Pinetree Capital Ltd. Acquires Securities of MGold Resources Inc.

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2011) - Pinetree Capital Ltd. (TSX:PNP), announces that on February 25, 2011, it acquired ownership of 1,500,000 common shares ("Common Shares") and 1,500,000 common share purchase warrants (the "Warrants") of MGold Resources Inc. ("MGold"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.17 until December 21, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 21.7% of the total issued and outstanding common shares of MGold as of February 25, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at February 25, 2011, an aggregate of 1,624,625 common shares of MGold, including the Common Shares, and the Warrants. In the event that the Warrants are fully exercised, Pinetree would hold an aggregate of 3,124,625 common shares or approximately 22.6% of all issued and outstanding common shares as at February 25, 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 MGold 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.