Pinetree Capital Ltd. Acquires Securities of Pitchblack Resources Ltd.

TORONTO, CANADA--(Marketwire - March 25, 2013) - Pinetree Capital Ltd. (TSX:PNP), announces that on March 25, 2013, it acquired ownership of 1,500,000 common shares ("Common Shares") and 1,500,000 common share purchase warrants (the "Warrants") of Pitchblack Resources Ltd. ("Pitchblack"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.20 until March 21, 2015. In the event that the Warrants are fully exercised, these holdings represent approximately 8.7% of the total issued and outstanding common shares of Pitchblack as of March 25, 2013, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at March 25, 2013, an aggregate of 4,000,000 common shares of Pitchblack, including the Common Shares, and rights to acquire an additional 3,000,000 common shares of Pitchblack upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 2,500,000 common shares, including the Common Shares, and the Warrants (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 7,000,000 common shares of Pitchblack, or approximately 19.4% of all issued and outstanding common shares as at March 25, 2013, 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 4,000,000 common shares of Pitchblack, or approximately 11.6% of all issued and outstanding common shares as at March 25, 2013, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Pitchblack 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.