Announcements

Reference is made to the announcement dated January 24, 2014 (the "Announcement"). The Board would like to clarify that the finder's fee payable in respect of the Jin Quan Subscription Agreement and the Third Placing as set out in the Announcement is payable to Million View Limited instead of Goldeast Limited. To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, Million View Limited and, if applicable, its ultimate beneficial owner(s) is/are third parties independent of and not connected with the Corporation and the connected persons of the Corporation.

About Sunshine Oilsands Ltd.

Sunshine Oilsands Ltd. is one of the largest holders of oil sands leases by area in the Athabasca oil sands region, which is located in the province of Alberta, Canada. Since Sunshine's incorporation on 22 February 2007, Sunshine has secured over one million acres of oil sands leases (equal to approximately 7% of all granted leases in this area).

Sunshine's principal operations are the evaluation, development and production of its diverse portfolio of oil sands leases. Its principal operating regions in the Athabasca area are at West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases are grouped into three main asset categories: clastics, carbonates and conventional heavy oil.

All cash values are expressed in Canadian dollars, unless otherwise indicated.

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