Pinetree Capital Ltd. Announces Unaudited April 30, 2013 Net Asset Value Per Share of $1.00

Pinetree Capital Ltd. Announces Unaudited April 30, 2013 Net Asset Value Per 
Share of $1.00 
TORONTO, CANADA -- (Marketwired) -- 05/15/13 -- Pinetree Capital Ltd.
(TSX:PNP), announces that as at April 30, 2013, Pinetree's unaudited
net asset value per share ("NAV") was $1.00.  
NAV is calculated as at a particular date and is, by its nature,
historical, and may not be reflective of Pinetree's future
Pinetree discloses an unaudited monthly NAV within 15 days after the
month-end. The latest month-end NAV and more details about Pinetree
and its investments can be found on Pinetree's website at 
Use of Non-GAAP Financial Measures 
NAV is a non-GAAP (general accepted accounting principles) 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. 
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. 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
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