Smoke Gets In Your Eyes

As the New Year began short days ago, the main focus of this very first blog post of 2009 is NEW.

In order to understand the NEW, the blog provides something OLD which will assist the reader in identifying the players and better understand the current dynamics, the blog provides a 13 September 2007 org chart which should facilitate your reading comprehension (a larger version of the chart is available here)   

 

 

On 30 December 2008, the Quebec’s Bureau de décision et de révision en valeurs mobilières extended its cease trading order which it had issued in October 2008 (as previously mentioned another hearing is scheduled for 19 January 2009).

Notably absent from the 30 December 2008 hearing: HE-5 Resources corporation, Serge Ollu, Denyse Raynault, Jacques Vallée and Andrea Cortellazzi.

This being said it is worth noting that since the Quebec’s Bureau de décision et de révision en valeurs mobilières decision in October 2008, the three (3) main corporate subjects of this blog: He-5 Resources, UMining Resources and M45 Mining Resources have all declared to have “new” management.

On 5 November 2008, Mr. Cortellazzi CEO of M45 Mining declared he was stepping down and “new” management was taking over.  On 1 December 2008, UMining (now Universal Mining) declared it was under “new” management. Most recently, on 9 January 2009 to be more specific, He-5 Resources declared that it was under “new” management.  

M45 Mining Resources 

It is interesting that while Mr. Cortellazzi has declared to have resigned as President and CEO of M45 Mining Resources, the 5 November 2008 press release makes no mention of his current status as a shareholder.

Mr. Cortellazzi’s last filing with the SEC indicated that he was owed $292,935 as of 30 June 2008, a modest amount considering a previous declaration indicated that on 31 March 2008 the amount owed was $ 186,401 and previous to that the amount owed on 31 December 2007 was  declared to be $ 748,491.

Mr. Cortellazzi’s associate Mr. Gilles Ouellette remains as Secretary and Treasurer of the company according to the most recent declaration with the State of Nevada.

 

Moreover, the 5 November 2008 press release is silent on the 15 August 2007 shareholder agreement filed at the SEC in 2007  in which Mr. Cortellazzi (former CEO M45 Mining) and Mr. Ollu (husband of former He-5 Resources CEO Denyse Raynault) and Jean Michel De Montigny (former CEO of UMining) appear as significant shareholders of M45 Mining.

 M45’s website remains inaccessible because the account has been suspended.

  

 

M45 Mining’s corporate address registration with the Quebec Ministry reponsible for mining remains as Mr. Cortellazzi’s 1212 Redpath Crescent.

Last but not least, M45 Mining claims have begun to expire with the Quebec Government.

 

UMining Resources/Universal Mining Corporation

It is worth mentioning to readers that the 3 December 2008 press release announcing the “new” management of UMining Resources now known as Universal Mining Corporation is completely silent on the previous mining experience of the “new” corporate executives.

Moreover, it is also worth pointing out that Universal Mining Corporation’s (formerly UMining) share structure increased significantly to 500,000,000 on 21 November 2008 (seen below), just a few days before the 1 December 2008 press release announcing the “new” management.   Even more interesting is the sudden increase of “employees” at Universal Mining, formerly UMining. Last year, the company had no employees,  on 5 December 2008 it declared that it had ten (10) “employees”.

 

Other observant souls have raised significantly interesting observations on 11 December 2008,  14 December 2008,  20 December 2008,  even a voice from the past has reappeared.

He-5 Resources

Currently, He-5 Resources is without a doubt the most interesting of the Cortellazzi Consortium threesome. 

He-5 Resources not only announced that it had “new” management, it went even further by declaring that “new” management had been in place since July 2008:

Jan 09, 2009 09:44 ET

HE-5 Resources, Corp. Announces Reorganizational Changes Are Completed and New Management Now in Place

GENEVA–(Marketwire – January 9, 2009) – HE-5 Resources, Corp. (PINKSHEETS: HRRN) today announced that HE-5 Resources, Corp. has completed its reorganizational changes following completion of the transaction concluded in July 2008, by the European Finance Group “Lington Financial Limited.”

New Management has Been Appointed For New Business Orientation Plan to Begin in 2009.

New Management stated the following: “We are very pleased to begin our new operations and to share our visions and exclusive development program whit HE-5 Resources, Corp.’s shareholders. Our first objective was to complete a full diligent reorganizational plan, to bring the Corporation to a debt-free status, in order to start transferring new intellectual properties, assets, and potential new businesses.”

The choice of dates by He-5 Resources should come as no surprise to anyone monitoring events considering that it conveniently places the transaction before the issuance of a cease trading order by the Quebec’s Bureau de décision et de révision en valeurs mobilières in October 2008, thereby providing Mr. Serge Ollu, his wife Denyse Raynault and Jacques Vallee with a “justification” to avoid appearing before Quebec’s Bureau de décision et de révision en valeurs mobilières. The basis for the selection of the vague July 2008 date in the most recent He-5 Resources press release lies in the transaction of claims by Denyse Raynault to Excel Gold Mining during this time frame which is the last known date in which Denyse Raynault’s name appears on a public document.         

However, the facts do not provide them with any such relief. 

Indeed, it is only recently that “new” management in the form of Mr. Franck Martin and his partner Mrs. Catherine Puschmann have publicly appeared (Mr. Martin’s given name is incorrectly spelled in Pink Sheets information which appears below) as corporate executives as CEO and Treasurer of He-5 Resources.

 

Corporate changes filed with Pink Sheets by Mr. Martin and Mrs. Puschmann do not fully reflect the recent changes made with the State of Nevada which records these changes (Mr. Martin’s given name is incorrectly spelled in the information which appears below) on 18 December 2008 the share structure of He-5 Resources was significantly altered by declaring a stock split and increasing the authorised share structure to 500,000,000.

   

More interesting is the fact that He-5’s  ”acquiring” company, Lington Financial Limited has only recently created a web presence as it registered its domain name on 4 December 2008.

Ht-Tendance  another of Mr. Martin and Mrs. Puschmann’s corporate entities. A previous enterprise was an online conciergerie for busy corporate executives called Village VIP, the domain registration remains in the name of Mr. Martin.   

        

Since September 2008, Mr. Martin and Mrs. Puschmann have been promoting a Quebec artist who has based his studio in Europe. The newly created Lington Financial website provides an interesting view into the proposed activities of this new company which includes “Art Investment”.

 

The bio medical and social networking activities are particularly interesting to the blog as Mr. Ollu appeared briefly as the registrant for a domain name  for a bio medical company and UMining’s former CEO Mr. De Montigny also briefly appeared as a registrant for a domain name for a social networking enterprise.

  

Considering the fact that Izza Minerals (declared by He-5 Resources as its wholly owned Canadian Subsidiary) is one of the companies targeted by the  Quebec’s Bureau de décision et de révision en valeurs mobilières is still registered as being in the hands of Denyse Raynault and Jacques Vallee of Excel Gold Mining (the company which acquired the He-5 mining claims in July 2008).

This is becomes all the more interesting since Excel Gold Mining handed over a significant number of warrants to Denyse Raynault for this “transaction”:

Pursuant to an asset purchase agreement dated June 25, 2008, as amended July 22, 2008 (the “Agreement”), Excel has acquired all rights, title and interest in the Property in consideration for the allotment and issuance of 5,200,000 units (the “Units”), as opposed to the previously disclosed amount of 8,000,000 Units, each Unit comprising one fully-paid and non-assessable common share in the capital stock of the Company valued at $0.20 (the ”Shares”) and one half (1/2) share purchase warrant, each full warrant (the ”Warrants”) allowing its holder to purchase one Share at a price of $0.22 per Share for a period of twenty-four (24) months following the date of the execution of the Agreement (the foregoing being collectively referred to as the “Transaction”), the whole subject to regulatory approval.

Many of the claims involved in the July 2008  ”transaction” have expired since their “acquisition” by Excel Gold Mining as can be seen in these screenshots of the Quebec MRNF: 

Currently, only 8 of Izza Minerals’ 40 registered mining claims are still active as can be seen in these screenshots of the Quebec MRNF:

 

Finally and most interestingly, the recent 9 January 2009 press release mentions that He-5 will seek debt free status in these difficult economic times.

New Management stated the following: “We are very pleased to begin our new operations and to share our visions and exclusive development program whit HE-5 Resources, Corp.’s shareholders. Our first objective was to complete a full diligent reorganizational plan, to bring the Corporation to a debt-free status, in order to start transferring new intellectual properties, assets, and potential new businesses.”

Some may recall that according to financial statements signed on 15 May 2007 by Denyse Raynault the modest sum of $970,000.00 was advanced by an unidentified benefactor, one can only wonder about the identity of this person and the level of control this person still exerts on He-5 : 

 

NOTE PAYABLE TO A SHAREHOLDER

(Subject to Revision)

The sum of $970 000 was advanced by a shareholder in the form of a convertible debenture bearing interest starting March 1st, 2007, at prime +2% payable annually. The sum is reimbursable at the rate of 10% of the capital every quarter following the date when the Company starts to generate profits. The lender has the option to convert it into equity at a 20% discount commencing on the extraction phase start date.

 

This being said, the blog wishes to add that it is truly impressed by the signficant number of subtly misspelled names which consistently appear in press releases and filed in government documents by various Cortellazzi associates.

In SEC filings, Mr. Cortellazzi’s name appears in three (3) variants, Mr. Ouellette’s name appears in three (3) variants as well. Mr. Martin’s given name  Franck (which is quite distinctive) appears as Frank in Pink Sheets and Nevada State government documents. 

Universal Mining’s (formerly UMining) Secretary Maria Spiliopoulos (a former exec for W5 Star.com a prepaid card company which had dealings with Smart Card Marketing Systems Inc. PINKSHEETS: SMKG) appears as incorrectly as Spiliopolous in a recent press release. 

The Platters can sing the song, however the Cortellazzi Consortium are without a doubt the true masters of smoke.

UppityDate on the Court Date

Mark your calendars again, the hearing at the Bureau de décision et de révision en valeurs mobilières of RESSOURCES MINIÈRES ANDRÉANE INC., MINÉRAUX IZZA INC., HE-5 RESOURCES CORPORATION,  SERGE OLLU, DENYSE RAYNAULT, JACQUES VALLÉE, ANDREA CORTELLAZZI, MARIE-HÉLÈNE FRIGON and YVES RENAUD which was scheduled for 30 December 2008, another has been scheduled for 19 January 2009 at 09.30.

Wax on, wax off

Owing to the latest political upheaval in Guinea, it does not bode well for the latest Cortellazzi Consortium spin off, Universal Mining Corporation (UMC).

Universal Mining Corporation, formerly known as UMining Resources Inc (UMNG), and previous to that as Globex Inc. (GLXI).  

Universal Mining’s focus is on Gold mining claims in Guinea:

“Universal Mining Corporation is a mining company who is mainly focused on obtaining mining permits and rights, exploration permits and the acquisition of small open pit gold mines from independent or private entities.”

However, Universal Mining’s activities in Guinea will be seriously curtailed owing to their links with the old regime and the anti-corruption platform of Guinea’s new government.

Moreover, Mr. Camara’s military junta has decided to control mining contracts and their first decision was to declare an immediate moratorium on gold extraction:  

“We have blocked the mining sector. There will be a renegotiation of contracts,” he said.

“In gold mining areas, the decision has already been taken: no more extraction until further notice.” 

In his speech to around 1,000 representatives of political parties, trades unions, and civil and church groups, Camara denounced “ministers who surrounded the head of state who looted the country, who constructed buildings, and had bank accounts everywhere.”

“For the person who embezzles money, there won’t be a trial. They’ll be killed,” he said. 

This being said, the Cortellazzi Consortium has more pressing concerns  in the form of upcoming litigation concerning a cease trade order and frozen Royal Bank account at the Quebec Securities bureau (Bureau de décision et de révision en valeurs mobilières).

Regular Cortellazzi Consortium watchers may recall a March 2007 press release which mentions the Royal Bank of Canada and this 2007 Wall Street Reporter interview (available for download here)  in which someone identifying himself as Jonathan Marrone, a former UMining executive mentions the Royal Bank of Canada.   

The upcoming hearing is scheduled for this 30 December 2008 in Montreal.

Now You See It, Now You Don’t!

The stately building at 1212 Redpath Crescent in Montreal (seen below) has been the focal point for ongoing activities of Mr. Andrea Cortellazzi and his associates for some time. 

Since October 2006, the 1212 Redpath Crescent address has been used in a significant number of US and Canadian government documents.

In October 2006, Mr. Cortellazzi registered 1212 Redpath Crescent with the corporations registry of the Quebec government, this fact was noted in a message board post on 30 March 2007.

The same message board poster added on 3 April 2007 that 1212 Redpath Crescent had been registered with the City of Montreal municipal role for taxation purposes as belonging to Coastal Holdings (COHG).

This City of Montreal registration (seen below) appeared on this blog last October 2007:

According to latest public information, the State of Nevada lists Coastal Holdings (COHG) (a company which the blog made significant observations last year) as an active corporation with an address at 1212 Redpath Crescent:

 

Notwithstanding last week’s announcement by M45 Mining of Mr. Cortellazzi’s resignation, M45 Mining remains listed with Pink Sheets at 1212 Redpath Crescent.  

Over the last year, Mr. Cortellazzi’s Coastal Holdings has morphed into 2 other business entities which are: Canadian Blue Gold (CBGC) which preceeded Boreal Water Collection (BRWC) as may be seen in this recent Pink Sheets entry for Boreal Water Collection :

However, Nevada corporations registration for Boreal Water Collection (BRWC) still lists Mr. Allain Barriere who was the CEO of previous company Canadian Blue Gold (CBGC) of whom the blog wrote extensively in October last year:

  

This being said, the blog observed with great interest the recent and subtle change of ownership which now lists Mr. Cortellazzi personally in lieu of Coastal Holdings (COHG) on the latest City of Montreal evaluation of 1212 Redpath Crescent (seen below)

  

As with all endeavors by Mr. Cortellazzi, things are in a constant state of flux. 

Now You See It, Now You Don’t!

Hail, Hail, the Gang’s All Here

According to an announcement today by M45 Mining, Mr. Andrea Cortellazzi has resigned as President and CEO, the appointment of his successor taking effect in five (5) days on 10 November 2008.  

However no mention is made of Mr. Cortellazzi’s presence as shareholder, nor of his associates Mr. Serge Ollu and Mr. Jean-Michel de Montigny who appear on the following document filed at the SEC last year in which all three had significant numbers of shares in M45 Mining.

 Then again, it would be surprising this slip would be of significant concern to Mr. Cortellazzi and Mr. Ollu as government securities regulators in Quebec have issued a court order concerning illegal securities trading activities and ordered transaction on bank account to be frozen in regards to Ressources minières Andréane inc, Izza Minerals inc. and HE-5 Resources corporation.

Names identified in the 8 October 2008 decision of the Bureau de décision et de révision en valeurs mobilières (BDRVM) are well known to regular readers of this blog:

MONTRÉAL, le 29 oct. /CNW Telbec/ – Le 8 octobre 2008, à la demande de l’Autorité des marchés financiers, le Bureau de décision et de révision en valeurs mobilières (BDRVM) a prononcé une ordonnance de blocage et d’interdiction d’opération sur valeurs visant diverses sociétés et individus liés à la société Ressources minières Andréane inc.

    Plus spécifiquement, le BDRVM a interdit aux sociétés Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation ainsi qu’à Denyse Raynault, Jacques Vallée, Serge Ollu, Yves Renaud et Marie-Hélène Frigon d’effectuer, directement ou indirectement, toute opération sur valeurs, notamment sur les actions de Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation.

    Le BDRVM a également ordonné aux mêmes sociétés et individus de ne pas retirer de fonds, titres ou autres biens dans un compte ouvert dans une succursale de RBC Banque Royale.

    Le BDRVM s’est montré particulièrement inquiet des allégations suivantes soulevées par l’Autorité :

    - Les investisseurs recevraient les titres d’un émetteur dont ils n’ont jamais entendu parler;

    - Le placement des actions d’Andréane s’effectuerait sans qu’aucun prospectus soumis au visa de l’Autorité n’ait été établi;

    - HE-5 Resources Corporation et Minéraux Izza inc. fourniraient des informations fausses ou trompeuses aux investisseurs;

    - HE-5 Resources Corporation serait en défaut de ses obligations en vertu des lois américaines depuis le 6 janvier 2008;

    - Il n’y aurait pas d’information financière conforme à la Loi sur les valeurs mobilières concernant Ressources minières Andréane inc., Minéraux Izza inc. et HE-5 Resources Corporation;

   – À toute fin pratique, il serait extrêmement difficile de contacter Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation et leurs dirigeants.

The Quebec securities decision in which Mr. Cortellazzi is also identified as a party refers to group of three (3) investors who in 2006 acquired shares in Ressources minières Andréane inc. The blog refered to this company in September 2007 as one of the claims evaluated by InnovExplo for a NI 43-101:    

The West Wind property owned by M45 Mining Resources Inc. (formerly known as Quantitative Method Corporation) represents an area of 1,368.35 hectares (61 claims; purple outline in Figure 4.2). In GESTIM, sixty-one (61) mining titles (51 claims for 811.19 hectares and 10 cells for 557.16 hectares totalling 1368.35 hectares) are registered 100% to Quantitative Methods Corporation. According to Jean-Claude Dentinger, representative of M45 Mining Resources Inc., all these mining titles are without any royalties attached. On the West Wind property, thirty-two (39) other mining titles (15 cells for 835.5 hectares and 24 claims for 363.37 hectares totalling 1198.87 hectares) are owned HE-5 Resources Corporation. In GESTIM, thirty-two (32) mining titles (24 claims for 363.37 hectares and 8 cells for 445.6 hectares totalling 808.97 hectares) are registered 100% to Ressources Minières Andreane inc. and seven (7) cells (389.9 hectares) are currently registered 100% to Marcel Roy. According to Jean-Claude Dentinger, also representative of HE-5 Resources Corporation, all these mining titles are presently under transfer to HE-5 Resources Corporation without any royalties attached. HE-5 Resources Corporation mining titles are illustrated with a grey outline in Figure 4.2.

Ressources minières Andréane inc. was listed with the Quebec securities agency however the shares were offered to these three (3) 2006 shareholders without a prospectus.

When these shareholders began to express well founded concerns about their investment in since they had never received any share certificates, they were informed to call Mr. Ollu at 514-288-0888  (on one such occasion a shareholder was refered to “Andrea”) to express these concerns and demand their money.

In May 2008, instead of receiving their investment money the shareholders received shares in IZZA minerals Inc., a company which is not registered with the Quebec securities regulator.

The IZZA share certificates issued to these shareholders were signed by Mr. Jacques Vallee,  who has recently been appointed as a director of Excel Gold Mining.

Regular readers may recall that Excel Gold Mining has been acquiring claim properties from Mr. Ollu’s wife Denyse Raynault. Interestingly, this acquisition had suffered a few issues which are mentioned in a later press release. 

Ms. Raynault is mentioned in the decision as one of the two co-signors of the Royal Bank Account which assets have been frozen. The other co-signer of this bank account is Yves Renaud, former CFO of Coastal Holdings in which Mr. Cortellazzi was the main shareholder and which Ms. Raynault’s husband Serge Ollu was an officer.

The decision also reveals the mysterious TSX venture corporation mentioned in a 26 June 2007 He-5 Resources press release and cites a 11 December 2007 press release in which the TSX corporation explains the reason for the cancellation was because the He-5 claims were not as valuable as He-5 had been touting in its press releases, neither of the properties offered up had met the minimum $100,000.00 threshold required by the TSX:

The Corporation and PrivateCo entered into an amended letter agreement on October 11, 2007 and shortly thereafter filed revised documentation with TSX Venture. After completing their review of the amended terms of the transaction and the National Instrument 43-101 geological reports regarding the properties of PrivateCo, TSX Venture advised that the properties do not meet the minimum listing requirements of TSX Venture without further exploration work. PrivateCo had previouly advised the Corporation that they and their counsel had completed this analysis, and had confirmed the properties would meet the mininum listing requirements of TSX Venture.

The decision hastens to add that no press release was ever issued by He-5 or Izza to state the transaction had been cancelled.

The decision voices profound concerns in regards to the significant number of false and misleading press releases which had been presented at the hearing held on 3 October 2008.       

The Canadian Government had been processing the dissolution of Ressources minières Andréane inc., since May 2008, it was finally dissolved on 17 October 2008 by the Canadian Government, a few days after the Quebec securities regulator’s decision was rendered.   

A Google translation of the Quebec Securities regulator’s decision is available here.

Interested parties may contact Mr. Raynald Besnier, the lead investigator at the Quebec Securities regulator (Autorité des marchés financiers (AMF)) at 1 877 525-0337

Hail, Hail, the Gang’s All Here

The Pirates of Penzance

It Is Easier To Stay Out Than Get Out.

Days before accusations were swirling around Mr. Andrea Cortelazzi’s one time “financier” Nicolas Djokich (Mr. Djokich’s Trimax Capital Group declared in March 2007 that his company’s financing was offered in collaboration with Mr. Cortelazzi’s; JJ Wall), Mr. Cortellazzi CEO of M45 Mining issued a press release in which he stated: “The time has come for me to step down and remove myself from the company.”

While media attention was focused on Mr. Djokich, the Security and Exchange Commission (SEC) announced that it had filed a civil complaint against M45 Mining for securities registration violations and M45 has agreed to settle the charges:

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20790 / October 24, 2008

Securities and Exchange Commission v. M45 Mining Resources, Inc. and Eden Miller, Civil Action No. 2:08-CV-1456 U.S.D.C./District of Nevada (Las Vegas Division)

SEC Sues Mining Company for Securities Registration Violations and Stock Promoter for Blast Text Message Touts Sent to Cell Phone Users

On October 23, 2008, the United States Securities and Exchange Commission (Commission) filed a civil complaint against M45 Mining Resources, Inc. (M45), a Quebec, Canada-based mining company, and Eden Miller, a California and Nevada-based stock promoter. According to the complaint, M45 violated the registration provisions of the federal securities laws, and Miller violated the registration and anti-touting provisions of the federal securities laws. M45 and Miller have agreed to settle the charges against them, without admitting or denying the Commission’s allegations.

In its complaint, the Commission alleges the following: M45 files periodic reports with the Commission, and in 2007, its common stock traded on the Over the Counter Bulletin Board. In April 2007, M45 entered into a consulting agreement with I-Vest Global Corporation LLC (I-Vest), a now inactive Nevada limited liability company. Miller operated I-Vest and signed the consulting agreement on its behalf. Under the consulting agreement, I-Vest agreed to promote M45’s stock and, in return, M45 agreed to issue one million “free trading shares” to I-Vest. On or about April 5, 2007, M45 filed a Form S-8 registration statement with the Commission which, among other things, attempted to register the offer and sale of one million shares to I-Vest. Generally, Form S-8 cannot register an offering of securities that is made to companies (rather than individuals), or that compensates stock promoters for their promotion services. Shortly after receiving the one million shares, Miller and I-Vest began promoting M45. In May 2007, Miller “profiled” M45 on I-Vest’s website and touted M45 by sending out thousands of blast, unsolicited text messages to cell phone users. The touts by Miller and I-Vest failed to disclose the stock compensation paid by M45. Between May 2007 and October 2007, Miller liquidated the one million shares of M45 stock. Miller retained half the proceeds and transferred the other half to an associate that referred him the M45 business. 

The Commission alleges that M45 violated Sections 5(a) and 5(c) of the Securities Act of 1933 (Securities Act), and Miller violated Sections 5(a), 5(c), and 17(b) of the Securities Act. M45 and Miller consented to judgments that permanently enjoin them from future violations of these provisions of the federal securities laws, and Miller has also agreed to pay disgorgement of $129,630 plus prejudgment interest of $7,162.

The staff’s investigation into this matter is ongoing.  

M45 Mining’s website is currently unavailable for viewing as their account has been suspended (screen shot below):

The SEC’s final words in the 24 October 2008 announcement were: “The staff’s investigation into this matter is ongoing”.  Mr. Cortellazzi is a seasoned veteran he knows the full significance of MarkTwain’s quote “It is easier to stay out than get out” .

My, What Big Teeth You Have Grandma

It appears that Messrs. Djokich & De Angelis, subjects of our last blog item have drawn the attention of the Canadian print media.

They have become front page material for Canada’s National Post  

The author of the news item is journalist Adrian Humphreys and his area of expertise is organized crime.

Mr. Humphreys knows a thing or two about organized crime in Canada having written extensively on the subject, his latest work concerns the rise of the Montreal Mafia under Vito Rizzuto . 

Mr. Humphrey’s report on Messrs. Djokich & De Angelis combined with the knowledge of Mr. Humphreys area of expertise makes for a very interesting and revealing read :

Irate investors accused of hiring U. S. ‘hit man’

Adrian Humphreys,  National Post 

Published: Friday, October 24, 2008

Two Canadian businessmen have been arrested in the United States, accused of hiring a hit man to snatch a Calgary lawyer from his tropical island estate and kill him in an elaborate plot to recover millions of dollars lost in a flimsy investment.

The tale of investor revenge that was allegedly taken to a dreadful extreme includes a severed pinkie finger, a hit list of businessmen involved in half a dozen Canadian companies, and an undercover U. S. law enforcement agent posing as a hit man for hire.

“It’s very distressing,” said Richard DeVries, a lawyer from Calgary now living in the Bahamas who was the intended victim of the alleged plot.

“I am floored by it. Who would want to kill me?” he said when reached by the National Post.

According to U. S. authorities, at least two men: Nicholas Djokich, 57, of Calgary, and Eginardo De Angelis, 72, of Montreal.

They have been charged in Boston with conspiring to kidnap for the purpose of extorting money and a murder conspiracy.

The plot started on July 3 when two men went shopping for a hit man, authorities say.

In an office at Reber America Inc. in Montreal — where Mr. De Angelis worked selling furniture to hotels — someone interested in the hit met the accused men, according to U. S. allegations filed in court.

Mr. Djokich allegedly said the target was Mr. DeVries. He said Mr. DeVries, who sits on the boards of several private and publicly traded companies, was partially responsible for a loss of about US$175-million in investments, according to a sworn affidavit by Special Agent Derek Dunn of U. S. Immigration and Customs Enforcement.

Mr. Djokich gave the man a photo of Mr. DeVries, his home address in the Bahamas and documents that he said supported his claim to the money.

He asked the man to go to the Bahamas, force Mr. DeVries to wire as much of the money as possible back to him and then maybe kill him, according to Agent Dunn’s affidavit. Unknown to any of the Canadians, the man was a police informant.

After contacting U. S. authorities, the informant again met the men at Reber. There, Mr. Djokich played him a tape of a conversation purportedly between Mr. Djokich and Mr. DeVries.

In the conversation, Mr. DeVries accused Mr. Djokich of kidnapping his partner, Calgary businessman William Lenz.

After playing the tape, Mr. Djokich told the man that he had, in fact, kidnapped Mr. Lenz and said they cut off a finger to make their point, according to Agent Dunn.

Sources confirm that Mr. Lenz was indeed kidnapped in Calgary on June 23, 2006, hooded and threatened to turn over money while his pinkie was severed. The digit was later surgically reattached and no charges were ever laid.

During the ordeal, Mr. Lenz apparently tried to wire US$15-million to his tormenters, but because the bank required him to appear in person, the money was not collected. Mr. Lenz could not be reached for comment.

At the Reber meeting, the informant told the two men (ICE), authorities allege.

Mr. Djokich railed against Messrs. DeVries and Lenz.

The financial dispute is a complicated one involving an investment made through Astral Enterprises Inc. to GSF Ltd. based on a contract involving a third company named Koan Investment Corp., according to documents filed in court.

The deal apparently ran satisfactorily for some years, with wire transfers from GSF to Koan from September, 1998, to June, 2001, before running afoul.

The ICE undercover agent was then told that taking care of Mr. DeVries was only the beginning. Others, as many as five men in several countries, were the next targets of the angry investors, according to the affidavit.

“One at a time,” the agent said, according to a transcript of a recording of the meeting. The “hit man” would need to watch Mr. DeVries in the Bahamas for several days to learn his routine and would need some money to do it, the agent said.

“About 10 grand, up front, non-reimbursable, to go down and check out everything. If it works, that becomes part of the overall price,” the agent said.

“I’m thinking maybe a boat, get a boat out of the [Florida] Keys, just go east and west, you know, the Coast Guard is only looking for boats going north and south, you know, the drug runners.”

Mr. Djokich seemed keen, allegedly saying: “If he refuses and everything, f—, he’s going to the fish. It’s as simple as that.”

The undercover agent replied: “All right, ’cause at the end of the day, you make the call…. You want me to throw him overboard, I’ll throw him overboard. You want me to dust him off and put him back on the pier, I’ll do that too…. I’m like a house painter. You tell me what colour you want to paint the house.”

The men then communicated by e-mail for two weeks, authorities claim.

On Aug. 11, four men met with the undercover agent in a Vermont Starbucks. They arrived in a Buick with a Quebec licence plate. One of them was Mr. De Angelis, authorities alleged.

The agent was given a white plastic bag stuffed with US$10,000 in U. S. currency. The other men have not been charged.

This month, the agent told the two accused men that the plot was finalized, with the kidnapping ready to go when Mr. DeVries visited Florida, authorities say. At a final meeting with Mr. Djokich, the agent asked if there had been a decision on whether to kill Mr. DeVries.

“Angelo wants him wiped out,” Mr. Djokich allegedly said, using Mr. De Angelis’ nickname. They agreed to US$40,000 more as the fee, on top of the US$10,000 front money.

Mr. Djokich was arrested on Saturday in Los Angeles after flying from Calgary on a business trip.

Mr. De Angelis was arrested on Monday in Atlantic City, N. J., after arriving on a tour bus from Montreal, apparently on a pleasure trip.

Mr. DeVries said anger towards him is misplaced.

“I was simply acting as a lawyer. I received trust funds. I dispersed the trust funds and because I [moved] to the Bahamas, they reached the conclusion I must have stolen the money,” he told the Post, adding there was nowhere near US$175-million involved.

“I was simply acting as a lawyer, handling trust funds. That’s all I did. I was acting on behalf of a client…. The money was lost in a bad investment.”

The arrests bring him comfort.

“I applaud the efforts of police, believe me,” he said.

Michel Coretti, a spokesman for Montreal’s Reber America, said he knows nothing of the alleged plot, but said Mr. De Angelis is a good man and will be found not guilty.

Neither of the accused men has yet secured a lawyer to represent them in the case.  

Andrea Cortellazzi (a convicted fraudster) and his associates Jean Michel de Montigny (who has interesting friends of his own) , Serge Ollu (also a convicted fraudster) declared to have severed ties with Mr. Djokich (Trimax Capital Group) in a May 2007  U Mining (formerly Globex Inc.) press release, one of the numerous press releases issued by U Mining, M45 Mining and He-5 Resources later demonstrated to be false.   

Mr. Humphreys news report paints a very different portrait of Mr. Djokich’s self promoting biography which he provided to adorn the now defunct Trimax Capital Group website:   

“Nicholas Djokich, a successful businessman, has a career spanning over 30 years in commodities trading where he has developed a unique talent in the capital markets that has assisted him in achieving his goals. Mr. Djokich brings to the Trimax Capital Group extensive experience in the capital markets, valuable contacts, innovative ideas and leadership that is all instrumental to the achievement of the corporation’s vision and goals. Mr. Djokich has founded a number of trading companies that have proven to be beneficial to the agriculture industry in Alberta and Quebec. Together with a vast knowledge of the resource sector, and an extensive financial and technological background, Mr. Djokich is poised to lead Trimax Capital Group to success.”

Mr. Djokich’s alledged victim declared to Mr. Humphreys of the National Post this action was completely unexpected: ”I am floored by it. Who would want to kill me?”  

My, What Big Teeth You Have Grandma.

Arrest Of A Person Of Interest

The blog has received a significant number of visits over the past 48 hours.

One these visits is a lengthly 15 hour visit by IP 65.75.66.166 which the blog recorded on 21 and 22 October 2008.

The location of IP 65.75.66.166 so happens to be located in the Bahamas.  

The blog suspects this specific visit is in relation to Mr. Nicholas Djokich who is a person of interest to this blog.

Mr. Djokich was arrested by U.S. Immigration and Customs Enforcement (ICE) on 17 October 2008 concerning a kidnapping/murder-for-hire plot:

Canadians charged in murder-for-hire scheme

October 21, 2008 07:47 PM

By John M. Guilfoil, Globe Correspondent

Two Canadian men are in custody in connection with an alleged murder-for-hire plot in which a key meeting took place in Boston.

Nicholas Djokich, 57, of Calgary, Alberta, and Eginardo Deangelis, 72, of La Salle, Quebec, were arrested by federal agents after they allegedly tried to hire an undercover agent to kidnap, extort and murder a man with whom Djokich and other investors had lost money in an investment deal gone sour.

Djokich believed he had been defrauded of his money and sought revenge, prosecutors said. The prospective victim, another Canadian national living in the Bahamas, would have been kidnapped in Florida and murdered after being forced to wire millions of dollars to Djokich.

But when the two went looking for someone to carry out their plans, they found a US Immigration and Customs Enforcement informant who introduced them to a federal agent posing as a hit man, the US Attorney’s office said in a statement.

In August, Deangelis gave the agent a $10,000 advance payment at a meeting in Vermont. Djokich and the agent met in Boston last Wednesday and agreed on a total price of $40,000 for the hit, prosecutors said.

Djokich was arrested Saturday in Los Angeles, where he was on a business trip. Deangelis was arrested Monday in Atlantic City. They were charged with conspiracy to commit kidnapping for extortion and conspiracy to commit murder. If convicted, they face life in prison and fines of up to $250,000.

Over a year ago, the blog reported Mr. Djokich’s (convicted in 2001 of tax evasion) affiliation to the Cortellazzi Consortium’s UMining Resources through a company called Trimax Capital Group which issued this glowing biography:

“Nicholas Djokich, a successful businessman, has a career spanning over 30 years in commodities trading where he has developed a unique talent in the capital markets that has assisted him in achieving his goals. Mr. Djokich brings to the Trimax Capital Group extensive experience in the capital markets, valuable contacts, innovative ideas and leadership that is all instrumental to the achievement of the corporation’s vision and goals. Mr. Djokich has founded a number of trading companies that have proven to be beneficial to the agriculture industry in Alberta and Quebec. Together with a vast knowledge of the resource sector, and an extensive financial and technological background, Mr. Djokich is poised to lead Trimax Capital Group to success.” 

Readers may find interesting Mr. Djokich’s assertion in a 2003 Quebec court case in which he gave evidence for Astral, a Bahamian company for which he was the representative :“has been a commodity trader for 30 years and is the representative of Astral, which is situated in the Bahamas.”   

Mr. Djokich further asserted :”Astral is a company which in the words of its representative, Mr. Djokich, seeks out corporations that need money and eventually bails them out. “

Since our last blog report, Mr. Djokich had been a principal with a company called Trillium Management Ltd. 

On 14 February 2008 Trillium Management Ltd. signed an interesting agreement with Brisam Energy. This agreement was filed with the SEC amongst other SEC filings for Brisam Corp (symbol: BSMP) .

Interestingly enough, a few months earlier Mr. Djokich’s co-accused, Eginardo De Angelis of La Salle, Quebec also managed to secure an agreement with Brisam Energy through the auspices of his corporation Reber America Inc.

Readers may be interested in a sampling of Mr. De Angelis’ past dealings with shareholders from this 2004 Quebec Appeal Court decision:

Maria Muoio v. Eginardo De Angelis et al.

Appellant Maria Muoio («Muoio») is plaintiff in an oppression remedy against various individuals and legal persons. She claims that the is a shareholder of Reber Inc. (“Reber”) and alleges that the other two shareholders, Eginardo De Angelis and Suzanne Dumais, acted in bad faith and abused their rights as directors and used for their own benefit or for the benefit of their companies assets and moneys belonging to Reber. Reber being bankrupt, Muoio has been granted the right to proceed against De Angelis, Dumais and their companies in lieu of the trustee.

De Angelis, Dumais and their companies filed a motion to suspend the proceedings until Muoio has supplied them with her agreement with her lawyers pertaining to legal fees. They allege that as they are creditors of Reber, they have a right to join Muoio in her proceedings. The Superior Court granted their motion.

The Court of appeal concludes that Muoio’s proceedings are hybrid. Part of it is an oppression remedy, part of it is an oblique action to reconstruct the assets of Reber and part of it is a claim directly against De Angelis and Dumais.

The Court of appeal indicates that in fact, the real opponents of Muoio are De Angelis and Dumais. Their actions, if judged abusive, shall enable a condemnation for the benefit of Muoio or Reber. In such circumstances, they are not entitled to information pertaining to the relationship between Muoio and her lawyer.

The appeal is granted.

Maria Muoio v. Eginardo De Angelis et al., Court of Appeal, 500-09-014808-042, 13 December 2004, Honourable Justices Gendreau, Brossard, Hilton.

The blog will continue to monitor and inform as events occur.

Nullum est iam dictum quod non dictum sit prius  

Expired

The Consortium has issued more press releases since the blog’s last entry.

U Mining has issued three: 8 September 2008, 22 September 2008, 24 September 2008  

M45 Mining has issued one on 18 September 2008 and He-5 Resources issued one on 18 September 2008 suggesting they were “restructuring”. 

Interested parties may be interested in the fact that a significant number of mining claims which appear in the IZZA Minerals portolio, the “wholly owned Canadian Subsidiary” of He-5 Resources have expired or on the verge of expiring:

   No de titre      Statut             Titulaire(%)                     Inscription  Expiration  Excédent  Travaux Requis  SNRC  

  CDC 2024289  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024290  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024291  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024292  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024293  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024294  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024295  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F12  

  CDC 2024296  Expiré  Mineraux Izza Inc (81017) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  32F13  

  CDC 2049415  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2049416  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2049417  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2049418  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2049419  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2049420  Actif  Mineraux Izza Inc (81017) (100%)  2007/01/18  2009/01/17  0,00 $  1 200,00 $  32F12  

  CDC 2061001  Actif  Mineraux Izza Inc (81017) (100%)  2007/03/01  2009/02/28  0,00 $  1 200,00 $  32F12  

  CL 5246849  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12, 32F13  

  CL 5246850  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246851  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246852  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246853  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12 

  CL 5246856  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12, 32F13  

  CL 5246857  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246858  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246859  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246860  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246861  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F13  

  CL 5246862  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F13  

  CL 5246863  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F13  

  CL 5246864  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F13  

  CL 5246865  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12, 32F13  

  CL 5246866  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12, 32F13  

  CL 5246867  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246868  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246869  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246870  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246871  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246872  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246873  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5246876  Actif  Mineraux Izza Inc (81017) (100%)  2004/11/05  2008/11/04  0,00 $  500,00 $  32F12  

  CL 5275054  Actif  Mineraux Izza Inc (81017) (100%)  2007/08/16  2009/08/15  0,00 $  500,00 $  32F12 

In a He-5 Resources press release dated 19 October 2006 proclaimed loudly that it had acquired 176 mining claims in this area.

“The mining claims are located approximately 10 km. west of Matagami in the Daniel and Cavalier Townships (NTS Map Sheet 32F12) in the area known as the Matagami Mining Camp. Shareholders may view the Map Sheet that displays the mining claims at: http://www.he-5resourcescorp.com/images/32f12.jpg. The Matagami Mining Camp is a world-class mining district, with 18 known volcanogenic massive sulphide (VMS) deposits. The area is host to historical production of 8.6 billion pounds of zinc and 853 million pounds of copper and has established infrastructure including the town of Matagami, a railway, paved road and a 2,350 t/day mill owned by Falconbridge. ” 

A shareholder was reporting recently that he was unable to contact anyone from He-5 Resources, a company which also allowed its website to EXPIRE for reasons which are becoming more obvious every day.

In Default

Since our last post, Excel Gold Mining issued another press release concerning the acquisition of the 117 mining claims from Mrs/Ms. Denyse Raynault of He-5 Resources and wife of Serge Ollu :

Revised Terms of the Proposed Acquisition of a Mining Property in Montauban (Batiscan)
Excel Gold Mining Inc EGM
7/24/2008 12:23:00 PM
QUEBEC CITY, Jul 24, 2008 (Canada NewsWire via COMTEX News Network) –

EXCEL GOLD MINING INC. (TSX Venture: EGM) Excel Gold Mining Inc. (herein referred to as “Excel” or the “Company”), announces the modification of the terms of the agreement to acquire 100% interest in the mining property in Montauban (Batiscan), Province of Quebec (the “Property”), from Mrs. Denyse Raynault, residing at 1420, Bernard Avenue West, Suite 17, Outremont, Province of Quebec, H2V 1W3, as disclosed in the Company’s June 7, 2008 press release.

Pursuant to an asset purchase agreement dated June 25, 2008, as amended July 22, 2008 (the “Agreement”), Excel has acquired all rights, title and interest in the Property in consideration for the allotment and issuance of 5,200,000 units (the “Units”), as opposed to the previously disclosed amount of 8,000,000 Units, each Unit comprising one fully-paid and non-assessable common share in the capital stock of the Company valued at $0.20 (the “Shares”) and one half (1/2) share purchase warrant, each full warrant (the “Warrants”) allowing its holder to purchase one Share at a price of $0.22 per Share for a period of twenty-four (24) months following the date of the execution of the Agreement (the foregoing being collectively referred to as the “Transaction”), the whole subject to regulatory approval.

The Shares and Warrants shall be issued in reliance of the exemption set forth in Section 2.13 (shares issued in consideration for the acquisition of a mining property) of Regulation 45-106 respecting prospectus and registration exemptions (Quebec).

Readers of this blog may find informative to know that He-5 Resources allowed their corporation status to lapse into default with the State of Nevada (seen in the graphic below).

The default occurred on 1 June 2008, several weeks before the 25 June 2008 agreement took place.

A mine is a hole in the ground owned by a liar

Dave Frank, a reporter from the Nevada Appeal has filed a well researched news item in regards to the activities (or lack thereof) of He-5 Resources:

“Tracking down anyone from the company, however, can be difficult, as people found after HE-5 set up a scholarship contest through the Nevada Appeal.

It offered three $2,500 scholarships for the elementary school students who could best answer the question, “Why is mining important to Nevada?”

Winners were selected after the October deadline, but the company never paid any of the children.

Angela Frisina, whose son was selected as one of the winners, said she talked with representatives from the company a few times, but only got empty promises.

It was frustrating not being able to force the company to cooperate, she said.

“It’s not like I can go in their door, sit on their desk and say, ‘Cough it up.’”

The only purpose of the scholarship offer was to provide Serge Ollu and Andrea Cortellazzi with a means to shore up their lack of credibility with investors.

The Nevada Appeal item makes for an interesting read when correlated with He-5 Resources’s unaudited 2007 financial statements which appeared on the He-5 Resources website until recently.

This being said, regular blog readers will not be surprised to discover the He-5 Resources is once again unavailable and “under construction”.

Recently, Mr. Cortellazzi CEO of M45 Mining filed the M45 Mining annual report and three significant financial restatements with the SEC.

The restatements are for the June 30, 2007 quarterly report, September 30, 2007 quarterly report and December 31, 2007 quarterly report.

In the December 31, 2007 quarterly report, Mr. Marcel Roy’s Exploration Miniere Grenville is mentioned as having sold claims to M-45 Mining:

“On October 9, 2007, M45 management finalized the acquisition of 160 mining titles covering a total area of 8,935 Hectares in the East area of the Matagami Mining Camp. The mining titles were acquired from “Miniere Grenville,” a Canadian Corporation, for a total nominal consideration of One Million Two Hundred and fifty thousand dollars payable in common shares at a set price value of $ 0.20 for a total number of restricted shares of 6,250,000. This acquisition is a key milestone of the “East Wind” phase of the Company’s business development program.”

In M-45 Mining’s annual report, Exploration Miniere Grenville (Mr. Marcel Roy) now appears as a 19.6 % shareholder of M-45 Mining :

 

M-45 Mining is currently reporting a net loss of $6,378,284.

Mr. Cortellazzi had originally reported a deficit of $1,809,167, the December 31, 2007 indicates a significant increase in the deficit of $4,569,117.

Readers new to the blog may wonder why M45 Mining and He-5 Resources are both mentioned in this item.

Andrea Cortellazzi, Serge Ollu and Jean Michel de Montigny are closely associated in many activities which often intersect.

Mr. Serge Ollu and Mr. Jean Michel De Montigny (former CEO of Umining and current CFO of Comitrag) are not mentioned in the 2007 and 2008 M-45 mining annual reports, nor are they mentioned anywhere else as directors or officers of M-45 Mining.

However, Mr. Ollu and Mr. De Montigny appear to have been significant shareholders of M-45 Mining since 15 August 2007 according to this document filed with the SEC in 2007:

Hopefully, shareholders of Excel Gold Mining Inc. will take note of the well researched Nevada Appeal article in light of the recent transaction concerning the sale of 117 claims by Serge Ollu’s wife:

Acquisition of a mining property in Montauban (Batiscan)

Excel Gold Mining Inc EGM
7/8/2008 11:21:29 AM
QUEBEC CITY, Jul 7, 2008 (Canada NewsWire via COMTEX News Network)

EXCEL GOLD MINING INC. (TSX Venture: EGM) Excel Gold Mining Inc. (herein referred to as “Excel” or the “Company”), announces that it has reached an agreement to acquire 100% interest in a mining property in Montauban (Batiscan), Province of Quebec (the “Property”), from Mrs. Denyse Raynault, residing at 1420, Bernard Avenue West, Suite 17, Outremont, Province of Quebec, H2V 1W3, a party dealing at arm’s length with the Company, further to a letter of intent disclosed in the Company’s June 4, 2008 press release.

Pursuant to an asset purchase agreement dated June 25, 2008 (the “Agreement”), Excel has acquired all rights, title and interest in the Property in consideration for the allotment and issuance of 8,000,000 units (the “Units”), each Unit comprising one fully-paid and non-assessable common share in the capital stock of the Company valued at $0.20 (the “Shares”) and one half (1/2) share purchase warrant, each full warrant (the “Warrants”) allowing its holder to purchase one Share at a price of $0.22 per Share for a period of twenty-four (24) months following the date of the execution of the Agreement (the foregoing being collectively referred to as the “Transaction”).

The Shares and Warrants shall be issued in reliance of the exemption set forth in Section 2.13 (shares issued in consideration for the acquisition of a mining property) of Regulation 45-106 respecting prospectus and registration exemptions (Quebec).

The Property

The Property claims consist in the mining rights relating to a property called “Montauban” which is composed of 117 mining titles covering 4,603.78 hectares (the “Mining Titles”). The Property is located in the Montauban and Chavigny region together with the west section of La Seigneurie de Grondines, Comté de Portneuf, Province of Quebec, at 120 km west of the City of Quebec and 50 km north east of the City of Trois-Rivieres, Province of Quebec.

A formal technical report was prepared pursuant to Regulation 43-101.respecting standards of disclosure for mineral projects with respect to the Mining Titles, identifying gold, silver, copper, zinc and lead as the minerals present therein.

Excel Gold Mining and He-5 shareholders may find interesting that Ms. Raynault stated 6 months ago in a 27 February 2008 press release that she was stepping down from the He-5 CEO position:

HE-5 also announced that Chief Executive Officer Denyse Raynault has expressed an intention to resign from her position. Ms. Raynault stated that she intends to step down from the CEO position so that someone with greater expertise in the international mining industry assumes the leadership role of the Company. She believes that a new more experienced CEO who has a wider network of contacts in the worldwide mining community would significantly benefit HE-5 and facilitate its mission to become an important player in the global mining industry.

The blog concurs with Dave Frank of the Nevada Appeal as he quotes Mark Twain:

“A mine is a hole in the ground owned by a liar,”

Just… follow the money

Recently a number of Stockhouse Excel Gold Mining message board members passed by the blog.

One observant Stockhouse member commented on how interesting that a former Excel Gold Mining (a TSX: V, formerly Tom Exploration, the name change occured officially in April 2008 ) officer, Claude Boulanger also appears on Izza’s list of corporate officers.

Some Stockhouse members appear to be suggesting the properties which appear in a recent Excel Gold Mining press release and the He-5Resources /IZZA properties which were the subject of a press release on 7 June 2007 are not the same.

The Excel Gold Mining press release identifies the property as comprised of 117 claims covering and area of 4,603 hectares :

Furthermore, Excel Gold Mining Inc of Quebec City, Quebec is continuing its active involvement in the acquisition and development of mineral properties in North and South America. As such, the Company acknowledges Montauban as being a privately owned property renowned for its high-grade potential of large hydrocarbon deposits. Lastly, the Montauban region is comprised of 117 claims covering an area of 4,603 hectares with an excellent discovery potential.

The He-5 Resources website was amended earlier this year (an event previously reported by the blog), it no longer mentions the “Montauban” properties and the geologist NI 43-101 report no longer appears on the He-5 website. However, in order to assist interested parties, the blog retained a copy of the 31 July 2007 report in Adobe PDF format, those who wish to consult the report (5,650 KB) may download a copy here: izza_montauban-01.

Readers of the He-5 Resources /IZZA 31 July 2007 NI 43-101 report summary will notice the IZZA Montauban property is also comprised of 117 claims covering an area of 4,603 Hectares:

“Le Projet Montauban est une très grande propriété minière offerte à Izza Mineraux Inc. par Exploration
Minière Grenville Inc. de Québec, pour une acquisition à 100% et autres considérations. Le Projet
est localisé dans les cantons de Montauban et Chavigny ainsi que la Seigneurie de Grondines-Ouest,
Comté de Portneuf, Province de Québec, Canada. Le projet comprend 117 claims couvrant une superficie
d’environ 4 603.78 hectares. ”

The 117 claims mentionned in the He-5 Resources/IZZA NI 43-101 report are located in NTS 31I16 and these claims registrations flow effortlesly amongst Cortellazzi associates and corporations.

The 117 claims mentionned in the July 2007 NI 43-101 report are currently registered to Exploration Miniere Grenville (the complete list appears at the end of this entry)  which is a company registered by Marcel Roy (pictured below) a Cortellazzi associate previously profiled by the blog.

The earliest observation of these claims appeared on March 19, 2007 on a UMining message board, 78 claims in area 31I16 were observed as being registered by another Cortellazzi associate, Jean-Claude Dentinger on 5 July 2006 (profiled with Mr. Roy on the blog last October).

The 31 July 2007, He-5 Resources/IZZA report states the 117 claims are owned by Marcel Roy (39 claims) and Jean-Claude Dentinger (78 claims).

Soon after the IZZA NI 43-101 was made public the claims were registered in the name of their current registrant, Exploration Miniere Grenville which is registered to Mr. Marcel Roy.

Interested parties may be interested to know that all 117 claims registrations are due to expire within the next 4 months, 44 of the registrations as soon as 4 July 2008.

Of the remaining 73 registrations, 5 are due to expire on 10 July 2008, 5 more are due to expire on 20 August 2008, 37 are set to expire in September 2008 and 26 are due to expire in October 2008.

Another matter of interest for existing and potential Excel Gold Mining stockholders concerns Mr. Jacques Vallee, the newly appointed director to the board of directors.

Mr. Jacques Vallee, Mr. Andrea Cortellazzi and Mr. Serge Ollu’s paths have crossed on more than one occasion in the last 4 years.

On 17 June 2004, a press release for HQ Sustainable Maritime Industries Inc. announced:

HQ Sustainable Maritime Industries Inc. (OTC Bulletin Board: HQSM, “HQ” or the “Company”), announced today the appointment of Mr. Jacques Vallee and Mr. Fred Bild as independent directors to its Board. Mr. Vallee will also head up the Board’s audit committee.

Jacques Vallee, aged 52, is an Independent Director. He is currently a risk capital and strategic planning consultant with over 30 years of banking and fund management experience. He has also taught statistics and marketing for many years. He has an MBA from the University of Sherbrooke in Canada. He was previously First Vice-President Strategic Investments and Development Planning for the Quebec Workers’ Fund, a Canadian risk capital fund managing in excess of USD 4 billion.

In September 2005, Mr. Serge Ollu issued the unaudited financials for Mr. Cortellazzi’s Coastal Holdings.

A November 2005 SEC filing by HQ Sustainable Maritime Industries Inc. states:

In July 2005, we issued  1,000,000  Class A shares of our common stock to Andrea Cortellazi and Proactive  Computer  Services Inc as  consideration  of services related to obtaining the financial guarantees recently provided to us.

In March 2006, Mr. Cortellazzi’s Coastal Holdings, then trading under the symbol CSJJ announced that it had hired Mr. Jacques Vallee:

Coastal Holdings, Inc. Hires SEC Finance Expert to Expedite Its Attainment of OTC Bulletin Board Status

HOUSTON, TX, Mar 08, 2006 (MARKET WIRE via COMTEX) — Coastal Holdings, Inc. (OTC: CSJJ) is pleased to announce that it has hired Mr. Jacques Vallee, a SEC Finance Expert, as a non-executive director and President of the Company’s future Audit Committee. Mr. Vallee’s extensive experience and background with respect to SEC law is a valuable asset to Coastal Holdings and ensures a successful and rapid attainment of OTC Bulletin Board status.

Mr. Vallee appeared in two later Coastal Holdings press releases, one on 14 March 2006, the other on 23 March 2006 in which Mr. Vallee is quoted as saying:

“I am pleased to announce that we have already identified a few OTC BB shells that are strong candidates for a reverse takeover. Of course before we invest in an OTC BB shell, we have to conduct due diligence on it. We must purchase the one that is not only in good financial and legal standing but is also the best fit for our organization.

“I want to reiterate that my primary role in this corporation is to expedite its attainment of OTC Bulletin Board Status. We will achieve this goal soon. The Company’s accounting and legal departments are working hard on the first acquisition of an OTC-BB listed company. We expect to close this acquisition on April 15, 2006.”

Coastal Holdings never attained the status it said it was seeking and Mr. Vallee did not appear in any Coastal Holdings press release after 23 March 2006.

However, Mr. Vallee does appear in a more recent Cortellazzi associated venture.

Mr. Vallee appears in the 13 June 2007 registration of Izza Minerals Inc. (Izza is wholly owned by He- 5 Resources) with Denyse Raynault ( Serge Ollu’s wife), Claude Boulanger (a former Tom Exploration officer) and Yves Renaud (another Coastal Holdings alumni).

He-5 Resources made the announcement of its ownership of IZZA in a press release on 26 June 2007:

NEW YORK, NY–(Marketwire – June 26, 2007) – HE-5 Resources, Corp. (PINKSHEETS: HRRN) is pleased to announce the formation of IZZA Minerals Inc., a wholly owned Canadian Subsidiary to explore the Company’s Canadian Mining Territories.

IZZA Minerals will function as the exploration arm of HE-5 with a mandate to explore its mining territories in Canada. The status of IZZA Minerals Inc., as a Canadian Mining Corporation, will benefit from all the major tax incentives (Flow – Through Shares).

Mr. Vallee did remain on the HQ Sustainable Maritime Industries Inc board of directors until his resignation in November 2007:

Members of special or standing committees may be allowed, like, for example, compensation for attending committee meetings. The annual salaries of our independent non-executive directors Fred Bild, Daniel Too and Jacques Vallee (who resigned in November 2007) was $15,000 plus an annual bonus to them of not less than $15,000 payable in shares of our common stock.

Readers should also take note of UMining and He-5 Resources/IZZA 2007 press releases in which both state a commercial relationship with an undentified TSX venture exists between them :

Jul 12, 2007 10:11 ET
U Mining Resources Inc. Announces Closing of TSX Venture Corporation Acquisition
Management Provides Update on Corporate Development and Operational Plan
U Mining Resources Inc.

NEW YORK, NY–(Marketwire – July 12, 2007) – U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that it has completed the acquisition of the TSX Venture Corporation.

After completing the due diligence analysis of the TSX Venture Corporation, management has deemed that it is in the best interests of U Mining to consummate the transaction as follows. The total consideration of the transaction represents an aggregate amount of $ 350,000 payable via the issuance of 25 million restricted shares of U Mining at a market value of $ 0.07. The shares are currently held in escrow until the transaction is officially approved by the TSX shareholders and regulating authorities, and are issued to the benefit of U Mining’s control position; thereby consolidating the strength of the Company.

Secondly, the agreement stipulates that following the approval of the transaction U Mining will roll in one of its properties in return for additional shares, which would increase U Mining’s control position. This allows U Mining’s subsidiary to complete a first round of financing through a private placement of $ 1.5 million.

Management will prepare all the documentation and filings for a flow-through share prospectus for a second round of financing for a total of $ 2.5 million, and fulfill all the reporting requirements of the TSX Venture Exchange. Canadian investors will be able to purchase U Mining’s subsidiary stock and claim a major tax deduction on their investment (see links below for further information). U Mining will also be able to consolidate the TSX Venture Corporation’s financial statements with its own statements. This transaction will bring the total issued and outstanding shares of U Mining to 75 million.

Jun 26, 2007 08:30 ET
HE-5 Resources, Corp. Announces Formation of IZZA Minerals Inc. Subsidiary to Explore Canadian Mining Territories
HE-5 Forecasts Finalizing Merger Agreement With TSX Venture Exchange Listed Corporation in the Near Future

NEW YORK, NY–(Marketwire – June 26, 2007) – HE-5 Resources, Corp. (PINKSHEETS: HRRN) is pleased to announce the formation of IZZA Minerals Inc., a wholly owned Canadian Subsidiary to explore the Company’s Canadian Mining Territories.

IZZA Minerals will function as the exploration arm of HE-5 with a mandate to explore its mining territories in Canada. The status of IZZA Minerals Inc., as a Canadian Mining Corporation, will benefit from all the major tax incentives (Flow – Through Shares).

Shareholders may visit IZZA Minerals Corporate Website at: www.izza-minerals.com

Moreover, HE-5 Management, for the last three months, has been negotiating a Business Combination (Reverse Take Over) of IZZA Minerals Inc. and a TSX Venture Corporation. Only a few criteria remain for the completion of this merger; final closing via our attorneys is scheduled shortly.

On 28 September 2007, Mr. Ollu gave an interview (the interview appears in the graphic below, click to enlarge) to the Nevada Appeal in regards to a scholarship program sponsored by He-5 Resources. During this interview, Mr. Ollu mentionned that HE-5 Resources owned the “Montauban Gold Mine in Batiscan City” .

Recently, a reporter from the Nevada Appeal expressed interest in He-5 Resources, should anyone be interested in expressing their experience with He-5 Resources the reporter has made his coordinates available here.

This said, the blog recommends to all investors and interested parties to just… follow the money

————-

Current list of 117 Exploration Miniere Grenville claims for area 31I16 which have also appeared in IZZA Minerals NI-43-101 of 31 July 2007:

CDC 2019789  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 800,00 $  31I16
CDC 2019790  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019791  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019792  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019793  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019794  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019795  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019796  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019797  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019798  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019799  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019800  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019801  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019802  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019803  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019804  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019805  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019806  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019807  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  500,00 $  31I16
CDC 2019808  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  500,00 $  31I16
CDC 2019809  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  500,00 $  31I16
CDC 2019810  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  500,00 $  31I16
CDC 2019811  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  500,00 $  31I16
CDC 2019813  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019814  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019815  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019816  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019817  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019818  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019819  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019820  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019821  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019822  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019823  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019824  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019825  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019826  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019827  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019828  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019829  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019830  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019831  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019832  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2019833  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/05  2008/07/04  0,00 $  1 200,00 $  31I16
CDC 2020464  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/11  2008/07/10  0,00 $  1 200,00 $  31I16
CDC 2020465  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/11  2008/07/10  0,00 $  1 200,00 $  31I16
CDC 2020466  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/11  2008/07/10  0,00 $  1 200,00 $  31I16
CDC 2020467  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/11  2008/07/10  0,00 $  1 200,00 $  31I16
CDC 2020468  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/07/11  2008/07/10  0,00 $  1 200,00 $  31I16
CDC 2023926  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/08/21  2008/08/20  0,00 $  1 200,00 $  31I16
CDC 2023927  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/08/21  2008/08/20  0,00 $  1 200,00 $  31I16
CDC 2023928  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/08/21  2008/08/20  0,00 $  500,00 $  31I16
CDC 2023929  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/08/21  2008/08/20  0,00 $  500,00 $  31I16
CDC 2023930  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/08/21  2008/08/20  0,00 $  500,00 $  31I16
CDC 2024297  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024298  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024299  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024300  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024301  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024302  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/08  2008/09/07  0,00 $  1 200,00 $  31I16
CDC 2024611  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  1 200,00 $  31I16
CDC 2024612  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  1 200,00 $  31I16
CDC 2024613  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  1 200,00 $  31I16
CDC 2024614  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  500,00 $  31I16
CDC 2024615  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  500,00 $  31I16
CDC 2024616  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  500,00 $  31I16
CDC 2024617  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  500,00 $  31I16
CDC 2024618  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/13  2008/09/12  0,00 $  500,00 $  31I16
CDC 2024952  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024953  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024954  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024955  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024956  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024957  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024958  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2024959  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/18  2008/09/17  0,00 $  1 200,00 $  31I16
CDC 2025782  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025783  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025784  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025785  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025786  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025787  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025788  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025789  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025790  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025791  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025792  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025793  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025794  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025795  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2025796  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/09/22  2008/09/21  0,00 $  1 200,00 $  31I16
CDC 2029745  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029746  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029747  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029748  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029749  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029750  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029751  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029752  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029753  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029754  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029755  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029756  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029757  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029758  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029759  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029760  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029761  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029762  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029763  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029764  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16
CDC 2029765  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  500,00 $  31I16
CDC 2029766  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  500,00 $  31I16
CDC 2029767  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  500,00 $  31I16
CDC 2029768  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  500,00 $  31I16
CDC 2029769  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  500,00 $  31I16
CDC 2029774  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2006/10/18  2008/10/17  0,00 $  1 200,00 $  31I16

CDC 2051757  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051758  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051759  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051760  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051761  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051762  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051763  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051764  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051765  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051766  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051767  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051768  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051769  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051770  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051771  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051772  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051773  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051774  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051775  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051776  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051777  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051778  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051779  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051780  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051781  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 800,00 $  31I16
CDC 2051782  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051783  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051784  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051785  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051786  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051787  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  1 200,00 $  31I16
CDC 2051788  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051789  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051790  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051791  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051792  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051793  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051794  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051795  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16
CDC 2051796  Active  EXPLORATION MINIÈRE GRENVILLE INC (93860) (100%)  2007/02/01  2009/01/31  0,00 $  500,00 $  31I16

Old Plan, Nice Try

Since our last post many events have occurred.

On 7 May 2008, Jean Michel De Montigny resigned as CEO of UMining, however no mention has ever been made in regards to his position as Chief Financial Officer of Comitrag.

The same press release indicated the Chairman of the Board, Col. James Krilich (ret) had taken the reigns as CEO of UMining.

The investors relations staff in this same press release identified itself only by a phone number: (516) 762-0154

On 8 May 2008, Comitrag S.A., announced that it had “presented the BOOT (Build-Own-Operate-Transfer) Agreement to the Republic of Guinea authorities for governmental review. The Agreement will then be voted on by the Guinean Cabinet (Le Conseil des Ministres) and implemented as soon as a decision is reached.”

A few days later on 10 May 2008, someone using the alias “jim16640″ on an investment message board and identifying himself as Col. Krilich presented his resignation as UMNG CEO leaving investors with few visible corporate officers which may be contacted.

Then on 15 May 2008, UMining issued a press release announcing in an unsigned press release: “All our shareholders must note that the President of Comitrag S.A. will be staying at the Novotel Hotel in Conakry, Guinea from May 31, 2008 to June 13, 2008. During this period, the President will be in constant contact and will report back to the Company headquarters daily. “

On 21 May 2008, Guinea’s Prime Minister Lansana Kouyate (seen in the picture below with Comitrag President Balla Keita and Chief Financial Officer Jean Michel de Montigny) was fired by President Conte.

Soon thereafter, Guinea became a volatile country with riots and a military mutiny on it’s hands.

Unsurprisingly, the British Foreign Office issued a travel advisory soon after an Air France flight was forced to divert to Dakar.

Since our last entry, the blog has unearthed more interesting information concerning Mr. Balla Keita, seen on the right in the picture above.

Readers may wish to know about a previous event in 2005 in which Mr. Keita had unsuccessfully approached the Guinean government of the day concerning the Simandou mountain area and the Transguinean railway project (news item below in picture format, click to enlarge).

According to this news item, Mr. Keita was the business development director of Rail Iron Ore Guinea (RIOG) and this company was invited to take part in a meeting on 30 May 2005 concerning the Simandou iron ore concession, however it never showed up and was eliminated from further participation.

Mr. Keita during the 2005 interview suggested that he was a classmate of Guinean President Lansana Conte at Bingerville Military Academy (Ecole Militaire Préparatoire Technique de Bingerville).

This would be very difficult to believe since President Conte is over 73 years old.

President Conte was 20 years old when he graduated as a Cadet from Bingerville in 1954.

The above photograph of Mr. Keita strongly suggests that he is well below 73 years old.

Mr. Keita has no influence with the Guinean govermnent as he would like to suggest and would like everyone to believe, in fact the recently named Prime Minister would remember Mr. Keita’s 2005 adventure, since the Prime Minister was Minister of Mines at the time.

In short, Mr. Keita is promoting an old plan which never inspired anyone moderately knowledgeable about commercial magnitude of a project on the scale of the Simandou iron ore concession and the supporting Transguinean railway.

Just A Plain Old Government Employee

In their 17 April 2008 press release, UMining described Comitrag S.A.’s President as follows:

“CEO of U Mining, Jean Michel de Montigny, stated the following: “We have put forth immense effort and have spent considerable time and allocated certain funds to this project thus far, and the feedback I am getting from shareholders and our investor relations representatives is that it is still difficult to envision the value of this agreement and how it will affect the Company’s revenues and earnings over time. The best way I can only begin to explain this is to describe the unique relationship Mr. Bella Keita has established with certain officials in Guinea, as well as his understanding of the historical background and needs of this emerging nation. Mr. Keita has built an impressive career to date, having served as engineer and project manager for numerous, similar world-class projects, along with other achievements many would consider impressive for this Guinean immigrant. His people, the Guinean representatives to this agreement, respect him for many reasons including the fact that he has always stayed involved in Guinea’s drive to improve its infrastructure and emerge as one of that continent’s most self-sufficient and prosperous nations.”

On message boards, speculation has been swirling around Mr Keita. One suggested the “Keita clan are historical princes.” another said “Balla Keita apparently has a link to the President’s 4th wife, which gets him meetings and photo opportunities with important people, but not any credibility.”

Mr. Keita is indeed a civil engineer, however the facts are far less exotic than some may suggest.

The simple fact is that Mr. Keita is an employee for the Government of Quebec within the Ministry of Transport (MTQ).

Mr. Keita is a member of the APIGQ (l’Association professionnelle des ingénieurs du gouvernement du Québec) which is a professional union (engineers). Only engineers who are employees of the Government of Quebec are allowed to join this union.

Mr. Keita’s union membership entry with workplace information and the Ministry department (FCARR – a department which manages roadway surfacing and maintenance in Quebec) appears in this graphic (below):

Mr. Keita is a member of an oversight committee with the APIGQ (see graphic below):

Mr. Keita’s workplace is located near his Longueuil home (previously reported on the blog) in a building (picture below) near the Longueuil subway station which connects to the Montreal subway system.

At a recent Commission of Inquiry, the APIGQ took the opportunity to mention that compensation for Government of Quebec engineers was well below their counterparts at Hydro-Quebec. The APIGQ stated that senior engineers employed within the Government of Quebec were earning $80,000.00 at the highest pay scale, much less than engineers at Hydro-Quebec (graphic below).

This said, it is interesting the blog recorded a 3 hour and 21 min. visit from a computer belonging to Ministry of Transport (132.221.52.36) on 17 April 2008, this extensive visit occurred less than an hour after UMining issued their press release.

A Territory Covering A Distance Of…

Since January 2008, UMining has consistently suggested in multiple press releases ( 16 January 2008, 21 February 2008, 28 February 2008, 13 March 2008 ) that Comitrag S.A. (a private building and development company headquartered in West Africa which UMining claims to own a majority interest) has secured a mining concession, they describe this single iron ore concession as:

“The mining concession consists of a territory covering a distance of 55 kilometres. “

In February 2008, the location of the iron ore concession was identified:

“The Mining Concession consists of an iron ore property situated in the Mount Simandou region of southeastern Guinea. The property covers a 55-km-long zone in the Simandou Mountain Range. ”

In their latest press release, UMining indicated “maps and other similar mining and resource-oriented data” would be available on their website (the Comitrag Guinea Project on the UMining website links to the Comitrag website).

Comitrag has made available a map in pdf format on their website which it identifies as the mining concession which is described as “a 55-km-long zone in the Simandou Mountain Range“

The map which appears on the Comitrag site is an old French geographic survey on which the purported mining concession appears identified solely as “Simandou Mining Concession Map” (click to view larger size ):

The scale appears at the bottom of the map and with this scale, the blog has determined the grid squares of the map provided by Comitrag are approx 16 KM long and wide. Grid squares (click on map below to view) were placed next to the length of the mining concession in order to determine the length of the “Comitrag” concession as appears on the map and the result is well over 55 KM, it is approximately 110 KM in length.

The 110 KM long mining concession which appears on the Comitrag map does exist, however it was awarded to Rio Tinto in 2006, not Comitrag.

“Rio Tinto’s first introduction to the project was in 1996, when they were invited to inspect the area by the Guinean Government. After successful reconnaissance visits in 1996, four Exploration Licences were applied for and granted in February 1997. Exploration and evaluation programmes have been actively carried out on the licences from 1997 and are continuing with expenditure to date being ~US $50M with a further US$145M committed to year-end 2008. This funding is to complete the ‘Pre-feasibility Study at Pic de Fon and Oueleba’ and assess the potential of other target occurrences in the northern portion of the Mining Concession (Northern Targets).

The Simandou Mining Convention covering the legal and fiscal terms and conditions for mining within the Simandou Mining Concession was signed into Law in February 2003 and the related Mining Concession granted in March 2006. The 740km2 Mining Concession (MC) covers a 110km long portion of the north–south trending Simandou range. “

At page 11 of a July 2007 report, Rio Tinto provides a map to their 110 KM concession (graphic below):

Another map of the area without the Rio Tinto mining concession is provided for readers so they may compare the areas on this map with the others to locate nearby towns, villages and other reference points.

In short, UMining press releases have consistently contained misleading information about the Comitrag “mining concession” since January 2008.

Never Was Heard A Discouraging Word

UMining’s latest press release states CEO and Cortellazzi associate Jean Michel De Montigny has returned from a ” Successful Commercial Mission in Republic of Guinea”.

This is a rather bold statement since not a single word concerning this mission appeared in the local print media about this transaction.

Radio Television Guineenne (RTG) the state run television network did not report or mention the mission, nor did it report on U Mining, Comitrag, Jean Michel de Montigny and Balla Keita.

RTG news is archived on many websites: AfricaTV, Telediaspora and Le Diplomate

The complete absence of all Guinean media coverage concerning the event alluded to in the recent press release is all the more intriguing, since such news draws considerable attention in Guinea as did this November 2006 news report concerning a Guinean business forum held in Frankfurt, Germany.

Guinea is a small poverty stricken country and economic news which can lead to job creation is sought after by the local news media such as this news report on the public tender for the container port in Conakry (see graphics below) which appeared on 29 March 2008 on Guinee24.com:

UMining’s most recent press release makes no mention of the railway project which appeared the a 16 January 2008 press release:

“The above-mentioned multi-level contract also includes the assignment to U Mining of a management contract for the building of several large-scale infrastructures. The revenues generated from the exploitation of the mining concession will provide the Government with sufficient working capital to cover the cost of the infrastructure projects. The projects include the construction of a new railroad that will service the iron ore mine; following a route through the centre of the nation. U Mining and Comitrag are fully committed to the mining and infrastructure projects for the future development of the West African nation.

Further details on the mining and infrastructure projects will be disclosed to shareholders upon the signing of a definitive agreement with the West African nation.”

However, L’Aurore, a Guinean media outlet which specializes in mining news is reporting the firm chosen for the much needed railway infrastructure will the French group of Cofinter, Egisbceom, De Broca Paridiue Maffei and Coyne & Bellier (Google translation):

Railway Conakry-Kankan, rehabilitation indeed!
27-03-08 09:19 27-03-08 09:19

AUTHOR: THIANKOYE SYLLA

The experts of the tripartite committee of transport (Government of Guinea, Rio Tinto, BHPbilliton) chose the firm to conduct studies for the rehabilitation of the railway Niger (Conakry-Kankan) along 1000 km.

That grouping, Cofinter, Egisbceom, De Broca Paridiue Maffei and Coyne & Bellier who execute. It is an eight-month contract against payment of a million dollars.

This railway will allow the Niger Transguinéen indispensable for the development of iron ore in Nimba Mountains (BHPbilliton) and Simandou (Rio Tinto and BSG-Resources) for failing to provide public transit.

Indeed, the Minister of Mines and Geology of Guinea, Ahmed Kanté and Namory Condé BHPbillliton Regional Director, recently visited Australia. The agenda aims knowledge of the technology BHPBilliton through a tour of facilities of the firm.

Of course, there was no mention of this news in the recent UMining press release.

A photograph (below) did accompany the press release to suggest that it was taken recently in the Republic of Guinee.

Objects may be closer than they appear

On Our Radar

Many of our regular readers are no doubt familiar with the corporate name COMITRAG S.A., UMining’s mysterious West African partner.

Comitrag registered a domain name in Canada on 11 March 2008 , the registrant indicates the location is 1453, Terrasse Desormeaux, Longueuil, QC, J4M2B4, the registration appears in the graphic below.

1453, Terrasse Desormeaux is located in a modest residential area of Longueuil, near the St-Hubert Airport. The picture (below) is of number 1495, it was recently sold will give the reader a better perspective of the neighborhood in which Comitrag lists as it’s corporate address on it’s recent domain registration.

A public day care facility (location seen in the Google Earth screen capture below) is located nearby.

The local phone book has a public listing for 1453, Terrasse Desormeaux, Longueuil, QC, J4M2B4.

The name which appears on the phone listing for 1453, Terrasse Desormeaux is a “Balla Keita” the phone listing appears in the graphic below.

Two days later on 13 March 2008, U Mining issued a press release identifying a “Mr. Bella Keita” as the President of Comitrag.

“NEW YORK, NY–Marketwire – March 13, 2008  – U Mining Resources Inc. (PINKSHEETS: UMNG) today announced that CEO Michel de Montigny is set for his three-day trip to Conakry West Africa to finalize the Agreement between U Mining’s majority-owned subsidiary Comitrag S.A. and the Republic of Guinea. CEO de Montigny will be accompanied by Mr. Bella Keita, president of Comitrag S.A., at the official agreement ratification ceremony scheduled for next Tuesday, March 18.”

The Blog considers worth mentioning that an Ivorian politician, “Dr. Balla Keita”, was murdered in 2001 and his name has been used in many email scams.

While this information is indeed interesting, the blog considers visits by Mr. Des Rosiers of Longueuil to this Blog far more interesting.

Also of interest are Blog visitors originating from the Longueuil building which appears in the picture below:

Yes, Virginia, there’s much more to this story than meets the eye and the Blog has been following this since November 2007.

It’s been on our radar for some time…

Port – Railway – Road – Landing Strip – Fiber Optic Cable

On 28 February 2008, UMining issued a press release in which it states it is seeking ratification of a final binding agreement scheduled to be signed by mid-March 2008.

According to the same press release:

“The three sources of potential revenue from the BOOT Agreement are:(1) Mining Concession; (2) Railway concession; and (3) Port infrastructure and management concession.Based on the terms of the Agreement with the Republic of Guinea, U Mining will earn a portion of the potential revenue in exchange for its expertise and assistance in securing international funding for the Project.”

However, the day before on 27 February 2008, Rio Tinto delivered a presentation to the World Bank detailing a port, railway, road,landing strip and fiber optic cable infrastructure project in the Republic of Guinea.

The Rio Tinto presentation can be viewed here (french only, pdf format).

A mineral port is identified at pages 5, 6, 7 & 8 of the presentation as Port Yeliotono. Another component of the project is a landing strip at Beyla which is identified at page 6 of the presentation.

The presentation identifies 3 railway projects, Conakry – Kankan (north – 670 KM), Pic de Fon – Port Yeliotono (south – 710 KM) and a 350 KM extension of the northern line to Bamako.

Recent pictures of existing railways in Guinea

At page 5, road work (430 KM) along the proposed southern railway line is identified and scheduled for the period of Feb 2008 to June 2008 at a cost of 2.5 million dollars which is to be financially supported by Rio Tinto and Simfer S.A.

At page 6 of the presentation, proposed improvements (estimated at 2 million dollars and fully supported by Rio Tinto) to an existing landing strip at Beyla are identified owing to the remoteness of the Simandou mining concession.

A proposed study for 710 KM fiber optic cable which would run along the southern railroad is identified at page 8 of the presentation.

Few should be surprised the presentation does not mention or refer to UMining at any time.

Welcome To Our Thai Visitors

Over the past week, the blog has received lengthly visits from interested parties in Krung Thep.

Thai IP’s 58.8.70.204 , 58.8.80.198, 58.8.74.248 have been riveted to the Blog content for well over 20 hours.

The Blog can reveal the interest of the Thai visitors focused amongst other things on Serge Ollu and George Abisaleh .

The Blog concurs their interest is well placed .

In Progress

The blog has received interesting web traffic over the past weeks.

To our recent visitors, thanks for visiting and making us aware of the latest ventures by Mr. Serge Ollu and Mr. Jean Michel De Montigny.

The Blog can share some of it’s research concerning one of the latest ventures, in fact much of the information is currently available on the blog as many have noted.

However, for some reason this information appears to have been overlooked by visitors :

1. Look into the past of Sand Oil Inc. and Tubac Holdings, Inc.
2. Look into the He-5 Resources joint venture with Sand Oil.
3. Look into the 17 September 2007 Nevada Appeal interview of He-5 Resources officers.

We hope this is of some assistance to shareholders in assessing their portfolio.

This is a work in progress.