Investors

Pinetree Capital Ltd. Acquires Common Shares Of Dynamite Resources Ltd.

TORONTO, Canada (January 30, 2008) Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on January 29, 2008, it acquired ownership of 4,732,000 common shares (“Common Shares”) of Dynamite Resources Ltd. (“Dynamite”) through the facilities of the TSX Venture Exchange representing approximately 4.2% of the total issued and outstanding common shares of Dynamite as of January 29, 2008.  As a result of this transaction, Pinetree and its joint actors collectively held, as at January 29, 2008, an aggregate of 11,184,500 common shares of Dynamite and rights to acquire an additional 6,385,000 common shares of Dynamite upon the exercise of convertible securities (collectively, the “Convertible Securities”).  Of these totals, Pinetree owns an aggregate of 10,232,000 common shares, including the Common Shares, and rights to acquire an additional 5,500,000 common shares of Dynamite upon the exercise of convertible securities (collectively, the “Pinetree Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 17,569,500 common shares of Dynamite, or approximately 14.7% of all issued and outstanding common shares as at January 29, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that only the Pinetree Convertible Securities are fully exercised, Pinetree’s direct holdings would represent a total of 15,732,000 common shares of Dynamite or approximately 13.2% of all issued and outstanding common shares of Dynamite as of January 29, 2008, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only. 

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Dynamite depending on market conditions or any other relevant factor.

About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is 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: Uranium, Oil & Gas, Molybdenum, Precious Metals and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

Investor Relations: 
Larry Goldberg, C.A
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com  
Web Site: www.pinetreecapital.com