Pinetree Capital Ltd. (TSX:PNP), announces that on June 3, 2011, it acquired
ownership of 2,000,000 common shares ("Common Shares") and 2,000,000 common
share purchase warrants (the "Warrants") of Torch River Resources Ltd. ("Torch
River"). Each Warrant entitles the holder thereof to acquire one additional
common share at a price of $0.10 until May 26, 2013. In the event that the
Warrants are fully exercised, these holdings represent approximately 5.7% of the
total issued and outstanding common shares of Torch River as of June 3, 2011,
calculated on a partially diluted basis assuming the exercise of the Warrants
only. As a result of this transaction, Pinetree held, as at June 3, 2011, an
aggregate of 11,250,000 common shares of Torch River, including the Common
Shares, and rights to acquire an additional 4,625,000 common shares of Torch
River 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 15,875,000
common shares of Torch River, or approximately 21.9% of all issued and
outstanding common shares as at June 3, 2011, calculated on a partially diluted
basis assuming the exercise of the Convertible Securities only. 


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