PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions
ending on March 9, 2011, it acquired ownership of 250,000 common shares ("Common
Shares") of Southern Silver Exploration Corp. ("Southern Silver") representing
approximately 0.2% of the total issued and outstanding common shares of Southern
Silver as of March 9, 2011. As a result of this transaction, Pinetree and its
joint actors collectively held, as at March 9, 2011, an aggregate of 9,949,500
common shares of Southern Silver, including the Common Shares and rights to
acquire an additional 4,000,000 common shares of Southern Silver upon exercise
of certain convertible securities (the "Convertible Securities"). Of these
totals, Pinetree owns 7,449,500 common shares, including the Common Shares and
1,500,000 of the Convertible Securities (the "Pinetree 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 13,949,500
common shares of Southern Silver, or approximately 13.3% of all issued and
outstanding common shares as at March 9, 2011, calculated on a partially diluted
basis assuming the exercise of the Convertible Securities only. In the event
that the Pinetree Convertible Securities are fully exercised, the direct
holdings of Pinetree represents a total of 8,949,500 common shares of Southern
Silver, or approximately 8.8% of all issued and outstanding common shares as at
March 9, 2011, calculated on a partially diluted basis assuming the exercise of
the Pinetree Convertible Securities only.


This transaction was made for investment purposes and Pinetree or its joint
actors could increase or decrease their investment in Southern Silver 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 venture capital firm focused on the small cap market. Pinetree's investments
are primarily in the resources sector: Precious Metals, Uranium and Coal, Base
Metals, Oil and Gas, 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 and is recognized as a value added
partner in the resource industry. 


For more details about Pinetree and its investments, please visit our website at
www.pinetreecapital.com.

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