Pinetree Capital Ltd. Acquires Securities Of El Tigre Silver Corp.

December 16, 2010

TORONTO, Canada (December 16, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on December 14, 2010, it acquired ownership of 2,000,000 common shares (“Common Shares”) and 2,000,000 common share purchase warrants (the “Warrants”) of El Tigre Silver Corp. (“El Tigre”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until December 14, 2011 and at a price of $0.55 until December 14, 2012.  In the event that the Warrants are fully exercised, these holdings represent approximately 11.5% of the total issued and outstanding common shares of El Tigre as of December 14, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. 

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in El Tigre 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 and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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

  Investor Relations:
Sheldon Inwentash Richard Patricio
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
130 King Street West, Suite 2500 130 King Street West, Suite 250
Toronto, Ontario, Canada,  M5X 1A9 Toronto, Ontario, Canada, M5X 1A9
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