Investors

Pinetree Capital Ltd. Acquires Securities Of Masuparia Gold Corporation

TORONTO, Ontario (March 24, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that on March 5, 2008 it acquired ownership of 1,000,000 common shares (“Common Shares”) of Masuparia Gold Corporation “”Masuparia”) and 1,000,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.35 until March 4, 2009.  In the event that the Warrants are fully exercised, these holdings represent approximately 13.0% of the total issued and outstanding common shares of Masuparia as of March 5, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Masuparia depending on market conditions or any other relevant factor.

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 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 following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within 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.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

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