03/09/2006- Pinetree Capital Ltd. Acquires Common

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MARCH 9, 2006 - 17:15 ET

Pinetree Capital Ltd. Acquires Common Shares of War Eagle Mining Company Inc.

TORONTO, ONTARIO--(CCNMatthews - March 9, 2006) - Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that on March 9, 2006, it acquired ownership of 1,500,000 common shares ("Common Shares") of War Eagle Mining Company Inc. ("War Eagle") and 1,500,000 share purchase warrants (each, a "Warrant") (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.60 until March 8, 2008). In the event that the Warrants are fully exercised, these holdings represent approximately 8.3% of the total issued and outstanding common shares of War Eagle as of March 9, 2006, calculated on a partially diluted basis assuming the exercise of Warrants only. As a result of this transaction, Pinetree and its joint actors held, as at March 9, 2006, an aggregate of 1,832,000 common shares of War Eagle and rights to acquire an aggregate of 2,458,000 common shares of War Eagle upon exercise of convertible securities, including the Warrants (collectively, the "Convertible Securities"). Of these totals, Pinetree holds 1,582,000 common shares and the 1,500,000 Warrants directly. If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 4,290,000 common shares of War Eagle, or approximately 11.6% of such shares outstanding as of March 9, 2006, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that only the Warrants are fully exercised, the direct holdings of Pinetree represent approximately 8.6% of all issued and outstanding common shares of War Eagle as of March 8, 2006, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in War Eagle depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP", is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals.

Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

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.

CONTACT INFORMATION

Pinetree Capital Ltd.
Investor Relations Contact: Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
[phone]
[e-mail]
www.pinetreecapital.com

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Sheldon Inwentash founded Pinetree as a merchant banking/venture capital company in 1992, with an initial financing that enabled Pinetree to acquire a 30% stake in BioSignal Inc., a Montreal based biotechnology company.

Pinetree has continued to acquire interests in a number of companies, and together they form the foundation for Pinetree's successful philosophy to invest in early stage technology companies with superior growth potential and build them through to commercialization.

Progressively refining its investment focus over the years, Pinetree has gained a reputation for astute investments in high growth companies. Despite the volatility of the high tech market, Pinetree has had three consecutive years of profits and increased revenue. Through its focus on companies with true proprietary technology, Pinetree has nurtured its partners into healthy, well-financed organizations poised for long term success.

In June 2004, Pinetree merged with Genevest Inc. in order to form a much larger, stronger and more diversified investment company, with approximately $100 million in invested assets. Until that time, Genevest Inc. traded on the TSX Venture Exchange under the symbol “GNV”.

Our way of doing business is a direct reflection of who we are. At Pinetree, our team of highly educated and accomplished executives has come together because we all appreciate the enterpreneurial dream. With complementary expertise in the financial, technology, investment and legal fields, we are separately and collectively committed to providing the tools that enable the dream.



SHELDON INWENTASH

"Our priority is to work with people who understand the collaborative aspects of doing business and whose commitment to the idea is as unmoving as ours. We're able to perform efficiently because of our knowledge, and proactively because of our insight and experience. We're patient money, enabling our investees to take full advantage of a changing environment in order to achieve commercial success, while our investors are able to experience real value over time."




LARRY GOLDBERG

"By being an excellent money partner, Pinetree acts as a catalyst for an emerging company. Our focus is on long term commercial success created with solid business acumen and a large network of people and organizations brought in to help our companies grow and prosper."