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TORONTO, ONTARIO--(Marketwire - Oct. 22, 2009) – Pinetree Capital Ltd. ("Pinetree") (TSX:PNP), announces that on October 21, 2009, it acquired ownership of 2,550,100 common shares ("Common Shares") of U308 Corp. ("U308"), which holdings represent approximately 11.1% of the total issued and outstanding common shares of U308 as of October 21, 2009. Pinetree did not own or control any securities of U3O8 prior to its acquisition of the Common Shares. As a result of this transaction, Pinetree and its joint actors held, as at October 21, 2009, an aggregate of 3,700,100 common shares of U308, or approximately 16.0% of such shares outstanding as of October 21, 2009.

The Common Shares were acquired by way of a private agreement in exchange for common shares of Pinetree having an aggregate value of approximately $1,014,000. The transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in U308 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 ].