NAV NAVCO Pharmaceuticals Inc

Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its audited
consolidated financial results for the year ended December 31, 2013.


Pinetree had a net loss of $123 million for the year, as compared to $146
million for 2012. The 2013 net loss was primarily the result of net investment
losses of $107 million, comprised of $57 million in unrealized losses on
investments and $50 million in realized losses on dispositions of investments.
Loss per share for 2013 was $0.85, as compared to $1.07 for 2012.


As at December 31, 2013, the fair value of the Company's total investments was
$134 million, as compared to $270 million as at December 31, 2012. The
composition of Pinetree's investment portfolio by sector as at December 31, 2013
and 2012 is outlined in the following table:




---------------------------------------------------------------------------
                                      December 31, 2013   December 31, 2012
                                      -------------------------------------
                                                   % of                % of
Sector                                 ($'000)    Total    ($'000)    Total
---------------------------------------------------------------------------
Resources:                                                                 
  Precious metals                      52,802      39.5   145,169      53.7
  Oil and gas                          16,647      12.4    30,433      11.2
  Base metals                          14,103      10.5    31,075      11.5
  Uranium                              11,909       8.9    18,875       7.0
  Potash, lithium and rare earths      12,299       9.2    27,739      10.3
  Coal                                    595       0.4     2,140       0.8
                                      -------------------------------------
Total resources                       108,355      80.9   255,431      94.5
                                      -------------------------------------
Technology and other                   25,610      19.1    14,749       5.5
                                      -------------------------------------
Total investments                     133,965     100.0   270,180     100.0
---------------------------------------------------------------------------



Net asset value per share ("NAV") was $0.65 as at December 31, 2013, a 58%
decrease from the December 31, 2012 NAV of $1.55. The December 2013 NAV which is
derived from the Company's audited financial statements differs from the $0.67
December unaudited NAV previously disclosed by Pinetree in January 2014 due to
year-end adjustments. (See "Use of Non-GAAP Measures" below.)


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 following sectors: Precious Metals, Uranium and
Technology. 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. Pinetree is recognized as a value added partner.


Pinetree discloses an unaudited monthly net asset value per share within 15 days
after each month-end. For the latest month-end net asset value per share and for
more details about Pinetree and its investments, please visit our website at
www.pinetreecapital.com.


Use of Non-GAAP Measures

NAV (net asset value per share) is a non-GAAP (international financial reporting
standards) measure calculated as the value of total assets less the value of
total liabilities divided by the total number of common shares outstanding as at
a specific date. The term NAV does not have any standardized meaning according
to GAAP and therefore may not be comparable to similar measures presented by
other companies. There is no comparable GAAP measure presented in Pinetree's
consolidated financial statements and thus no applicable quantitative
reconciliation for such non-GAAP financial measure. The Company has calculated
NAV consistently for many years and believes that NAV can provide information
useful to its shareholders in understanding its performance, and may assist in
the evaluation of its business relative to that of its peers.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
416-643-3884


Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com


Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com


Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com

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