Sunshine Oilsands Ltd.: Resignation of a Non-Executive Director; Appointment of a Non-Executive Director

HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Oct 21, 2015) - Sunshine Oilsands Ltd. (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) (HKEX:2012)

Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX:2012) wishes to announce that the Board has accepted the resignation of Mr. Haotian Li as a non-executive, representative director of the Corporation effective immediately. Mr. Li has confirmed that he has no disagreement with the Board and that there are no matters that need to be brought to the attention of shareholders of the Company in connection with his resignation. The Board would like to thank Mr. Li for his contributions to the Corporation and wishes him success in his future endeavours.

Appointment of a Non-Executive Director

The Board is pleased to announce that Mr. Chen Jianzhong has been appointed as a non-executive, representative director of Sunshine effective immediately.

Mr. Chen, aged 47, is the Deputy Chief Executive Officer of Bank of China Group Investment Limited ("BOCGI") and he currently supervises the Asset Management Division and NPA Investment Division businesses. Mr. Chen has served in this role since 2013. Prior to joining BOCGI, Mr. Chen held a number of positions in the Anhui Branch of Bank of China Limited ("Bank of China") (a company listed on the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange") as well as the Human Resources Department at the Bank of China headquarters. Mr. Chen has over 25 years of experience in banking and finance. Mr. Chen holds a Master's degree in Engineering from the Beijing Institute of Technology.

There is no service contract between the Corporation and Mr. Chen and he has not been appointed for a specific term. Mr. Chen is entitled to receive director's emolument in accordance with the emolument policy of the Corporation (such emolument policy is subject to revision by the compensation committee of the Corporation). In accordance with the Corporation's articles of incorporation and by-laws, Mr. Chen shall hold office as a director subject to re-election at the next annual general meeting of the Corporation.

Save as disclosed in this announcement, Mr. Chen has not held any directorships in other listed public companies in the last three years and does not hold any other positions in the Corporation nor in any other subsidiaries of the Corporation. Mr. Chen does not have any relationship with any directors, supervisors, senior management, substantial or controlling shareholder of the Corporation, nor does he have any interests in the securities of the Corporation within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, Mr. Chen has confirmed that there is no other information that is required to be disclosed in accordance with Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter relating to his appointment that needs to be brought to the attention of the shareholders of the Corporation.

The Board takes this opportunity to welcome Mr. Chen to join the Corporation as a non-executive director.

ABOUT SUNSHINE OILSANDS LTD.

The Corporation is a Calgary based public corporation listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns interests in approximately one million acres of oil sands and petroleum and natural gas leases in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells has an initial production target rate of 5,000 barrels per day.

FORWARD-LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; and (b) the plans and expectations of the Corporation. Such forward-looking information is subject to various risks, uncertainties and other factors. All statements other than statements and information of historical fact are forward-looking statements. The use of words such as "estimate", "forecast", "expect", "project", "plan", "target", "vision", "goal", "outlook", "may", "will", "should", "believe", "intend", "anticipate", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Sunshine's experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta's regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although Sunshine believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation's actual results may differ materially from those expressed or implied. Sunshine disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation. The forward-looking statements speak only as of the date of this announcement and are expressly qualified by these cautionary statements. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. For a full discussion of the Corporation's material risk factors, see the Corporation's annual information form for the year ended December 31, 2014 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or the Corporation's website at www.sunshineoilsands.com.

By Order of the Board of Sunshine Oilsands Ltd.

Sun Kwok Ping, Executive Chairman

Hong Kong, October 22, 2015

Calgary, October 21, 2015

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun, Mr. Hong Luo and Dr. Qi Jiang as executive directors; Mr. Michael John Hibberd, Mr. Hok Ming Tseung, Mr. Jin Hu and Mr. Chen Jianzhong as non-executive directors; and Mr. Raymond Shengti Fong, Mr. Robert John Herdman, Mr. Gerald Franklin Stevenson and Mr. Zhefei Song as independent non-executive directors.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Contact

Sunshine Oilsands Ltd.
Mr. Hong Luo
Chief Executive Officer
(1) 403-984-1450
investorrelations@sunshineoilsands.com
www.sunshineoilsands.com