Bonanza Goldfields acquires Midas Gold Property

PHOENIX, July 8 /PRNewswire-FirstCall/ - Bonanza Goldfields Corp (BONZ:OTCBB) is pleased to announce that it has signed a definitive agreement to acquire the Midas Gold Property which is two unpatented association 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.

Chris Tomkinson states, "this Midas property is a great acquisition to our mining portfolio. Previous samples have shown on the south end of the property narrow rusty quartz veins cut the altered granite-gneiss assaying over 2.5 oz per ton gold with anomalous silver and copper. We will immediately start the process of obtaining BLM approval to commence exploration on this property as we did our BRB properties. Our BRB property results were very positive so we are now also planning phase 2 exploration work program."

Two of the samples assayed 1 ounce of gold (au) or better.

Sample # 229615 ran 33.5 ppm or 1 oz. au per ton.

Sample #229605 ran 83.8 ppm or over 2.5 oz au per ton.

ABOUT THE PROPERTY

The Midas claims were originally located and staked for their placer gold potential. Our testing using hand methods, shoveling the sand and gravel through a dry-washer produced abundant fines, grains, flakes and a few small nuggets. We can only estimate the grade but it appeared to average 0.05 to 0.10 ounces per cubic yard estimating the amount of material processed and the gold recovered. The placer gold on these claims is derived from rusty (iron stained) quartz veins, veinlets and from limonite-hematite stained fractures within the altered gnessic rock on the claims.

The country rock (granite gneiss) is altered giving it the appearance (a bleached, discolored, iron stained look) of a leached cap or capping overlying a gold-copper rich porphyry deposit at depth. We have sampled some of the veins, small dumps, quartz stockpiles and barren rock for background and have had gold assays exceeding 2.50 ounces per ton with minor silver and copper. We used Chemex Labs in Reno, Nevada and they ran 20 rock samples for 32 elements. Bismuth, often considered a good pathfinder for large ore deposits was highly anomalous, often exceeding 10 and over 100 ppm. Bismuth because of its low mobility indicates close proximity to a deposit. The average background for bismuth is between 0.10 to 0.20 ppm. Some of our rock samples were 50 to 1000 times greater then background in bismuth.

Both Cypress and Noranda did considerable work just east and northeast of the Midas. They were exploring for a large gold rich copper porphyry system. Over a three year span the two companies drilled well over fifty RC holes and a massive amount of trenching with backhoe and bulldozer. This work was done in the early 1980's. The owner at the time of the present day Midas ground apparently would not deal with these companies and the Midas ground remained untested by modern exploration techniques.

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. Please visit www.bonanzagoldfields.com

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

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