Pinetree Capital Ltd. Acquires Securities of Mega Moly Inc.

TORONTO, ONTARIO, Sep 02 (MARKET WIRE) --
(TSX: PNP), announces that on September 2, 2008, it acquired ownership of
14,500,000 common shares ("Common Shares") of Mega Moly Inc. ("Mega
Moly"), or approximately 20.9% of the total issued and outstanding common
shares of Mega Moly as of September 2, 2008. As a result of this
transaction, Pinetree and its joint actors held, as at September 2, 2008,
an aggregate of 25,507,500 common shares of Mega Moly and convertible
securities exercisable into 11,000,000 common shares of Mega Moly (the
"Convertible Securities"), including the 10,000,000 convertible
securities held directly by Pinetree (the "Pinetree Convertible
Securities"). Of these totals, Pinetree holds 24,507,500 common shares,
including the Common Shares and the Pinetree Convertible Securities
directly. If Pinetree and its joint actors were to exercise all of the
Convertible Securities, their combined ownership would represent a total
of 36,507,500 common shares of Mega Moly, or approximately 45.5% of such
shares outstanding as of September 2, 2008, calculated on a partially
diluted basis assuming the exercise of the Convertible Securities only.
If Pinetree were to exercise all of the Pinetree Convertible Securities,
its ownership would represent a total of 34,507,500 common shares of Mega
Moly, or approximately 43.5% of such shares outstanding as of September
2, 2008, calculated on a partially diluted basis assuming the exercise of
the Pinetree 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 Mega Moly 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, Molybdenum, Precious Metals, Potash and Rare Earths, and Base
Metals. 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

Contacts:
Investor Relations: Pinetree Capital Ltd.
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
(416) 941-9600
Email: ir@pinetreecapital.com
Website: www.pinetreecapital.com

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