PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX: PNP), announces that on February 24, 2011, it acquired ownership of 2,000,000 common shares ("Common Shares") and 2,000,000 common share purchase warrants (the "Warrants") of Strategic Resources Inc. ("Strategic"). Each Warrant entitles the holder to acquire one common share of Strategic at a price of $0.16 until February 22, 2012 and at a price of $0.21 until February 22, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 5.4% of the total issued and outstanding common shares of Strategic as of February 24, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at February 24, 2011, an aggregate of 14,000,000 common shares of Strategic, including the Common Shares and rights to acquire an additional 7,500,000 common shares of Strategic upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 13,000,000 common shares, including the Common Shares and all of the Convertible Securities directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 21,500,000 common shares of Strategic, or approximately 26.8% 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. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 20,500,000 common shares of Strategic, or approximately 25.6% 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.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Strategic 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 416-941-9600 Investor Relations: Pinetree Capital Ltd. Richard Patricio Vice President, Legal and Corporate Affairs 416-941-9600 ir@pinetreecapital.com www.pinetreecapital.com