Bonanza Goldfields Corp. announced that effective July 19, 2022, Chan Man Chung resigned from his position as the Chief Executive Officer of the company. Concurrently therewith, Tan Tee Soo, the company's director, was appointed to serve as the new Chief Executive Officer of the Company.

Chan Man Chung continues to serve as the company's Chief Financial Officer, Secretary and Director. The departure of Chan Man Chung from his position as Chief Executive Officer was for personal reasons and not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices. Mr. Tan Tee Soo, age 56, was appointed to serve as the company's Director on August 26, 2021 and the company's Chief Executive Officer will be effective on July 20, 2022.

Mr. Tan has also served as a director on the Board of Directors of Cosmos Group Holdings Inc. since June 28, 2021. Since April 2017, Mr. Tan served as the Senior Vice President of Brighton International Holding Limited, and has served as the managing director since June 2019. Prior to this time, Mr. Tan served in the Western Australian Police Force in Perth, Western Australia from June 2000 to April 2017.

Mr. Tan received his Bachelor of Commerce from Murdoch University in Western Australia in 1993. Mr. Tan brings to the company's Board his investment and financial experience in the industry.