PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that on October 17, 2011, it acquired
ownership of 1,136,364 common shares ("Common Shares") and 568,182 common share
purchase warrants (the "Warrants") of Victory Gold Mines Inc. ("Victory Gold").
Each Warrant entitles the holder to acquire one common share of Victory Gold at
a price of $0.35 until April 4, 2013. In the event that the Warrants are fully
exercised, these holdings represent approximately 4.8% of the total issued and
outstanding common shares of Victory Gold as of October 17, 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 October 17, 2011, an aggregate of 3,272,728 common shares of Victory Gold,
including the Common Shares and rights to acquire an additional 1,068,182 common
shares of Victory Gold upon exercise of certain convertible securities (the
"Convertible Securities"), including the Warrants. Of these totals, Pinetree
owns 2,136,364 common shares, including the Common Shares and all of the
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 4,340,910 common shares of Victory Gold, or approximately 12.1% of all
issued and outstanding common shares as at October 17, 2011, calculated on a
partially diluted basis assuming the exercise of the Convertible Securities
only. In the event that the Convertible Securities are fully exercised, the
direct holdings of Pinetree represents a total of 3,204,546 common shares of
Victory Gold, or approximately 8.9% of all issued and outstanding common shares
as at October 17, 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 Victory Gold 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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