PHOENIX, AZ--(Marketwire -10/06/11)- Bonanza Goldfields Corp. (Pinksheets: BONZ.PK - News) ("Bonanza" or the "Company") announces today the acquisition of 28 Lode Claims expanding the Tarantula Project to over 500 acres of contiguous property directly adjacent to the historic Congress Mine which operated from 1887 to 1959, producing over 400,000 ounces of lode gold.
The Bonanza geological team, as part of the completion of the Preliminary Geological Survey, received assay results from the outlying regions of the Tarantula Project. This area was determined by the team to be under-studied and under-analyzed from all historical perspectives. The existence of quartz float, sulfide oxidation anomalies, outcrops of greenstone, and unusually large visible mineralized quartz veins leads management to believe the same quality quartz vein structure at the Congress Mine is ubiquitous throughout the existing and new claims expansion of the Tarantula Project. Bonanza's strategy is to utilize alluvial material for near-term placer production while simultaneously proving out the Tarantula property in its entirety with RC drilling techniques and continued assay analysis leading towards a NI 43-101 US equivalency geological report.
Commenting on Bonanza Goldfields' historic development, President Scott G. Geisler stated, "Although the final aspects of the Preliminary Geological Survey are being completed, management has enough information to move ahead with alluvial placer production plans. Equipment and personnel are being mobilized and nominal production levels are expected to proceed in the current quarter. Furthermore, based on cursory exploration of the new claims package, targets are already being identified for a drill program commissioning to prove out additional placer material and mineralized quartz veins."
Geisler continued, "Expanding our footprint at Tarantula is very advantageous for shareholders, and securing these claims brings substantial new value to the company. Achieving our expansion goals ensures the life of the project as we move forward. Early on, we proved to ourselves the viability of the project through local assay and analysis. With exceptional visible mineralized quartz present on Tarantula's claims and our close proximity to the historic Congress mine site, we feel Bonanza now has a world class land package that will prove to be as historic in nature as the Congress Mine."
Learn more about Bonanza Goldfields Corp.: www.bonanzagoldfields.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Scott G. Geisler
VP of Corporate Communications