Venture hit by market uncertainty July 25-29

Vancouver – The positive trend on the S&P TSX Venture Exchange reversed in the July 25 – 29 period as the U.S. debt crisis escalated.  The Venture dropped on all five days of trading to close down 80.51 points at 1,979.10 points. Trading was relatively light at an average of 77.4 million shares traded daily.

In Yukon news, Manson Creek Resources was very busy after reporting it had discovered three new natural spring gossans on its Tell property that sits immediately south of Atac Resources Rau claims. Manson shares shot up from 8¢ to a brief high of 36¢ before ending the period at 18¢ on 23 million shares traded, making it the most traded and highest percentage-gaining company on the Venture. The gossans extend more than 600 metres roughly east-west, with the company reporting that they bear similarities to the Ocelot mineralization recently identified by Atac.

BE Resources had another active week after jumping 782% the week before on misstated results. Regulators cancelled all trades on the 22^nd after the company clarified that several results were overstated by at least a factor of 10. Despite the cancellation, BE still managed to climb to as high as 39¢ before ending the period up 5¢ at 14¢ with 19.8 million shares traded in the period. After the clarification, the highest grade reported was 1.95% TREO over 29.9 metres from 353 metres downhole, compared with 19.58% as previously reported.

 A significant funding injection had Palladon Ventures climbing 27¢ to end at $1.49 and become the second-highest value gainer on the Venture. The company’s partner on the Iron Mountain iron ore project in Utah secured a second US$20-million tranche of a US$45-million loan that should cover the building of a concentrator at the site. Palladon put the project into production in 2010 but only as a direct shipping project, sending ore to China. Iron Mountain currently hosts 34 million tonnes grading 44.9% iron. Tangshan Investments has also taken a 10% stake in the company for $18-million.

Philippine Metals got a boost after arbitrators ruled it had the right to the Malitao exploration permits that were suspended last September. Shortly before the permits were challenged the company hit a high of 54¢ but recently hit 9¢ as the permits remained suspended. On news of the positive ruling the company’s share price jumped up briefly to 20¢ before ending the period at 13¢ for a 44% gain. Earlier this year the company lost the exploration permit on its Dilong project due to lack of use, and decided not to drill on its Taurus project, which along with Malitao are the extent of the company’s property holdings.

Prophecy Platinum was heavily traded for another week with 14.2 million shares traded as investors continued to react to a recent resource estimate on its Wellgreen polymetallic project in the Yukon. After recently climbing from 74¢ to $5.32, however, the period saw the company lose $2.35 to end at $2.97. Prophecy Coal, which owns roughly 45% of Prophecy Platinum shares, had 13.5 million shares traded as it declined 33¢ to 63¢.