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.

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