Sunshine Oilsands Ltd. Announces Appointment of a Non-Executive Director

CALGARY, Alberta and HONG KONG, May 27, 2015 /PRNewswire/ -- The board of directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine") (HKEX: 2012, TSX: SUO) is pleased to announce that it has unanimously approved and appointed Mr. Kwok Ping Sun ("Mr. Sun") as a non-executive director of the Corporation with effect from May 27, 2015.  There are no disagreements among the members of the Board and there are no special matters relating to this appointment that need to be brought to the attention of the shareholders of the Corporation.

Mr. Sun, aged 51, is the founder of Nobao Renewable Energy Holdings Limited ("Nobao") and has served as the chairman of the board, director and chief executive officer of Nobao since its inception in 2007.  Prior to founding Nobao, Mr. Sun was the general manager of Shanghai Nobao Electric Appliance Co., Ltd from 2005 to 2007.  In 2003, Mr. Sun started his own research and development with respect to ground source heat pump (GSHP) systems and gained over 10 years of experience in this area.  From 1999 to 2002, Mr. Sun served as the general manager of Dynamic Co., Ltd of Denmark and was responsible for developing wind power projects in China in cooperation with Chinese local companies.  From 1994 to 1998, Mr. Sun was the chief executive officer of Wu Fong Investment Co., Ltd of Denmark.  Between 1983 and 1990, Mr. Sun worked as an official of the customs department, the publicity department and the foreign trade bureau of the City Government of Zhangjiagang, Jiangsu Province, People's Republic of China.  Mr. Sun has over 20 years of experience in automated control systems through his experiences described above as well as his experience as the general manager of Jiangsu Zhongwang Electronics Co., Ltd. between 1990 and 1993 and as an engineer of Zhangjiagang Radio Factory between 1979 and 1982.  Mr. Sun graduated from Suzhou Transportation Vocational College in 1985 and received an EMBA degree from Tsinghua University in 2006.

As at the date of this announcement, Mr. Sun does not hold any other positions in the Corporation nor in any other subsidiaries of the Corporation (collectively, the "Group").  Mr. Sun does not have any relationship with any directors, supervisors, senior management, substantial or controlling shareholder of the Corporation.  As at the date of this announcement, Mr. Sun currently owns and controls 479,078,000 class "A" common voting shares (the "Common Shares") of the Corporation (the "Interested Shares"), representing approximately 12.28% of the issued and outstanding Common Shares of the Corporation. Apart from the Interested Shares, Mr. Sun does not have any other interests in the securities of the Corporation within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

As at the date of this announcement, there is no service contract between Mr. Sun and the Corporation in respect of his directorship.  Mr. Sun is subject to retirement and re-election in accordance with the articles of incorporation and by-laws of the Corporation.  Mr. Sun's remuneration will be determined by the Compensation Committee of the Corporation with reference to his duties and responsibility in the Group, the Group's performance and the prevailing market situation.

Mr. Sun has confirmed that he does not hold any directorship in any other listed companies in the past three years preceding the date of this announcement and there is no other information relating to this appointment which is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter that needs to be brought to the attention of the shareholders of the Corporation.

The Board would like to take this opportunity to welcome Mr. Sun for joining the Board.

About Sunshine Oilsands Ltd.

The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012 and the Toronto Stock Exchange since November 16, 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 rate of 5,000 barrels per day.

FORWARD LOOKING INFORMATION

This announcement contains forward-looking information relating to, among other things, (a) the future financial performance and objectives of Sunshine; and (b) the plans and expectations of the Corporation.  Such forward-looking information is subject to various risks, uncertainties and other factors.  All statements other than statements and information 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 to identify forward-looking statements.  Forward-looking statements are based on Sunshine's experience, current beliefs, assumptions, information and perception of historical trends available to Sunshine, and are subject to a variety of risks and uncertainties including, but not limited to those associated with resource definition and expected reserves and contingent and prospective resources estimates, unanticipated costs and expenses, regulatory approval, fluctuating oil and gas prices, expected future production, the ability to access sufficient capital to finance future development and credit risks, changes in Alberta's regulatory framework, including changes to regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon and other laws or regulations and the impact thereof and the costs associated with compliance. Although Sunshine believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.  Readers are cautioned that the assumptions and factors discussed in this announcement are not exhaustive and readers are not to place undue reliance on forward-looking statements as the Corporation's actual results may differ materially from those expressed or implied.  Sunshine disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this announcement, except as required under applicable securities legislation.  The forward-looking statements speak only as 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 hereof.  For a full discussion of the Corporation's material risk factors, see the Corporation's annual information form for the year ended December 31, 2014 and risk factors described in other documents we file from time to time with securities regulatory authorities, all of which are available on the Hong Kong Stock Exchange at www.hkexnews.hk, on the SEDAR website at www.sedar.com or the Corporation's website at www.sunshineoilsands.com.

SOURCE Sunshine Oilsands Ltd.

Mr. Tingan Liu, Non-Executive Chairman, Tel: [phone]; Mr. Michael Hibberd,Executive Vice-Chairman, Tel: [phone], Email: [email protected],Website: www.sunshineoilsands.com, http://www.sunshineoilsands.com