TSX: PNP     Last: 4.95     Change: 0.06
TSX: PNP     Last: 4.95     Change: 0.06

Pinetree Capital Announces Unaudited January 31, 2011 Net Asset Value Per Share - $4.68

February 15, 2011

TORONTO, Canada (February 15, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that at January 31, 2011, Pinetree’s unaudited net asset value per share (“NAV”) was $ 4.68. Further to Pinetree’s press release of January 26, 2011, this announcement expands on Pinetree’s established practice of releasing NAV on a quarterly basis, and reflects our response to shareholder interest in receiving NAV information more frequently.

“I am pleased to report our NAV for January 31, 2011. We are responding to shareholder interest in receiving NAV information more frequently. This is the start of providing monthly updates which we believe will be beneficial to investors and analysts and will provide a benchmark to evaluate our progress”, states Sheldon Inwentash, Chairman and CEO.


Use of Non-GAAP Financial Measures
NAV is a non-GAAP financial measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable measure presented in Pinetree’s financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure.


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:
Sheldon Inwentash Richard Patricio
Chairman & CEO Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd. Pinetree Capital Ltd.
130 King Street West, Suite 2500 130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 1A9 Toronto, Ontario, Canada, M5X 1A9
Website: www.pinetreecapital.com Phone: 416-941-9600
  Email: ir@pinetreecapital.com
  Website: www.pinetreecapital.com

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