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TORONTO, CANADA--(Marketwire - Dec. 21, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that on December 17, 2009, it acquired ownership of 2,500,000 common shares ("Common Shares") and 1,250,000 common share purchase warrants (the "Warrants") of Ginguro Exploration Inc. ("Ginguro"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.15 until June 17, 2011. In the event that the Warrants are fully exercised, these holdings represent approximately 10.9% of the total issued and outstanding common shares of Ginguro as of December 17, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only.

This transaction was made for investment purposes and Pinetree could increase or decrease its investment in Ginguro 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 ].