Sunshine Oilsands Announces Strategic Financial Plans for Second Quarter of 2014

Sunshine Oilsands Announces Strategic Financial Plans for Second Quarter of 
CALGARY, Alberta and HONG KONG, April 6, 2014 /CNW/ - Sunshine Oilsands Ltd. 
(the "Corporation" or "Sunshine") (HKEX: 2012; TSX: SUO) today announced its 
strategic financial plans outline for the second quarter of 2014. 
Strategic and Financial Plans 
Sunshine's activities in examining strategic and financing alternatives remain 
ongoing. As a priority, the Corporation is actively progressing focused 
initiatives to secure financing to recommence construction on its first West 
Ells 10,000 bbl/d commercial Steam Assisted Gravity Drainage ("SAGD") project. 
Establishing production in the West Ells area is an important initiative that 
sets the foundation for the long term production plans in the West Ells 
project area, an area in which the Corporation has estimated that modular 
phase production increases have the potential to achieve commercial production 
of approximately 110,000 bbls/d production capacity. Financing initiatives are 
focused on considering debt and equity-linked alternatives as well as joint 
ventures, farm-outs, asset sales and sale lease-back transactions.  Sunshine 
is pleased to confirm that it is examining financing alternatives with the 
assistance of its financial advisors. Sunshine will disclose the details of 
specific financing initiatives when the Board of Directors approves a specific 
transaction or otherwise determines that disclosure is required. 
The Corporation cautions that there can be no assurances or guarantees that 
its activities will result in any financing transaction or other transaction 
or, if such financing or other transaction is undertaken, there can be no 
assurances or guarantees as to the terms or timing of such a transaction. 
In a showing of support for the strategic and financing initiatives, the Board 
of Directors is pleased to confirm that all Directors of Sunshine have agreed 
to accept 50% of their Board retainer compensation in the form of shares of 
the Corporation, and the Co-Chairmen have also agreed to accept 50% of their 
contract compensation in form of shares of the Corporation.  Such 
compensation, and the number of shares to be issued for previously earned 
retainer amounts following the end of the current trading black-out period, 
shall be determined in compliance with the Listing Rules, the rules of the 
TSX, and shall be subject to approval by the HKEX, the TSX as well as any 
necessary shareholder approvals. 
Blackout Period 
The Corporation confirms that it remains in a trading "black-out" for all 
persons that are subject to the Corporation's Corporate Disclosure and Trading 
Policy.  This "black-out" has been in effect since August 6, 2013 and is 
expected to continue until current financing initiatives and the strategic 
alternatives review process is fully completed. 
Completed Financings 
Since December 1, 2013, Sunshine completed and closed private placements for 
aggregate gross proceeds totaling HK$489.7 million (approximately CAD$68.7 
million).  The proceeds enabled the Corporation to repay vendors 45% of the 
amount owed when West Ells activities were suspended. All vendors, which 
include litigants, first lien holders and general creditors, were paid the 
same proportion of outstanding invoices.  As disclosed in the results 
announcement of Sunshine dated March 26,2014 and the most recent Annual 
Information Form ("AIF), Sunshine, with unanimous agreement from current lien 
holders and litigants, reached a collective forbearance agreement with all 
lien holders and litigants initially until February 28, 2014. This forbearance 
period was subsequently extended by collective agreement with all lien holders 
and litigants until May 31, 2014.  With cooperation from key vendors, the 
Corporation is actively moving forward with planning for recommencing 
construction at the West Ells 10,000 bbl/d commercial SAGD project area. 
Special General Meeting to be held on April 15, 2014 
In an initiative aimed at facilitating commitment and closing of additional 
equity or equity-linked financings, a Special General Meeting of shareholders 
is to be held on April 15, 2014. Shareholders are being asked to refresh the 
20% equity issuance mandate to allow Sunshine to allot and issue Shares up to 
a maximum of twenty percent (20%) of its aggregate issued and outstanding 
share capital. 
The Go-Forward Plan 
Once financing is secured, it is Sunshine's intention to move rapidly, using 
the experienced engineering, field operations and drilling and completions 
teams, to recommence construction at West Ells, with the goal of achieving 
first steam late in 2014. The corporation has retained high performing staff 
in all key areas required to support construction recommencement. The staff 
count is approximately 120 employees and consultants that meet the desired 
performance standards and includes staffing in all key operations, support 
roles and in commissioning and startup functions related to West Ells. The 
Corporation is determined to ensure that we leave no room for future excuses 
about cost controls and operations metrics since we intend to establish a 
strong base-line for long term, sustainable production growth and cash flow as 
we complete the West Ells project and become a producing energy company. 
Comments from the Co-Chairmen, Mr. Michael Hibberd and Mr. Songning Shen 
"We have gone through a determined and intense effort to address internal 
management leadership matters.  In view of the challenges we have faced, we 
are hugely impressed by the manner in which those challenges have been 
examined and addressed by our Board of Directors and our staff. Our new 
management team has made changes to our internal cost controls and capital 
allocations processes aimed at ensuring that go-forward budget and capital 
management requirements for 2014 are addressed in a rigorous manner. We 
already have, and remain committed to retaining, highly skilled financial 
management and technical teams with a track record of 'on time, on budget' 
project delivery. After financing initiatives are completed, the Board of 
Directors intends to appoint a full-time Chief Financial Officer to assume the 
CFO functions and the Board of Directors will formally address assignment of 
permanent key leadership titles. We can assure all of our shareholders that 
the Board of Directors remains fully committed to addressing the interests of 
our shareholders. This, combined with the commitment by our highly skilled 
management and technical teams and the support shown by our vendors and 
contractors, sets the backbone for our determination to push the West Ells 
project forward." 
This press release is not an offer of the Common Shares for sale in the United 
States. The Common Shares have not been, and will not be, registered under the 
United States Securities Act of 1933, as amended and may not be offered or 
sold in the United States absent registration or an exemption from the 
registration requirements thereof. This press release shall not constitute an 
offer to sell or the solicitation of an offer to buy, nor shall there be any 
sale of these securities, in any jurisdiction in which such offer, 
solicitation or sale would be unlawful. 
This announcement contains forward-looking information relating to, among 
other things: (a) the future financial performance and objectives of Sunshine; 
and (b) the plans and expectations of the Corporation.  Such forward-looking 
information 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 words such as "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 announcement 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 the AIF, "Risk Management" in our 
current MD&A for the year ended December 31, 2013 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 
In addition, information and statements in this announcement relating to 
"reserves" and "resources" are deemed to be forward-looking information, as 
they involve the implied assessment, based on certain estimates and 
assumptions, that the reserves and resources described exist in the quantities 
predicted or estimated, and that the reserves and resources described can be 
profitably produced in the future. The assumptions relating to Sunshine's 
reserves and resources are contained in the reports of GLJ Petroleum 
Consultants Ltd. and DeGolyer and MacNaughton Canada Limited, each dated 
effective December 31, 2013.  For additional information regarding the 
specific contingencies which prevent the classification of Sunshine's 
contingent resources as reserves see "Statement of Reserves Data and Other Oil 
and Gas information" in our most recent AIF.  The estimates of reserves and 
future net revenue for individual properties in this announcement may not 
reflect the same confidence level as estimates of reserves and future net 
revenue for all properties, due to the effects of aggregation.  "Contingent 
Resources" has the meaning given to that term in the AIF. 
About Sunshine Oilsands Ltd. 
Sunshine is a Calgary based public company, listed on the SEHK since March 1, 
2012 and the Toronto Stock Exchange since November 16, 2012. Sunshine is 
focused on the development of its significant holdings of oil sands leases in 
the Athabasca oil sands region. The Corporation owns interests in 
approximately one million acres of oil sands and P&NG leases in the Athabasca 
region. The Corporation is currently focused on executing milestone 
undertakings in the West Ells project area.  West Ells has an initial 
production target rate of 5,000 barrels per day, which will be followed 
immediately by an approved expansion to a planned production capacity of 
10,000 barrels per day. In addition to West Ells activities, Sunshine has 
received regulatory approval to the Thickwood 10,000 barrels per day SAGD 
project and has an additional 10,000 barrels per day application in regulatory 
review for Legend.

SOURCE  Sunshine Oilsands Ltd. 
Tiffany Chan, +852-9716-2447,, 
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