Pinetree Capital Ltd. Acquires Common Shares Of Noront Resources Ltd.

TORONTO, Canada (October 29, 2007) Pinetree Capital Ltd. (TSX: PNP), announces that, through a series of transactions ending on October 25, 2007, it acquired ownership of 720,000 common shares (“Common Shares”) of Noront Resources Ltd. (“Noront”) through the facilities of the TSX Venture Exchange representing approximately 0.6% of the total issued and outstanding common shares of Noront as of October 25, 2007.  As a result of this transaction, Pinetree and its joint actors collectively held, as at October 25, 2007, an aggregate of 11,482,600 common shares of Noront, which represents approximately 10.2% of all issued and outstanding common shares as at October 25, 2007.  Of these totals, Pinetree owns an aggregate of 8,610,600 common shares, including the Common Shares, which represents approximately 7.6% of all issued and outstanding common shares as at October 25, 2007.  

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

norontresourcePinetree Capital Ltd. Acquires Common Shares Of Noront Resources Ltd.