HONG KONG, CHINA--(Marketwire - Nov. 20, 2012) - Sunshine Oilsands Ltd. (TSX:SUO)(HKSE:2012) (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) -

NOT FOR DISTRIBUTION OR DISSEMINATION IN OR INTO THE UNITED STATES.

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.

Sunshine Oilsands Ltd. ("Sunshine" or the "Company") today announced that Mr. Robert Pearce will become Sunshine's CFO & Senior VP Finance, effective November 20, 2012.

Chief Financial Officer (CFO) and Vice President Finance, Mr. Thomas Rouse, is reducing his workload and will resign on November 20, 2012. Mr. Rouse will continue to work with the Company on special projects. Sunshine is extremely grateful for all of Mr. Rouse's exceptional and diligent efforts on behalf of Sunshine since he joined the Company in 2008 and we wish him all the best. There is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

Mr. Pearce has over 25 years of varied technical and business experience in the areas of corporate development, general management, debt and equity finance, strategy and planning. Prior to joining Sunshine he was the Chief Operating Officer at Harvest Operations and the CFO of a junior company developing a new oil sands extraction technology. He was also Chief Executive Officer and co‐founder of North West Upgrading where he led a team developing an independent upgrader/refiner to service Alberta's growing oil sands sector. He served as Treasurer of PanCanadian Energy, was an energy investment banker for several years, and has held various for profit and not‐for‐profit director positions. Mr. Pearce has an undergraduate degree in Geological Engineering and an MBA in Finance.

ABOUT SUNSHINE OILSANDS LTD.

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 464,897 hectares (1,189,762 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.

FORWARD-LOOKING INFORMATION AND DISCLAIMER

This presentation (the "Presentation") contains forward-looking information relating to, among other things: (a) the future financial performance and objectives of Sunshine Oilsands Ltd. (" Sunshine" or the "Corporation"); 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 Presentation 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 Presentation, 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 for the year ended December 31, 2011 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.

This document 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.

By Order of the Board of Sunshine Oilsands Ltd.

Michael John Hibberd, Co-Chairman

and

Songning Shen, Co-Chairman