The Cortellazzi Consortium

June 3, 2008

Old Plan, Nice Try

Filed under: Uncategorized — 18montecristo67 @ 1:50 am

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.

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