TSX: PNP     Last: 3.67     Change: -0.14
TSX: PNP     Last: 3.67     Change: -0.14

Pinetree Capital Ltd. Acquires Securities Of Zone Resources Inc.

May 28, 2010

TORONTO, Canada (May 28, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on May 14, 2010, it acquired ownership of 1,500,000 common shares (“Common Shares”) and 1,500,000 common share purchase warrants (the “Warrants”) of Zone Resources Inc. (“Zone”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.18 until May 14, 2011, thereafter at a price of $0.23 until May 14, 2012 and thereafter at a price of $0.28 until May 14, 2013.  In the event that the Warrants are fully exercised, these holdings represent approximately 13.0% of the total issued and outstanding common shares of Zone as of May 14, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. 

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Zone 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 and Coal, 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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