Pinetree Capital Ltd. Acquires Securities of Apogee Minerals Ltd.

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that through a series of transactions ending on December 29, 2010, it acquired ownership of 750,000 common shares ("Common Shares") of Apogee Minerals Ltd. ("Apogee") representing approximately 0.4% of the total issued and outstanding common shares of Apogee as of December 29, 2010. As a result of this transaction, Pinetree and its joint actor collectively held, as at December 29, 2010, an aggregate of 14,000,000 common shares of Apogee, including the Common Shares and rights to acquire an additional 4,800,000 common shares of Apogee upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 13,250,000 common shares, including the Common Shares and the 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 18,800,000 common shares of Apogee, or approximately 10.3% of all issued and outstanding common shares as at December 29, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 18,050,000 common shares of Apogee, or approximately 9.9% of all issued and outstanding common shares as at December 29, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

This transaction was made for investment purposes and Pinetree, or its joint actor, could increase or decrease its/their investment in Apogee 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 and Coal, Oil & Gas, Precious Metals, Base Metals 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.

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