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Pinetree Capital Ltd. Acquires Securities of Western Potash Corp.

TORONTO, ONTARIO -- (Marketwire) -- 12/02/10 -- Pinetree Capital Ltd. (TSX: PNP), announces that through a series of transactions ending on December 2, 2010, it acquired ownership of 250,000 common shares ("Common Shares") through the facilities of the TSX Venture Exchange and 2,500,000 common share purchase warrants (the "Warrants") of Western Potash Corp. ("Western Potash") through a private transaction. In the event that the Warrants are fully exercised, these holdings represent approximately 2.6% of the total issued and outstanding common shares of Western Potash as of December 2, 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 December 2, 2010, an aggregate of 5,934,500 common shares of Western Potash, including the Common Shares and rights to acquire an additional 10,500,000 common shares of Western Potash upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 1,000,000 common shares, including the Common Shares and 8,500,000 of the Convertible Securities directly, including the Warrants (the "Pinetree Convertible Securities"). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 16,434,500 common shares of Western Potash, or approximately 14.5% of all issued and outstanding common shares as at December 2, 2010, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 9,500,000 common shares of Western Potash, or approximately 8.5% of all issued and outstanding common shares as at December 2, 2010, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Western Potash 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 merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Western Potashs. 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.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

Contacts:
Pinetree Capital Ltd.
Sheldon Inwentash
Chairman & CEO
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
www.pinetreecapital.com

Investor Relations:
Pinetree Capital Ltd.
Richard Patricio
Vice President, Legal and Corporate Affairs
416-941-9600
[email protected]

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