PHOENIX, May 9, 2011 /PRNewswire/ -- Bonanza Goldfields Corp. (Pink Sheets: BONZ) ("Bonanza" or the "Company"), an exploration and mining company headquartered in Phoenix, Arizona, today received its first refining statement from NTR Metals from gold attained from its bulk sampling sluice yields at its Hull Lode and Tarantula Claims group.
The gold finds material submitted to NTR on average had a high metal purity content of 95.45% Au or a karat equivalent of 22.908. Management is extremely pleased with these high karat gold yields as they further prove the economic potential.
Bonanza complied with the AML requirements and successfully established its NTR Metals refining account. The company will soon explore its own bar minting options and try to negotiate the best rates it can with the refiner as production is increased.
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 petroleum exploration and development stage 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 riskfactors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD Bonanza Goldfields Corporation --