Pinetree Capital Ltd. Acquires Securities of Canadian Arrow Mines Ltd.

TORONTO, ONTARIO, Apr 22 (MARKET WIRE) --
Pinetree Capital Ltd. (TSX: PNP), announces that through a series of
transactions ending on April 21, 2010, Pinetree acquired ownership of
500,000 common shares ("Common Shares") of Canadian Arrow Mines
Ltd. ("Canadian Arrow") through the facilities of the TSX
Venture Exchange representing approximately 0.4% of the total issued and
outstanding common shares of Canadian Arrow as of April 21, 2010. As a
result of this transaction, Pinetree held, as at April 21, 2010, an
aggregate of 9,500,000 common shares of Canadian Arrow, including the
Common Shares, and rights to acquire an additional 2,500,000 common
shares of Canadian Arrow upon the exercise of convertible securities
(collectively, the "Convertible Securities").In the event that
the Convertible Securities are fully exercised, the holdings of Pinetree
represent a total of 12,000,000 common shares of Canadian Arrow, or
approximately 10.0% of all issued and outstanding common shares as at
April 21, 2010, calculated on a partially diluted basis assuming the
exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree could
increase or decrease its investment in Canadian Arrow 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.

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

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