September 30, 2009 - 11:29 AM EDT
Pinetree Capital Ltd. Acquires Securities of Gold Canyon Resources Inc.

TORONTO, ONTARIO, Sep. 30, 2009 (Marketwire) -- Pinetree Capital Ltd. (TSX:PNP), announces that on September 30, 2009, it acquired ownership of 1,000,000 common shares ("Common Shares") of Gold Canyon Metals Inc. ("Gold Canyon") and 1,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until September 29, 2011, at a price of $0.40. In the event that the Warrants are fully exercised, these holdings represent approximately 3.4% of the total issued and outstanding common shares of Gold Canyon as of September 29, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actor collectively held, as at September 29, 2009, an aggregate of 5,890,000 common shares of Gold Canyon, including the Common Shares and rights to acquire an additional 2,500,000 common shares of Gold Canyon upon the exercise of convertible securities (collectively, the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 5,550,000 common shares, including the Common Shares and all of the Convertible Securities, directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actor represents a total of 8,390,000 common shares of Gold Canyon, or approximately 14.1% of all issued and outstanding common shares as at September 29, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represent a total of 8,050,000 common shares of Gold Canyon, or approximately 13.5% of all issued and outstanding common shares as at September 29, 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 its joint actor could increase or decrease their respective investments in Gold Canyon depending on market conditions or any other relevant factor.