Pinetree Capital Ltd. Announces Correction

May 31, 2007

TORONTO , Ontario (May 31, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that inadvertently mis-stated the percentage ownership of securities of Uranium City Resources Inc. (“Uranium City”) held by it and its joint actors in its press release dated May 30, 2007.  In the event that Pinetree and its joint actors were to exercise all of their convertible securities of Uranium City , their combined ownership would represent a total of 9,150,000 common shares of Uranium City , or approximately 16.9% of such shares outstanding as of May 30, 2007, calculated on a partially diluted basis assuming the exercise of their convertible securities only. 

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