Sunshine Oilsands Announces Unusual Price/ Turnover Movements and the Resumption of Trading

HONG KONG, June 23, 2014 /CNW/ - This announcement is made at the request of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The board of directors (the "Board") of Sunshine Oilsands Ltd. (the "Company"; HKEX: 2012; TSX: SUO) has noted the decreases in the price of the shares ("Shares") of the Company on Friday, 20 June 2014 and an increase in the trading in the trading volume of the Shares.

The Board wishes to state that the Board is not aware of any reason for such movements save and except that the Company may launch a US$325 million offering of senior secured notes as announced on 22 May 2014 (the "Possible Transaction"). As at the date of this announcement, the Company has not entered into any legally binding agreement or contract in relation to the Possible Transaction. There is currently no definitive timetable in connection with the Possible Transaction, and there can be no assurance that any transaction will occur as a result of these discussions. Accordingly, shareholders and investors are generally advised to exercise caution in dealing in the Shares. If the Company proceeds with the Possible Transaction, a further announcement will be made by the Company as and when appropriate in accordance with the Rules Governing the Listing of Securities on the Stock Exchange and the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Having made such enquiry with respect to the Company as is reasonable in the circumstances, save as disclosed above, the directors of the Company have confirmed that they are not aware of any other reasons for the movement in price and trading volume of the Shares or of any information which must be announced to avoid a false market in the Company's securities or of any inside information that needs to be disclosed under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Trading in the Shares on the Stock Exchange was suspended from 9.40am on 23 June 2014 pending the release of this announcement. Application has been made by the Company to the Stock Exchange for the resumption of trading in the Shares with effect from 9:00am on 24 June 2014.

This announcement is made by the order of the Company. The Company's board of directors collectively and individually accepts responsibility for the accuracy of this announcement.

SOURCE Sunshine Oilsands Ltd.

For further information:

Mr. David Sealock, Interim President & CEO, +1-403-984-1446, investorrelations@sunshineoilsands.com