Pinetree Capital Ltd. TSX: PNP

TORONTO, ONTARIO--(Marketwire - Dec. 4, 2008) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on December 3, 2008, it acquired ownership of 86,600 common shares ("Common Shares") of Queenston Mining Inc. ("Queenston") through the facilities of the Toronto Stock Exchange representing approximately 0.2% of the total issued and outstanding common shares of Queenston as of December 3, 2008. As a result of this transaction, Pinetree and its joint actors held, as at December 3, 2008, an aggregate of 5,422,400 common shares of Queenston, including the Common Shares, or approximately 10.3% of such shares outstanding as of December 3, 2008. Pinetree's direct ownership, following the transaction, represents a total of 4,515,000 common shares of Queenston, including the Common Shares, or approximately 8.6% of such shares outstanding as of December 3, 2008.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Queenston 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.