Pinetree Capital Ltd. (TSX:PNP), announces that on August 8, 2011, it acquired
ownership of 2,000,000 common shares ("Common Shares") and 1,000,000 common
share purchase warrants (the "Warrants") of African Queen Mines Ltd. ("African
Queen"). Each Warrant entitles the holder thereof to acquire one additional
common share at a price of $0.40 until August 8, 2013. In the event that the
Warrants are fully exercised, these holdings represent approximately 5.1% of the
total issued and outstanding common shares of African Queen as of August 8,
2011, calculated on a partially diluted basis assuming the exercise of the
Warrants only. As a result of this transaction, Pinetree held, as at August 8,
2011, an aggregate of 5,000,000 common shares of African Queen, including the
Common Shares, and rights to acquire an additional 1,500,000 common shares of
African Queen upon exercise of certain convertible securities, including the
Warrants (the "Convertible Securities"). In the event that the Convertible
Securities are fully exercised, the holdings of Pinetree represents a total of
6,500,000 common shares of African Queen, or approximately 10.9% of all issued
and outstanding common shares as at August 8, 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 African Queen 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: 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 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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