Investors

Pinetree Capital Ltd. Acquires Securities Of Caledonia Mining Corporation

TORONTO, Canada (November 11, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on November 11, 2011, it acquired ownership of 290,000 common shares ("Common Shares") of Caledonia Mining Corporation ("Caledonia") through the facilities of the TSX Venture Exchange, representing approximately 0.06% of the total issued and outstanding common shares of Caledonia as of November 11, 2011. As a result of this transaction, Pinetree and its joint actors collectively held, as at November 11, 2011, an aggregate of 50,263,000 common shares of Caledonia, including the Common Shares, or approximately 10.04% of the total issued and outstanding common shares of Caledonia as of November 11, 2011. Of these totals, Pinetree owns 48,250,000 common shares, including the Common Shares, directly, or approximately 9.6% of the total issued and outstanding common shares of Caledonia as of November 11, 2011.

This transaction was made for investment purposes and Pinetree, or its joint actors, could increase or decrease its/their investment in Caledonia 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 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.