Pinetree Capital Ltd. Announces 2-for-1 Stock Split By Way Of Stock Dividend

July 5, 2006

Toronto (July 5, 2006) - Pinetree Capital Ltd. (“Pinetree”) (TSX:  PNP) today announces that the previously announced two-for-one stock split of its common shares will be effected by way of a stock dividend.

Shareholders of record as at the close of business on July 19, 2006 will be entitled to receive one additional common share of Pinetree for each common share owned at that time.  The stock dividend is payable on July 31, 2006 and certificates evidencing the dividend will be mailed to registered shareholders commencing on that date.

Pinetree’s common shares are expected to commence trading on a post-stock dividend basis on the Toronto Stock Exchange on July 17, 2006. 

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange under the symbol “PNP”, is a diversified investment 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.

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

416-941-9600

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