Bonanza Goldfields Successfully Finances and Purchases Hull Placer Load and Tarantula Gold Claims.

PHOENIX, Feb. 16, 2011 /PRNewswire/ -- Bonanza Goldfields Corp. (OTC Bulletin Board: BONZ) ("Bonanza" or the "Company"), an exploration and mining company headquartered in Phoenix, Arizona announces the successful financing and purchase of the Hull Placer Load and Tarantula claims, adjacent to the world famous, historic Congress Mine, Congress, Arizona.

(Logo:  http://photos.prnewswire.com/prnh/20101209/LA15018LOGO)

Purchase includes  the option to purchase six additional adjacent and promising contiguous claims.

Bonanza Goldfield's CEO, David Janney stated:  "We have successfully established financing from a German investment group. Furthermore, we are fortunate to have a mutually beneficial turn-key arrangement with the mine's prior owners in which we have access to their pre-existing heavy equipment and seasoned operators.  This is a cost savings to the company and expedites our goal to begin gold bulk sampling operations."

The acquisition of the Hull Placer Load and Tarantula claims provides a centralized base of operations and economies of scale to Bonanza, which also owns the nearby BRB and Midas Claims - collectively comprising of 670 acres.  The property and its access to water, rail and roads, make this acquisition a strategically important advancement for Bonanza Goldfields  - adding depth to its growing portfolio of Arizona gold mining properties of merit.

About the Hull Placer load and Tarantula Placer Project: Tarantula Placer Project

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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 petroleum exploration and development stage 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 factor disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD Bonanza Goldfields Corporation - -

SOURCE Bonanza Goldfields Corporation