Sunshine Oilsands Ltd.: Record Date of the Annual Meeting to be Held on June 30, 2016

CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwired - May 16, 2016) - Sunshine Oilsands Ltd. (the "Corporation") (HKSE:2012) hereby announces that its board of directors (the "Board") has approved to convene an annual meeting of the shareholders on Thursday, June 30, 2016 (Hong Kong time) (the "AGM"). The Board has also decided to fix the record date for the determination of the shareholders who are entitled to receive the notice of, and to attend and vote at, the AGM or adjournment thereof, at 4.30 p.m. on Tuesday, May 31, 2016 (Hong Kong time) (the "Record Date").

Only shareholders as at the Record Date are entitled to receive notice of the AGM. Shareholders on record will be entitled to vote their shares held by them as at the Record Date, unless any such shareholder properly transfers the shares after the Record Date and the transferee of those shares, having produced properly endorsed certificates evidencing such shares or having otherwise established ownership of such shares, demands, at least ten (10) days before the AGM, that the transferee's name be included in the list of shareholders entitled to vote at the AGM, in which case such transferee shall be entitled to vote such shares at the AGM.

The Corporation's annual report containing, amongst other things, its financial statements for the year ended December 31, 2015 and management's discussions on the Corporation's results and performance for the same period, is sent to shareholders and made available on the Corporation's website at http://www.sunshineoilsands.com, and the website of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") at http://www.hkexnews.hk/, on April 28, 2016 (Hong Kong time). A notice of the AGM which contains, amongst other things, the time, venue and the detailed agenda of the AGM, along with a management information circular concerning the matters to be considered at the AGM, is expected to be sent to shareholders by the early June, 2016 (Hong Kong time) and will be available on the Corporation's website, the Stock Exchange's website as well as http://www.sedar.com.

Hong Kong, May 16, 2016

As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun, Mr. Hong Luo and Dr. Qi Jiang as executive directors; Mr. Michael John Hibberd, Mr. Hok Ming Tseung, Mr. Jin Hu and Mr. Jianzhong Chen as nonexecutive directors; and Mr. Raymond Shengti Fong, Mr. Robert John Herdman, Mr. Gerald Franklin Stevenson and Mr. Zhefei Song as independent non-executive directors..

*For identification purposes only

ABOUT SUNSHINE OILSANDS LTD.

The Corporation is a Calgary based public corporation, listed on the Hong Kong Stock Exchange since March 1, 2012. The Corporation was also listed on the Toronto Stock Exchange from November 16, 2012 to September 30, 2015, when it chose to voluntarily delist. The Corporation is focused on the development of its significant holdings of oil sands and heavy oil leases in the Athabasca oil sands region. The Corporation owns interests in oil sands and petroleum and natural gas leases in the Athabasca region of Alberta. The Corporation is currently focused on executing milestone undertakings in the West Ells project area. West Ells Phase I is operational and 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 at 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, 2015 (the "AIF") 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.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Contact

Mr. Hong Luo
Chief Executive Officer
(1) 403-984-1450
investorrelations@sunshineoilsands.com
www.sunshineoilsands.com