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Feb 23, 2011
Pinetree Capital Ltd. Acquires Securities Of Argentum Silver Corp.
TORONTO, Canada (February 23, 2011) Pinetree Capital Ltd. (TSX: PNP), announces that on February 18, 2011, it acquired ownership of 4,545,455 common shares ("Common Shares") and 4,545,455 common share purchase warrants (the "Warrants") of Argentum Silver Corp. ("Argentum"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.15 until February 15, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 40.9% of the total issued and outstanding common shares of Argentum as of February 18, 2011, 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 Argentum 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 and Coal, 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

Sheldon Inwentash
Chairman & CEO
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9

Investor Relations:
Richard Patricio
Vice President, Legal and Corporate Affairs
Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600