Oct 11, 2010, 12:19 ET from Bonanza Goldfields Corp

PHOENIX, AZ, Oct 11 /PRNewswire-FirstCall/ - Bonanza Goldfields Corp (BONZ:OTCBB)

Bonanza Goldfields will file with the SEC a 14A Statement and any other necessary filings with FINRA to enact a 1 for 20 reverse split of the company's common shares without a corresponding reduction in the number of authorized shares of Bonanza's common stock. If effected, the number of shares of common stock held by each stockholder prior to the reverse stock split would be reduced by dividing the number of shares held immediately before the reverse stock split by 20, and then rounding up the nearest whole share. The consent of a majority of stockholders is required to approve such authority as well as FINRA.

We at the Company believe we initiated the process at the appropriate time for our shareholders and it is in the best interest of our stockholders and the future growth of the Company. Our short term goals include bringing on seasoned management and also acquiring more properties while developing our current portfolio.

About Bonanza Goldfields Corp

Bonanza Goldfields Corp. engages in the acquisition, exploration and development of natural resource properties in the United States, primarily in the State of Arizona. The Company owns the mining rights to two unpatented placer claims in the Black Rock Basin (BRB), located on 320 acres of BLM ground in the southern part of the Vulture Mining District, Maricopa County Arizona on the northeastern flank of the Belmont Mountains. The company also owns the Midas Gold Property which is two unpatented associated placer claims consisting of 320 acres located in La Paz County, Arizona about 3 miles southeast of Wenden, and about 85 miles west of Phoenix.

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Certain statements contained in this news release that are not based on historical facts are "forward- looking statements" and are prospective. These statements may appear in a number of different places in this news release and can be identified by words such as "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for Bonanza's future operations, plans and statements about future market conditions, supply and demand conditions, forecasts of future costs and expenditures, and other expectations, intentions and plans that are not historical fact. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Bonanza. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance those actual results or developments anticipated will be realized.

Section 21E of the Securities Exchange Act of 1934 as amended is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Bonanza Goldfields Corp. reports that will be on file with the US Securities and Exchange Commission.

SOURCE Bonanza Goldfields Corp