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TSX: PNP     Last: 4.95     Change: 0.06

Pinetree Capital Ltd. Acquires Common Shares Of Redstar Gold Corp.

March 27, 2008

TORONTO, Canada (March 27, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on March 27, 2008, it acquired ownership of 1,291,500 common shares (“Common Shares”) of Redstar Gold Corp. (“Redstar”) through the facilities of the TSX Venture Exchange representing approximately 2.7% of the total issued and outstanding common shares of Redstar as of March 27, 2008.  As a result of this transaction, Pinetree and its joint actors collectively held, as at March 27, 2008, an aggregate of 7,729,000 common shares of Redstar and rights to acquire an additional 4,156,250 common shares of Redstar upon the exercise of convertible securities (collectively, the “Convertible Securities”).  Of these totals, Pinetree owns an aggregate of 6,291,500 common shares of Redstar and convertible securities exercisable into an additional 2,500,000 common shares of Redstar (the “Pinetree Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 11,885,250 common shares of Redstar, or approximately 22.7% of all issued and outstanding common shares as at March 27, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.  In the event that only the Pinetree Convertible Securities held directly by Pinetree are fully exercised, Pinetree’s direct holdings would represent 8,791,500 common shares approximately 17.4% of all issued and outstanding common shares of Redstar as of March 27, 2008, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only. 

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Redstar depending on market conditions or any other relevant factor.

About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small-cap market.  Pinetree’s investments are primarily in the following resources sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities within 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

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