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News Releases

Pinetree Capital Ltd. Acquires Securities Of Visible Gold Mines Inc.


July 18, 2007

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on July 17, 2007 it acquired ownership of 1,350,000 common shares (“Common Shares”) of Visible Gold Mines Inc. (“Visible Gold”) and 675,000 common share purchase warrants (the “Warrants”) of Visible Gold on Visible Gold’s initial public offering on the TSX Venture Exchange.  Each Warrant entitles the holder thereof to acquire one additional common share until July 17, 2009 at a price of $0.60.  In the event that the Warrants are fully exercised, these holdings represent approximately 8.2% of the total issued and outstanding common shares of Visible Gold as of July 17, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree and its joint actors held, as at July 17, 2007, an aggregate of 2,920,000 common shares of Visible Gold and rights to acquire an aggregate of 1,125,000 common shares of Visible Gold upon exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  Of these totals, Pinetree holds only the Common Shares and the Warrants directly.  If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 4,045,000 common shares of Visible Gold, or approximately 16.1% of such shares outstanding as of July 17, 2007, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Visible Gold depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index.  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 and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

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

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Media Relations:

Wanda Cutler
Director of Corporate Communications
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600

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.