Pinetree Capital Ltd. (TSX:PNP), announces that as at April 30, 2012, Pinetree's
unaudited net asset value per share ("NAV") was $2.38. 


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-GAAP Financial Measures

NAV is a non-GAAP (general accepted accounting principles) 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 GAAP and therefore may not
be comparable to similar measures presented by other companies. There is no
comparable GAAP measure presented in Pinetree's consolidated financial
statements and thus no applicable quantitative reconciliation for such non-GAAP
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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