Pinetree Capital Ltd. (TSX:PNP) announces that at its annual and special
shareholder meeting held earlier today, all of the nominees listed in its
management information circular for the meeting were elected as directors of the
company. Each director was elected by a majority of the shareholders by a show
of hands. The results of the shares voted by proxy in respect of the election of
each director are set out below:




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Nominee                     Shares Voted For       Shares Withheld
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Marshall Auerback        25,072,222 (97.17%)       730,384 (2.83%)
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Andrew Fleming           25,153,546 (97.48%)       649,060 (2.52%)
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Gerry Goldberg           25,044,352 (97.06%)       758,254 (2.94%)
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Sheldon Inwentash        25,085,997 (97.22%)       716,609 (2.78%)
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Bruno Maruzzo            25,200,060 (97.66%)       602,546 (2.34%)
------------------------------------------------------------------
Ron Perry                25,131,223 (97.40%)       671,383 (2.60%)
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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
416-643-3884


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


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