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TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that on October 28, 2009, it acquired ownership of 6,000,000 common shares ("Common Shares") of Forum Uranium Corp. ("Forum") and 3,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until April 22, 2011, at a price of $0.20, subject to certain acceleration rights exercisable by Forum. In the event that the Warrants are fully exercised, these holdings represent approximately 8.1% of the total issued and outstanding common shares of Forum as of October 28, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at October 28, 2009, an aggregate of 9,004,000 common shares of Forum, including the Common Shares and the Warrants which represents 12,004,000 common shares or approximately 10.8% of such shares outstanding as of October 28, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree could increase or decrease its investments in Forum 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, 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 ]