David Janney Named Chairman and CEO of Bonanza Goldfields

Oct 29, 2010, 14:20 ET from Bonanza Goldfields Corp

PHOENIX, Oct. 29 /PRNewswire-FirstCall/ - Bonanza Goldfields Corp (BONZ:OTCBB) announced today the appointment of  David Janney as the company's chairman and chief executive officer.

Simultaneously, the company's board of directors announced the resignation of Chris Tomkinson as president, secretary and chairman of the board.

Tomkinson said, "Bonanza has reached the stage where it now needs to grow its operations by developing its existing properties. We are executing our business plan with exploration work on our Black Rock Basin (BRB) project and focusing on key land acquisitions. David Janney has the experience and business skills to successfully take this company to the next level. Our shareholders should feel very good about his appointment."

Janney is a 25 year business development veteran and executive. Janney has vertical experience in land use ranging from forestry, agri/mari-culture, land development and management.  He is a pioneer in the use of fiber optic cable for operations monitoring and security of mining operations.  He has served on the boards of numerous companies (including Dayton Hydraulic Corporation - the oldest company in Ohio) as well as aggressive start up ventures including  Henry Haas Mining Management, LLC, MEPSCO Inc. and Gregorie Neck Timber Corporation, LLC.  Janney is founder and current owner of Telecable Las Terrenas, CxA a leading fiber optic cable communications provider in the Caribbean.  Janney has deep convictions regarding profitable, yet safe and environmentally responsible mining practices.  He has a BA degree from Trinity College in cultural anthropology and economics and an MBA from the University of Phoenix.

About Bonanza Goldfields Corp.

Bonanza Goldfields Corp. is engaged in the acquisition, exploration and development of natural resource properties in the United States, primarily in 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 has two unpatented placer claims consisting of 320 acres in La Paz County, Arizona about 3 miles southeast of Wenden and about 85 miles west of Phoenix.

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, and 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