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

Pinetree Capital Ltd. Partial Reversal Of Acquisition Of Securities Of Western Troy Capital Resources Inc.

April 23, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that on April 23, 2009 a portion of Pinetree’s April 13, 2009 acquisition of common shares of Western Troy was reversed by the seller with Pinetree’s consent, such that effective April 13th, Pinetree acquired ownership of 1,833,333 common shares of Western Troy (the “Common Shares”), representing approximately 9.6% of the total issued and outstanding common shares of Western Troy as of April 13, 2009 (as compared to the 3,664,000 common shares), representing 19.2%, previously reported.  As a result of this transaction, as at April 23, 2009, Pinetree held an aggregate of 5,544,666 common shares of Western Troy, including the Common Shares, representing approximately 29.0% of all issued and outstanding common shares as at April 13, 2009. 

Additionally, on April 17, 2009, 1,666,667 convertible securities of Western Troy owned by Pinetree expired. 

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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