http://www.sys-con.com/node/2517433##

TORONTO, CANADA -- (Marketwire) -- 01/17/13 -- Pinetree Capital Ltd. (TSX:PNP), announces that on January 17, 2013, it acquired ownership of 1,428,571 common shares ("Common Shares") of Novo Resources Corp. ("Novo") representing approximately 3.4% of the total issued and outstanding common shares of Novo as of January 17, 2013. As a result of this transaction, Pinetree and its joint actors collectively held, as at January 17, 2013, an aggregate of 3,587,571 common shares of Novo, including the Common Shares, and rights to acquire an additional 750,000 common shares of Novo upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 2,178,571 common shares, including the Common Shares, and 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 4,337,571 common shares of Novo, or approximately 10.2% of all issued and outstanding common shares as at January 17, 2013, 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 2,928,571 common shares of Novo, or approximately 6.9% of all issued and outstanding common shares as at January 17, 2013, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Novo 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 venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value-added partner in the resource industry.

Contacts:
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA
Chairman & CEO
416-941-9600

Pinetree Capital Ltd.
Gerry Feldman, CPA, CA
CFO & Vice President, Corporate Development
416-941-9600

Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 1A9
www.pinetreecapital.com

Investor Relations: Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com