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

Pinetree Capital Ltd. Acquires Securities Of Auryx Gold Corp.

July 5, 2010

TORONTO, Canada (July 5, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on June 25, 2010, pursuant to the qualifying transaction of Tova Ventures Inc., it holds 9,266,938 common shares (“Common Shares”) of Auryx Gold Corp. (“Auryx”), representing approximately 6.7% of the total issued and outstanding common shares of Auryx as of June 25, 2010.  As a result of this transaction, Pinetree and its joint actors collectively held, as at June 25, 2010, an aggregate of 16,336,938 common shares of Auryx, including the Common Shares.  Of these totals, Pinetree owns only the Common Shares directly.  The holdings of Pinetree and its joint actors represents a total of 16,670,407 common shares of Auryx, or approximately 11.7% of all issued and outstanding common shares as at June 25, 2010.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Auryx 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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