Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three Months Ended March 31, 2013

Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three 
Months Ended March 31, 2013 
TORONTO, ONTARIO -- (Marketwired) -- 05/14/13 -- Pinetree Capital
Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited interim
consolidated financial results for the three months ended March 31,
For the three months ended March 31, 2013, Pinetree had a net loss of
$47 million, as compared to $5 million for the same quarter last
year. Net loss for the three months ended March 31, 2013 was
primarily the result of net investment losses of $42 million,
comprised of $45 million in unrealized losses on investments offset
by realized gains on dispositions of investments of $3 million. Loss
per share was $0.33 for the three months ended March 31, 2013, as
compared to $0.04 for the three months ended March 31, 2012.  
The composition of Pinetree's investment portfolio by sector as at
March 31, 2013 as compared to the end of last year is outlined in the
following table:  

                                         March 31, 2013    December 31, 2012
Sector                              ($'000)  % of Total  ($'000)  % of Total
  Precious metals                    95,851        43.8  145,169        53.7
  Potash, lithium and rare earths    26,497        12.1   27,739        10.3
  Uranium                            26,229        12.0   18,875         7.0
  Base metals                        25,702        11.8   31,075        11.5
  Oil and gas                        23,187        10.6   30,433        11.2
  Coal                                1,897         0.9    2,140         0.8
Total resources                     199,363        91.2  255,431        94.5
Technology and other                 19,152         8.8   14,749         5.5
l investments                   218,515       100.0  270,180       100.0

As at March 31, 2013, total investments at fair value was $219
million, as compared to $270 million as at December 31, 2012, a
decrease of 19%.  
Net asset value per share decreased 23% to $1.20 as at March 31,
2013, from $1.55 as at December 31, 2012.  
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: 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. 
Pinetree discloses an unaudited monthly net asset value per share
within 15 days after each month-end. For the latest month-end net
asset value per share and for more details about Pinetree and its
investments, please visit our website at  
Use of Non-GAAP Measures 
NAV (net asset value per share) is a non-GAAP (international
financial reporting standards) measure calculated as the value of
total assets less the value of total liabilities divided by the total
number of common shares outstanding as at a specific date. The term
NAV does not have any standardized meaning according to GAAP and
therefore may not be comparable to similar measures presented by
other companies. There is no comparable GAAP measure presented in
Pinetree's consolidated financial statements and thus no applicable
quantitative reconciliation for such non-GAAP financial measure. The
Company has calculated NAV consistently for many years and believes
that NAV can provide information useful to its shareholders in
understanding its performance, and may assist in the evaluation of
its business relative to that of its peers.
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 2A2 
Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
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