Pinetree Capital Ltd. Acquires Securities Of Avion Resources Corp.

May 8, 2009

TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that following the acquisition by Avion Resources Corp. (“Avion”) of Dynamite Resources Ltd., it holds an aggregate of 12,440,000 common shares of Avion (the “Common Shares”) and rights to acquire an aggregate of 4,125,000 common shares of Avion upon exercise of convertible securities (the “Pinetree Convertible Securities”).  In the event that the Pinetree Convertible Securities are fully exercised, these holdings represent 16,565,000 common shares of Avion, or approximately 8.2% of the total issued and outstanding common shares of Avion as of May 8, 2009, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only. 

As a result of this transaction, Pinetree and its joint actors held, as at May 8, 2009, an aggregate of 16,110,000 common shares of Avion, including the Common Shares, and rights to acquire an aggregate of 5,437,500 common shares of Avion upon exercise of convertible securities (the “Convertible Securities”), including the Pinetree Convertible Securities.  If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 21,547,500 common shares of Avion, or approximately 10.6% of such shares outstanding as of May 8, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. 

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