LAS VEGAS, Dec. 5, 2017 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) continues to implement safety measures as a top priority. Altogether, protective fencing has been installed at over a dozen Arizona mine shafts, including recent work at the Towne, Montana & Arizona (M&A), Molly Gibson, Golden Gem and Idaho Mines.
Repurchase of Chloride Headquarters Building. The Bauman Family has reacquired the former Hondo Minerals headquarters building on Tennessee Avenue in Chloride, Arizona. This building was sold to an unrelated party in 2016 to raise funds to meet Hondo operating expenses. The headquarters building is adjacent to the company's assay lab. In addition to the office building, there is also a garage attached to the assay lab for storage of mining equipment. These facilities will be available for the use of both Bonanza Goldfields and Hondo Minerals.
Balance Sheet Cleanup. Bonanza Goldfields has entered into an agreement with an investment banker to act as placement agent for a planned 3a10 debt exchange facility. The Company's authorized shares of common stock are in the process of being increased to 2 billion to accommodate this program, as well as for other corporate purposes.
Reorganization of Congress, Arizona Project. The Company renewed for 2018 its eight (8) unpatented BLM mining claims containing the Piedmont mine and the northwest extension of the Golden Wave vein. Additional claims are being staked and more detail will be provided by the Company once this is completed and processed by the US Bureau of Land Management (BLM).
Report on Hercules and Badger Mines, Chloride, Arizona
BONZ has posted historical geological reports for the Hercules and Badger Mines on the OTCMarkets website as a Supplemental Information Filing for the purpose of providing background information. These reports were prepared prior to adoption of NI 43101 and also do not meet current SEC standards. Any resource estimates in the reports should not be relied upon for any purpose.
About Bonanza Goldfields Corp.: BONZ is a Las Vegas–based mineral exploration and mining company. We are exploring gold and silver properties located in the Comstock and Goldfield Mining Districts of Nevada, and the Chloride, Oatman and Congress Mining Districts of Arizona.
About Hondo Minerals Corporation – Hondo is a Nevada-based mineral exploration and mining company that is exploring its Thunder Mountain and Mizpah Extension gold and silver properties at Tonopah, Nevada. Hondo is a shareholder of BONZ, and BONZ is exploring Hondo's Arizona properties.
Disclaimer - Forward Looking Statements: This press release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances and various other factors and risks.
Fred Bauman, General Counsel
SOURCE Bonanza Goldfields Corp.