PHOENIX, AZ — (Marketwire) — 10/20/11 — Bonanza Goldfields Corp. (PINKSHEETS: BONZ) („Bonanza“ or the „Company“) announced today the results of the company-s most recent 18 assays submitted. Of 18 assay results, 9 tested positive for gold. Bonanza had two assays exceeding the 3000ppb high cutoff threshold. Under traditional laboratory parameters, the fire assay rock chip sample test is considered anomalous with any sample exceeding a cutoff low of 50ppb.
Bonanza Goldfields- President Scott G. Geisler stated, „These globally recognized assays prove the existence of high grade gold on Tarantula. The Bonanza geological team is a group of professionals with exacting standards, and the Preliminary Geological Report being finalized is the foundation of our larger NI 43-101 equivalent geological study. We look forward to our geological teams- additional findings.“
About Bonanza-s Tarantula Project: Bonanza Goldfields- Tarantula Project is a contiguous block of over 500 acres of pre-1955, patented, private property claims and BLM claims in the Date Creek Mountains, containing both alluvial and mineralized quartz deposits. A Preliminary Geological Report of the claims and the immediate region is now being completed. The geological team has already conducted bulk sampling, and is further exploring the outlying sections of the property. Prior to commencing the survey, extensive samplings were analyzed locally at multiple depths demonstrating the potential for high grade gold findings throughout the property. The current samples are being analyzed at globally recognized assayers. Modern access for heavy equipment is already in place via Bonanza-s privately constructed roads, and rail is localized. The claims are directly adjacent to the world famous historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959 producing about 400,000 ounces of lode gold. Unique features appear ubiquitous throughout the immediate area, including greenstone dike extensions, deep placer gravel deposits, and vestiges of numerous pre-historic waterfalls. Additionally, lode gold possibilities exist due to the extensions of schist and mineralized quartz veins in the immediate area of the Congress Mine. Bonanza believes the alluvial deposits originate from two ancient rivers that flowed in opposing directions during separate geological periods.
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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 President
Contact: Steven Ragan VP of Corporate Communications 720-446-6087
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