Pinetree Grants Options To An Officer And Director

March 23, 2006

TORONTO, Ontario ( March 23, 2006) – Pinetree Capital Ltd. (TSX:PNP) today announced that it has granted 300,000 options to an officer and director of the Corporation.  The options are exercisable at $15.25 per share and are for a term of five years.

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