TORONTO, ONTARIO--(Marketwire - May 8, 2009) - Pinetree Capital Ltd. (TSX:PNP), announces that, through a series of transactions ending on May 7, 2009, it acquired ownership of 250,000 common shares ("Common Shares") of MacDonald Mines Exploration Ltd. ("MacDonald") through the facilities of the TSX Venture Exchange representing approximately 0.2% of the total issued and outstanding common shares of MacDonald as of May 7, 2009. As a result of this transaction, Pinetree and its joint actors held, as at May 7, 2009, an aggregate of 19,975,000 common shares of MacDonald and convertible securities exercisable into 4,325,000 common shares of MacDonald (the "Convertible Securities"). Of these totals, Pinetree directly holds 12,175,000 common shares and convertible securities exercisable into 3,075,000 common shares of MacDonald (the "Pinetree Convertible Securities"). If Pinetree and its joint actors were to exercise all of the Convertible Securities, their combined ownership would represent a total of 24,300,000 common shares of MacDonald, or approximately 16.5% of such shares outstanding as of May 7, 2009, 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 direct ownership would represent a total of 15,250,000 common shares of MacDonald, or approximately 10.5% of such shares outstanding as of May 7, 2009, 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 MacDonald depending on market conditions or any other relevant factor.