The Cortellazzi Consortium

September 23, 2007

The Facilitators – Part 3

Filed under: Uncategorized — 18montecristo67 @ 8:43 pm

The most recent and long awaited geological NI 43-01 report has been the UMining report (17 September 2007) prepared by InnovExplo who also prepared the NI 43-101 reports for M45 Mining (8 June 2007) and He-5 Resources (31 July 2007) discussed in Part 2.

UMining issued numerous press releases in 2007 and it is worth mentioning them in order to situate them in context with the recent NI 43-101 report.

The Press Releases

In January 2007, UMining (then Globex Inc.) announced it’s Board of Directors has obtained the approval of a majority of the Company’s shareholders to establish a Canadian Prospecting Subsidiary Corporation.

On 20 February 2007, UMining (then Globex Inc.) announced it had acquired 94 uranium claims in the area for which the 17 September 2007 UMining 43-101 report is prepared. The party from who thery were acquired is unnamed in the press release, however it does provide a veiled reference to Marcel Roy and Exploration Miniere Grenville by referring to a previous transaction:

“Globex, Inc. (GLXI: Pink Sheets), today announced that within the agreement signed last February 20th, the Company acquired an additional 94 Uranium Territory Claims. ”

The same press release went on to say in glowing terms, samples had been taken and the press release quoted impressive reserve numbers:

“As of today the Grenville regional reports indicates an actual number of 0.075%U308 and a possible 544,000 tons in reserve.

In one zone results from samples taken in 12 trenches indicated a value ranging from 0.005 to 0.197%U308. In zone 2, the samples demonstrated a concentration of 1.4%U308.”

On 23 February 2007, UMining issued another press release with technical details isolating the location information to “sector 31 J “.

On 28 February 2007, UMining issued a press release indicating that it had undertaken a drilling program on the recently acquired claims:

“Globex, Inc. (GLXI: Pink Sheets), today announced moving to phase 2 of its winter exploration program in sector 31 J. Key technical details from the Geologic Report indicated a possible 544,000 tons in Uranium reserve in 2 areas of our claims.

Our team will continue to drill approximately 7 to 10 holes totaling about 6,000 meters of drilling. As well a program of line cutting and 200 kilometers of ground resistivity and 25 kilometers of detailed magnetic surveys is also in progress to better define the character of geophysical conductors outlined in previous airborne and ground geophysical surveys.

Management also announced ongoing negotiations for venture agreement with 2 exploitation Companies to commence extracting program on the confirmed specific areas.”

On 20 March 2007, UMining announced it had acquired 33 additional claims. On this occasion the area was specified (31J14), more probable reserves, stated the first drillings had been completed and the geologists selected would send the core samples for examination in order to proceed with the preparation of a NI-43-101 :

Globex, Inc. (GLXI: Pink Sheets), today announced that its first project team working in the Mount-Laurier area has finalized the acquisition of an additional 33 Uranium Cell claims in Northern Quebec, Canada. These claims are situated in the area surrounding the Company’s Grenville Property, specifically in sector 31 J14. This is a key strategic acquisition for Globex as it now owns a significant number of adjoining claims in this uranium-rich sector. These new claims occupy an area of approximately 6.5 square miles.

Preliminary available geologist reports indicated a potential reserve of 300,000 tons with a concentration factor of 1.5% to 2.5% U308.

Management stated: “We are systematically identifying and taking advantage of opportunities to expand our asset base in this strategic sector. This will increase our negotiating power in joint venture deals regarding planned uranium extraction activities, which are currently in the works.”

Management also indicated that the Company will take all the necessary steps to commence extraction activities in full respect of the relevant environmental protocols and will work together with the local community to protect the mining area.

Globex also announced that the geologists will complete the first phase of the drilling program this week, and will send all the samples for further evaluation and testing in order to complete the 43-101.

In the face of mounting skepticism, UMining began issuing a series of press releases to calm shareholders by suggesting the NI43-101 reports would be issued imminently : 22 June 2007, 27 June 2007, 2 July 2007, 12 July 2007.

As the skepticism of UMining watchers reached a crescendo a press release issued on 5 September 2007 stated the report had been completed and would be released imminently.

The report was withheld for another 12 days when it was announced that it would finally be released.

The UMining press releases were intentionally misleading and while the released report 43-101 does not fully answer what occurred, it does however provide a view of how UMining and the other members of the mining triumvirat (M45 Mining, He5 Resources) cooperated intimately with each other through Jean Claude Dentinger, Marcel Roy and Exploration Miniere Grenville to mislead existing and potential shareholders.

The Report

One of the more glaring discrepancies between the report and the press releases concerns at what time the geologists visited the claims site and when they were given a mandate to proceed to the 43-101.

According to UMining press releases, one of the geologists had visited the claims area in March 2007, however the NI 43-101 report at Page 8 does not support this assertion :

“The author, a Qualified and Independent Person as defined by Regulation 43-101, was mandated to visit the property, and to recommend a work program if warranted. The author reviewed the mining titles, their status, related agreements, and any technical data supplied to it by the issuer (or its agents) or collected from public technical information sources.” by the issuer to study technical documentation,

One of the geologists does say in the report that he visited the property before “as part of his exploration work for Noranda Exploration Inc from 1994 to 2001″ however, since the mandate was given to the geologists on 5 June 2007, any visit would have taken place well after the press release statements:

InnovExplo Inc (“InnovExplo”) was mandated by Jean-Michel de Montigny, CEO of U Mining Resources Inc (“U Mining” or “the issuer”) on June 5, 2007, to complete a project evaluation and a Technical Report (“the report”) in compliance with Regulation 43-101 and Form 43-
101F1 on the Laurentides property (“the property”) near Sainte-Anne-du-Lac, Quebec, Canada. The issuer, U Mining Resources Inc, is an American mineral exploration company that is publicly traded on the Pink Sheets (Other OTC: UMNG.PK). InnovExplo is an independent mines and exploration consulting firm based in Val-d’Or (Quebec). ”

Another interesting factual discrepancy of the misleading press releases are the number of claims which UMining states they had acquired. UMining stated in the combined press releases they had acquired 127 claims , however the geologist report says they only have 27 claims:

“4.2 Claim Status

The claim status was supplied by Jean-Michel de Montigny, CEO of U Mining Resources Inc, and verified using GESTIM, the Quebec government claims management system made available by the Ministère des Ressources Naturelles, de la Faune et des Parcs (Quebec’s Ministry of Natural Resources, Wildlife and Parks). GESTIM is accessible through the Internet at the following address:

he Laurentides property, owned by U Mining Resources Inc, represents an area of 1,587.92 hectares (27 mining titles; Figure 4.2). The twenty-seven (27) mining titles are divided into two (2) groups: the Laurentides no.1 Block comprising twelve (12) designated cells and representing an area of 706.32 hectares, and the Laurentides no.2 Block comprising fifteen (15) designated cells and covering an area of 881.60 hectares.

According to GESTIM, twenty-seven (27) mining titles totalling 1 587.92 hectares are registered 100% to U Mining Resources Inc. There are no known land claim or ownership disputes associated with the Laurentides property. “

Another point of interest is at what time these claims titles were researched by the geologists.

According to the report, the geologists received the claims title information from Jean Michel de Montigny, the CEO of UMining.

The report dated 17 September 2007 does not mention the 27 UMining claims titles previously appeared under the name of Jean Claude Dentinger until 10 August 2007.

The InnovExplo geologists accepted the declaration of ownership by the UMining CEO at face value, and omitted mentioning in the UMining NI 43-101 report any claims transfers occurring between 5 June 2007 and 10 August 2007.

An omission which suggests there to this than mere happenstance owing to the fact the same geologists do mention claims transfers in their July43-101 report for He-5 Resources at page 49 for Exploration Miniere Grenville identified as “EMG” in a fax transmission on 24 July2007 from Izza Minerals Inc with the identification “Proprietes de Dentinger”.

Other significant discrepancies between the press releases and the 43-101 report are:

– March 2007 declarations of drilling which had occurred on the claims were pure fabrications. The geologist report states unequivocally at page 31 that no drilling had ever occured on these claims and at page :

U Mining Resources Inc has not yet performed any diamond drilling program on the property. In fact, diamond drilling has never been conducted on the Laurentides property. “

– March 2007, U Mining press release declarations to the effect that geologists had taken core samples and probable reserves were outright lies which are refuted by the geologist report at page 31:

No mineral processing or metallurgical testing has been done for the Laurentides property.

Mineral resources and reserves have not been calculated for the property. “

Moreover, historical data for these claims does not exist.

In short, when comparison is made between the NI43-101 report and the 23 February 2007 press release suggesting historical data and preliminary geological surveys :

“more understandable version that summarizes the major findings of the Geologic Report. The simplified Geologic Report statement is as follows:

It was impossible to perform a detailed validation of the historical data because the past samples
were not available for sample checks.

It appears the UMining press releases were utter shams and this reflective of all the nuanced UMining press releases.

The Claims

Cumulatively, UMining press releases have stated the corporation has acquired 462 claims titles, however the UMining website only lists 101 in all including the 27 claims referred to in the recent NI 43-101:

“Project 1: Laurentide 1 &2 (31J14): 27 Titles, Project 2: Ungava 1 (24L01): 36 Titles, Project 3: Ungava 2 (24L01): 34 Titles, Project 4: Chibougamau 1 (22M13): 4 Titles”

The strategy of shifting claims around the combined UMining, He-5 Resources and M45 Mining portfolios appears to have been the heart of early planning.

The Planning

Evidence of this strategy appears consistently throughout the press releases and official claims registrations in GESTIM.

Marcel Roy and Marie Andree Raynault (a close relative of He-5 Resources Denyse Raynault) had incorporated Exploration Miniere Grenville in 2005. In May 2006, Serge Ollu had incorporated Pacific Green Resources , while son Jean Sebastien Ollu incorporated Sebcor Resources.

The initial claims acquisitions for the combined portfolio began in July 2006 .

Soon thereafter in September 2006 another Nevada company, Beta Industries S.A. was incorporated by Serge Ollu

The stage was set.

In October 2006, Andrea Cortellazzi incorporated a new company had managed to acquire a new location and placed the property under the Coastal Holdings name, 1212 Redpath Crescent and began to shift the activities under that roof.

Soon after the acquisition of 1212 Redpath Crescent, the scam swung into high gear.

In October 2006, He-5 Resources issued press release that it had acquired 176 mining claims in the Matagami area.

On 22 January 2007, M45 Mining then operating under the corporate name of Quantitative Methods, Corp. announced it had also acquired claims in the Matagami Mining Camp, 292 claims to be more precise from Exploration Minière Grenville Inc. for “an aggregate value of $4.5 million (US) in return for valued consideration, including cash and shares. “

On 23 January 2003, UMining then Globex announced it was in negotiation with prominent geologists to acquire 222 Uranium claims. Soon therafter, it announced it had acquired the claims.

The last check of GESTIM on 16 september 2007 by this blog revealed:

  • UMining had 27 claim titles,
  • M45 Mining had 174 claim titles
  • He-5 Resources had 77 claim titles.

A far cry from what had been announced by these ventures in their respective press releases.

Part 3/3

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