Announcements

Hong Kong (October 20, 2016) and Calgary, Alberta (October 20, 2016) – The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) is pleased to announce the following executive management changes to better align its management organization with its future growth and development objectives.

Appointment of President and Chief Operations Officer

Qiping Men, formerly the Chief Financial Officer of the Corporation, has been appointed President and Chief Operations Officer with effect as of October 20, 2016. Mr. Men will be primarily responsible for managing the Corporation’s operations, including the West Ells project, leading the Corporation’s operating and engineering groups and managing relationships with suppliers and third-party partners.

As Chief Financial Officer, Mr. Men was responsible for, among other things, overseeing financial reporting, audit and compliance and developing financial strategies and budgets.

Mr. Men, aged 52, was appointed as an Executive Director of the Corporation on June 30, 2016 and as Chief Financial Officer of the Corporation on December 18, 2015 and had been serving in the capacity of Interim Chief Financial Officer of the Corporation since July 21, 2014. Prior to joining the Corporation, Mr. Men was Vice President of Goldenkey Oil Inc., a private oil and gas company based in Calgary, Alberta. Prior thereto, Mr. Men was the Chief Financial Officer and Vice President of each of Anterra Energy Inc. and Sahara Energy Ltd. which are both publicly traded companies on the Toronto Stock Exchange Venture Exchange.

Mr. Men has a Bachelor’s Degree in Mechanical Engineering, is a Professional Engineer and APEGA member. He has an MBA from Dalian University of Technology, has a Canadian CPA designation and is a member of Chartered Professional Accountants of Alberta with a public accountant designation.

Appointment of Chief Technology Officer

Dr. Qi Jiang, formerly the President and Chief Operations Officer of the Corporation, has been appointed Chief Technology Officer with effect as of October 20, 2016. Dr. Jiang will remain in Calgary and will be primarily responsible for managing new technology development and implementation, reserves and resources evaluations, development strategies, new venture acquisitions and divestitures. Dr. Jiang’s additional responsibilities will initially involve direct coordination with Nobao Energy Holding (China) Company Limited (“Nobao”), a Hong Kong corporation, in the implementation of Nobao’s heat exchange technologies available under the non-binding memorandum of understanding entered into in relation to the potential acquisition by Sunshine of a 51% shareholding interest in Nobao disclosed in the announcement of the Corporation dated September 14, 2016 (Hong Kong time) (the “MOU”). It is expected that this position will eventually involve responsibility for technology implementation initiatives for the Sunshine and Nobao companies if a transaction is completed under the MOU.

As President and Chief Operations Officer, Dr. Jiang was primarily responsible for managing the Corporation’s operations, including the West Ells project, leading the Corporation’s operating and engineering groups and managing relationships with suppliers and third-party partners.

Dr. Jiang, aged 53, was appointed as a Non-Executive Director of the Corporation on December 15, 2014. Dr. Jiang was subsequently appointed by the Board as President and Chief Operating Officer on January 5, 2015 and was re-designated and appointed as an Executive Director on the same date. Dr. Jiang has 32 years of experience in the oil and gas industry, including over 26 years of technical and executive management experience in conventional heavy oil and oil sands development. Dr. Jiang served as Vice President, Reservoir and Production Engineering with OSUM Oil Sands Corp. from 2012 to 2014, and Manager from 2008 to 2011. He spent nine years as exploitation engineer and development lead at Canadian Natural Resources Limited, focusing on reservoir and production management for several oil sands development projects including Steam Assisted Gravity Drainage (“SAGD”). Prior to that, Dr. Jiang held technical and managerial positions with PetroChina Company Limited and GravDrain Inc. that involved design and operation of thermal projects.

Dr. Jiang holds a Ph.D. and a M.Sc. in Chemical and Petroleum Engineering from University of Calgary, and B.Sc. in Petroleum Engineering from Southwest Petroleum University. He is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGA), a member of the Society of Petroleum Engineers (SPE). Dr. Jiang has over 25 publications related to SAGD and alternative technologies.

Appointment of Chief Financial Officer
Ms. Gloria Pui Yun Ho has accepted her appointment as Chief Financial Officer of the Corporation with a start date of November 1, 2016. Ms. Ho will be located in Hong Kong.

Ms. Ho has extensive experience in investment, risk management, corporate banking and finance. She previously worked in equity research, credit analysis, capital strategy, funds management and auditing in several international institutions and most recently as the Chief Executive of a reputable Chinese-based asset management firm.

Ms. Ho is a Chartered Accountant, Certified Public Accountant, Chartered Financial Analyst and Chartered Alternative Investment Analyst. Ms. Ho holds a postgraduate certificate in Financial Engineering at Stanford University and a M.Sc. in Finance at the University of Illinois at Urbana-Champaign.

As at the date of this announcement, Ms. Ho 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. Ms. Ho does not have any relationship with any directors, supervisors, senior management, substantial or controlling shareholder of the Corporation, nor does she 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, Ms. Ho 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 her appointment that needs to be brought to the attention of the shareholders of the Corporation.

The Board of Directors welcomes Ms. Ho to Sunshine and expects to see her experience contribute meaningfully to supporting Sunshine’s growth and development objectives.

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 of Alberta, Canada. 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.

For further enquiries, please contact:
Mr. Hong Luo
Chief Executive Officer
Tel: (1) 403-984-1450
Email: [email protected]

FORWARD LOOKING INFORMATION
This announcement contains forward-looking information relating to, among other things, 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, 2015 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are
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available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or on the Corporation’s website at www.sunshineoilsands.com.