"Bonanza Goldfields - BONZ - Secures Financing To Start Gold Production In AZ"
PHOENIX, AZ--(Marketwire - Oct 2, 2012) - Today Bonanza Goldfields Corp. ( BONZ ) announces plans to initiate mining operations in the 4th quarter of this calendar year as a result of securing a $1.66M Financing Agreement with Tonaquint Inc., a Utah corporation.
"We are extremely pleased as this financing agreement with Tonaquint will enable Bonanza to rapidly advance from exploration to gold mining production before year's end," said Michael Stojsavljevich, President and CEO of Bonanza Goldfields Corporation.
Tests from Bonanza's gold fields conducted in August 2012 were very encouraging with promising results for gold and a number of rare earth metals.
"Our aggressive production plan is structured to process our gold deposits as rapidly as possible beginning with our pre-1955 patented land. With gold pricing continuing to rise in response to our Country's monetary and fiscal policies, we are in a strong position to exploit our gold reserves to maximize shareholder value," added Michael Stojsavljevich.
John Fife, Founder and President of Tonaquint, Inc., commented, "We are very impressed with the Bonanza team and their plans to move the company into gold production. Bonanza is unique because its surface mining approach allows it to enter production quickly and at a low cost relative to other junior mining companies."
The financing will be available to Bonanza upon the effectiveness of an SEC S-1 Registration Statement, with a first tranche effective immediately and allocated towards equipment purchases. Subsequent tranches will be used to execute a three tiered strategic plan commencing with the mining and processing of Bonanza's gold deposits on its Tarantula Project.