Announcements

Calgary, Alberta (August 6, 2013) - Sunshine Oilsands Ltd. ("Sunshine" or the "Corporation") (HKEX: 2012, TSX: SUO) announces that in light of Sunshine's planned expenditures and ongoing capital requirements for its West Ells and other projects and its existing capital levels, the Board of Directors has directed management of the Corporation to commence a strategic review process to identify, examine and consider a range of strategic alternatives available to Sunshine, with a view to progressing its oilsands development strategy and to preserving and maximizing shareholder value. This process could result in one or more strategic transactions being completed by the Corporation including, debt or equity financing of the Corporation, a joint venture or other strategic transaction involving Sunshine, or its assets, and a third party. Management and the Board of Directors are committed to acting in the best interests of the Corporation and its shareholders and believe that the long term strategy of the Corporation will continue to provide value to shareholders. The Board of Directors expects to engage financial advisors to assist in the strategic development alternatives review process.

Sunshine does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, or unless otherwise required by law or regulation or disclosure of which is deemed appropriate. The Corporation cautions that there are no guarantees that the strategic review process will result in a transaction or, that if a transaction is undertaken, as to its terms or timing. The Corporation has not set a definitive schedule to complete its evaluation.

Further details regarding the latest financial position and operational performance of the Corporation will be set out in the preliminary announcement of the results of the Corporation for the 6 months ended 30 June, 2013 to be published by the Corporation on or about August 13, 2013.

About Sunshine Oilsands Ltd.

Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") is a Calgary based public company, listed on the SEHK since March 1, 2012 and the Toronto Stock Exchange since November 16, 2012. Sunshine is focused on the development of its significant holdings of oil sands leases in the Athabasca oil sands region. The Corporation owns 100% of approximately 1.1 million acres of oil sands leases, equivalent to approximately 7% of the total oil sands leases granted in the Athabasca region. The Corporation is currently focused on executing milestone undertakings in the West Ells project area, where first steam is scheduled for the third quarter of 2013. West Ells has an initial production target rate of 5,000 barrels per day, which will be followed immediately by an approved expansion to a planned production capacity of 10,000 barrels per day in early 2014. In addition to West Ells activities, Sunshine is progressing regulatory approvals for two additional 10,000 barrels per day projects, one in Thickwood and one in Legend and various expansion opportunities.

For further enquiries, please contact:

Sunshine Oilsands Ltd.

Tel: (1) 403 984 1446
Email: [email protected]