NEW YORK, Dec. 6, 2010 /PRNewswire / -- Bonanza Goldfields Corp. (OTC Bulletin Board: BONZ) ("Bonanza Goldfields" or the "Company"), which engages in the acquisition, exploration and development of natural resource properties, headquartered in Phoenix, Arizona, announces its has entered into negotiations with Alto Group Holdings (OTC Bulletin Board: ALTO) (www.altomines.com) to participate in the development of the Zuna Mining Project.
The Zuna Exploration permit granted for 750 Ha for mineral exploration. The Permit is located approximately 10 kilometers south of the town of Huejuquilla el Alto and encompasses the Butte "Salitre". The asphalt road enters the Zuna Exploration permit on the east side of the property, located in Jalisco state. The Zuna Concession lays on top of the same geological phenomenon (Ring Fracture) as Los Tres Machos which is a project also owned by Alto Group Holdings.
About The Resource
Testing was done at Zuna during staking in 2006. Thirty six samples were submitted for fire assay. The average results of all samples yield 2.13 grams per ton of Au and 126 grams per ton of Ag. At the moment, the Company has estimated a 5,000,000 ton deposit (non NI 43-101 compliant) and with extensive drilling the amount may increase significantly. Over the years, third party geologists and engineers hired to evaluate the area have all expressed great interest in this project and are waiting to see how both companies can explore this giant potential world-class deposit.
ON BEHALF OF THE BOARD
Bonanza Goldfields Corp.
President and CEO
SOURCE Bonanza Goldfields Corp.