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Pinetree Capital Ltd. Acquires Common Shares of Noront Resources Ltd.
Thursday December 21, 1:16 pm ET

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - Pinetree Capital Ltd. (TSX:PNP - News), a Canadian investment company, announces that on December 20, 2006, it acquired ownership of 1,500,000 common shares ("Common Shares") of Noront Resources Ltd. ("Noront") and 1,250,000 share purchase warrants (each, a "Warrant") (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.75 until December 20, 2008). In the event that the Warrants are fully exercised, these holdings represent approximately 3.1% of the total issued and outstanding common shares of Noront as of December 20, 2006, calculated on a partially diluted basis assuming the exercise of Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at December 20, 2006, an aggregate of 6,300,000 common shares of Noront and rights to acquire an aggregate of 3,497,000 common shares of Noront upon exercise of convertible securities, including the Warrants (collectively, the "Convertible Securities"). Of these totals, Pinetree holds 4,700,000 common shares and the 2,375,000 warrants including the Warrants directly. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 9,797,000 common shares of Noront, or approximately 10.8% of such shares outstanding as of December 20, 2006, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the 2,375,000 warrants are fully exercised, the direct holdings of Pinetree represent approximately 7.9% of all issued and outstanding common shares of Noront as of December 20, 2006, calculated on a partially diluted basis assuming the exercise of the warrants only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Noront depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree develops and manages a portfolio of equity securities of private and public issuers engaged in growth businesses in the following three sectors: (i) Uranium, Mining and Oil & Gas; (ii) Biotechnology; and (iii) Technology and Other. Pinetree's investment focus among these three sectors changes over time, depending on changing investment opportunities. As well, Pinetree takes advantage of special situations and merchant banking opportunities.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.