Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on September 24, 2009, it acquired ownership of 94,200 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 at September 24, 2009. As a result of this transaction, Pinetree and its joint actors held, as at September 24, 2009, an aggregate of 8,592,100 common shares of Queenston and rights to acquire an additional 450,000 common shares of Queenston upon the exercise of convertible securities, representing a total of 9,042,100 common shares of Queenston, or approximately 15.1% of such shares outstanding as of September 24, 2009, calculated on a partially diluted basis assuming the exercise of the convertible securities. Pinetree's direct ownership, following the transaction (including the Common Shares), represents a total of 5,010,000 common shares of Queenston, or approximately 8.4% of such shares outstanding as of September 24, 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

Contacts: Investor Relations: Pinetree Capital Ltd. Larry Goldberg, C.A. Executive Vice President and Chief Financial Officer 416-941-9600 ir@pinetreecapital.com www.pinetreecapital.com

SOURCE: Pinetree Capital Ltd.

mailto:ir@pinetreecapital.com http://www.pinetreecapital.com