LAS VEGAS, Oct. 10, 2017 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC PINK: BONZ) has signed an agreement to acquire a Mill Site for its Golden Gem Project. The Golden Gem Mine is located 10 miles north of Kingman, Arizona. The 26.84-acre Golden Gem Mill Site is adjacent to the BONZ Broken Hills patented mining claim and is immediately north of BONZ' O'Brien Mine group of mining claims.
The Golden Gem Mill formerly processed ore from BONZ' Golden Gem and Summit Mines, as well as other mines in the vicinity. Water supply for milling was obtained from a mine shaft on the Golden Gem claim. Water for the Golden Gem assay office and change room was produced by a domestic well located on the mill site. Hondo Minerals removed the historic mill equipment and building but did not replace it. The Golden Gem assay office and change room was not removed, but will need repairs. If it is decided to process mineralized material from the Golden Gem Project locally, a new mill would need to be designed and built at the Golden Gem Mill Site.
Hondo Minerals will receive 4,500 shares of BONZ Series B Preferred Stock as the purchase price for the Mill Site.
Reports on Towne and Rambler Mines, Chloride, Arizona
BONZ has posted historical geological reports for the Towne Mine and the Rambler Mine 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.
The Golden Gem, Broken Hills, O'Brien, Summit, Towne and Rambler Mines are among a total of over 12 mines in the BONZ Chloride portfolio. Located on over 500 acres, the other mines are (from north to south) the Badger, Hercules, Payroll, Molly Gibson, Arizona & Montana (A&M), Idaho and Daisy Twins Mines. There is also land for two mineral processing facilities on (1) the Terminal Millsite, located on Tennessee Avenue in the Town of Chloride and (2) the recently acquired Golden Gem Millsite. The BONZ assay office is located on Tennessee Avenue in the Town of Chloride.
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.