PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that on August 11, 2011, it acquired
ownership of 2,000,000 common shares ("Common Shares") and 1,000,000 common
share purchase warrants (the "Warrants") of Terreno Resources Corp. ("Terreno").
Each Warrant entitles the holder thereof to acquire one additional common share
at a price of $0.25 until August 11, 2013. In the event that the Warrants are
fully exercised, these holdings represent approximately 5.2% of the total issued
and outstanding common shares of Terreno as of August 11, 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
August 11, 2011, an aggregate of 13,434,834 common shares of Terreno, including
the Common Shares and rights to acquire an additional 5,583,334 common shares of
Terreno upon exercise of certain convertible securities (the "Convertible
Securities"), including the Warrants. Of these totals, Pinetree owns 9,234,834
common shares, including the Common Shares and 3,333,334 of the Convertible
Securities, including the Warrants (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 19,018,168
common shares of Terreno, or approximately 30.5% of all issued and outstanding
common shares as at August 11, 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 12,568,168 common shares of Terreno, or
approximately 20.9% of all issued and outstanding common shares as at August 11,
2011, calculated on a partially diluted basis assuming the exercise of the
Pinetree Convertible Securities only. 


These transactions were made for investment purposes and Pinetree or its joint
actors could increase or decrease their investment in Terreno 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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