its monthly distribution of C$0.06381 per unit payable November
30, 2009 to Unitholders of record as of November 16, 2009.

The Fund's investment objectives are: (i) to maximize total returns for
Unitholders including both long-term appreciation in net asset value
("NAV") per Unit and distributions; and (ii) to pay Unitholders monthly
distributions in an amount targeted to be 6.5% per annum on the NAV of
the Fund. The Fund will seek to achieve its objectives by investing 100%
of its net assets in the gold sector - initially 50% in Shares of SPDR
Gold Trust, an exchange-traded fund that seeks to track the price of gold
by investing directly in gold bullion, and 50% in a portfolio (the
"Managed Gold Portfolio") of equity securities selected from the S&P/TSX
Global Gold Index, a dynamic international benchmark of the world's
leading gold companies.

To generate additional returns above the dividend income earned on the
Fund's investment portfolio, the Fund will, from time to time, write
covered call options in respect of some or all of the securities in the
portfolio. In addition, the Fund may write cash covered put options in
respect of securities in which it is permitted to invest.

The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Units and the Warrants are listed
on the Toronto Stock Exchange under the symbols GPF.UN and GPF.WT,
respectively.

Each Warrant of the Fund entitles its holder to purchase one Unit of the
Fund at a subscription price of $12.00 on November 6, 2009, February 5,
2010, May 7, 2010 or August 6, 2010 (each, an "Exercise Date"). Although
the Warrants may be tendered for exercise during the two-week period up
to and including each Exercise Date, it is recommended that holders
tender their Warrants for exercise no later than two business days prior
to the applicable Exercise Date.

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Distribution Details:
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Distribution per Unit $0.06381
Payable Date: November 30, 2009
Record Date: November 16, 2009
Ex-Dividend Date: November 12, 2009
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A member of the Mulvihill Capital Management Inc. Group of Funds

Contacts:
Gold Participation and Income Fund
Investor Relations
416.681.3966 or Toll Free: 1.800.725.7172
www.mulvihill.com

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