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Pinetree Capital Ltd. Acquires Common Shares Of Unigold Inc.

January 24, 2006

TORONTO, OntarioPinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on January 23, 2006, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Unigold Inc. (“Unigold”).  These Common Shares represent approximately 2.5% of the total issued and outstanding common shares of Unigold as of January 23, 2006.  As a result of this transaction, Pinetree and its joint actors held, as at January 23, 2006, an aggregate of 4,202,000 common shares of Unigold and rights to acquire an aggregate of 2,390,000 common shares of Unigold upon exercise of convertible securities (the “Convertible Securities”).  Of these totals, Pinetree holds 2,612,000 common shares and 1,000,000 shares purchase warrants (the “Warrants”) directly.  If Pinetree and its joint actors were to exercise all of the Convertible Securities (including the Warrants), their combined ownership would represent a total of 6,592,000 common shares of Unigold, or approximately 15.7% of such shares outstanding as of January 23, 2006, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that only the Warrants are fully exercised, the direct holdings of Pinetree represent approximately 9.1% of all issued and outstanding common shares of Unigold as of January 23, 2006, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Unigold depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  Pinetree develops and manages a portfolio of equity securities of private and public issuers engaged in growth businesses in the following three sectors: (i) Uranium, Mining and Oil & Gas; (ii) Biotechnology; and (iii) Technology and Other.  Pinetree’s investment focus among these three sectors changes over time, depending on changing investment opportunities. As well, Pinetree takes advantage of special situations and merchant banking opportunities.

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 Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto, Ontario, Canada, M5X 1A9


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

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