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Pinetree Capital Ltd.: Pinetree Capital Ltd. Acquires Securities of Bear Lake Gold Ltd.

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^{Published in Business and Finance on Friday, June 5th 2009 at 11:01 GMT, Last Modified on 2009-06-05 11:02:32 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - June 5, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that on June 4, 2009, it acquired ownership of 1,500,000 common shares ("Common Shares") of Bear Lake Gold Ltd. ("Bear Lake") and 750,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until June 4, 2011, at a price of $0.40 (subject to acceleration by Bear Lake in the event that the common shares of Bear Lake trade over $0.50 for 20 consecutive days on the TSX Venture Exchange, following October 5, 2009). In the event that the Warrants are fully exercised, these holdings represent approximately 2.5% of the total issued and outstanding common shares of Bear Lake as of June 4, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree holds, as at June 4, 2009, 9,311,000 common shares of Bear Lake, including the Common Shares and rights exercisable into an additional 1,750,000 common shares of Bear Lake (the "Convertible Securities"), including the Warrants. If Pinetree were to exercise all of the Convertible Securities, its ownership would represent a total of 11,061,000 common shares of Bear Lake, or approximately 12.1% of such shares outstanding as of June 4, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree could increase or decrease their respective investments in Bear Lake 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, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. 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 ].