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Bonanza Goldfields Names PM Foo Interim CFO


October 27, 2011 - PHOENIX, AZ

Bonanza Goldfields Corp. (PINKSHEETS: BONZ) ("Bonanza" or the "Company") is pleased to announce the appointment of Mr. Peng-Mun (PM) Foo to the position of Interim Chief Financial Officer effective immediately. He has been a member of the Bonanza advisory board since July 2011.

"PM has an outstanding record with growth stage companies at key inflection points, and we are pleased with his expanded role," said President and CEO Scott G. Geisler. "His strong executive financial skills will add value at multiple levels of our corporate infrastructure, and will assist Bonanza to pursue significant opportunities in the precious metals space."

PM Foo has over 17 years experience investing in and building businesses in Asia. PM holds a Singapore Fund Management Representative's license, and is a licensed Private Equity Fund Manager. He currently serves as Director (Asia Pacific) with International Alliance Associates LLC, a cross border strategic advisory entity. PM was also a Deputy General Manager of London Asia Capital Plc, an Asia focused merchant banking and private equity fund management group. Prior to that, PM was Chief Operating Officer of Legg Mason Asset Management (Asia). He has worked for Deutsche Bank, as well as several venture capital entities. PM has been CFO for several PRC companies, instilling international investor confidence by minimizing expectation gaps between Western and Chinese parties in cross border transactions involving Chinese companies preparing for international acquisitions, fundraising, and IPOs. He is a prominent panelist on PRC financial television, and frequent speaker at universities and conferences on private equity & fund management. He is a Fellow Certified Public Accountant (FCPA), as well as having achieved the CFA Institute's Chartered Financial Analyst (CFA) Level 2 program. PM has trekked the Altiplano, the Patagonia Ice Field (an expedition of 40 days) and has led 10-15 men teams on multiple expeditions to the Tibetan Mountains and Everest Base Camp. PM regularly attends financial conferences throughout the world, and will be at the China Mining 2011 exposition, November 6-8.

Learn more about Bonanza Goldfields Corp: www.bonanzagoldfields.com

About Bonanza Goldfields flagship project: The Tarantula Project is a contiguous block of over 500 acres of pre-1955, patented, private property claims and BLM claims in the Arizona Date Creek Mountains, containing both alluvial and mineralized quartz deposits. Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. A Preliminary Geological Report of the claims and the immediate region is now being completed. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. The claims are directly adjacent to the world famous historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959 producing about 400,000 ounces of lode gold. Unique features appear ubiquitous throughout the immediate area, including greenstone dike extensions, deep placer gravel deposits, and vestiges of numerous pre-historic waterfalls. Additionally, lode gold possibilities exist due to the extensions of schist and mineralized quartz veins in the immediate area of the Congress Mine.

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 mining 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-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD

Scott G. Geisler
President and CEO

Contact:
Steven Ragan
VP of Corporate Communications
720-446-6087

MarketWire

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