Joint Venture Framework Agreement for Muskwa and Godin Areas Temporary Slow Down of West Ells Project

Joint Venture Framework Agreement for Muskwa and Godin Areas Temporary Slow 
Down of West Ells Project 
Joint Venture Framework Agreement for Muskwa and Godin Areas 
CALGARY, Alberta, Aug. 18, 2013 /CNW/ - Sunshine Oilsands Ltd. ("Sunshine" or 
the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to announce that it has 
entered into a Framework Agreement with an international third party to pursue 
a joint venture involving its Muskwa and Godin area oilsands leases.  The 
Framework Agreement provides for a 50 - 50 joint venture pursuant to which the 
third party will be responsible for investing up to $250 million, and 
contribute a thermal enhanced recovery technology, to achieve production of 
5,000 barrels per day from the oilsands leases.  After this production 
threshold is achieved, the joint venture parties will contribute in proportion 
to their ownership positions.  The joint venture is subject to certain 
conditions and the entering into of binding agreements.  Sunshine's Board of 
Directors is pleased that the opportunity in our Muskwa and Godin areas has 
been recognized through this significant proposal to provide both capital and 
Temporary Slow Down of West Ells Project 
Sunshine announces that some of the work on the West Ells Project site near 
Fort McMurray has been temporarily slowed down.  This work is expected to ramp 
up again once confirmation is received that additional funding has been 
committed.  Sunshine is maintaining staff at site to continue with reduced 
work activities and to ensure safety of the worksite.  President and CEO John 
Zahary said: "We are confident that Sunshine's extensive asset base and very 
advanced first project at West Ells will enable us to obtain commitments for 
necessary funding.  The effect of the work slow down on West Ells schedules 
and costs will be outlined after the funding is committed." 
Sunshine Oilsands Ltd. is one of the largest non-partnered holders of oil 
sands leases by area in the Athabasca oil sands region, which is located in 
the province of Alberta, Canada. Since the Company's incorporation on 22 
February 2007, Sunshine has secured over one million acres of oil sands leases 
(equal to approximately 7% of all granted leases in this area). 
The Company's principal operations are the exploration, development and 
production of its diverse portfolio of oil sands leases. Its principal 
operating regions in the Athabasca area are at West Ells, Thickwood, Legend 
Lake, Harper, Muskwa, Goffer, Pelican and Portage. Sunshine's oil sands leases 
are grouped into three main asset categories: clastics, carbonates and 
conventional heavy oil. 
This announcement 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 Sunshine 
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 
announcement, except as required under applicable securities legislation. The 
forward-looking statements speak only as of the date of this announcement 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, "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, on the SEDAR website at 
or our website at 
This announcement does not constitute and is not an offer to sell or a 
solicitation of an offer to buy common shares of the Company in the United 
States (including its territories and possessions, any State of the United 
States and the District of Columbia) or elsewhere.

SOURCE  Sunshine Oilsands Limited 
Sunshine Oilsands Ltd., Mr. John Zahary, President & CEO, Tel: 
+1-403-930-5836; Mr. David Sealock, Executive VP, Corporate Operations, Tel: 
+1-403-984-1446, Email: 
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CO: Sunshine Oilsands Limited
-0- Aug/19/2013 01:01 GMT
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