Pinetree Capital Ltd. Acquires Securities Of Ateba Resources Inc.

January 26, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that on January 5, 2009, further to the conversion of certain subscription receipts, it acquired ownership of 2,900,000 common shares (“Common Shares”) of Ateba Resources Inc. (“Ateba”), which represents approximately 9.9% of the total issued and outstanding common shares of Ateba as of January 5, 2009.  As a result of this transaction, Pinetree and its joint actors collectively held, as at January 5, 2009, an aggregate of 5,901,200 common shares of Ateba, including the Common Shares or approximately 19.9% of all issued and outstanding common shares as at January 5, 2009.  Pinetree directly holds only the Common Shares. 

These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Ateba 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”.  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.

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