Sunshine Announces Definitive Joint Operating Agreement for Muskwa and Godin Areas

Sunshine Announces Definitive Joint Operating Agreement for Muskwa and Godin 
Definitive Joint Operating Agreement for Muskwa and Godin Areas 
CALGARY, Alberta and HONG KONG, Oct. 20, 2013 /CNW/ - Sunshine Oilsands Ltd. 
("Sunshine" or the "Corporation") (HKEX: 2012, TSX: SUO) is pleased to 
announce that it has signed its previously announced joint operating agreement 
("JOA") with Renergy Petroleum (Canada) Co., Ltd., ("Renergy") an affiliate of 
Changjiang Investment Group Co., Ltd. ("Changjiang") with respect to the 
Corporation's Muskwa and Godin area oil sands leases ("Leases").  Excluded 
from the JOA are all of Sunshine's oil sands rights within the carbonate 
formations contained within the Leases. 
Renergy will operate the assets under the JOA as the Operator.  In return for 
a 50% working interest, Renergy has agreed to fund 100% of the initial joint 
operations conducted on the lands up to a maximum of CAD $250 million (the 
"Commitment Cap"), which funding shall be deployed at the discretion of 
Renergy, as Operator, until the earlier of the point when (i) the sum 
contributed equals the Commitment Cap or (ii) average daily production from 
the lands over any 20 consecutive days period equals or exceeds 5,000 barrels 
per day (the "Production Target"). 
The working interest transfer is not expected to result in any accounting gain 
or loss due to the accounting treatment of the transaction. 
The JOA sets an outside date (the "Outside Date") where the first planned 
phase of discrete operations ("Phase One") shall be deemed to end if either 
the Commitment Cap has not been reached or the Production Target has not been 
achieved, which date is the earlier of: (i) three years from receipt of all 
required regulatory approvals in respect of Phase One; and (ii) six years from 
the date of the JOA; as may be extended by events of force majeure. 
In the event that the Commitment Cap or Production Target is not reached by 
the Outside Date, Renergy's working interest shall be reduced to that 
percentage obtained by multiplying 50% by the greater of (i) the sum of money 
in Canadian dollars contributed by Renergy under the JOA divided by CAD $250 
million and (ii) the average daily production from the lands under the Leases 
over a 20 consecutive days period divided by 5,000 (the extent of any such 
reduction, the "Working Interest Clawback"). 
In the event that Renergy's working interest is reduced pursuant to the 
Working Interest Clawback by 10% or more, Sunshine has the right to cause 
Renergy to resign as the Operator and Sunshine to become the Operator. 
Sunshine's Board of Directors is pleased that the opportunity in its Muskwa 
and Godin areas has been recognized through this significant agreement to 
provide both capital and other commitments. 
To the best of the directors' knowledge, information and belief having made 
all reasonable enquiry, Renergy and Changjiang and the ultimate beneficial 
owner of Renergy and Changjiang are, as at the date of this announcement, 
third parties independent of Sunshine and not connected persons of Sunshine 
(as defined in the Listing Rules). 
Changjiang is a conglomerate, which was founded in 1997, with its business 
scope in manufacturing, trading and investment.  Major businesses of 
Changjiang include steel, chemical, mining, shipbuilding and import-export 
businesses. Changjiang has also invested in futures companies, private equity 
funds, infrastructure companies and high-tech companies. 
Sunshine confirms that it is continuing in its active efforts to secure 
additional financing to fund the recommencement of West Ells project 
construction activities. 
Sunshine Oilsands Ltd. is one of the largest holders of oil sands leases by 
area in the Athabasca oil sands region, which is located in the province of 
Alberta, Canada.  Since Sunshine'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). 
Sunshine's principal operations are the evaluation, 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 
All cash values are expressed in Canadian dollars, unless otherwise indicated. 
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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 document does not constitute and is not an offer to sell or a 
solicitation of an offer to buy common shares of Sunshine 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 Ltd. 
Sunshine Oilsands Ltd., Mr. John Zahary, President & Chief Executive Officer, 
+1-403-930-5836; Mr. David Sealock, Executive VP, Corporate Operations, 
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