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TORONTO, ONTARIO--(Marketwire - May 4, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that on May 4, 2011, it acquired ownership of 3,000,000 common shares ("Common Shares") of ValGold Resources Ltd. ("ValGold") representing approximately 7.9% of the total issued and outstanding common shares of ValGold as of May 4, 2011. As a result of this transaction, Pinetree held, as at May 4, 2011, an aggregate of 7,000,000 common shares of ValGold, including the Common Shares, and rights to acquire an additional 2,000,000 common shares of ValGold upon exercise of certain convertible securities (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 9,000,000 common shares of ValGold, or approximately 22.5% of all issued and outstanding common shares as at May 4, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.


This transaction was made for investment purposes and Pinetree could increase or decrease its investment in ValGold depending on market conditions or any other relevant factor.