PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX: PNP), announces that on December 2, 2010, it acquired ownership of 2,000,000 common shares ("Common Shares") and 2,000,000 common share purchase warrants (the "Warrants") of Golden Tag Resources Ltd. ("Golden Tag"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.60 until November 30, 2011 and at a price of $0.70 until November 30, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 8.4% of the total issued and outstanding common shares of Golden Tag as of December 2, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at December 2, 2010, an aggregate of 2,820,500 common shares of Golden Tag, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, Pinetree would hold an aggregate of 4,820,500 common shares or approximately 10.1% of all issued and outstanding common shares as at December 2, 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 Golden Tag 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.

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