PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that on March 25, 2013, it acquired
ownership of 1,500,000 common shares ("Common Shares") and 1,500,000 common
share purchase warrants (the "Warrants") of Pitchblack Resources Ltd.
("Pitchblack"). Each Warrant entitles the holder thereof to acquire one
additional common share at a price of $0.20 until March 21, 2015. In the event
that the Warrants are fully exercised, these holdings represent approximately
8.7% of the total issued and outstanding common shares of Pitchblack as of March
25, 2013, 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 March 25, 2013, an aggregate of 4,000,000 common shares
of Pitchblack, including the Common Shares, and rights to acquire an additional
3,000,000 common shares of Pitchblack upon exercise of certain convertible
securities (the "Convertible Securities"), including the Warrants. Of these
totals, Pinetree owns 2,500,000 common shares, including the Common Shares, and
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 7,000,000 common shares of
Pitchblack, or approximately 19.4% of all issued and outstanding common shares
as at March 25, 2013, 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 4,000,000 common shares of Pitchblack, or approximately
11.6% of all issued and outstanding common shares as at March 25, 2013,
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 Pitchblack 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-941-9600


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com
www.pinetreecapital.com


Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com

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