Ms. Helen Balk of Tocqueville Asset Management reports

THE TOCQUEVILLE GOLD FUND ANNOUNCES ACQUISITION OF COMMON SHARES OF SCORPIO MINING CORPORATION

On March 16, 2011, the Tocqueville Gold Fund acquired beneficial ownership of 5,272,120 common shares of Scorpio Mining Corp. on the open market through the facilities of the Toronto Stock Exchange at a price of 99 cents per common share. This acquisition represented 2.79 per cent of the issued and outstanding common shares as at March 16, 2011. Immediately after the completion of the transaction on March 16, 2011, the fund beneficially owned 21,971,662 common shares, representing 11.63 per cent of the issued and outstanding common shares as at March 16, 2011.

The fund is a non-diversified open-end management investment company registered under the United States Investment Company Act of 1940, as amended. The fund is a series of the Tocqueville Trust, which is organized as a Massachusetts business trust. Tocqueville Asset Management LP acts as the investment adviser of the fund and has authority to exercise control or direction over the common shares that are beneficially owned by the fund.

The investment adviser, on behalf of the fund, made several acquisitions and dispositions of common shares on the open market through the facilities of the Toronto Stock Exchange after the completion of the transaction on March 16, 2011, which gave rise to the reporting obligation. After giving effect to all acquisitions and dispositions of common shares up to July 22, 2014, the fund now beneficially owns 26,190,819 common shares, representing 13.19 per cent of the issued and outstanding common shares as at July 22, 2014.

The common shares beneficially acquired by the fund are held for investment purposes. These investments will be reviewed on a continuing basis by the investment adviser and such holdings may be increased or decreased in the future. The investment adviser, on behalf of the fund, may in the future acquire or dispose of the common shares through the open market, privately or otherwise, as circumstances or market conditions warrant.

The fund has filed an early warning report pursuant to National Instrument 62-103, the early warning system and related takeover bid and insider reporting issues, describing the above transactions with applicable securities regulatory authorities, a copy of which shall be sent promptly to anyone who requests it from the representative of the investment adviser. However, the fund did not issue a press release or file an early warning report as required by applicable Canadian securities legislation in respect of the acquisition of the 5,272,120 common shares on March 16, 2011. The fund has reported this to applicable securities regulatory authorities.