Investors

Pinetree Capital Ltd. Acquires Securities Of Silver Quest Resources Ltd.

TORONTO, Ontario (April 7, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that on April 2, 2008, it acquired ownership of 2,500,000 common shares (“Common Shares”) of Silver Quest Resources Ltd. (“Silver Quest”) and 1,250,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder thereof to acquire one additional common share until October 2, 2009, at a price of $0.30.   In the event that the Warrants are fully exercised, these holdings represent approximately 10.9% of the total issued and outstanding common shares of Silver Quest as of April 2, 2008, 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 April 2, 2008, an aggregate of 3,750,000 common shares of Silver Quest, including the Common Shares, and convertible securities exercisable into 2,189,750 common shares of Silver Quest (the “Convertible Securities”), including the Warrants.  Of these totals, Pinetree directly holds the entire 3,750,000 common shares and the Warrants directly.  If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 5,939,750 common shares of Silver Quest or approximately 16.7% of such shares outstanding as of April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  If Pinetree were to exercise all of the Warrants, its direct ownership would represent a total of 5,000,000 common shares of Silver Quest, or approximately 14.5% of such shares outstanding as of April 2, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. 

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Silver Quest 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