Pinetree Capital Ltd. Acquires Securities Of Olivut Resources Ltd.

May 15, 2007

TORONTO, Ontario (May 15, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on May 14, 2007 it acquired ownership of 525,000 common shares (“Common Shares”) of Olivut Resources Ltd. (“Olivut”) and 262,500 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $2.00 until May 14, 2009.  In the event that the Warrants are fully exercised, these holdings represent approximately 2.5% off the total issued and outstanding common shares of Olivut as of May 14, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree holds an aggregate of 2,914,500 common shares and the Warrants, which represents approximately 10.1% of the total issued and outstanding common shares of Olivut as of May 14, 2007, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Olivut depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index.  Pinetree is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, 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: Larry Goldberg, C.A.  Executive Vice President and Chief Financial Officer  Pinetree Capital Ltd. 130 King Street West, Suite 2500 Toronto, Ontario, Canada, M5X 1A9  Phone: 416-941-9600 Email: ir@pinetreecapital.com   Web Site: www.pinetreecapital.com

Media Relations: Wanda Cutler Director of Corporate Communications Pinetree Capital Ltd. 130 King Street West, Suite 2500 Toronto, Ontario, Canada, M5X 1A9 Phone: 416-860-1717