Bonanza Goldfields Corp. Reduces Debt by $205,000; Releases First Gold and Silver Assay Results

LAS VEGAS, Feb. 1, 2018 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) has entered into a settlement agreement with Freedom Boat Company that will result in a reduction of Company debt by $205,000.

Mortgage indebtedness on key Congress, Arizona asset to be eliminated

As a result of this settlement, the Company will own the Hull patented mining claim free and clear of any mortgage.  The Hull claim has served as the Company's base of operations in the Wickenburg, Arizona area in the past, and will continue to be available for the Company's Congress Project on an ongoing basis.

Under the Settlement Agreement, the Company will pay $45,000 for a full release.  Freedom Boat will release its deed of trust on the Hull patented mining claim and return the 15,000,000 shares of Company common stock that it is holding as collateral. 

Preliminary Bonanza Goldfields gold and silver assay results – Towne Mine, Chloride, Arizona

The Company has received fire assay results for three grab samples of quartz vein material from the most easterly mine dump at the Towne Mine, Chloride, Arizona.  The assays were performed by Ray Grimmer Lab Services of Glencore, Arkansas.  Results were:

These samples were taken to confirm gold and silver mineralization.  Extensive additional exploration work would be necessary to establish a gold or silver resource.

Preliminary Hondo Minerals gold and silver assay results – Mizpah Extension Mine, Tonopah, Nevada

Hondo Minerals has received fire assay results for one grab sample of quartz vein material from the Mizpah Extension mine dump on the Sparrow patented mining claim, Tonopah, Nevada.  The assays were also performed by Ray Grimmer Lab Services.  Results were:

These samples were taken to confirm gold and silver mineralization.  Extensive additional exploration work would be necessary to establish a gold or silver resource.  While little reliance can be placed on only one sample, the results were somewhat surprising to the Company as, historically, the ratio of silver to gold at mines in the Tonopah Mining District has been 80:1.  In this first sample, there was twice as much gold as silver.

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.

Contact: 

Fred Bauman, General Counsel 
702-357-0555
Email:  [email protected]

SOURCE Bonanza Goldfields Corp.