Pinetree Capital Ltd. Acquires Securities Of Zone Resources Inc.

March 30, 2011

TORONTO, Canada (March 30, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on March 29, 2011, it acquired ownership of 50,500 common shares (“Common Shares”) of Zone Resources Inc. (“Zone”) through the facilities of the TSX Venture Exchange, representing approximately 0.2% of the total issued and outstanding common shares of Zone as of March 29, 2011.  As a result of this transaction, Pinetree held, as at March 29, 2011, an aggregate of 2,000,000 common shares of Zone, including the Common Shares, and rights to acquire an additional 1,500,000 common shares of Zone upon exercise of certain convertible securities (the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 3,500,000 common shares of Zone, or approximately 15.1% of all issued and outstanding common shares as at March 29, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Zone 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 venture capital 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 and is recognized as a value added partner in the resource industry. 

For more details about Pinetree and its investments, please visit our website at

Sheldon Inwentash
Chairman & CEO
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9

Investor Relations:
Richard Patricio
Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
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