PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that on November 24, 2010, it
acquired ownership of 1,000,000 common shares ("Common Shares") and 500,000
common share purchase warrants (the "Warrants") of Northern Lion Gold Corp.
("Northern Lion"). Each Warrant entitles the holder thereof to acquire one
additional common share at a price of $0.30 until May 24, 2012. In the event
that the Warrants are fully exercised, these holdings represent approximately
3.8% of the total issued and outstanding common shares of Northern Lion as of
November 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
November 24, 2010, an aggregate of 4,523,500 common shares of Northern Lion,
including the Common Shares, and the Warrants. In the event that the Warrants
are fully exercised, Pinetree would hold an aggregate of 5,023,500 common shares
or approximately 12.6% of all issued and outstanding common shares as at
November 24, 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 Northern Lion 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.

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