Pinetree Capital Ltd. Announces Election of Directors

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                28,963,159 (91.41%)       2,720,103 (8.59%)
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Andrew Fleming                   29,407,560 (92.82%)       2,275,702 (7.18%)
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Gerry Goldberg                   29,317,479 (92.53%)       2,365,783 (7.47%)
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Sheldon Inwentash                28,672,948 (90.50%)       3,010,314 (9.50%)
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Bruno Maruzzo                    28,870,621 (91.12%)       2,812,641 (8.88%)
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Ron Perry                        28,712,106 (90.62%)       2,971,156 (9.38%)
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All other matters put before shareholders at the meeting were approved. The
complete voting results are available under the company's profile at
www.sedar.com.


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 following sectors: Precious Metals, Uranium and
Technology. 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.


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


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
[e-mail]


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