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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Golden Tag Resources Ltd.

Monday, April 25, 2011

Pinetree Capital Ltd. Acquires Securities of Golden Tag Resources Ltd.10:03 EDT Monday, April 25, 2011TORONTO, ONTARIO--(Marketwire - April 25, 2011) -Pinetree Capital Ltd. (TSX:PNP), announces that on April 21, 2011, it acquired ownership of 1,818,182 common shares ("Common Shares") and 909,091 common share purchase warrants (the "Warrants") of Golden Tag Resources Ltd. ("Golden Tag"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.75 until April 21, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 5.1% of the total issued and outstanding common shares of Golden Tag as of April 21, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at April 21, 2011, an aggregate of 4,818,182 common shares of Golden Tag, including the Common Shares, and rights to acquire an additional 2,909,091 common shares of Golden Tag upon exercise of certain convertible securities, including the Warrants (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 7,727,273 common shares of Golden Tag, or approximately 14% of all issued and outstanding common shares as at April 21, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Golden Tag 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 ("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. For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.comFOR FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEO416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com