PHOENIX, April 11, 2011 /PRNewswire/ -- Bonanza Goldfields Corp. (Pink Sheets: BONZ) ("Bonanza" or the "Company"), an exploration and mining company headquartered in Phoenix, Arizona - Management met its bulk sampling team with investment groups and reviewed the results from the sluice and backhoe operations. 21/30 in 150' by 150' grid sections have tested positive for levels of gold justifying further investigation and investment. "The results were we what expected and we have begun discussions with 43-101 certified geologists and equipment suppliers to get to the next level, production," stated Bonanza's President and CEO, David Janney. Management has since been in extensive discussions with finance groups so as to attain best terms for equipment and expertise in order to maximize shareholder returns. The Company is also accepting offers for advance purchases of 10kg gold bars deliverable 90 days from date of deposit, currently at a discount to market although no assurances can be made that such purchases will be consummated.
Gold samples have been attained, weighed and are being further analyzed at a nuclear lab in Canada for detailed information on the gold and dense black sands found.
Management has selected a Dakota Fabricators wash plant, designed for fine gold extraction, that can process up to 20 tons an hour. Until further safety certification, we are permitting currently to let operate 10 hours a day, six days a week, equaling a possible 4,800 tons a month. At .5 grams a ton, this equals 2,400 grams per month, which at today's record prices of $47.23 per gram, represents over $230,000 dollars a month gross income. No assurances can be provided as to gross income as other factors, such as breakdowns and other complications may arise.
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 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 risk factor 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 Bonanza Goldfields Corporation - -
President and CEO
SOURCE Bonanza Goldfields Corporation