The Cortellazzi Consortium

January 10, 2009

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.

 ties-that-bind_smlM45’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 : 



(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 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.


September 3, 2007

The Club

Sooner or later, everyone wants to be part of a Club.

Colonel James H. Krilich (a visitor to this blog, IP recently appointed as the Chairman of the Board to UMining is one of these people.

Col. Krilich (who’s message board alias is jim16640) wanted to be part of a club and that’s why he wanted to join Umining stock’s most fervent group of supporters (the Locusts). Col. Krilich quickly proceeded to acquire a significant portion of UMining’s available shares and later purchased even more on behalf of his spouse.

On the day of his appointment as Chairman of the Board of UMining , Col. Krilich posted a message on one of the message boards pointing out that he and his wife had lost a significant amount in UMining but nonetheless he remained positive and pro-active:

I have over 2 million shares at a average cost of 14 cents, so like all of you. I and my wife are deep in the red on this investment.

I have asked analogdog and klon to put together an easy to understand ‘BITCH’ list – which i will send to the other board of directors – in advance to our first BOD meeting – so there are no surprises – and I expect a full answer and resolution to each item on the list.

I have not talked to the other Bod members yet, other than John, who fully supports my leadership and ideas. I hope they will call me tonight or tomarrow. John is contacting the other board members so that will know how to contact me.

I want to have a Board of Directors meeting as soon as possable in Montreal or anyplace convient to everyone.

I will not accept a salary in the position. I merely want my expenses paid and hope that a just reward in the form of restricted shares – will be given to me by the stock holders after we achieve our objectives.

As are as expenses, i think my new nickname should be changed to “Cheap Jim”. I travel economy – and stay in smoke free marriot hotels or equivalent hotels and i jumjp in taxis instead of renting cars. I will establish a reasonable dollar ceiling for travel so no one in manage ment is living high off the hog at stockholders expense. The only problem is with the dollar falling in value each into euro and canadian dollar economies becomes more expensive.

I am upset with the stock price. I accepted this appointment because in times of trouble who do you trust… my anwer…. Yourself!!

I want a company website that provides as much information as possable to stockholders. such as:

a. key objectives and subtasks with a approximate week/month for it to be completed.

b. sub tasks that essential to complete the key objective.

note: each task will have a budget estimate so we know what we are getting into before we make a obligation.

c. the first list of objectives that i will take to the Board of Directors meeting will be the “bitch” list that analogdog and klon are preparing for me.

d. i want to provide to all you – the status of where we are at on all the important tasks that have been previously promised to us in new releases.

e. I am prepared to step down as the Chairman – when ever the stock holders have lost faith in me, or someone with more proven talent comes along. I did not accept this position for the thrill of a fancy title…I am here to save – my $350,000 that me and my wife spent buying UMNG stock.

The issues I am concerned about – what is proven – what is probable; the legal documentation of each lease – so we know it is in our ownership; the accurate reporting to regulation government authroties of all required documents; a plan that monitors the collection of data that gets rolled up into a timely sumbitted finacial report to the SEC and other government agencies; hard copy recepts of all travel expenses.

I have a vision of a very high price of uranium. I have a huge love for Canada. I look at Canada as being a huge vault that is filled with valuables that no one can steal from us. But its up to us to go out there and develope it for the peoples of North America.

I am approachable and I am willing to work with anyone that can help us achieve our goal – that goal is A PROFITABLE INVESTMENT for my fellow investors. In my mind – the cost basis of this stock is forty cents. After we get back to forty cents…I feel I accomplished my major short term objective.

Some people will probably be pissed that i posted this open message – but what the hell – Eagles never fly in a flock.

Colonel Jim Krilich, Army United States, RETIRED.

PS I do read all the posts here – but simply do not have the time to respond. that is why i am counting on analagod and klon to call me.

In the last message posted 2 days later on the same message board, Col. Krilich explained how he was invited to the exclusive Club:

how did i get on the board?

made my presence known to Mr. John Micheals by faxing him copies of my and my wife’s schwab and scotrade stock accounts when I had bought about one million shares of glxi. he started answering the phone aftrer he got my fax. Since then I have built my position larger and larger and after I approached two million shares…John invited me to send him my resume.

Members of the Club directed by Mr. Andrea M. Cortellazzi are selected, resumes are not required.

The Cortellazzi Consortium is a tight knit society of close friends, associates and family.

As point of reference, if you examen He-5 Resources (HRRN) you will soon find out that it is a family affair with Serge Ollu (Pacific GreenBeta S.A.Resources) and wife Denyse Raynault at the helm. Son Jean Sebastien Ollu appears in a Nevada shell corporation Sebcor Resources Inc. Denyse Raynault recently registered another company in Canada, Izza Minerals which is wholly owned by He-5 Resources.

Mr. Ollu also appeared as Executive Vice President in Mr. Cortellazzi’s Coastal Holdings (COHG).

The Ollu-Raynault family extends to another family member, Marie Andrée Raynault who is CEO of Exploration Minière Grenville Inc.

Another person on the Board of Directors of Exploration Minière Grenville Inc. , Marcel Roy also appeared as one of the lead prospectors for Izza Minerals.

Mr. Roy’s name also appears prominently in geologist reports for M45 Mining (MRES) and He-5 Ressources (HRRN).

M45 Mining’s predecessor Quantitative Methods Corporation (QTTM) stated in a 17 January 2007 SEC filing that it had “acquired” from Exploration Minière Grenville 292 claims in area 32 F for the sum of 4,5 Million US, part in shares part in cash when a drilling program had been completed.

Soon thereafter, Quantitative Methods Corporation appointed Demetrius Manulakos (Chairman), Craig Perry and Gilles Ouellette. The Chairman so happened to reside in the same building and on the same floor as Mr. Andrea Cortellazzi : 1321 Sherbrooke St. W. Suite F100, Montreal, PQ, H3G 1J4 which was also the location for Coastal Holdings Inc. (COHG).

Mr. Perry was given a very generous “Employee and Consultant Stock Incentive Plan” of 7,000,000 Shares which amounts to $3,325,000.00 US. For some unexplained reason this incentive plan is not mentioned in the Quarterly report signed by Mr. Cortellazzi on 30 June 2007 (who assumed the position of CEO on 27 June 2007 ) and filed much later on 21 August with the SEC.

Interestingly, there were never any press releases issued to mention Mr. Cortellazzi’s appointment as CEO of M45 Mining. Judging from the recent SEC filing, it appears that Mr. Cortellazzi (MRES) Mr. Ollu (HRRN) and Mr. De Montigny (UMNG) are prepearing to join forces under one single entity.

There was a very good reason for the Cortellazzi Consortium to extend an invitation to Col Krilich and it had nothing to do with the amount of shares that he owned. Col. Krilich was a convenient way to bolster Umining’s increasing lack of credibility and divert attention to the appointment, in short what political strategists refer to as ” changing the channel”.

Col. Krilich has remained silent since his last message on 13 July 2007 , and owing to recent events it appears that his membership in the Club is on the verge of being cancelled.

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