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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Uranium North Resources Corp.

Tuesday, January 17, 2012

Pinetree Capital Ltd. Acquires Securities of Uranium North Resources Corp.14:42 EST Tuesday, January 17, 2012TORONTO, ONTARIO--(Marketwire - Jan. 17, 2012) -Pinetree Capital Ltd. (TSX:PNP), announces that on January 16, 2012, it acquired ownership of 750,000 common shares ("Common Shares") of Uranium North Resources Corp. ("Uranium North") through the facilities of the TSX Venture Exchange representing approximately 0.9% of the total issued and outstanding common shares of Uranium North as of January 16, 2012. As a result of this transaction, Pinetree held, as at January 16, 2012, an aggregate of 8,500,000 common shares of Uranium North, including the Common Shares, and rights to acquire an additional 750,000 common shares of Uranium North 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 9,250,000 common shares of Uranium North, or approximately 10.7% of all issued and outstanding common shares as at January 16, 2012, 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 Uranium North 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, 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 & CEO416-941-9600ORGerry FeldmanPinetree Capital Ltd.CFO & Vice President, Corporate Development416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com