SOURCE: Bonanza Goldfields Corporation

September 23, 2011 15:13 ET

Bonanza Goldfields Retires Preferred Shares to Treasury

PHOENIX, AZ--(Marketwire - Sep 23, 2011) - Bonanza Goldfields Corp. (PINKSHEETS: BONZ) ("Bonanza" or the "Company") is pleased to announce the retirement of 3 million Series A Preferred Shares.

On June 14, 2011, the Company issued 3 million shares of Series A Preferred Stock to David Janney, CEO and Director. Each share of Series A Preferred Stock represents 100 votes, or 300 million votes total. Subsequently, on July 6, Mr. Janney assigned 1.5 million of his Series A Preferred Stock to the board of directors of the Company in the form of an Assignment Agreement.

By written consent to action, the Board of Directors unanimously agreed to return the 3 million Series A Preferred shares to the Treasury.

Bonanza Goldfield's President, Scott G. Geisler, stated "Management recognizes and is taking all steps necessary for creating a pure play capital structure in the precious metals space. As we complete our reorganization, we are committed to increasing shareholder value and giving the voting power to the common shareholders. By retiring these super voting shares, we are demonstrating our commitment to accelerating the restructuring of Bonanza Goldfields' value."

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- -

David Janney
CEO
www.bonanzagoldfields.com

Contact Information

  • Contact:
    Steven Ragan
    VP of Corporate Communications
    720-446-6087