GFI Gold Fields Ltd

Largest Shareholder Recommends 'Sending a Message' to the Board CUPERTINO, Calif., Jan. 10 /PRNewswire/ -- Scion Capital, LLC said today it is encouraged by the proxies it has received in support of its efforts to prevent the undervalued offer for Bolivar Gold Corp. (TSX: BGC) by Gold Fields Limited (NYSE:GFI). "Based on the proxies received up to today, we have received substantial support from securityholders, although the final vote won't be known until both our proxies and those received by management are counted," said Michael Burry, Scion Capital's President. "We want every voice to be heard and recommend that all Bolivar securityholders take this opportunity to send a message to their Board that the Gold Fields $3.00 per share offer is inadequate and undervalued. This is especially true in the current environment as gold prices continue to rise." Scion Capital reminds its fellow Bolivar Gold securityholders that: -- The Gold Fields offer does not provide fair value for the assets and potential of Bolivar even under the market conditions at the time it was announced. -- The Gold Fields offer does not reflect that the price of gold has increased by over 11.5%, recently hitting almost US$550 per ounce, since the offer was announced. Comparable companies have seen their share prices increase by as much as 100% over that period while Bolivar stock has been effectively locked below $3.00 per share as a result of the Gold Fields offer. -- Bolivar Gold's Board and management have vastly overstated the degree of political risk to its operations in Venezuela. This was confirmed by a Dow Jones report on January 6 that "those companies that received permits, including Canada's Gold Reserve Inc. (GRZ) and Bolivar Gold Corp. (BGC.T), are examples of viable projects that are in tune with the state's new mining policies." The report included a statement from the Venezuelan Mining Minister that "All those who follow the country's laws have nothing to worry about." Shares of Gold Reserve have increased by more than 22% since the report while the Gold Fields offer has kept Bolivar's share price flat. -- If the deal is approved, Bolivar shareholders will be receiving $3.00 per share, while senior management at Bolivar will receive over $29 million in addition to any Bolivar shares or warrants they hold. Scion Capital continues to question these excessive golden parachute payments in light of the fact that senior management has already taken similar positions in their next venture, Coalcorp, and are actively involved with several other start-up entities. "The Gold Fields offer was opportunistic, undervalued and inadequate," Dr. Burry said. "There is much more value in Bolivar than the offer represents. Bolivar's management and Board are not looking out for the best interests of securityholders. In order to protect their interests, securityholders should tender their Pink or Grey proxy cards against the deal today, the last day that votes can be submitted. Securityholders can still vote against the deal even if they have already submitted a proxy card in favor of the transaction, as any proxy received today will supersede earlier submissions." 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 value oriented investment strategy across many public and private industries, markets and investment opportunities. Scion Capital is Bolivar's largest shareholder with holdings of 21,676,400 shares representing approximately 19.14% of Bolivar's outstanding common shares. Scion Capital's Dissident Circular is available at http://www.sedar.com/ and at http://www.scioncapital.com/. DATASOURCE: Scion Capital, LLC CONTACT: media, John Lute of Lute & Company, +1-416-929-5883, for Scion Capital, LLC; or investors, Steven A. Druskin, Chief Legal Officer of Scion Capital, LLC, +1-408-441-8400; or Mackenzie Partners Inc., 800-322-2885 (toll-free), or +1-212-929-5500 (collect) Web site: http://www.scioncapital.com/ http://www.sedar.com/

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