Sunshine Oilsands Ltd. is committed to providing our investors and the public with timely and accurate information regarding our business and operating activies.
August 31, 2020


CALGARY (August 31, 2020) and HONG KONG (August 31, 2020) – The Board of Directors (the “Board”) of Sunshine Oilsands Ltd. (the “Corporation” or “Sunshine”) (HKEX: 2012) announced the following:

Mr. Horst Wolfgang Wunschelmeier (“Mr. Wunschelmeier”) has ceased to be Chief Executive Officer (“CEO”) as his employment contract expires, effective immediately. In the meantime, the Chief Technology Officer, Mr. Frank Chi Man Ng, will temporarily assume direct responsibility for all CEO tasks and functions.

Mr. Wunschelmeier has been with Sunshine since 2018 and has acted as CEO since September 1, 2018. Mr. Wunschelmeier 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 the shareholders of the Corporation.
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 of 5,000 barrels per day.

For further enquiries, please contact:

Mr. Kwok Ping Sun
Executive Chairman

Tel: (852) 3188 9298
Email: [email protected]