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Pinetree boosts its shareholding in Lithium Americas to 10%

Last updated: 18:18 21 Dec 2010 GMT, First published: 19:18 21 Dec 2010 GMT

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Small-cap investor Pinetree Capital (TSX: PNP) said Tuesday that it has increased its stake in  Lithium Americas (TSX:LAC), a company focused on the development of lithium and potash projects in Argentina, to around 10%.

Pinetree said the acquisition was made through a series of transactions that ended last Friday, when it bought 506,300 common shares of the company for a 0.7% interest.

As a result of the transaction, Pinetree and its "joint actors" collectively held 10.3% of the company at December 17, 2010, including warrants, on a partially diluted basis.

Lithium Americas recently filed an updated resource estimate for its Cauchari-Olaroz property in Argentina, identifying the third largest lithium brine deposit in the world.  Now in the development phase, a preliminary economic assessment is targeted for the first quarter of next year.

Pinetree's investments are primarily in the resources sectors of Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.

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