Investors

Pinetree Capital Ltd. Acquires Securities Of Silver Spruce Resources Inc.

TORONTO, Ontario (May 14, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that, though a series of transactions ending on May 11, 2007, it acquired ownership of 279,000 common shares (“Common Shares”) of Silver Spruce Resources Inc. (“Silver Spruce”) through the facilities of the TSX Venture Exchange representing approximately 1.0% of the total issued and outstanding common shares of Silver Spruce as of May 11, 2007.   As a result of these transaction, Pinetree holds an aggregate of 2,912,300 common shares of Silver Spruce which represents approximately 10.2% of the total issued and outstanding common shares of Silver Spruce as of May 11, 2007.

These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Silver Spruce depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index.  Pinetree is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.