The Cortellazzi Consortium

December 27, 2008

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.



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