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TSX: PNP     Last: 5.36     Change: 0.01

Pinetree Capital Ltd. Acquires Common Shares Of Cline Mining Corporation

April 19, 2006

TORONTO, Ontario (April 19, 2006) – Pinetree Capital Ltd. (TSX: PNP), announces that on April 19, 2006, it acquired ownership of 700,000 common shares (“Common Shares”) of Cline Mining Corporation (“Cline”) through the facilities of the Toronto Stock Exchange representing approximately 1.3% of the total issued and outstanding common shares of Cline as of April 19, 2006.  As a result of this transaction, Pinetree held, as at April 19, 2006, an aggregate of 5,431,600 common shares of Cline and rights to acquire an aggregate of 600,300 common shares of Cline upon exercise of certain warrants (the “Warrants”).  If Pinetree were to exercise all of the Warrants, its ownership would represent a total of 6,031,900 common shares of Cline, or approximately 10.7% of such shares outstanding as of April 19, 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 Cline depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals. 

Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

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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