Pinetree Capital Ltd. TSX: PNP

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2008) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on December 8, 2008, it acquired ownership of 250,000 common shares ("Common Shares") of Pele Mountain Resources Inc. ("Pele") through the facilities of the TSX Venture Exchange representing approximately 0.3% of the total issued and outstanding common shares of Pele as of December 8, 2008. As a result of this transaction, Pinetree and its joint actors collectively held, as at December 8, 2008, an aggregate of 7,600,000 common shares of Pele and rights to acquire an additional 1,000,000 common shares of Pele upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Pinetree owns an aggregate of 7,250,000 common shares of Pele and the Convertible Securities. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 8,600,000 common shares of Pele, or approximately 10.1% of all issued and outstanding common shares as at December 8, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, Pinetree's direct holdings would represent 8,250,000 common shares approximately 9.7% of all issued and outstanding common shares of Pele as of December 8, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Pele 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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.