Pinetree Capital Ltd. Acquires Common Shares of Independent Nickel Corp.

Pinetree Capital Ltd. , announces that on December 18, 2006 it acquired ownership of 1,500,000 common shares (“Common Shares”) of Independent Nickel Corp. (“Independent Nickel”), which represents approximately 4.7% of the total issued and outstanding common shares of Independent Nickel as of December 18, 2006. Pinetree now holds 3,750,000 common shares in Independent Nickel, which holdings represent approximately 11.8% of Independent Nickel’s shares outstanding as of December 18, 2006.

These transactions were made for investment purposes and Pinetree and each of its joint actors could increase or decrease their respective investments in Independent Nickel depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. (“Pinetree” or the “Company”), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, 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.

Contact:

Larry Goldberg, C.A. Investor Relations Contact for Pinetree Capital Ltd.: Executive Vice President and Chief Financial Officer (416) 941-9600 Email: ir@pinetreecapital.com

Website: www.pinetreecapital.com

Source: Pinetree Capital Ltd.