SOURCE: Bonanza Goldfields Corporation

March 14, 2012 08:53 ET

Bonanza Goldfields to Restore Fully Reporting Status

PHOENIX, AZ--(Marketwire - Mar 14, 2012) - Bonanza Goldfields Corp. (PINKSHEETS: BONZ) ("Bonanza" or the "Company") is pleased to announce the filing of the Company's 1st Quarter 10-Q with the Securities and Exchange Commission. The 2nd Quarter 10-Q will be filed next week, bringing Bonanza up-to-date and in compliance with quarterly filings.

"Achieving fully reporting is a key executive milestone and important event to move ahead in all regards to funding and production at our flagship Tarantula Project. Furthermore, the ability to uplist our shares and move to more visible marketplaces is achievable with these filings. I am proud of the Bonanza Team, and the dedication of our professionals assisting in this process. The extraordinary nature of our flagship property has warranted all efforts," said President and CEO Scott G. Geisler.

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:
    Steven Ragan
    VP of Corporate Communications
    928-251-4044