SOURCE: Bonanza Goldfields Corporation

April 12, 2012 09:15 ET

Bonanza Goldfields Appoints Peter Cao to the Board of Directors

PHOENIX, AZ--(Marketwire - Apr 12, 2012) - Bonanza Goldfields Corp. (OTCQB: BONZ) (PINKSHEETS: BONZ) ("Bonanza" or the "Company") is pleased to announce Peter Cao has joined the board of directors.

"We are delighted to have Peter Cao join the Bonanza board given his rich background in business building. He adds depth and value with expertise in project development and finance. Peter has proven to be an enthusiastic and proactive member of the Bonanza team," said Scott G. Geisler, President and CEO.

"This is an important time in Bonanza's history as we move the Company to the production phase of the Tarantula Project," Mr. Cao said of his appointment. "It is with great pleasure and excitement that I am part of this effort."

Mr. Peter Cao currently serves on the advisory board of International Gold Mining Reserve Corporation (IGMR) (www.igmrgold.com). IGMR is a private venture owning approximately 1000 acres in the historic Shoshone Mining District. The district was in operation until 1957 by the Anaconda Copper Mining Company with reported production of 3,300,000 oz/Ag, 52,800 oz/Au, as well as significant copper, lead, and zinc ore. Prior to IGMR, Cao was vice president of commercial lending at United Americas Bank, were he was recognized for creating a high-performing portfolio of commercial loans. Cao also developed and operated Peter Cao General Contractors, Inc., serving over 15,000 satisfied customers over a 20 year span.

About Bonanza: Bonanza Goldfields' Tarantula Project is a contiguous block of 38 lode claims covering 600 acres in the Date Creek Mountains, Arizona. The lode claims are directly adjacent to the historic Congress Mine, Arizona. The Congress Mine produced about 400,000 ounces of lode gold. Highly prospective features are ubiquitous throughout the immediate area, including extensive greenstone dikes and quartz veins as well as placer gravel deposits. Many of the newly discovered Tarantula quartz veins are similar in character to the productive veins of the nearby Congress Mine and the other historically productive mines in the area. Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. A Preliminary Geological Report of the claims and the immediate region is completed.

Learn more about Bonanza Goldfields: http://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
President and CEO

Contact Information

  • Contact:
    Bonanza Goldfields Investor Relations
    Benchmark Advisory
    858-568-7059