Bonanza Goldfields Provides Tarantula Production Update
10 Dicembre 2012 - 2:00PM
Marketwired
Bonanza Goldfields Corp. (PINKSHEETS: BONZ) today provided a
progress update on the first phase of production operations at its
flagship Tarantula Project.
As reported in October, funding was secured and equipment was
rapidly mobilized to initiate the first phase of production which
is underway.
In November, Bonanza's management team made a strategic
equipment change and modification to the initial agreement with
Goldfields International. The initial agreement called for an
Alaskan 25 trommel gold recovery plant. Due to the nature of the
fine gold specimens being recovered, management opted for a Yukon
25 screen classification recovery system which has the same
capacity as the Alaska 25 and is better suited for the placer
material on Tarantula. Linking the Yukon 25 to a Goldfield Intl
proprietary finishing table system has proven to be far superior in
recovering the various grain sizes of gold found on the property.
Bonanza believes it is the first to deploy this advanced state of
the art finishing table system.
With the Yukon 25 in place, Bonanza's management team analyzed
all aspects of recovery, efficiency and cost savings. Critical
enhancements were implemented allowing material to move through the
plant more effectively while lessening the chance of down time and
clogging of the integrated system. Although it took time away from
initial production, Bonanza believes strongly that all enhancements
were necessary and in the best interests of shareholders.
"At this time, we are pleased with the successful execution of
running our integrated plant system and continue to pursue
strategic enhancements to maximize our production and yield," said
Michael Stojsavljevich, President and Chief Executive Officer of
Bonanza Goldfields Corp.
About Bonanza Goldfields Corporation
Bonanza Goldfields' Tarantula Project is a contiguous block of
38 lode claims covering 600 acres in the Date Creek Mountains,
Arizona. The lode claims are directly adjacent to the historic
Congress Mine, Arizona. The Congress Mine produced about 400,000
ounces of lode gold. Highly prospective features are ubiquitous
throughout the immediate area, including extensive greenstone dikes
and quartz veins as well as placer gravel deposits. Many of the
newly discovered Tarantula quartz veins are similar in character to
the productive veins of the nearby Congress Mine and the other
historically productive mines in the area. Bonanza's management
strategy is to process feasible placer ore, while proving out hard
rock structures. Modern access for heavy equipment is already in
place via Bonanza's privately constructed roads, and rail is
localized. A Preliminary Geological Report of the claims and the
immediate region is completed.
Learn more about Bonanza Goldfields:
http://www.bonanzagoldfields.com
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 mining 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 factors 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
Michael Stojsavljevich President and CEO
Contact: Bonanza Goldfields Corp. Email Contact 928-251-4044
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