Bonanza Goldfields Announces Cancellation of Reverse Split

Dec 01, 2010, 14:07 ET from Bonanza Goldfields Corp.

NEW YORK, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Bonanza Goldfields Corp. (OTC Bulletin Board: BONZ)  ("Bonanza Goldfields" or the "Company") an innovative mining company headquartered in Phoenix, Arizona, announces cancellation of planned reverse split.

The company's new management has recently decided to cancel the previous plans to complete a reverse split and believes that the current market capitalization of the company is extremely undervalued and ultimately will attract new shareholders that see the potential upside in the company's long term value. The company will now begin to consolidate mining properties and increase shareholder value by adding seasoned professionals and near term production projects to its current portfolio.  

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 factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD

Bonanza Goldfields Corp.

David Janney

President and CEO

www.bonanzagoldfields.com

SOURCE Bonanza Goldfields Corp.



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