SOURCE: Bonanza Goldfields Corp.
PHOENIX, AZ--(Marketwire - Jul 26, 2012) - Bonanza Goldfields Corp. (OTCQB: BONZ) (PINKSHEETS: BONZ) ("Bonanza" or the "Company") announced today it is analyzing its flagship Tarantula project gold field for the presence of rare earth metals.
"We are very optimistic our Tarantula gold field project may contain extremely valuable rare earth metals. In conjunction with our gold operations, the addition of rare earth metals would add a potentially large revenue stream to our Tarantula project. As the new President and Chief Executive Officer, I am committed to mining all of Tarantula's natural resources which will maximize the return to our investors," said Mike Stojsavljevich, President and Chief Executive Officer of Bonanza Goldfields Corp.
Rare earth metals are essential for manufacturing components in many high-tech products such as cell phones, computers, and hybrid cars. In addition, these metals are used by our military for satellites and defense systems. Currently, management believes China accounts for roughly 95 percent of the world's rare earth metals market which is estimated to be valued at $18 billion globally. Domestic demand for rare earth elements, in our opinion, far outweighs domestic supply forcing the United States to depend on China. China's domestic demand for minerals, especially rare earth metals, is expected to grow substantially.
Bonanza Goldfields Corporation's management team and Board of Directors would like to reiterate that there can be no assurances of the quantity of valuable rare earth metals that can be mined, the amount of time needed to mine the rare earth metals, or the ultimate profitability of mining such rare earth metals until we review our test results and complete a full market review and assessment.
About Bonanza: 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
President and CEO