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

Pinetree Capital Ltd. Acquires Securities Of Emgold Mining Corporation

September 27, 2010

TORONTO, Canada Pinetree Capital Ltd. (TSX: PNP), announces that on September 24, 2010, it acquired ownership of 1,000,000 common shares (“Common Shares”) and 1,000,000 common share purchase warrants (the “Warrants”) of Emgold Mining Corporation (“Emgold”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of US$0.35 until September 24, 2012.  In the event that the Warrants are fully exercised, these holdings represent approximately 8.1% of the total issued and outstanding common shares of Emgold as of September 24, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at September 24, 2010, an aggregate of 2,400,000 common shares of Emgold, including the Common Shares and rights to acquire an additional 2,400,000 common shares of Emgold upon exercise of certain convertible securities (the “Convertible Securities”) including the Warrants.  In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 4,800,000 common shares of Emgold, or approximately 18.4% of all issued and outstanding common shares as at September 24, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Emgold 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:
Richard Patricio
Vice President, Legal and Corporate Affairs
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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