Investors

Pinetree Capital Ltd. Acquires Securities Of Silver Spruce Resources Inc.

TORONTO, Canada (January 14, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on December 24, 2009, it acquired ownership of 4,000,000 common shares (“Common Shares”) and 4,000,000 common share purchase warrants (the “Warrants”) of Silver Spruce Resources Inc. (“Silver Spruce”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.10 until December 24, 2011.  In the event that the Warrants are fully exercised, these holdings represent approximately 11.0% of the total issued and outstanding common shares of Silver Spruce as of December 24, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at December 24, 2009, an aggregate of 7,349,000 common shares of Silver Spruce, including the Common Shares, and the Warrants.   In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 11,349,000 common shares of Silver Spruce, or approximately 15.6% of all issued and outstanding common shares as at December 24, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Silver Spruce 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 (“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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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.

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