Investors

Pinetree Capital Ltd. Acquires Securities Of Castle Resources Inc.

TORONTO, Ontario (October 20, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that on October 16, 2009 it acquired ownership of 1,000,000 common shares (“Common Shares”) of Castle Resources Inc. (“Castle”), and 500,000 common share purchase warrants (each, a “Warrant”) (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.20 until April 15, 2011).  In the event that the Warrants are fully exercised, these holdings represent approximately 4.8% of the total issued and outstanding common shares of Castle as of October 16, 2009, calculated on a partially diluted basis assuming the exercise of Warrants only.  Immediately following the acquisition, Pinetree owns an aggregate of 3,000,000 common shares of Castle, including the Common Shares, and rights to acquire an additional 1,250,000 common shares of Castle upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represent a total of 4,250,000 common shares of Castle, or approximately 13.2% of all issued and outstanding common shares as at October 16, 2009, calculated on a partially diluted basis assuming the exercise of the 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 Castle 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, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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