Sunshine Oilsands Ltd.

Grant of Share Options

HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Sept. 25, 2016) - The board of directors of Sunshine Oilsands Ltd. (the "Corporation") (HKSE:2012) announces that share options (the "Options") to acquire Class "A" common shares in the capital of the Corporation (the "Shares") were granted by the Corporation, to certain directors and certain employees of the Corporation (the "Grantees"), under its share option scheme adopted on January 26, 2012, as amended on May 7, 2013 and June 13, 2013 (the "Share Option Scheme"), subject to acceptance by the Grantees, with details as follows:

Date of grant	:	September 23, 2016 (Calgary)
Number of Options granted (Note 1)	:	An aggregate of 158,236,861 Options in respect of 158,236,861 Shares(1)
Exercise prices of Options granted (Note 1)	:	HK$0.592 (CDN$0.10 equivalent)(2) per Share
Closing price of the Shares on the date of grant	:	HK$0.58
Validity period of the Options	:	Five (5) years

Notes:

1. 42,111,000 of the Options granted have been granted to Sun Kwok Ping conditionally subject to shareholder approval of such grant at the next general meeting of the shareholders of the Corporation pursuant to Rule 17.04(1) of the Listing Rules.
2. Options were priced in Canadian dollars and the Hong Kong dollar price is based on the Bank of Canada noon exchange rate on the date of grant. The exercise price of HK$0.592 (CDN$0.10 equivalent) per Share is higher than (i) the closing price of HK$0.58 (CDN$0.10 equivalent) per Share as quoted on the Stock Exchange on the date of grant of the Options; and (ii) the average closing price of HK$0.587 (CDN$0.10 equivalent) per Share as quoted on the Stock Exchange for the 5 trading days immediately preceding the date of grant of the Options.

Included in the total Options granted are the following Options granted to directors and executive officers of the Corporation: