BONZ Bonanza Goldfields Corp (PK)

Bonanza Goldfields Corp. (PINKSHEETS: BONZ) today provided a progress update on the first phase of production operations at its flagship Tarantula Project.

As reported in October, funding was secured and equipment was rapidly mobilized to initiate the first phase of production which is underway.

In November, Bonanza's management team made a strategic equipment change and modification to the initial agreement with Goldfields International. The initial agreement called for an Alaskan 25 trommel gold recovery plant. Due to the nature of the fine gold specimens being recovered, management opted for a Yukon 25 screen classification recovery system which has the same capacity as the Alaska 25 and is better suited for the placer material on Tarantula. Linking the Yukon 25 to a Goldfield Intl proprietary finishing table system has proven to be far superior in recovering the various grain sizes of gold found on the property. Bonanza believes it is the first to deploy this advanced state of the art finishing table system.

With the Yukon 25 in place, Bonanza's management team analyzed all aspects of recovery, efficiency and cost savings. Critical enhancements were implemented allowing material to move through the plant more effectively while lessening the chance of down time and clogging of the integrated system. Although it took time away from initial production, Bonanza believes strongly that all enhancements were necessary and in the best interests of shareholders.

"At this time, we are pleased with the successful execution of running our integrated plant system and continue to pursue strategic enhancements to maximize our production and yield," said Michael Stojsavljevich, President and Chief Executive Officer of Bonanza Goldfields Corp.

About Bonanza Goldfields Corporation

Bonanza Goldfields' Tarantula Project is a contiguous block of 38 lode claims covering 600 acres in the Date Creek Mountains, Arizona. The lode claims are directly adjacent to the historic Congress Mine, Arizona. The Congress Mine produced about 400,000 ounces of lode gold. Highly prospective features are ubiquitous throughout the immediate area, including extensive greenstone dikes and quartz veins as well as placer gravel deposits. Many of the newly discovered Tarantula quartz veins are similar in character to the productive veins of the nearby Congress Mine and the other historically productive mines in the area. Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized. A Preliminary Geological Report of the claims and the immediate region is completed.

Learn more about Bonanza Goldfields: http://www.bonanzagoldfields.com

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

Michael Stojsavljevich President and CEO

Contact: Bonanza Goldfields Corp. Email Contact 928-251-4044