SOURCE: Bonanza Goldfields Corporation

September 28, 2011 11:25 ET

Bonanza Goldfields Returns Over 50 Million Shares to Treasury

PHOENIX, AZ--(Marketwire - Sep 28, 2011) - Bonanza Goldfields Corp. (PINKSHEETS: BONZ) ("Bonanza" or the "Company") is pleased to announce the return of 53,127,506 shares to the corporate treasury.

On April 8, 2011, the Company entered into a promissory note and escrowed 53,127,506 common shares to fulfill the convertible feature. Bonanza has satisfied this promissory note, negated convertibility, and the transfer agent has returned the shares to the treasury. The shares being returned to the treasury represent 15.5% of the shares outstanding. The current shares outstanding after this adjustment are 291,132,916.

Bonanza Goldfields' President, Scott G. Geisler, stated "Bonanza's commitment to share reduction and increasing shareholder value continues as a key executive goal. Furthermore, the recapitalization of the company continues on much more favorable terms. With private financing in place, Bonanza is moving on all executive goals, to include increasing our personnel presence at Tarantula, increasing our property footprint, procuring additional production equipment, and building upon our geological study."

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