Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions
ending on February 24, 2011, it acquired ownership of 3,038,984 common shares
("Common Shares") of Southern Andes Energy Inc. ("Southern Andes") through the
facilities of the TSX Venture Exchange, representing approximately 4.1% of the
total issued and outstanding common shares of Southern Andes as of February 24,
2011. As a result of this transaction, Pinetree held, as at February 24, 2011,
an aggregate of 10,541,667 common shares of Southern Andes, including the Common
Shares, and rights to acquire an additional 3,458,333 common shares of Southern
Andes upon exercise of certain convertible securities (the "Convertible
Securities"). In the event that the Convertible Securities are fully exercised,
the holdings of Pinetree represents a total of 14,000,000 common shares of
Southern Andes, or approximately 18.0% of all issued and outstanding common
shares as at February 24, 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 Southern Andes 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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