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News Releases

Pinetree Capital Ltd. Acquires Securities Of Continental Precious Minerals Inc.


May 8, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that on May 7, 2009 it acquired ownership of 1,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of Continental Precious Minerals Inc. (“Continental”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.75 until May 7, 2012.  In the event that the Warrants are fully exercised, these holdings represent approximately 3.8% of the total issued and outstanding common shares of Continental as of May 7, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree and his joint actors collectively held, as at May 7, 2009, an aggregate of 4,332,000 common shares of Continental, including the Common Shares and rights to acquire an additional 1,500,000 common shares of Continental upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  Of these totals, Pinetree owns 3,732,000 common shares, including the Common Shares, and the Warrants directly.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 5,832,000 common shares of Continental, or approximately 11.0% of all issued and outstanding common shares as at May 7, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.      In the event that the Warrants are fully exercised, the direct holdings of Pinetree represent a total of 4,732,000 common shares of Continental, or approximately 9.0% of all issued and outstanding common shares as at May 7, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.          

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investments in Continental 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 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 following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within 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

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.