Pinetree Capital Ltd. (TSX:PNP), announces that as at August 31, 2011,
Pinetree's unaudited net asset value per share ("NAV") was $3.48.


NAV is calculated as at a particular date and is, by its nature, historical, and
may not be reflective of Pinetree's future performance.


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


Use of Non-IFRS Financial Measures 

NAV is a non-IFRS (international financial reporting standards) 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 IFRS and
therefore may not be comparable to similar measures presented by other
companies. There is no comparable IFRS measure presented in Pinetree's
consolidated financial statements and thus no applicable quantitative
reconciliation for such non-IFRS financial measure. The Company has calculated
NAV consistently for many years and believes that NAV can provide information
useful to its shareholders in understanding its performance, and may assist in
the evaluation of its business relative to that of its 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, Base Metals, Oil and
Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added
partner in the resource industry.
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