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TSX: PNP     Last: 3.77     Change: -0.04

Pinetree Capital Ltd. Acquires Securities Of Western Troy Capital Resources Inc.

April 13, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that on April 13, 2009 it acquired ownership of 3,664,000 common shares (“Common Shares”) of Western Troy Capital Resources Inc. (“Western Troy”), which represents approximately 19.2% of the total issued and outstanding common shares of Western Troy as of April 13, 2009.

As a result of this transaction, Pinetree held, as at April 13, 2009, an aggregate of 7,375,333 common shares of Western Troy, including the Common Shares and rights to acquire an additional 1,666,667 common shares of Western Troy upon the exercise of convertible securities (collectively, the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 9,042,000 common shares of Western Troy, or approximately 43.5% of all issued and outstanding common shares as at April 13, 2009, 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 investment in Western Troy 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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