Pinetree Capital Ltd. Acquires Securities of Macusani Yellowcake Inc.

TORONTO, ONTARIO--(Marketwire - April 29, 2011) -Pinetree Capital Ltd. (TSX:PNP), announces that on April 28, 2011, it acquired ownership of 418,000 common shares ("Common Shares") of Macusani Yellowcake Inc. ("Macusani Yellowcake") representing approximately 0.4% of the total issued and outstanding common shares of Macusani Yellowcake as of April 28, 2011. As a result of this transaction, Pinetree and its joint actors collectively held, as at April 28, 2011, an aggregate of 7,863,000common shares of Macusani Yellowcake, including the Common Shares and rights to acquire an additional 3,000,000 common shares of Macusani Yellowcake upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 5,750,000 common shares, including the Common Shares and 2,000,000 of the Convertible Securities (the "Pinetree Convertible Securities") directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 10,853,000 common shares of Macusani Yellowcake, or approximately 10.0% of all issued and outstanding common shares as at April 28, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 7,750,000 common shares of Macusani Yellowcake, or approximately 7.2% of all issued and outstanding common shares as at April 28, 2011, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

This transaction was made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Macusani Yellowcake 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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Uranium and Coal, Base Metals, Oil and Gas, and Potash, Lithium and Rare Earths. 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 and is recognized as a value added partner in the resource industry.

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