TORONTO, CANADA--(Marketwire - Dec. 24, 2012) - Pinetree Capital Ltd. (TSX:PNP), announces that on December 21, 2012, it acquired ownership of 1,403,509 common shares ("Common Shares") and 1,403,509 common share purchase warrants (the "Warrants") of War Eagle Mining Company Inc. ("War Eagle"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.10 until December 21, 2014. In the event that the Warrants are fully exercised, these holdings represent approximately 21.3% of the total issued and outstanding common shares of War Eagle as of December 21, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at December 21, 2012, an aggregate of 1,898,484 common shares of War Eagle, including the Common Shares, and rights to acquire an additional 1,698,509 common shares of War Eagle upon exercise of certain convertible securities, including the Warrants (the "Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 3,596,993 common shares of War Eagle, or approximately 26.7% of all issued and outstanding common shares as at December 21, 2012, 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 War Eagle 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, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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 in the resource industry.