Pinetree Capital Ltd. acquires securities of Mantis Mineral Corp.



    TORONTO, Oct. 22 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), announces that
on October 19, 2007, it acquired ownership of 3,000,000 common shares ("Common
Shares") of Mantis Mineral Corp. (CNQ: MINE) ("Mantis") and 1,500,000 common
share purchase warrants (the "Warrants").
    Each Warrant entitles the holder thereof to acquire one additional common
share until October 19, 2009, at a price of $0.50. In the event that the
Warrants are fully exercised, these holdings represent approximately 8.7% of
the total issued and outstanding common shares of Mantis as of October 19,
2007, calculated on a partially diluted basis assuming the exercise of the
Warrants only. As a result of this transaction, Pinetree and its joint actors
held, as at October 19, 2007, an aggregate of 6,250,000 common shares of
Mantis and convertible securities exercisable into 2,000,000 common shares of
Mantis (the "Convertible Securities"), including the Warrants. Of these
totals, Pinetree directly holds 5,000,000 common shares and the Warrants. If
Pinetree and its joint actors were to exercise all of the Convertible
Securities, their combined ownership would represent a total of 8,250,000
common shares of Mantis, or approximately 15.8% of such shares outstanding as
of October 19, 2007, calculated on a partially diluted basis assuming the
exercise of the Convertible Securities only. If Pinetree were to exercise all
of the Warrants, its direct ownership would represent a total of 6,500,000
common shares of Mantis, or approximately 12.5% of such shares outstanding as
of October 19, 2007, calculated on a partially diluted basis assuming the
exercise of the Warrants only.
    These transactions were made for investment purposes and Pinetree and
each of its joint actors could increase or decrease their respective
investments in Mantis 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". 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.

    %SEDAR: 00008151E




For further information:

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

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Mantis Mineral Corp.

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