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TSX: PNP     Last: 5.36     Change: 0.01

Pinetree Capital Ltd. Acquires Common Shares Of International Nickel Ventures Corporation

February 7, 2007

TORONTO, Ontario (February 7, 2007) – Pinetree Capital Ltd. (TSX: PNP), announces that, though a series of transactions ending on February 6, 2007, it acquired ownership of 358,000 common shares (“Common Shares”) of International Nickel Ventures Corporation (“International Nickel”) through the facilities of the TSX Venture Exchange representing approximately 1.0% of the total issued and outstanding common shares of International Nickel as of February 6, 2007.  As a result of this transaction, Pinetree held, as at February 6, 2007, an aggregate of 2,985,000 common shares of International Nickel.  In addition, Pinetree and its joint actors, together owned an aggregate of 3,485,000 common shares of International Nickel which holdings of the Offeror and joint actors represent approximately 10.1% of all issued and outstanding common shares as at February 6, 2007.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in International Nickel 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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