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

Pinetree Capital Ltd. Acquires Securities Of Bear Lake Gold Ltd.

April 7, 2010

TORONTO, Canada (April 7, 2010) – Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on April 5, 2010, Pinetree acquired ownership of 1,939,000 common shares (“Common Shares”) of Bear Lake Gold Ltd. (“Bear Lake”) through the facilities of the TSX Venture Exchange representing approximately 2.2% of the total issued and outstanding common shares of Bear Lake as of April 5, 2010. As a result of this transaction, Pinetree held, as at April 5, 2010, an aggregate of 11,295,000 common shares of Bear Lake, including the Common Shares, and rights to acquire an additional 1,750,000 common shares of Bear Lake upon the exercise of convertible securities (collectively, the “Convertible Securities”).  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represent a total of 13,045,000 common shares of Bear Lake, or approximately 14.2% of all issued and outstanding common shares as at April 5, 2010, 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 investment in Bear Lake 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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