Pinetree Capital Ltd. Acquires Securities of International Northair Mines Ltd.

TORONTO, CANADA--(Marketwire - Feb. 29, 2012) - Pinetree Capital Ltd. (TSX:PNP), announces that on February 28, 2012, it acquired ownership of 500,000 common shares ("Common Shares") of International Northair Mines Ltd. ("Northair") representing approximately 0.7% of the total issued and outstanding common shares of Northair as of February 28, 2012. As a result of this transaction, Pinetree and its joint actor collectively held, as at February 28, 2012, an aggregate of 9,845,500 common shares of Northair, including the Common Shares, and rights to acquire an additional 1,000,000 common shares of Northair upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 4,845,500 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 actor represents a total of 10,845,500 common shares of Northair, or approximately 15.4% of all issued and outstanding common shares as at February 28, 2012, 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 5,845,500 common shares of Northair, or approximately 8.3% of all issued and outstanding common shares as at February 28, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

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