Announcements

Hong Kong (September 1, 2017) and Calgary, Alberta (September 1, 2017) - The Board ofDirectors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX:2012) wishes to announce the following executive management changes due to job reallocationand to better align its management organization with the Corporation’s future growth anddevelopment objectives.Change of Chief Executive OfficerThe Board is pleased to announce that with effect from September 1, 2017, Mr. Qiping Men(“Mr. Men”), currently an Executive Director, President and Chief Operations Officer, has beenappointed as the Interim Chief Executive Officer of the Corporation.Mr. Men, age 52, became an Executive Director on June 30, 2016. He was appointed asPresident and Chief Operations Officer of the Corporation on October 20, 2016. He wasappointed as Chief Financial Officer of the Corporation from December 18, 2015 to October 19,2016. Mr. Men has been serving in the capacity of the Interim Chief Financial Officer of theCorporation since July 21, 2014. Prior to joining the Corporation, most recently, Mr. Men wasVice 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 AnterraEnergy Inc. and Sahara Energy Ltd. which are both publicly traded.Mr. Men has a Bachelor’s Degree in Mechanical Engineering, is a Professional Engineer andan APEGA member. He has an MBA from Dalian University of Technology, as well as aCanadian CPA designation. He is also a member of Chartered Professional Accountants ofAlberta with a public accountant designation.Upon Mr. Men’s appointment as the Interim Chief Executive Officer, his office as President andChief Operations Officer of the Corporation ceased at the same time.Mr. Hong Luo (“Mr. Luo”), currently an Executive Director and Chief Executive Officer of theCorporation, will no longer serve as the Chief Executive Officer, effective from September 1,2017 but remained as an Executive Director.Change of Chief Technology OfficerOn September 1, 2017, Dr. Qi Jiang resigned as Chief Technology Officer.The Board is pleased to further announce that with effect from September 1, 2017, Mr. VincentChung Kiu Lau (“Mr. Lau”), is appointed as the Interim Chief Technology Officer of Sunshine.Mr. Lau joined Sunshine in 2014 and was appointed as Production and Development Managerin 2015. Mr. Lau has over 20 years’ experience in the oil industry. Before joining Sunshine, Mr.Lau worked in Pennwest Exploration Ltd as senior exploitation engineer for 2 years and HuskyEnergy Inc. for 14 years in the production engineering, exploitation engineering and reservoirengineering field.Mr. Lau has a Bachelor of Science Degree in Geological Engineering.The Board wishes to express its sincere gratitude to Mr. Hong Luo and Dr. Qi Jiang for theircontributions to the Company during their tenure of office.-3-ABOUT SUNSHINE OILSANDS LTD.The Corporation is a Calgary based public corporation listed on the Hong Kong Stock Exchangesince March 1, 2012. The Corporation is focused on the development of its significant holdingsof oil sands leases in the Athabasca oil sands region. The Corporation owns interests inapproximately one million acres of oil sands and petroleum and natural gas leases in theAthabasca region. The Corporation is currently focused on executing milestone undertakingsin the West Ells project area. West Ells has an initial production target of 5,000 barrels per day.For further enquiries, please contact:Mr. Qiping MenInterim Chief Executive OfficerTel: (1) 403 984-5142Email: [email protected]: www.sunshineoilsands.comFORWARD LOOKING INFORMATIONThis announcement contains forward-looking information relating to, among other things, theplans and expectations of the Corporation. Such forward-looking information is subject tovarious risks, uncertainties and other factors. All statements other than statements andinformation 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 toidentify forward-looking statements. Forward-looking statements are based on theCorporation’s experience, current beliefs, assumptions, information and perception of historicaltrends available to the Corporation, and are subject to a variety of risks and uncertaintiesincluding, but not limited to those associated with resource definition and expected reserves andcontingent and prospective resources estimates, unanticipated costs and expenses, regulatoryapproval, fluctuating oil and gas prices, expected future production, the ability to accesssufficient capital to finance future development and credit risks, changes in Alberta’s regulatoryframework, including changes to regulatory approval process and land-use designations,royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and theimpact thereof and the costs associated with compliance. Although the Corporation believesthat the expectations represented by such forward-looking statements are reasonable, therecan be no assurance that such expectations will prove to be correct. Readers are cautionedthat the assumptions and factors discussed in this announcement are not exhaustive andreaders are not to place undue reliance on forward-looking statements as the Corporation’sactual results may differ materially from those expressed or implied. The Corporation disclaimsany intention or obligation to update or revise any forward-looking statements as a result of newinformation, future events or otherwise, subsequent to the date of this announcement, exceptas required under applicable securities legislation. The forward-looking statements speak onlyas 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-4-hereof. For a full discussion of the Corporation’s material risk factors, see the Corporation’sannual information form for the year ended December 31, 2016 and risk factors described inother documents we file from time to time with securities regulatory authorities, all of which areavailable on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website atwww.sedar.com or on the Corporation’s website at www.sunshineoilsands.com.