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

SOURCE: Gold Participation and Income Fund

http://www.mulvihill.com

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