Pinetree Capital Ltd. Acquires Common Shares of Visible Gold Mines Inc.

Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, announces that on July 31, 2007 it acquired ownership of 666,666 common shares ("Common Shares") of Visible Gold Mines Inc. ("Visible Gold") as a result of a stock dividend payable by Fieldex Exploration Inc. resulting in the issuance of one common share in Visible Gold in exchange for each six common shares of Fieldex Exploration Inc. held as of July 26, 2007. These holdings represent approximately 2.8% of the total issued and outstanding common shares of Visible Gold as of July 31, 2007. As a result of this transaction, Pinetree and its joint actors held, as at July 31, 2007, an aggregate of 4,136,888 common shares of Visible Gold and rights to acquire an aggregate of 1,125,000 common shares of Visible Gold upon exercise of convertible securities (the "Convertible Securities"). Of these totals, Pinetree directly holds 2,516,666 common shares including the Common Shares and rights to acquire an additional 675,000 common shares of Visible Gold upon the exercise of convertible securities (the "Pinetree Convertible Securities"). If Pinetree and its joint actors were to exercise all of these Convertible Securities, their combined ownership would represent a total of 5,261,888 common shares of Visible Gold, or approximately 20.9% of such shares outstanding as of July 31, 2007, 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 3,191,666 common shares of Visible Gold, or approximately 12.9% of such shares outstanding as of July 31, 2007, 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 Visible Gold depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP" and is included in the Standard & Poor's/Toronto Stock Exchange composite index. 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, Oil & Gas, Molybdenum, Precious Metals and Base Metals. Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

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

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Contacts: Investor Relations: Pinetree Capital Ltd. Larry Goldberg, C.A. Executive Vice President and Chief Financial Officer (416) 941-9600 Email: ir@pinetreecapital.com Media Relations: Pinetree Capital Ltd. Wanda Cutler Director of Corporate Communications (416) 860-1717 Website: www.pinetreecapital.com