GFI Gold Fields Ltd

Files Dissident Circular Opposing Plan of Arrangement CUPERTINO, Calif., Dec. 19 /PRNewswire/ -- Scion Capital, LLC announced today that it has mailed a Dissident Proxy Circular opposing the acquisition of Bolivar Gold Corp. (TSX: BGC) by Gold Fields Limited (NYSE:GFI) to the holders of Bolivar's common shares, warrants and options. Scion Capital's Dissident Circular is available at http://www.sedar.com/ and at http://www.scioncapital.com/. Scion Capital began investing in Bolivar in January 2005 and, as of December 16, 2005, it is Bolivar's largest shareholder, holding approximately 19.14% of the company's outstanding common shares. In connection with its investment in Bolivar, Scion Capital has conducted extensive due diligence including numerous trips to the company's Venezuelan mining operations and meetings or conversations with Bolivar and Venezuelan government officials. In the Dissident Circular, Scion Capital urges Bolivar securityholders to vote against the plan of arrangement that would allow Gold Fields to acquire Bolivar at a price of C$3.00 per common share. The Special Meeting to vote on the proposal will be held in Toronto on January 12, 2006. Among the reasons to oppose the acquisition, as cited in the Dissident Circular, are: * Gold Fields' offer significantly undervalues the securities of Bolivar, and it does not recognize Bolivar's increasing gold resources; * Gold Fields' offer is opportunistic, and does not include a true premium for control of Bolivar's substantial assets; * The recommendation in favor of Gold Fields' offer by Bolivar's management and board of directors is self-serving and is not in the best interest of Bolivar's securityholders; * Gold Fields' offer exploits market overreaction to perceived political risk in Venezuela, where Bolivar's operations are located; and * Gold Fields' offer does not take into consideration that gold prices have recently risen to a 25-year high. "Bolivar management and the board of directors are recommending a deal that significantly undervalues the assets of the company," said Michael J. Burry, Scion Capital's President. "We believe the board has engaged in a questionable process in agreeing to this arrangement with Gold Fields, has acted with undue haste, and has not acted in the best interest of Bolivar shareholders." Analysis and commentary underlying the reasons to vote against the proposal are provided in full in the Dissident Circular. Bolivar securityholders who want further information about the circular or how to vote their proxies against the proposal should contact Scion Capital's proxy solicitor, Mackenzie Partners, Inc. at 1-800-332-2885. The Special Meeting of Bolivar securityholders to consider Gold Fields' offer is to be held on Thursday, January 12, 2006 at 10:00 a.m. (Toronto time) in the TSX Auditorium at The Exchange Tower, 130 King Street West, Toronto. About Scion Capital Based in Cupertino, California, Scion Capital, LLC is an investment advisory firm founded in 2000, with current assets under management in excess US$750 million. Scion Capital seeks to make long-term investments in companies it identifies as having value that has not yet been recognized by the market. It employs a diversified investment strategy across many public and private industries, markets and investment opportunities. DATASOURCE: Scion Capital, LLC CONTACT: Investors, Steven A. Druskin, Chief Legal Officer, Scion Capital, LLC, +1-408-441-8400; Media, John Lute, Lute & Company, +1-416-929-5883, for Scion Capital, LLC; Mackenzie Partners Inc., +1-800-332-2885 (toll-free), +1-212-929-5500 (collect) Web site: http://www.scioncapital.com/

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