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TSX: PNP     Last: 3.79     Change: -0.02

Pinetree Capital Ltd. Acquires Securities Of Queenston Mining Inc.

April 28, 2009

TORONTO, Ontario – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on April 27, 2009, it acquired ownership of 80,800 common shares (“Common Shares”) of Queenston Mining Inc. (“Queenston”) through the facilities of the Toronto Stock Exchange, representing approximately 0.2% of the total issued and outstanding common shares of Queenston as at April 27, 2009.  As a result of this transaction, Pinetree and its joint actors held, as at April 27, 2009, an aggregate of 6,952,400 common shares of Queenston and rights to acquire an additional 150,000 common shares of Queenston upon the exercise of convertible securities, representing a total of 7,102,400 common shares of Queenston, or approximately 12.3% of such shares outstanding as of April 27, 2009, calculated on a partially diluted basis assuming the exercise of the convertible securities.  Pinetree’s direct ownership, following the transaction (including the Common Shares), represents a total of 4,915,800 common shares of Queenston, or approximately 8.6% of such shares outstanding as of April 27, 2008.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Queenston 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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