Investors

Pinetree Capital Ltd. Acquires Securities Of Rye Patch Gold Corp.

TORONTO, Canada  Pinetree Capital Ltd. (TSX: PNP), announces that on February 23, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Rye Patch Gold Corp. (“Rye Patch”) and 1,000,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share at a price of $0.15 per share until February 23, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 4.8% of the total issued and outstanding common shares of Rye Patch as of February 23, 2009.  As a result of this transaction, Pinetree held, as at February 23, 2009, an aggregate of 2,509,500 common shares of Rye Patch, including the Common Shares, and rights to acquire an additional 1,754,750 common shares of Rye Patch upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 4,264,250 common shares of Rye Patch, or approximately 10.1% of all issued and outstanding common shares as at February 23, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. 

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

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  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, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.

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

Investor Relations:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd.

Toronto, Ontario, Canada, M5X 1A9

Phone: 416-941-9600

Email: ir@pinetreecapital.com  

Web Site: www.pinetreecapital.com