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TSX: PNP     Last: 5.40     Change: -0.05

Pinetree Capital Ltd. Acquires Securities Of Madison Minerals Inc.

November 6, 2009

TORONTO, Canada (November 6, 2009) Pinetree Capital Ltd. (TSX: PNP), announces that on November 2, 2009, it acquired ownership of 1,000,000 common shares (“Common Shares”) of Madison Minerals Inc. (“Madison”) and 500,000 common share purchase warrants (the “Warrants”).  Each Warrant entitles the holder to purchase one additional common share at a price of $0.25 per share until October 29, 2010.  In the event that the Warrants are fully exercised, these holdings represent approximately 4.0% of the total issued and outstanding common shares of Madison as of November 2, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at November 2, 2009, an aggregate of 3,950,000 common shares of Madison, including the Common Shares and rights to acquire an additional 500,000 common shares of Madison upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 4,450,000 common shares of Madison, or approximately 11.7% of all issued and outstanding common shares as at November 2, 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 investments in Madison 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, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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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