Pinetree Grants Options To Directors

January 4, 2006

TORONTO, Ontario – Pinetree Capital Ltd. (TSX:PNP) today announced that it has granted an aggregate of 175,000 options to its directors.  The options are exercisable at $7.00 per share and are for a term of five years.

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

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd. 

Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com