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Sunshine Oilsands Announces Closing of CDN$200 Million Syndicated Credit Facility

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HONG KONG /PRNewswire/ — Sunshine Oilsands Ltd. (“Sunshine”) (Stock Code: 2012.HK)is pleased to announce that it has closed a CDN$200 million syndicated secured credit facility. The co-lead institutions that arranged the credit facility were Alberta Treasury Branches and Bank of China (Canada), supported by Bank of America, N.A., Canada Branch; HSBC Bank Canada; Morgan Stanley Senior Funding, Inc.; Scotiabank; The Toronto-Dominion Bank; UBS AG Canada Branch; and Industrial and Commercial Bank of China (ICBC) (Canada). Alberta Treasury Branches was the agent for the lenders. With strong support, this facility was upsized from its original expectation.
The credit facility will be used to complete the final construction of the ongoing West Ells project, to fund the front end portion of the Thickwood project and to advance program and regulatory development to expand capacity for the West Ells, Thickwood and Legend Lake projects. The capacity of the West Ells, Thickwood and Legend Lake is expected to be 200,000 barrels per day of production when fully completed.
John Zahary, President & CEO, said “We are very pleased to complete this facility with a very high quality syndicate of Asian, global and Canadian banks. It shows strong validation of the company’s business plan and establishes a strong platform for future growth.”
Sunshine also wishes to announce that it has terminated its share repurchase program, as announced on September 16, 2012. Pursuant to the share repurchase program, Sunshine repurchased, for cancellation, a total of 61,172,000 Class “A” Voting Common Shares at an average price of HKD $3.08 per share.
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 (1,148,785 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 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 the Company 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 dated April 30, 2012 (“AIF”), “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 http://www.hkexnews.hk, on the SEDAR website at http://www.sedar.com or our website at http://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.
For further enquiries, please contact:
Sunshine Oilsands Ltd.
Mr. John Zahary
President & CEO
Mr. David Sealock
Executive VP, Corporate Operations
Tel: +1-403-984-1446
Email: investorrelations@sunshineoilsands.com
Website: http://www.sunshineoilsands.com
Source: Sunshine Oilsands Ltd.

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October 15, 2012 at 9:31 am

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New Era in Performance Assessment of Photovoltaic Systems Starts With pvSpot

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BRATISLAVA, Slovakia /PRNewswire/ —
GeoModel Solar has launched SolarGIS pvSpot, a new generation performance assessment tool for photovoltaic power plants.
pvSpot is a unique solution that can be used to detect underperformance of any photovoltaic (PV) power plant in Europe and South Africa. It is based on the latest advancements in satellite-based solar modelling and electricity simulation.
“Solar industry needs independent data and approaches for transparent evaluation of existing PV capacities. Because pvSpot uses high-resolution validated satellite data and proven algorithms, independence and quality of performance assessment is guaranteed. While pvSpot can be used as a complementary tool for well-monitored utility scale PV projects, it is practically the only reliable solution for medium-size and small PV installations,” said Marcel Suri, managing director of GeoModel Solar.
Comparison of actual and expected energy production is the best indicator of performance. For evaluation, expected production must be calculated precisely. This is only possible if site-specific solar radiation information is available in real time.
Until now, a typical practice has been to acquire data from cheap sensors or nearby meteo stations. Such approaches compromise on accuracy of solar radiation. Installing high-quality pyranometers and related hardware is a better solution, but challenges still remain. Ground measurements are often subject to errors due to missing or inconsistent data, shaded or unclean sensors, and they require rigorous quality checking.
“We have decided to implement satellite-based data, to achieve harmonised, validated and independent performance evaluation of our portfolio of PV power plants on regular basis,” said Klaus Fuchs, CEO from RENERGIE Solárny Park Holding SK a.s.
Satellite-based solar radiation is a reliable option for investors and lenders. pvSpot uses data from SolarGIS, recognised as the most accurate solar resource database on the market. pvSpot has been showcased at EUPVSEC exhibition in Frankfurt and it is accessible at http://solargis.info/. The SolarGIS platform was recently acknowledged at SNEC exhibition in Shanghai as one of ten most advanced technologies in PV.
About GeoModel Solar
GeoModel Solar is a Slovakia-based developer and operator of the SolarGIS database and online system. The company aims to increase efficiency and reduce uncertainty in developing and operationof solar energy projects by delivering bankable data and software services supporting the industry in prefeasibility, design optimization, monitoring and forecast of solar power. For more information, visit http://geomodelsolar.eu
Source: GeoModel Solar

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October 4, 2012 at 11:40 am

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Momentum Gathers for Western Kazakhstan Development

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ASTANA, Kazakhstan /PRNewswire/ — Western Kazakhstan is about to benefit from a series of development initiatives to be discussed at the forthcoming Western Kazakhstan Investment Forum: Expanding Production and Development. The event takes place from 24 to 26 September 2012 in the regional capital, Aktau.
The Forum has several far-reaching objectives which are focused on maximising commercial and employment opportunities and skills development for the local communities of this active oil and gas region.
The event will debate the implementation of concrete foreign investment projects in a range of industrial sectors. Whilst considerable emphasis will be on the oil and gas industry supply chain, many non-energy sectors will also be featured, including agriculture, tourism, renewable energy, water treatment and civil, industrial and mechanical construction.
The project is the initiative of the country’s national oil company, KazMunayGas. One of the Forum highlights will be the announcement of the best ten commercial opportunities for the supply of goods to the oil and gas industry that have been identified to develop in co-operation with foreign companies.
Speakers include government ministers; Sauat Mynbaev, Aset Isekeshev, Gulshara Abdykalikova and KazMunayGas Chairman, Lyazzat Kiinov. The rank of these and several other speakers illustrates the importance of the development programme. Furthermore, there is no charge for delegates who will be drawn from a range of senior-level business people wishing to take advantage of forthcoming investment opportunities and commercial partnerships in the region.
The Western Kazakhstan Investment Forum will be a platform for forging links across a spectrum of industries at Government level and with large and medium-sized business in the private sector. The event will also include excursions to production facilities in the country’s Mangystau Region.
Speaking about the event, Chairman of the Britain-Kazakhstan Parliamentary Group and as advisor to the Chairman of KazMunaiGas in Local Content Development, Lord Waverley, said. “This is a new and vibrant market with immense economic potential. It is imperative that the development of the region benefits the local community in the immediate and long term. There will be a series of announcements and presentations at the Forum that will highlight the serious intentions of the Kazakhstan Government to stimulate economic growth in the west of the country, as well as the significant opportunities for companies who are seeking to become partners in that growth.
More information about the Forum can be found at http://www.westkazinvest.org
Boris Danilenko, Tel: +7-727-258-3434, e-mail: Boris.Danilenko@iteca.kz
Source: Western Kazakhstan Investment Forum

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September 18, 2012 at 12:01 pm

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