VANCOUVER, British Columbia, Dec. 6, 2004 (PRIMEZONE) -- Bonanza Resources Corp. (TSX Venture Exchange:BRS) (Pink Sheets:BRSUF) today announced it has been informed by Western Oil & Gas (the operator) that Western has proposed the drilling of a 15,100 Atoka test well, named the Williams No. 2-9, on the Lasley project in Caddo County, Okla. This will be the tenth well that Bonanza has participated in, with a nine-for-nine success rate to date. Western anticipates drilling to commence mid-January with completion shortly thereafter.
Bonanza has also entered a private placement of up to two million units at a price of 16 cents per unit. Each unit consists of one share and one warrant. Each warrant is exercisable into a share at a price of 20 cents for a period of two years. Under the policies of the Toronto Stock Exchange, Bonanza can and may pay a finder's fee in accordance with such policies on all or a portion of this private placement. Proceeds are to be used for the drilling and completion of the Williams No. 2-9 and general working capital.
About Bonanza Resources Corp.
Bonanza Resources Corporation is a professionally managed, junior oil and gas exploration company, with an increasing revenue stream. Bonanza is currently participating in drill programs in Oklahoma and soon Texas with the primary goal of increasing shareholder value.
Forward-Looking Statement
Although Bonanza Resources Corps. believes many of its properties have promising potential, some of its properties are in the early stages of exploration. Some have yet been shown to contain proven oil and gas reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, oil and gas may be economically extracted. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information, contact:
Bonanza Resources Corporation 1255 West Pender Street Vancouver, B.C. Canada V6E 2V1 Tel: (604) 340 - 4853 Fax: (604) 682 - 4309 E-mail:IR@Bonanzaresources.com www.Bonanzaresources.com
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