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News Releases

Pinetree Capital Ltd. Acquires Securities Of Gold Canyon Resources Inc.

TORONTO, Ontario (September 30, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that on September 30, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Gold Canyon Metals Inc. (“Gold Canyon”) and 1,000,000 common share purchase warrants (the “Warrants”). Each Warrant entitles the holder thereof to acquire one additional common share until September 29, 2011, at a price of $0.40. In the event that the Warrants are fully exercised, these holdings represent approximately 3.4% of the total issued and outstanding common shares of Gold Canyon as of September 29, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actor collectively held, as at September 29, 2009, an aggregate of 5,890,000 common shares of Gold Canyon, including the Common Shares and rights to acquire an additional 2,500,000 common shares of Gold Canyon upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants. Of these totals, Pinetree owns 5,550,000 common shares, including the Common Shares and all of the Convertible Securities, directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actor represents a total of 8,390,000 common shares of Gold Canyon, or approximately 14.1% of all issued and outstanding common shares as at September 29, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represent a total of 8,050,000 common shares of Gold Canyon, or approximately 13.5% of all issued and outstanding common shares as at September 29, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree and its joint actor could increase or decrease their respective investments in Gold Canyon 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.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.