The Cortellazzi Consortium

October 24, 2008

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.

October 10, 2008

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. ” 

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.

July 13, 2008

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,”

September 16, 2007

Those Who Cannot Learn From History Are Doomed To Repeat It.

Filed under: Uncategorized — 18montecristo67 @ 4:03 am
Tags: , , ,

A quick trip into the past of Cortellazzi corporate vehicules reveals a pattern of active misleading and willful omission in corporate communications.

A visit to Pink Sheets will yield the corporate history of the Cortellazzi Consortium enterprises: M45 Mining, UMining, Coastal Holdings, He-5 Resources currently under examination (see graphics below, click to enlarge).

pk_mres.jpgpk_umng.jpgpk_cohg.jpgpk_hrrn.jpg

M45 Mining – UMining – Coastal Holdings -He-5 Resources

Currently, of the four ventures only M45 Mining has ever fully reported and it has M45 mining CEO Andrea Cortellazzi, UMining CEO Jean Michel de Montigny and Serge Ollu the husband of the HRRN CEO who have all appeared as shareholders in a recent agreement filed with the SEC (click graphic to enlarge) .

ties-that-bind.jpg

In 2006, a message board poster had this to say about Coastal Holdings (then identified under the trading symbol CSJJ):

Take a look at this:

Stock Symbol- CSJJ.PK
Outstanding Shares- 3,741,275,064
Current Capital Change: shs decreased by 1 for 1200 split
Ex-Date:
Record Date:
Pay Date: 2003-11-20

Company Notes:
***Formerly=WesPac Technologies Corp. until 9-02
***Formerly=Strata Coal Co. until 11-02
***Formerly=Delmar Management, Inc. until 1-03
***Formerly=2energia, Inc. until 7-03

No Financial Reports Availible and also no SEC Filings in the last 4 years. Do you think they have something to hide? With an Outstanding Share balance of around 560,000,000,000 after the forward split, this won’t be looking too good for the shareholders at all. This company really looks like a money stealer to say the least. If anyone gets into this one they better take any profits early and run like hell.

Coastal Holdings has never reported and neither has any of it’s corporate predecessors.

In 2003, one of the corporate precursors to Coastal Holdings was Strata Coal which traded on Pink Sheets under the symbol SCOC and was previously known as WesPac Technologies in 2002.

Strata Coal (SCOC) came under scrutiny by the SEC in December 2002 for false and misleading press releases :

7. Finally, on March 25, 2002, Strata announced in a press release a “letter of intent” to acquire a bio-waste processing plant in Pennsylvania with expected annual revenue of $5 million. The press release also announced the company’s plan to develop a field adjacent to the plant that purportedly contained $20 million in natural gas reserves. Strata omitted to state that the acquisition of the plant and the development of the natural gas field were contingent upon financing and that the company had been unsuccessful in its attempts to obtain any financing. The annual revenue projection, therefore, was unrealistic and misleading.”

Recently, UMining announced they signed a “letter of intent” of 25 million to acquire a bio-diesel facility:

“U Mining Resources Inc. Signs Letter of Intent to Acquire an Initial 40% Interest in a US Bio-Diesel Facility Valued at $25 Million

Thursday August 23, 8:30 am ET

Company to Acquire Additional 15% of Facility Upon Finalization of Binding Agreement

NEW YORK, NY–(MARKET WIRE)–Aug 23, 2007 — U Mining Resources Inc. (Other OTC:UMNG.PK – News) today announced that it has signed a letter of intent to acquire an initial 40% interest in a US Bio-Diesel facility valued at approximately $25 million. This imminent acquisition will provide U Mining with a strong foothold in the burgeoning Bio-diesel industry and form the foundation of its Green Energy Division.”

A follow up press release even suggests the financing is all but secured:

“U Mining Resources Inc. Announces Next Tuesday’s Management Trip to Texas to Finalize Binding Agreement for Acquisition of 55% Interest in Bio-Diesel Facility Valued at $25 Million
Wednesday September 5, 9:04 am ET

Announces Completion and Imminent Release of NI 43-101 Report on Laurentide Properties

NEW YORK, NY–(MARKET WIRE)–Sep 5, 2007 — U Mining Resources Inc. (Other OTC:UMNG.PK – News) today announced that its Management team will be traveling to Texas next Tuesday in order to finalize the binding agreement for the acquisition of a 55% interest in the Bio-Diesel Facility. Management has scheduled meetings with the vendor of the Facility as well as with local banks to secure the financing and ensure the timely closure of this major acquisition.”

The money taken is new, the pattern of crime is recycled.

Those who cannot learn from history are doomed to repeat it.”

George Sentayana, Reason in Common Sense

September 2, 2007

The Ties That Bind

The Cortellazzi Consortium have made their association more visible since this blog appeared on 25 August 2007.

ties-that-bind.jpg

The document above (click on graphic for larger view) was filed by M45 Mining with the SEC on August 28th 2007 . The filing bears the date of 15 August 2007 and the signatures of Andrea Cortellazzi (M45 Mining), Jean Michel de Montigny UMining) and Serge Ollu (He-5 Resources).

However, it was only submitted 13 days later on 28 August 2007.

The previous filing which is dated 20 August 2007 was filed the very next day on 21 August 2007.

Why was the 28 August 2007 filing which bears the date of 15 August 2007 submitted after the filing which bears 20 August 2007, a later date ?

I would suspect it has something to do with the concern of these Montreal visitors who’s IP’s have appeared on this blog’s statistics :

67.68.231.12 – which remained on this blog for 14 hours 48 mins 23 secs

69.70.210.103 – which remained on this blog for 22 hours 57 mins 25 secs

August 31, 2007

The Hook

Filed under: Uncategorized — 18montecristo67 @ 2:16 am
Tags: , , , , , , , , , , ,

The Cortellazzi Consortium (as do all other similar ventures) require a “hook” a product which they use to sell shares, lots and lots of shares.

The latest Cortellazzi ventures (there have been so many past ventures) have included in the past year alone:

Bottled water (Coastal Holdings) , mining (He-5 Resources, M45 Mining, U Mining) Ethanol (Umining’s predecessor Globex).

Currently the “hook” is Bio-Diesel (UMining) .

Recently, UMining announced to great fanfare they were in negotiations to acquire a Multi-Million Dollar Bio-Diesel Plant in United States.

The announcement went on to say:

“We are in the final negotiation stages and will inform our shareholders on a timely basis of any major developments related to this proposed acquisition.”

A mere 3 days later, another Press Release softened the tone of the first by announcing that UMining had only signed a “Letter of Intent to Acquire an Initial 40% Interest in a US Bio-Diesel Facility Valued at $25 Million”.

The same press release went on to describe the Bio-Diesel plant as follows:

“The facility is in a prime location due to its close proximity to low cost raw material supply and five state and federal highways. It is dedicated to the large scale production of two bio-diesel blends that significantly reduce environmentally harmful emissions compared to conventional diesel. One of the blends can reduce CO2 emissions by 78% and lower the carcinogenic properties of diesel fuel by 94%. Other key advantages of bio-diesel compared to conventional diesel are: (1) it is biodegradable; (2) could lower US dependence on imported oil and increase its energy security; (3) contributes to an engine’s lubricity or its ease of movement; and (4) it is safer since it is non-toxic and has a higher flashpoint. The plant employs multi-feedstock processors that, coupled with stringent cost controls of raw feed-stocks, results in a produced price well below that of the national and regional price indexes.

The facility’s regular monthly production capacity is estimated at 17.6 million gallons of the bio-diesel blends or about 212 million gallons per year. The facility is comprised of 1,300 acres; 240 acres improved with extensive infrastructure. The property has 175,000 square feet of industrial space, a complete sewer system and a dual spur railroad bed leading directly into one of the larger facilities. In addition, the facility includes a laboratory, ambulance, fire station, self-contained water system with pumping station and asphalt paved service roads.

The bio-diesel blends will be targeted towards the following four customer categories that have expressed a high level of demand for the innovative fuels: Retail, Wholesale, Commercial and Governmental. Based on the expected sales and a net margin of 40 cents and 20 cents per gallon on each blend, the facility is projected to achieve a Gross Profit (pre-tax) of $62.4 million per year with $106 million of federal tax credits usable to the owner of the business. The profits will be strategically re-invested to rapidly grow the brand and extend sales far beyond the regional area via a nationwide licensing program.”

Interestingly, the National Bio-Diesel Board (NBB) lists major producers in the United States (map) .

According to the US Department of Energy, the largest Bio-Diesel facility located in Washington State opened for business a day earlier.

However, this facility (the largest producer in the US) produces 100 million gallons a year :

“Imperium Renewables officially opened the nation’s largest biodiesel production plant on August 15th near Aberdeen, Washington, about 75 miles southwest of Seattle. The new facility in Grays Harbor has the capacity to produce 100 million gallons of biodiesel per year, which is greater than the entire U.S. production of biodiesel in 2005.

That would be 112 million gallons less than the plant which is described by UMining in it’s August 23rd Press Release.

In short, the facility described in UMining’s Press Release doesn’t exist.

Issuing Press Releases for fictitious ventures and contracts isn’t unusual conduct for Mr. Cortellazzi.

In 2004, while CEO of Cort-Dev Inc. (short for Cortellazzi Development) declared it had acquired a contract to build hangars and office space at St-Hubert Airport, near Montreal.

In May 2004, it was stated on the Cort-Dev website:

With respect to the St. Hubert Airport project , negotiations are in progress with numerous tenants (e.g. conference organizers and hospitality companies) and aviation-related businesses. The gross amount of these contracts is estimated to be over $3 million.

CortDev Inc. projects revenues of approximately $3.5 million in 2004 and $7.5 million in 2005, by which time it expects to be profitable. CortDev Inc. is also in negotiations to acquire interests in several private technology companies. These acquisitions will be merged into CDVJ’s wholly-owned, Coastal Holdings, Inc. (CSJJ: Pink Sheets).

The May 2004 website indicated that it had retained “Montreal based architectural firm Groupe Leclerc for the construction of a 52,000 square-foot building hangar on a 160,000 square-foot lot, including new offices, workshop, larger ramp and additional aircraft parking spaces” and posted some proposed plans.

Later in July 2004, Cort-Dev issued this Press Release:

CortDev, Inc.’s St. Hubert Project on Track for Phase I
Business Wire, July 14, 2004

HOUSTON — CortDev, Inc. (CDVJ: Pink Sheets) is pleased to announce that phase I of the St. Hubert Airport project is ready to commence. CDVJ has made a firm business decision to immediately proceed with its original plan to construct the hangar with adjoining offices and rental space. The reason for this decision is due to the high demand for the hangar and rental space from past and prospective tenants. CDVJ believes that it cannot afford to wait for the general approval process between St. Hubert Airport and Dash L to run its course, which could take approximately 3 to 4 months. By commencing Phase I of the project in short order, CDVJ will gain a competitive advantage over other companies that decide to wait until the current approval process is completed. This should result in a higher level of profitability for CDVJ both in the short- and long-term. CEO Andrea Cortellazzi stated, “We are confident in our decision to commence the St. Hubert project right away, and without involving any other parties at the current time. Demand for the hangar and rental space is there for the taking and we are in a good position to capitalize on this before any other company does.”

An October 2004 Press Release issued it’s last update on the project:

CortDev, Inc. Provides Update on Status of St. Hubert Airport Project
Thursday October 7, 4:10 pm ET

HOUSTON–(BUSINESS WIRE)–Oct. 7, 2004–CortDev, Inc. (Pink Sheets: CDVJ – News) is pleased to update investors on the current status of the St. Hubert Airport project. All the necessary documents to proceed with the construction of the hangar have been submitted to Director Michel Beaudoin, which include the location plans and architectural renderings. Based on these documents the Airport and CDVJ have designated a specific site for the Airport hangar. The complete application will now be submitted and reviewed by higher authorities. In the meantime CDVJ will continue to follow-up on all leads with respect to those parties interested in leasing space within the hangar. CEO Andrea Cortellazzi stated, “This has been a longer process than we originally thought, but we are pleased to be near our goal of breaking ground on this major project for the Company and its shareholders. Our building, according to Mr. Beaudoin, will probably be used as a model for all future buildings at the St. Hubert Airport.”

For more information please contact CEO Andrea Cortellazzi at (647) 886-2703
However, it would appear that a month later no one at the St-Hubert airport was aware of this contract submission:

Posted by: Greely
In reply to: None
Date:10/18/2004 7:30:05 PM
Post #of 762

Hey there folks spoke with my contact today.

The person (employees’s husband) is on the board and says the following ;

– They have had two meetings so far.
– Dash L took posetion of the land and airport from the federal government approx one month ago.
– They are just at the stage of creating the company as we speak.
– They have (Dash L) Received a $3000000.00 loan from the federal government to cover current operating deficite that the airport has.
– The topic of the first two board meetings has been the creation of the company.
– No talk yet of airport construction, retail etc (very important caviat— AS FAR AS HE KNOWS). And as there has been no talk of specific construction etc. he has never heard of Cort Dev. But then why would he if they havent discussed the portion they are involved in yet.
– I asked what the timelines seem to be and he answered that no really clear timelines have been set in stone yet but that if we are investing in this in some way that it would be a long term investment for 4-5 years down the road. Having said that … this person is an aviation expert and says that small regional airports like this will be a huge market over the next 10 – 15 years!
– Dash L not only has the Airport but large (damn he told me how many acres but I forget and forgot to write it dowm)very large peice of prime comercial real estate which they plan to sell off and develop…. for those who do not live here, it is surrounded by other large retail, comercial and tons of residential.

Sorry for the long post folks but I wanted to share all the info I had. Unfortunately I really do’nt feel any better about my investment in Cort Dev at this point but the St HUbert project shure seems exciting.

I will be forwarding him a link to Cot Dev’s site and see if the plans etc. mean anything to him.

Hoping for the best,

Greely

Two months later, the Cort-Dev website announced 2004 was a good year for Cort-Dev. The sister company Coastal Holdings was doing well. The companies had refocused on Oil in the US, real-estate in Virginia and Paris, France, because the St-Hubert Project had been “cancelled”:

“CortDev, Inc. Announces Successful 2004 and is Poised for Solid Growth in 2005

HOUSTON–(BUSINESS WIRE)–Dec. 15, 2004–CortDev, Inc. (PINK SHEETS:CDVJ – News), a real estate development company, today announced that 2004 has been a successful year for the Company and that it is poised for solid growth in 2005. Over the past year, CDVJ has reached several significant milestones including the acquisition of a strong asset base with valuable real estate property in Montreal, QC and a major equity interest in an emerging technology holding company, Coastal Holdings Inc. The value of these assets will be confirmed by the financial audit and statements that will be completed in short order.

he Company is pleased to announce that negotiations are proceeding well with regards to its major expansion projects as detailed in the September 7th press release. This involves the acquisition of an interest in three major projects: (1) Rights to 10-15 oil wells in Colorado; (2) A multi-million dollar residential development project in West Virginia; and (3) A 10% stake in a large residential property in Paris, France. The Company will update shareholders in the coming year of its progress and developments with respect to these projects.

CDVJ today also announced that due to the continued weakness in the international aerospace industry, especially in Canada, the Company has decided to cancel the St. Hubert Airport project. After a comprehensive financial review of the project, Management has determined that it is not in the best interests of the Company and its shareholders. CDVJ has now shifted its focus to commercial real estate development projects. The Company is in negotiations with major developers in Canada and the US to acquire an interest and take an active role in several lucrative projects. Further details will be disclosed once a letter of intent is signed with any of these parties. CEO Andrea Cortellazzi stated, “Due to the low interest rate environment, the commercial real estate markets are performing very well and are forecast to continue to do so into next year and beyond. These projects make financial sense for CDVJ and we expect that they will add significant value to the Company over and above what the St. Hubert project would have.”

For more information please contact CEO Andrea Cortellazzi at (514) 288-9699 or visit http://www.cort-dev.com. “

This being said the current “bio-diesel ” project bears striking similarities with earlier Cortellazzi ventures.

August 26, 2007

The Players – ShadowMan

The last member of Mr. Cortellazzi’s main players is Serge Ollu, Canadian, also a Montrealer. Mr. Ollu prefers living in the shadows which is why he uses his wife’s name Denyse Raynault as his shield.

Mr. Ollu is the guiding hand behind He-5 Ressources (HRRN). He-5 Ressources is a company with no real visible physical address, it currently uses an address which is located in a Nevada trailer park: 61 Shady Tree Lane, Carson City, Nevada, USA 89706 . Calling the phone number 775-291-6469 is a futile exercise. This spring, an investor did manage to reach He-5 Resources, however this was achieved by contacting a phone number: 514-288-0888 in use for Coastal Holdings (COHG) one of Mr. Cortellazzi’s company’s.

Recently, a new website has appeared with the name the “Redpath Consortium”

By coincidence, the phone number: 514-288-0888 appears on this website and lists the address at 1212 Redpath Crescent.

Mr. Ollu’s most recent corporate vehicule is named IZZA minerals Inc. On June 26, 2007 a Press Release declared IZZA a wholly owned by He-5 Resources and a website went online:

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

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: http://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.

HE-5 CEO, Miss Denyse Raynault, stated the following: “Our operations team has been actively preparing a systematic development plan during the last 12 months and we are very proud to see our efforts begin to bear fruit for the benefit of all of our shareholders. We will soon announce the nomination of new officers and directors who will join our organization and complete the operations team.”

The website was pulled less than 48 hours later, this is how the website appeared (click on the link for a larger view) :

http_www100megs4com_dimmax_client_izza_page_00htm.jpg

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