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

Pinetree Capital Ltd. Acquires Securities Of Aurcrest Gold Inc.

November 21, 2011

TORONTO, Canada (November 21, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on November 18, 2011, it acquired ownership of 1,800,000 common shares (“Common Shares”) and 1,800,000 common share purchase warrants (the “Warrants”) of AurCrest Gold Inc. (“AurCrest”).  Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 until November 18, 2013.   In the event that the Warrants are fully exercised, these holdings represent approximately 8.8% of the total issued and outstanding common shares of AurCrest as of November 18, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only.  As a result of this transaction, Pinetree held, as at November 18, 2011, an aggregate of 5,300,000 common shares of AurCrest, including the Common Shares, and rights to acquire an additional 3,050,000 common shares of AurCrest upon exercise of certain convertible securities, including the Warrants (the “Convertible Securities”).   In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 8,350,000 common shares of AurCrest, or approximately 19.7% of all issued and outstanding common shares as at November 18, 2011, 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 AurCrest 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 venture capital firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal.  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. Pinetree is recognized as a value-added partner in the resource industry.

  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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