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James Turk: Deciphering the BIS gold swap

Section: Daily Dispatches

3p ET Wednesday, July 28, 2010

Dear Friend of GATA and Gold:

In commentary posted today at Kitco, GoldMoney founder James Turk, consultant to GATA, speculates on the architecture and purpose of the gold swap recently undertaken surreptitiously by the Bank for International Settlements. Turk's guess is that the swap rescued both Portugal's central bank and a commercial bank to which Portugal had lent gold that probably could not be recovered. But, as Turk notes, the world may never know, central banking being so secretive and unaccountable -- and financial news organizations being too timid to press for answers about the most important stuff in the world. Turk's commentary is headlined "Deciphering the BIS Gold Swap" and you can find it at Kitco here:

http://www.kitco.com/ind/Turk/turk_jul292010.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Sona Resources Expects Positive Cash Flow from Blackdome,
Plans Aggressive Exploration of Elizabeth Gold Property

On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia.

Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013."

For complete information on Sona Resources Corp. please visit: www.SonaResources.com

A Canadian gold opportunity ready for growth



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Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource

Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.

For Prophecy's complete press release about its production plans, please visit:

http://www.prophecyresource.com/news_2010_may11.php