The Board of Directors of Sunshine Oilsands Ltd. announced that West Ells construction is substantially completed with current field activities focused on facilities commissioning and startup preparation. To assure facilities performance and achieve nameplate capacity, management has advised the Board that the period for full commissioning of facilities has been extended. The startup of steam injection is targeted for September 2015.

The Board has been advised that the Canadian work permit for Mr. Hong Luo, allowing him to assume the CEO role in due course, is expected imminently. As a result, the Board endorsed a recommendation from Mr. Michael Hibberd to confirm the following Management and Board changes with effect from June 28, 2015. There are no disagreements among the members of the Board and there are no special matters relating to these re-designations that need to be brought to the attention of the shareholders of the Corporation: Mr. Kwok Ping Sun has been appointed to the position of Executive Chairman.

Mr. Sun, aged 51, was appointed as a non-executive director by the Board in May, 2015. Mr. Sun is the founder of Nobao Renewable Energy Holdings Limited and has served as the chairman of the board, director and chief executive officer of Nobao since its inception in 2007. Mr. Michael Hibberd has been confirmed as Non-Executive Vice Chairman.

Mr. Hibberd, aged 59, is a founder of Corporation and held the title of Chairman and Co- Chief Executive Officer from August, 2007 to October, 2008, Executive Co-Chairman from October, 2008 to June, 2014, Executive Chairman from June 2014 to November, 2014 and Executive Vice Chairman from November 2014 until June 28, 2015. He was appointed an executive director in May, 2007. Mr. Hibberd has extensive international energy project planning and capital markets experience.

He is currently President and Chief Executive Officer of MJH Services Inc. Mr. Hibberd currently holds directorships in the following public companies: Canacol Energy Ltd., Greenfields Petroleum Corporation, Montana Exploration Corp., PetroFrontier Corp., and PanOrient Energy Corp., all publicly traded entities listed on the Toronto Stock Exchange or the TSX Venture Exchange. Mr. Jin Hu has been confirmed as a Non-Executive Director and ceased to be Senior Vice President, Corporate Strategies of the Corporation. Mr. Hu, aged 38, was appointed as an executive director in June, 2014.

Mr. Hu is also a Vice President of Harbin Gloria Pharmaceuticals Co. and has been the Chairman and Chief Executive Officer of Shenzhen YongBangSiHai Private Equity Fund since 2012. Reference is made to the announcement dated June 24, 2015, in which it was announced that Mr. Tingan Liu retired as a non-executive chairman and director of the Corporation.

He ceased to be the member of the Corporate Governance Committee with effect from June 24, 2015. The Board further announced that, with effect from June 28, 2015: Mr. Raymond Shengti Fong and Mr. Gerald Franklin Stevenson have been appointed as members of the Corporate Governance Committee; Mr., Kwok Ping Sun has been appointed as a member of the Compensation Committee; and Mr. Jin Hu ceased to be a member of the Compensation Committee.