PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX: PNP), announces that as at February 28, 2011, Pinetree's unaudited net asset value per share ("NAV") was $5.01, representing an increase of $0.33 or 7.1% compared to the unaudited NAV of $4.68 at January 31, 2011.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after a month-end. The latest month-end NAV and more details about Pinetree and its investments can be found at Pinetree's website at www.pinetreecapital.com.

Use of Non-GAAP Financial Measures

NAV is a non-GAAP financial measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable measure presented in Pinetree's financial statements and thus no applicable quantitative reconciliation for NAV. We believe that the measure provides information useful to our shareholders in understanding our performance, and may assist in the evaluation of our business relative to that of our peers.

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.

Contacts: Pinetree Capital Ltd. Sheldon Inwentash Chairman & CEO Investor Relations: Pinetree Capital Ltd. Richard Patricio Vice President, Legal and Corporate Affairs 416-941-9600 ir@pinetreecapital.com www.pinetreecapital.com