AIF Altus Group Limited

Sunshine Oilsands Ltd. (TSX:SUO) (HKSE:2012)

As at the date of this announcement, the Board consists of Mr. Michael John
Hibberd and Mr. Songning Shen as executive directors, Mr. Hok Ming Tseung, Mr.
Tingan Liu, Mr. Haotian Li and Mr. Gregory George Turnbull as non-executive
directors and Mr. Raymond Shengti Fong, Mr. Wazir Chand Seth, Mr. Robert John
Herdman and Mr. Gerald Franklin Stevenson as independent non-executive
directors. 


(i) For identification purposes only 

This announcement is made pursuant to Rule 13.09 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited. 


Sunshine Oilsands Ltd. (the "Company") announced today that the Company signed a
"Memorandum of Understanding" ("MOU") on 11 January 2013 (Calgary time) with
China Oilfield Services Ltd. ("COSL") to amicably negotiate and communicate with
each other in respect of cooperation in developing multiple thermal fluid
oilsands exploration technology in Canada and, if acceptable, sign a cooperation
agreement under which COSL will conduct thermal fluid tests within the oilsands
areas of the Company in order to confirm the feasibility of multiple thermal
fluid techniques and other relevant technologies with respect of oilsands
exploration. The technology which was developed and patented by COSL has the
potential to reduce the facility foot print and operation cost for generating
steam and other thermal fluids to inject into reservoirs. 


Mr. Songning Shen, Co-Chairman, said "this technology has been proven successful
in an CNOOC limited offshore project, and Sunshine Oilsands' research of the
"multi-component thermal fluid thermal recovery technology" gives a possible
indication that it could work economically in bitumen reservoirs". 


The MOU is not legally binding except for those provisions in respect of
exclusivity, confidentiality and dispute resolution. The MOU is in effect for
one year and can be automatically extended for another year unless terminated.
The MOU may or may not lead to the entering into of a cooperation agreement and
the technology may or may not result in any benefit to the Company's operations.



ABOUT SUNSHINE OILSANDS LTD.

Sunshine Oilsands Ltd. is one of the largest non-partnered developers of oil
sands leases by area in the Athabasca oil sands region, which is located in the
province of Alberta, Canada. 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). Its principal operating regions in the Athabasca area are
at West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican and
Portage. Sunshine's properties are grouped into three main asset categories:
clastics, carbonates and conventional heavy oil.


The Company is constructing its first 10,000 barrel per day project at West
Ells, with first production expected in late 2013, and expects near term
regulatory approval of initial projects at Thickwood and Legend. Additional,
substantially larger projects are under development to contribute to Sunshine's
estimated ultimate potential of approximately 1,000,000 barrels per day.


FORWARD-LOOKING INFORMATION AND DISCLAIMER

This News Release may contain forward-looking information that 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 any words "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 the Company 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
information release are not exhaustive and readers are not to place undue
reliance on forward-looking statements as our 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 News
Release, except as required under applicable securities legislation. The
forward-looking statements speak only as of the date of this News Release 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 our material risk factors, see "Risk Factors" in our
most recent Annual Information Form dated April 30, 2012 ("AIF"), "Risk
Management" in our current MD&A 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 our website at www.sunshineoilsands.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sunshine Oilsands Ltd.
Mr. David Sealock
Executive VP, Corporate Operations
(1) 403 984 1446
investorrelations@sunshineoilsands.co
www.sunshineoilsands.com

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