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2011

Pinetree Capital Ltd. Announces Unaudited March 31, 2011 Net Asset Value Per Share Of $4.66


April 15, 2011

TORONTO, Canada (April 15, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that as at March 31, 2011, Pinetree’s unaudited net asset value per share (“NAV”) was $4.66.

Our NAV is calculated as at a particular date and is, by its nature, historical, and may not be reflective of our future performance.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after a month-end. The latest month-end NAV and more details about Pinetree and its investments can be found on Pinetree’s website at www.pinetreecapital.com.

Use of Non-GAAP Financial Measures
NAV is a non-GAAP financial measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable measure presented in Pinetree’s financial statements and thus no applicable quantitative reconciliation for NAV. We believe that the measure provides information useful to our shareholders in understanding our performance, and may assist in the evaluation of our business relative to that of our peers.

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: Precious Metals, Uranium and Coal, Base Metals, Oil and Gas, 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. 

  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
Website: www.pinetreecapital.com Phone: 416-941-9600
  Email: ir@pinetreecapital.com
  Website: www.pinetreecapital.com
©Copyright 2012 Pinetree Capital Ltd.