Notice Of Intention To Make An Issuer Bid

September 22, 2006

TORONTO, Ontario (September 22, 2006) – Pinetree Capital Ltd. (TSX:PNP) today announced its intentions to make a normal course issuer bid for up to 2,000,000 of its common shares for cancellation being just less than five percent of the 43,060,638 common shares currently issued and outstanding.  The normal course issuer bid will commence on September 26, 2006 and end no later than September 25, 2007.  The bid is expected to be made through the facilities of the Toronto Stock Exchange (the “TSX”) at the market price of the common shares at the time of the acquisition.  A Notice of Intention to Make an Issuer Bid has been filed with the TSX and the securities commissions of Ontario, Alberta, British Columbia and Quebec.  Approval for the normal course issuer bid has been obtained from the TSX.

Pinetree also wishes to announce that it purchased for cancellation 345,300 of its common shares at an average price of $3.06 per share (pre 2-for-1 stock split) pursuant to the normal course issuer bid which ended on July 18, 2006.

Pinetree’s management believes the Company’s common shares are under-valued at current market prices and that the purchase of the common shares will enhance overall shareholder value.

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 may contain 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

416-941-9600

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