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

Pinetree Capital Ltd. Acquires Securities Of African Gold Group Inc.

October 13, 2009

TORONTO, Canada (October 13, 2009) – Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on October 9, 2009, it acquired ownership of 500,000 common shares (“Common Shares”) of African Gold Group Inc. (“African Gold”) through the facilities of the TSX Venture Exchange, representing approximately 0.8% of the total issued and outstanding common shares of African Gold as at October 9, 2009. As a result of this transaction, Pinetree held, as at October 9, 2009, an aggregate of 7,500,000 common shares of African Gold and rights to acquire an additional 3,000,000 common shares of African Gold upon the exercise of convertible securities (the “Convertible Securities”), representing a total of 10,500,000 common shares of African Gold, or approximately 15.5% of such shares outstanding as of October 9, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities.

These transactions were made for investment purposes and Pinetree could increase or decrease its investments
in African Gold 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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