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Press release from Marketwire

Pinetree Capital Ltd. Announces Unaudited April 30, 2011 Net Asset Value Per Share of $4.69

Monday, May 16, 2011

Pinetree Capital Ltd. Announces Unaudited April 30, 2011 Net Asset Value Per Share of $4.6908:01 EDT Monday, May 16, 2011TORONTO, ONTARIO--(Marketwire - May 16, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that as at April 30, 2011, Pinetree's unaudited net asset value per share ("NAV") was $4.69. NAV is calculated as at a particular date and is, by its nature, historical, and may not be reflective of the Company's future performance.Pinetree discloses an unaudited monthly NAV within 15 days after the month-end. The latest month-end NAV and more details about Pinetree and its investments can be found on Pinetree's website at www.pinetreecapital.com.Use of Non-IFRS Financial Measures NAV is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value added partner in the resource industry.FOR 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