TSX: PNP     Last: 4.95     Change: 0.06
TSX: PNP     Last: 4.95     Change: 0.06

Pinetree Capital Ltd. Acquires Securities Of Drift Lake Resources Inc.

October 21, 2008

TORONTO, Ontario (October 21, 2008) – Pinetree Capital Ltd. (TSX: PNP), announces that on August 13, 2008, it acquired ownership of 900,000 common shares (“Common Shares”) of Drift Lake Resources Inc. (“Drift Lake”), which holdings represent approximately 10.0% of the total issued and outstanding common shares of Drift Lake as of August 13, 2008.  As a result of this transaction, Pinetree and its joint actors held, as at August 13, 2008, an aggregate of 1,800,000 common shares of Drift Lake, including the Common Shares, or approximately 19.9% of such shares outstanding as of August 13, 2008.  Of these totals, Pinetree directly holds only the 900,000 common shares.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Drift Lake 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 (“TSX”) 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 resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.

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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