Sunshine Oilsands Ltd. Announces Memorandum of Understanding

Sunshine Oilsands Ltd. Announces Memorandum of Understanding With
China Oilfield Services Ltd. in Respect of an Intention to Cooperate
Regarding Oilsands Exploration Technology 
HONG KONG, CHINA -- (Marketwire) -- 01/16/13 -- 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 ag
reement 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. 
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of
Hong Kong Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement. 
Contacts:
Sunshine Oilsands Ltd.
Mr. David Sealock
Executive VP, Corporate Operations
(1) 403 984 1446
investorrelations@sunshineoilsands.co
www.sunshineoilsands.com
 
 
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