Mr. Hong Luo reports

SUNSHINE OILSANDS LTD. ANNOUNCES GRANT OF SHARE OPTIONS

Sunshine Oilsands Ltd. has granted share options to acquire shares in the capital of the corporation to certain directors under the company's share option scheme adopted on Jan. 26, 2012, and amended on May 7, 2013, subject to acceptance by these certain parties, with details as follows:

Date of grant:  Dec. 17, 2014 (Calgary and Hong Kong)

Number of shares in respect of which the share options were granted:  13 million

Exercise price of share options granted (1):  Nine Canadian cents (60 Hong Kong cents equivalent) per share

Closing price of the shares on Dec. 17, 2014:  58 Hong Kong cents per share

Validity period of the share options:  Five years

(1) The options were priced in Canadian dollars and the price in Hong Kong dollar is based on the Bank of Canada noon exchange rate on the date of grant.

Included in the total share options granted are the following share options granted to directors of the corporation:

• Hong Luo, director, three million;
• Dr. Qi Jiang, director, 10 million.

Other than listed above, no substantial shareholder, chief executive, director or associate (as defined under the listing rules) of any of them were granted share options.

As at the date of this news release, the board consists of Michael John Hibberd, Mr. Luo, Dr. Qi Jiang and Jin Hu as executive directors, Hok Ming Tseung, Tingan Liu, Haotian Li as non-executive directors, and Raymond Shenti Fong, Robert John Herdman, Gerald Franklin Stevenson and Zhefei Song as independent non-executive directors.

This news release is made pursuant to Rule 17.06A of the rules governing the listing of securities on the Stock Exchange of Hong Kong Ltd.