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PINETREE CAPITAL LTD ("PNP-T")

UCORE URANIUM INC. ("UCU-V")

- Pinetree Acquires Securities of Ucore Uranium Inc.

    Pinetree Capital Ltd. announces that, through a series of transactions ending on November 24, 2009, it acquired ownership of 1,373,000 common shares ("Common Shares") of Ucore Uranium Inc. ("Ucore") through the facilities of the TSX Venture Exchange, representing approximately 1.6% of the total issued and outstanding common shares of Ucore as at November 24, 2009. As a result of this transaction, Pinetree and its joint actors held, as at November 24, 2009, an aggregate of 10,421,500 common shares of Ucore and rights to acquire an additional 1,250,000 common shares of Ucore upon the exercise of convertible securities (the "Convertible Securities"), representing a total of 11,671,500 common shares of Ucore, or approximately 13.4% of such shares outstanding as of November 24, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities. As a result of this transaction, Pinetree held (including the Common Shares), as at November 24, 2009, an aggregate of 10,000,000 common shares of Ucore and rights to acquire an additional 1,250,000 common shares of Ucore upon the exercise of the Convertible Securities, representing a total of 11,250,000 common shares of Ucore, or approximately 12.9% of such shares outstanding as of November 24, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

        These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Ucore 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.

TSX closing price for PNP

Date: 2009/11/24

Closing Price: 2.010

Pinetree Capital Ltd.

Investor Relations:

TEL:  416-941-9600   Corporation Goldberg, C.A.

                      Executive Vice President and CFO

E-mail: ir@pinetreecapital.com

Internet: www.pinetreecapital.com

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