PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX: PNP), announces that on December 1, 2010, it acquired ownership of 600,000 common shares ("Common Shares") and 600,000 common share purchase warrants (the "Warrants") of Excalibur Explorations Ltd. ("Excalibur"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 until November 26, 2012 and at a price of $0.30 until November 26, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 3.4% of the total issued and outstanding common shares of Excalibur as of December 1, 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 1, 2010, an aggregate 3,100,000 common shares of Excalibur, including the Common Shares, and rights to acquire an additional 2,100,000 common shares of Excalibur 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 5,200,000 common shares of Excalibur, or approximately 16.2% of all issued and outstanding common shares as at December 1, 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 Excalibur 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 Affair 416-941-9600 ir@pinetreecapital.com