News Releases

Pinetree Capital Ltd. Acquires Securities Of Macdonald Mines Exploration Ltd.

May 8, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on May 7, 2009, it acquired ownership of 250,000 common shares (“Common Shares”) of MacDonald Mines Exploration Ltd. (“MacDonald”) through the facilities of the TSX Venture Exchange representing approximately 0.2% of the total issued and outstanding common shares of MacDonald as of May 7, 2009.  As a result of this transaction, Pinetree and its joint actors held, as at May 7, 2009, an aggregate of 19,975,000 common shares of MacDonald and convertible securities exercisable into 4,325,000 common shares of MacDonald (the “Convertible Securities”).  Of these totals, Pinetree directly holds 12,175,000 common shares and convertible securities exercisable into 3,075,000 common shares of MacDonald (the “Pinetree Convertible Securities”). If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 24,300,000 common shares of MacDonald, or approximately 16.5% of such shares outstanding as of May 7, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  If Pinetree were to exercise all of the Pinetree Convertible Securities, its direct ownership would represent a total of 15,250,000 common shares of MacDonald, or approximately 10.5% of such shares outstanding as of May 7, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree 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 MacDonald 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”.  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

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.

Phone: 416-860-1717

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                                                                           


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