Sunshine Oilsands Announces Grant of Share Options

HONG KONG, Dec. 10, 2012 /CNW/ - The board of directors (the "Board") of Sunshine Oilsands Ltd. (the "Corporation" or "Sunshine", HK: 2012) today is pleased to announce that share options (the "Share Options") to subscribe for shares in the capital of the Company (the "Shares") were granted by the Corporation under its share option scheme adopted on January 26, 2012 to certain directors and eligible officers and employees of the Corporation (the "Grantees"), subject to acceptance by the Grantees, with details as follows:

Date of grant	:	December 10, 2012 (Hong Kong) December 9, 2012 (Calgary)
Number of Shares in respect of which the Share Options were granted	:	36,054,908
Exercise prices of Share Options granted	:	Exercise prices range from HK$2.99 to HK$6.30 per Share The average exercise price of the Share Options is HK$3.83 per Share
Closing price of the Shares on December 7, 2012	:	HK$ 2.67 (HKEx) CAD 0.345 (TSX)
Closing price of the Shares on December 10, 2012 Morning Session	:	HK$2.83 (HKEx)
Validity period of the Share Options	:	Five (5) years

Included in the total Share Options granted are the following share options granted to directors and the Chief Executive Officer of the Corporation:

Name	Position*	Number of share options Granted	Average Exercise Price
John Empey Zahary	President & CEO	4,500,000	HK$ 2.99
Michael John Hibberd	Director & Co-Chairman	4,610,000	HK$ 5.14
Songning Shen	Director & Co-Chairman	4,610,000	HK$ 5.14
Hok Ming Tseung	Director	360,000	HK$ 5.20
Haotian Li	Director	360,000	HK$ 5.20
Raymond Shengti Fong	Director	360,000	HK$ 5.20
Wazir Chand Seth	Director	360,000	HK$ 5.20
Gerald Franklin Stevenson	Director	360,000	HK$ 5.20
Gregory George Turnbull	Director	360,000	HK$ 5.20
Robert John Herdman	Director	360,000	HK$ 5.20

Other than the Chief Executive Officer and directors listed above, no substantial shareholder, chief executive, director or associate (as defined under the Listing Rules) of any of them were granted Share Options.

Pursuant to Rule 17.04(1) of the Listing Rules, the grant of the Share Options to each of the Chief Executive Officer and the directors listed above have been approved by the independent non-executive directors of the Corporation (excluding independent non-executive directors who are Grantees).

About Sunshine Oilsands Ltd.

Sunshine Oilsands Ltd. is one of the largest non-partnered holders of oil sands leases by area in the Athabasca oil sands region, which is located in the province of Alberta, Canada. Since the Company's incorporation on 22 February 2007, Sunshine has secured over 464,897 hectares (1,148,785 acres) of oil sands leases (equal to approximately 7% of all granted leases in this area).

The Company's principal operations are the exploration, 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.

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SOURCE: Sunshine Oilsands Ltd.

http://www.sunshineoilsands.com