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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities Of ValGold Resources Ltd.

Wednesday, May 04, 2011

Pinetree Capital Ltd. Acquires Securities Of ValGold Resources Ltd.15:12 EDT Wednesday, May 04, 2011TORONTO, ONTARIO--(Marketwire - May 4, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that on May 4, 2011, it acquired ownership of 3,000,000 common shares ("Common Shares") of ValGold Resources Ltd. ("ValGold") representing approximately 7.9% of the total issued and outstanding common shares of ValGold as of May 4, 2011. As a result of this transaction, Pinetree held, as at May 4, 2011, an aggregate of 7,000,000 common shares of ValGold, including the Common Shares, and rights to acquire an additional 2,000,000 common shares of ValGold upon exercise of certain convertible securities (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 9,000,000 common shares of ValGold, or approximately 22.5% of all issued and outstanding common shares as at May 4, 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 ValGold depending on market conditions or any other relevant factor.About PinetreePinetree 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 FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEO416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate