Pinetree Capital

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Investments Disclosure Criteria and Valuation Policy Sector Analysis List Of Our Selected Current Investees By Sector List Of Our Selected Current Investees By Name

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Links To Our Investees By Sector Links To Our Investees By Name Information About Uranium Information About Gold

Pinetree was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange (the "TSX") under the symbol "PNP". Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the small-cap market. Pinetree's investments are primarily in the following resource sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. As well, Pinetree has investments in the Biotechnology, Energy Related Technology, and Technology sectors.

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.

List Of Our Current Investees By Name as at September 30, 2008

Antisense Therapeutics Limited (ANP:ASX)

Biotechnology Investments

36,500,000 common shares

2,500,000 warrants expire Sept 30, 2009

Bio-Extraction Inc. (BXI: TSXV)

Biotechnology Investments

4,000,000 common shares

1,000,000 warrants expire Jan 29, 2010

Brownstone Ventures Inc. (BWN:TSXV)

Oil & Gas

3,489,500 common shares

Caledonia Mining Corp. (CAL:TSX)

Precious Metals

27,866,000 common shares

Canadian Spirit Resources Inc. (SPI: TSXV)

Oil & Gas

1,650,000 common shares

500,000 warrants expire Feb 19, 2010

Changfeng Energy Inc. (CFY: TSXV)

Oil & Gas

3,350,000 common shares

Cline Mining Corp. (CMK:TSX)

Uranium

12,850,000 common shares

Colossus Minerals Inc. (CSI: TSX)

Precious Metals

2,837,500 common shares

450,000 warrants expire Feb 13, 2010

475,000 warrants expire Feb 13, 2011

1,000,000 warrants expire Dec 6, 2011

Creston Moly Corp. (formerly Georgia Ventures Inc.) (CMS:TSXV)

Molybdenum

7,000,000 common shares

2,500,000 warrants expire May 9, 2010

Cypress Development Corp. (CYP:TSXV)

Precious Metals

5,488,500 common shares

Diamondex Resources Ltd. (DSP: TSXV)

Precious Metals

9,796,500 common shares

625,000 warrants expire Dec 21, 2008

500,000 warrants expire May 4, 2009

Dynamite Resources Ltd. (DNR:TSXV)

Uranium

11,424,500 common shares

5,500,000 warrants expire Aug 17, 2009

Evolving Gold Corp. (EVG:TSXV)

Precious Metals

8,099,100 common shares

1,250,000 warrants expire Jul 5, 2009

Fiber Optic Systems Technology Inc. (FOX:TSXV)

Energy Related Technology Investments

7,760,112 common shares

1,750,000 warrants expire Mar 5, 2010

Haemacure Corp. (HAE: TSX)

Biotechnology Investments

18,470,179 common shares

2,948,679 warrants expire Jan 5, 2012

2,948,679 warrants expire Apr 13, 2013

Kyoto Capital Partners Inc. (private)

Technology Investments

15,000,000 common shares

Landdrill International Inc. (LDI: TSXV)

Base Metals

6,725,500 common shares

500,000 warrants expire Oct 12, 2008

250,000 warrants expire Jun 9, 2010

MacArthur Minerals ltd. (MMS:TSXV)

Precious Metals

3,657,700 common shares

500,000 warrants expire Dec 11, 2008

500,000 warrants expire Jul 3, 2009

MacDonald Mines Exploration Ltd. (BMK: TSXV)

Base Metals

11,925,000 common shares

3,075,000 warrants expire Oct 29, 2009

Mega Silver Inc. (formerly Treat Systems Inc.) (MSR: TSXV)

Precious Metals

4,131,636 common shares

375,000 warrants expire Nov 2, 2009

Mega Uranium Ltd. (MGA:TSX)

Uranium

9,999,920 common shares

110,000 warrants expire Apr 14, 2009

54,200 warrants expire Feb 13, 2012

896,712 warrants expire Feb 22, 2012

Nearctic Nickel Mines Inc. (NNIMF: pink sheet)

Base Metals

3,500,000 common shares

1,000,000 warrants expire Jan 4, 2010

Noront Resources Ltd. (NOT:TSXV)

Precious Metals

10,273,000 common shares

Nortec Ventures Corp. (NVT:TSXV)

Precious Metals

15,120,000 common shares

Opel International Inc. (formerly Tandem Resources Inc.) (OPL:TSXV)

Energy Related Technology Investments

4,711,800 common shares

750,000 warrants expire Dec 13, 2009

1,000,000 warrants expire May 11, 2010

Pele Mountain Resources Inc. (GEM:TSXV)

Uranium

7,000,000 common shares

1,000,000 warrants expire Feb 22, 2010

Petro One Corp. (POV: CDNX)

Oil & Gas

2,000,000 common shares

1,500,000 warrants expire Aug 1, 2009

1,500,000 warrants expire Feb 12, 2010

1,000,000 warrants expire Jul 8, 2010

Phoenix Coal Inc. (PHC: TSX)

Potash and Rare Earths

3,252,323 common shares

Queenston Mining Inc. (QMI:TSX)

Precious Metals

4,278,400 common shares

Red Maple Energy Inc. (private)

Oil & Gas

5,400,000 common shares

Resource Generation Limited (formerly Comdek Ltd.) (FDS:AX)

Uranium

15,500,000 common shares

Rockgate Capital Corp. (RGT:TSXV)

Uranium

3,812,700 common shares

500,000 warrants expire Apr 24, 2009

500,000 warrants expire Mar 27, 2010

Royal Nickel Corporation (private)

Base Metals

1,400,000 common shares

Silica Resoruces Corp (SRCN:OTCBB)

Molybdenum

19,176,900 common shares

1,000,000 warrants expire Nov 12, 2008

Silver Reserve Corp. (SLVV:OTCBB)

Precious Metals

4,998,043 common shares

1,750,000 warrants expire Dec 31, 2009

750,000 warrants expire Sep 1, 2010

Sofame Technologies Inc. (SDW:TSXV)

Technology Investments

6,883,000 common shares

2,500,000 warrants expire May 16, 2009

499,998 warrants expire Dec 21, 2009

Solitario Resources Corp. (SLR:TSX)

Precious Metals

1,668,200 common shares

Temex Resources Corp. (TME: TSXV)

Base Metals

6,250,500 common shares

1,500,000 warrants expire Nov 21, 2009

Trigon Uranium Corp. (TEL:TSXV)

Uranium

7,100,000 common shares

312,500 warrants expire Dec 12, 2008

500,000 warrants expire Aug 8, 2009

Unigold Inc. (UGD:TSXV)

Precious Metals

6,361,000 common shares

View 22 Technology Inc. (private)

Technology Investments

1,300,000 common shares

500,000 warrants expire Aug 2, 2008

150,000 warrants expire Nov 8, 2008

VIQ Solutions Inc. (VQS: TSXV)

Technology Investments

7,225,000 common shares 850,000 Warrants Expire Mar 25, 2010

Vulcan Minerals Inc. (VUL:TSXV)

Oil & Gas

3,150,000 common shares

Western Potash Corp. (WPX: TSXV)

Potash and Rare Earths

7,188,700 common shares

6,000,000 warrants expire Oct 15, 2009

WSR Gold Inc. (WSR: TSXV)

Precious Metals

4,660,000 common shares

125,000 warrants expire Apr 24, 2010