GFI Gold Fields Ltd

Gold Fields Offer Continues to Substantially Undervalue Bolivar Gold Shares CUPERTINO, Calif., Jan. 11 /PRNewswire-FirstCall/ -- Scion Capital, LLC said today that the revised offer by Gold Fields Limited (NYSE:GFI) for Bolivar Gold Corp. (TSX: BGC) (TSX: BGC.TO) continues to be unacceptable. "A 6.7% bump is an insult to Bolivar shareholders as it is not materially different from the offer we have been considering since November," said Michael Burry, Scion Capital's President. "Scion Capital has been revealing the truths about this deal all along, and the truth is Gold Fields blinked because they do not have the votes." "This is Gold Fields emptying the net, their roll of the dice, their Hail Mary pass. Let's ensure we win this round, and if Gold Fields wants to play again fair and square, we will happily engage. Shareholders simply should not give up now," said Dr. Burry. "Much better returns than 6.7% are coming. Comparable stocks were up by as much as 20% yesterday alone. And now Gold Fields reveals its ardor for the Bolivar asset by spoiling forever its reputation for not bumping its offers." Scion Capital notes for its fellow Bolivar Gold securityholders that: * It is our understanding that Gold Fields may be limited to $3.20 because anything beyond that would be a material change requiring regulatory approvals on its side that may take longer than a day or two. To the extent this is true, this is yet another wholly inadequate line of logic for setting a value on Bolivar Gold. * The revised Gold Fields offer does not provide fair value for the assets and potential of Bolivar for all reasons previously enumerated by Scion Capital. Scion Capital's dissident circular and press releases contain important information, all of which is still valid. Nothing in Scion Capital's filings and releases ever implied that $3.20 per share was close to an adequate valuation. * Scion Capital is continuing its court action to disallow votes improperly acquired by Gold Fields in violation of Ontario Securities law. Scion Capital is considering further legal and regulatory options in light of the announcement this morning. * Under the new deal, Bolivar shareholders will be receiving just 6.7% more per share, while senior management at Bolivar will receive over $33 million in addition to any Bolivar shares or warrants they hold. * Scion Capital is not an arbitrageur. Scion Capital is a value-oriented investment firm with little interest in relative value and arbitrage situations. "There is no fear in rejecting this deal outright and allowing the market to work," Dr. Burry said. "The shareholders meeting is still January 12th. Management simply extended the proxy voting period until the morning of the 12th because they did not have the votes. Shareholders can use this extra time to respond appropriately to this inadequate offer and process." Scion Capital urges shareholders to vote against this deal by tendering their Pink or Grey proxy cards against the deal today. 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: investors, Steven A. Druskin, Chief Legal Officer of Scion Capital, LLC, +1-408-441-8400; or Mackenzie Partners Inc., 1-800-322-2885, or collect, +1-212-929-5500; or media, John Lute of Lute & Company, +1-416-929-5883, for Scion Capital, LLC Web site: http://www.scioncapital.com/

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