Pinetree Capital Ltd. Acquires Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 28, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces on October 26, 2011, it acquired ownership of 1,200,000 common shares ("Common Shares") of Bridgeport Ventures Inc. ("Bridgeport") through the facilities of the TSX Venture Exchange representing approximately 2.4% of the total issued and outstanding common shares of Bridgeport as of October 26, 2011. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 26, 2011, an aggregate of 6,520,000 common shares of Bridgeport, including the Common Shares and rights to acquire an additional 875,000 common shares of Bridgeport upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 4,450,000 common shares, including the Common Shares and 750,000 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 7,395,000 common shares of Bridgeport, or approximately 14.4% of all issued and outstanding common shares as at October 26, 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 5,200,000 common shares of Bridgeport, or approximately 10.1% of all issued and outstanding common shares as at October 26, 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 Bridgeport 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.