News Releases

Calgary, Alberta; March 23, 2011 – On behalf of the Board of Directors of Sunshine Oilsands Ltd. (“Sunshine”), Michael Hibberd and Songning Shen, Co-Chairmen of Sunshine, are pleased to announce the appointment of Mr. Tingan Liu, Deputy Chairman and President of China Life Insurance (Overseas) Company Limited, and Mr. Haotian Li, Deputy CEO of Bank of China Group Investment Limited, as directors.

Co-Chairmen Hibberd and Shen stated that: “The addition of very experienced directors adds significant depth to Sunshine in governance and strategic direction and is a clear expression of our serious intent to benefit from the financial and industrial capabilities of the Asian region.”

Board Appointment Biographies

Mr. Tingan Liu is the Deputy Chairman and President of China Life Insurance (Overseas) Company Limited. His background includes significant experience in insurance, investments and banking operations. He has a thorough knowledge of Chinese and international financial markets. His social responsibilities include the following: He is a member of the Listing Committee of the Stock Exchange of Hong Kong Limited; he serves as a Member of the Insurance Advisory Committee of the Government of Hong Kong S.A.R.; he is a Councilor of the Life Insurance Council of the Hong Kong Federation of Insurers; he is Executive Director of the Hong Kong Chinese Enterprises Association; and, he is a Council Member and Fellow of the Hong Kong Institute of Directors. Mr. Liu received the Director of the Year Award, organized by The Hong Kong Institute of Directors in 2009, in the category of “Private Company Executive Directors”, and he was also a winner of China’s “Top 10 Economic Talents Special Award 2009”. Mr. Liu holds a Master degree in Economics from Renmin University of China and completed a scholarship program in Monetary Policy and Financial Markets at Oxford University. He is a Senior Economist and a fellowship member of the Hong Kong Institute of Chartered Secretaries.

Mr. Haotian Li is the Deputy CEO of Bank of China Group Investment Limited (“BOCGI”). Prior to joining BOCGI, Mr. Li was with the Corporate Banking Department at Bank of China Headquarters (oil and gas sector coverage) from 1999 to 2008 and was actively involved in a significant number of large investments and financings. Mr. Li is Chairman of BOCGI’s Investment Committee. He is also responsible for the Strategic Investment Department, the Non-Performing Asset Investments Department and the Funds Investment Management Department with total investments under management of these Divisions in excess of HK$30 billion. Mr. Li is a director of Bank of China Investment Limited and a director of the fund management company of ZheShang PE Fund, a RMB5 billion fund that he was instrumental in establishing and successfully launching. Mr. Li has an MBA degree from University of Denver in the USA and a Bachelor of Engineering Degree from Tsinghua University, China.

About Sunshine Oilsands

Sunshine Oilsands Ltd. is the largest holder of 100% owned Athabasca region leases in Alberta and is actively engaged in development of its significant holdings. Sunshine currently holds approximately 1,153,600 acres of 100% owned oil sands leases, representing 4.93% of the entire Athabasca Oil Sands area and approximately 7% of the leased Athabasca Oil Sands area. Sunshine also holds 7,680 acres of Petroleum and Natural Gas leases.

For more information, please visit the Company’s website at www.sunshineoilsands.com or email [email protected].

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 or statements. In particular, but without limiting the foregoing, this news release may contain forward-looking information and statements pertaining to the following: the in-situ pilot, the reserve report, recognition of the Company’s contingent resources, the Company’s development plans, the Company’s production potential and life span thereof; the timing and amount of estimated production; costs of production; capital expenditures; construction time lines; currency exchange rate 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 of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained 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 a result of the risk factors set forth below:

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• 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 forward-looking 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.