Sunshine Oilsands Ltd. (SUNYF)

[cowboyinvestor69]

Highlights
? Sunshine continues to make significant progress in construction of the West Ells project. West Ells Phase 1 and
Phase 2 are expected to produce 10,000 barrels per day.
? As part of ongoing analysis of cost control for the project, the Corporation reviewed and revised its West Ells cost
estimate by approximately $28 million to $496 million from $468 million. The Corporation now expects Phase 1 first
steam to be in the fourth quarter of this year.
? Milestones met at West Ells during the first three months of 2013 include: erection of the Phase 1 evaporator
tower, completion of the drilling of the Phase 1 SAGD wellpairs completion and setting of approximately 80% of
pilings for Phase 1. The Corporation has hired approximately 80% of the operations team.
? In relation to other core areas, Sunshine continues to advance through the regulatory process for Thickwood with
approval expected in the first half of 2013 for an initial 10,000 barrels per day project.
? The Corporation is pleased that Mr. Mark Montemurro has joined the Sunshine team as Senior Vice President,
Engineering and Geosciences.