Have you tried to enable 32-bit color?
To do this, open your WMAppManifest.xml and in the application element add BitsPerPixel = "32"
<Deployment xmlns="http://schemas.microsoft.com/windowsphone/2009/deployment" AppPlatformVersion="7.1"> <App BitsPerPixel="32" xmlns="" ProductID="{25aef417-
Not sure if this will solve the problem, but the fact of using a .png image and having only 16-bit color can be related.
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