TSX: PNP     Last: 3.77     Change: -0.04
TSX: PNP     Last: 3.77     Change: -0.04

Pinetree Capital Ltd. Acquires Securities Of Pencari Mining Corp.

April 8, 2008

TORONTO, Canada (April 8, 2008) Pinetree Capital Ltd. (TSX: PNP), announces that on April 7, 2008, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Pencari Mining Corp. (“Pencari”) and 500,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share for a period of two years, at a price of $0.35 per share until April 1, 2009, and thereafter at a price of $0.50 until April 1, 2010.  In the event that the Warrants are fully exercised, these holdings represent approximately 3.3% of the total issued and outstanding common shares of Pencari as of April 7, 2008.  As a result of this transaction, Pinetree held, as at April 7, 2008, an aggregate of 3,500,000 common shares of Pencari and rights to acquire an additional 1,250,000 common shares of Pencari upon the exercise of convertible securities (collectively, the “Convertible Securities”), including the Warrants.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 4,750,000 common shares of Pencari, or approximately 10.4% of all issued and outstanding common shares as at April 7, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Pencari 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  

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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