News Releases

15 March 2011, Hong Kong; Sunshine Oilsands Limited (“Sunshine” or the “Company”), is pleased to announce that it has successfully raised $230 million and secured significant common equity investments from China Life Insurance (Overseas) Company Limited (China Life Overseas), Bank of China Group Investment Limited (Bank of China Group Investment), Cross-Strait Common Development Fund Co., Limited (Cross-Strait Common Development Fund) and several other strategic investors.Â

Commenting on the financing, Mr. Michael J. Hibberd and Mr. Songning Shen, Co-Chairmen of the Board of Sunshine said, “Sunshine is dedicated to developing a long term presence in Asia. Through our strategic investors, Sunshine not only secures a sound endorsement of its long-term growth objectives, but can now position itself to take advantage of Asian industrial and financial expertise.”

Mr. Liu Tingan, Deputy Chairman and President of China Life Insurance Overseas also expressed, “We see that there’s a growing demand with the unconventional energy globally, and Sunshine is extremely well qualified and positioned to take advantage of constantly growing energy demand in Asia. Meanwhile, investing into the oilsands industry could diversify the risks of our current investment portfolio against inflation. More importantly, the management expertise of Sunshine and the quality of its resources create the value for long-term investment. ”

Speaking on energy demand in Asia, Mr Li Hao Tian, Deputy CEO of Bank of China Group Investment added, “Thanks to the rapid economic growth of China, the oil industry worldwide has experienced significant supply source competition. As oil demand is strongly linked to economic growth of China, the continuing long-term uptrend of the Chinese economy is going to provide Sunshine with a
significant market for its rapid growth in oil production.”

“We expect Sunshine to thrive as it develops its massive asset base under the leadership of its experienced management”, said Mr Ren Jin Hua, Director of Cross-Strait Common Development Fund.

About Sunshine Oilsands Limited

Sunshine Oilsands Ltd. is a private Canadian company with ownership of the largest 100% owned oil sands lease position in the Athabasca region of Alberta. Sunshine owns and controls 100% of 1,147,200 acres (4,600 sq. km.) of oil sands leases in Athabasca Oil Sands Area in Alberta, Canada. This accounts for about 7% of all leases granted in the Athabasca Oil Sands Area. With its huge oilsands resources and expanding production potential, Sunshine is an attractive participant on oilsands development in Alberta. In January and February, 2011, Sunshine successfully allied with China Life Insurance (Overseas) Company Limited, Bank of China Group Investment Limited, Cross-Straits Common Development Funds Co., Ltd and other strategic investors interested on properly positioning the Company with capital to take full advantage of Asian industrial and financial expertise.

Issued by Porda Havas International Finance Communications Group for and on behalf of Sunshine Oilsands Limited. For further information, please contact:

Porda Havas International Finance Communications Group
Fax: +852 3150 6728

Advisory Respecting Forward-Looking Statements:

This news release contains certain forward-looking information and statements. The use of any of the words "expect","anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans","intends", "confident", "might" and similar expressions are intended to identify forward-looking information orstatements. In particular, but without limiting the foregoing, this news release may contain forward-looking informationand statements pertaining to the following: the in-situ pilot, the reserve report, recognition of the Company’s contingentresources, the Company’s development plans, the Company’s production potential and life span thereof; the timing andamount of estimated production; costs of production; capital expenditures; construction time lines; currency exchangerate fluctuations; environmental risks; unanticipated reclamation expenses; risk of obtaining regulatory approvals;engineering and design risk; fluctuation in commodity prices, operational challenges and other expectations, beliefs,plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results ofoperations or performance. Various assumptions were used in drawing the conclusions or making the projectionscontained in the forward-looking statements throughout this news release.

The Company’s actual results could differ materially from those anticipated in these forward-looking statements as aresult of the risk factors set forth below:

• General economic, market and business conditions in jurisdictions relevant to the Company’s business;
• Access to capital;
• Volatility on market prices for oil;
• Liabilities inherent in oil sands operations;
• Uncertainties associated with estimating oil sands resources and reserves;
• Competition for, among other things, capital, acquisitions of resources and reserves, leases and skilled
• personnel;
• Incorrect assessments of the value of acquisitions and the likelihood of success of exploration and development programs;
• Geological, technical, drilling and processing problems;
• Change in tax laws and incentive programs relating to oil and natural gas industry;
• Changes in Government regulations;
• Failure to obtain regulatory, industry partner and third party consents and approvals where required;
• Fluctuations in foreign exchange or interest rates and stock market volatility; and
• Failure to realize the anticipated benefits of acquisitions.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forwardlooking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances except as may be required by applicable laws.