October 1, 2010

TORONTO, Canada (October 1, 2010) Pinetree Capital Ltd. (TSX: PNP), announces that on September 28, 2010, it acquired ownership of 1,500,000 common shares (“Common Shares”) and 750,000 common share purchase warrants (the “Warrants”) of UC Resources Ltd. (“UC”). Each Warrant entitles the holder to acquire one common share of UC at a price of $0.13 until September 28, 2010. In the event that the Warrants are fully exercised, these holdings represent approximately 1.4% of the total issued and outstanding common shares of UC as of September 28, 2010, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at September 28, 2010, an aggregate of 15,150,000 common shares of UC, including the Common Shares and rights to acquire an additional 3,000,000 common shares of UC upon exercise of certain convertible securities (the “Convertible Securities”), including the Warrants. Of these totals, Pinetree owns 14,500,000 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 actors represents a total of 18,150,000 common shares of UC, or approximately 11.0% of all issued and outstanding common shares as at September 28, 2010, 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 represents a total of 17,500,000 common shares of UC, or approximately 10.6% of all issued and outstanding common shares as at September 28, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

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