SOURCE: Bonanza Goldfields Corporation

August 29, 2011 13:08 ET

Bonanza Goldfields Returns 20,000,000 Shares to Treasury

PHOENIX, AZ--(Marketwire - Aug 29, 2011) - Bonanza Goldfields Corp. (PINKSHEETS: BONZ) ("Bonanza" or the "Company") today announced 20,000,000 shares of common stock is being returned to the treasury. These shares represent 5.7% of the shares outstanding.

Mr. David Janney has agreed to return 20 million common shares to the treasury in return for an aggregate payment of $80,000 (payable in $5000 equal increments over 16 months). The agreement has been executed and the transfer agent has been informed.

Bonanza's President, Scott Geisler, stated, "As a primary executive goal, Bonanza is targeting share reduction. We have identified an additional 53,000,000 shares being held in an escrow account at the transfer agent. We will explore all avenues and work tirelessly to reduce shares outstanding and maximize shareholder 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
Chief Executive Officer
Bonanza Goldfields Corporation
www.bonanzagoldfields.com

Contact Information

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