Pinetree Capital Ltd. announces appointment of officer

TORONTO, Oct. 7 /CNW/ - Pinetree Capital Ltd. ("Pinetree") is pleased to
announce the appointment of Richard Patricio as Vice President, Legal and
Corporate Affairs. Mr. Patricio has extensive capital market experience and
was most recently General Counsel for a TSX listed company. In connection with
Mr. Patricio's appointment, Pinetree has granted Mr. Patricio 50,000 options,
each option exercisable at $3.55 per share until October 2, 2010. The options
are subject to regulatory approval.
Pinetree also announced today that, after completing its due diligence,
it has decided not to proceed with the proposed investment in two resource
companies with property interests in the Mackenzie Delta and Beaufort Sea as
previously announced on July 28, 2005.

About Pinetree

Pinetree 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
sectors: (i) 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.