Pinetree Capital Ltd. Acquires Securities of Central Iron Ore Ltd.

TORONTO, ONTARIO--(Marketwire - May 17, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that on May 16, 2011, it acquired ownership of 5,000,000 common shares ("Common Shares") and 2,500,000 common share purchase warrants (the "Warrants") of Central Iron Ore Ltd. ("Central Iron Ore"). Each Warrant entitles the holder there to acquire one additional common share at a price of $0.30 until May 16, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 10.0% of the total issued and outstanding common shares of Central Iron Ore as of May 16, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at May 16, 2011, an aggregate of 8,800,000 common shares of Central Iron Ore, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, the holdings of Pinetree represents a total of 11,300,000 common shares of Central Iron Ore, or approximately 15.0% of all issued and outstanding common shares as at May 16, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Central Iron Ore 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.