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.


December 30, 2008

UppityDate on the Court Date

Mark your calendars again, the hearing at the Bureau de décision et de révision en valeurs mobilières of RESSOURCES MINIÈRES ANDRÉANE INC., MINÉRAUX IZZA INC., HE-5 RESOURCES CORPORATION,  SERGE OLLU, DENYSE RAYNAULT, JACQUES VALLÉE, ANDREA CORTELLAZZI, MARIE-HÉLÈNE FRIGON and YVES RENAUD which was scheduled for 30 December 2008, another has been scheduled for 19 January 2009 at 09.30.

November 5, 2008

Hail, Hail, the Gang’s All Here

According to an announcement today by M45 Mining, Mr. Andrea Cortellazzi has resigned as President and CEO, the appointment of his successor taking effect in five (5) days on 10 November 2008.  

However no mention is made of Mr. Cortellazzi’s presence as shareholder, nor of his associates Mr. Serge Ollu and Mr. Jean-Michel de Montigny who appear on the following document filed at the SEC last year in which all three had significant numbers of shares in M45 Mining.

ties-that-bind Then again, it would be surprising this slip would be of significant concern to Mr. Cortellazzi and Mr. Ollu as government securities regulators in Quebec have issued a court order concerning illegal securities trading activities and ordered transaction on bank account to be frozen in regards to Ressources minières Andréane inc, Izza Minerals inc. and HE-5 Resources corporation.


Names identified in the 8 October 2008 decision of the Bureau de décision et de révision en valeurs mobilières (BDRVM) are well known to regular readers of this blog:

MONTRÉAL, le 29 oct. /CNW Telbec/ – Le 8 octobre 2008, à la demande de l’Autorité des marchés financiers, le Bureau de décision et de révision en valeurs mobilières (BDRVM) a prononcé une ordonnance de blocage et d’interdiction d’opération sur valeurs visant diverses sociétés et individus liés à la société Ressources minières Andréane inc.

    Plus spécifiquement, le BDRVM a interdit aux sociétés Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation ainsi qu’à Denyse Raynault, Jacques Vallée, Serge Ollu, Yves Renaud et Marie-Hélène Frigon d’effectuer, directement ou indirectement, toute opération sur valeurs, notamment sur les actions de Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation.

    Le BDRVM a également ordonné aux mêmes sociétés et individus de ne pas retirer de fonds, titres ou autres biens dans un compte ouvert dans une succursale de RBC Banque Royale.

    Le BDRVM s’est montré particulièrement inquiet des allégations suivantes soulevées par l’Autorité :

    – Les investisseurs recevraient les titres d’un émetteur dont ils n’ont jamais entendu parler;

    – Le placement des actions d’Andréane s’effectuerait sans qu’aucun prospectus soumis au visa de l’Autorité n’ait été établi;

    – HE-5 Resources Corporation et Minéraux Izza inc. fourniraient des informations fausses ou trompeuses aux investisseurs;

    – HE-5 Resources Corporation serait en défaut de ses obligations en vertu des lois américaines depuis le 6 janvier 2008;

    – Il n’y aurait pas d’information financière conforme à la Loi sur les valeurs mobilières concernant Ressources minières Andréane inc., Minéraux Izza inc. et HE-5 Resources Corporation;

   – À toute fin pratique, il serait extrêmement difficile de contacter Ressources minières Andréane inc., Minéraux Izza inc., HE-5 Resources Corporation et leurs dirigeants.

The Quebec securities decision in which Mr. Cortellazzi is also identified as a party refers to group of three (3) investors who in 2006 acquired shares in Ressources minières Andréane inc. The blog refered to this company in September 2007 as one of the claims evaluated by InnovExplo for a NI 43-101:    

The West Wind property owned by M45 Mining Resources Inc. (formerly known as Quantitative Method Corporation) represents an area of 1,368.35 hectares (61 claims; purple outline in Figure 4.2). In GESTIM, sixty-one (61) mining titles (51 claims for 811.19 hectares and 10 cells for 557.16 hectares totalling 1368.35 hectares) are registered 100% to Quantitative Methods Corporation. According to Jean-Claude Dentinger, representative of M45 Mining Resources Inc., all these mining titles are without any royalties attached. On the West Wind property, thirty-two (39) other mining titles (15 cells for 835.5 hectares and 24 claims for 363.37 hectares totalling 1198.87 hectares) are owned HE-5 Resources Corporation. In GESTIM, thirty-two (32) mining titles (24 claims for 363.37 hectares and 8 cells for 445.6 hectares totalling 808.97 hectares) are registered 100% to Ressources Minières Andreane inc. and seven (7) cells (389.9 hectares) are currently registered 100% to Marcel Roy. According to Jean-Claude Dentinger, also representative of HE-5 Resources Corporation, all these mining titles are presently under transfer to HE-5 Resources Corporation without any royalties attached. HE-5 Resources Corporation mining titles are illustrated with a grey outline in Figure 4.2.

Ressources minières Andréane inc. was listed with the Quebec securities agency however the shares were offered to these three (3) 2006 shareholders without a prospectus.

When these shareholders began to express well founded concerns about their investment in since they had never received any share certificates, they were informed to call Mr. Ollu at 514-288-0888  (on one such occasion a shareholder was refered to “Andrea”) to express these concerns and demand their money.

In May 2008, instead of receiving their investment money the shareholders received shares in IZZA minerals Inc., a company which is not registered with the Quebec securities regulator.

The IZZA share certificates issued to these shareholders were signed by Mr. Jacques Vallee,  who has recently been appointed as a director of Excel Gold Mining.

Regular readers may recall that Excel Gold Mining has been acquiring claim properties from Mr. Ollu’s wife Denyse Raynault. Interestingly, this acquisition had suffered a few issues which are mentioned in a later press release. 

Ms. Raynault is mentioned in the decision as one of the two co-signors of the Royal Bank Account which assets have been frozen. The other co-signer of this bank account is Yves Renaud, former CFO of Coastal Holdings in which Mr. Cortellazzi was the main shareholder and which Ms. Raynault’s husband Serge Ollu was an officer.

The decision also reveals the mysterious TSX venture corporation mentioned in a 26 June 2007 He-5 Resources press release and cites a 11 December 2007 press release in which the TSX corporation explains the reason for the cancellation was because the He-5 claims were not as valuable as He-5 had been touting in its press releases, neither of the properties offered up had met the minimum $100,000.00 threshold required by the TSX:

The Corporation and PrivateCo entered into an amended letter agreement on October 11, 2007 and shortly thereafter filed revised documentation with TSX Venture. After completing their review of the amended terms of the transaction and the National Instrument 43-101 geological reports regarding the properties of PrivateCo, TSX Venture advised that the properties do not meet the minimum listing requirements of TSX Venture without further exploration work. PrivateCo had previouly advised the Corporation that they and their counsel had completed this analysis, and had confirmed the properties would meet the mininum listing requirements of TSX Venture.

The decision hastens to add that no press release was ever issued by He-5 or Izza to state the transaction had been cancelled.

The decision voices profound concerns in regards to the significant number of false and misleading press releases which had been presented at the hearing held on 3 October 2008.       

The Canadian Government had been processing the dissolution of Ressources minières Andréane inc., since May 2008, it was finally dissolved on 17 October 2008 by the Canadian Government, a few days after the Quebec securities regulator’s decision was rendered.   

A Google translation of the Quebec Securities regulator’s decision is available here.

Interested parties may contact Mr. Raynald Besnier, the lead investigator at the Quebec Securities regulator (Autorité des marchés financiers (AMF)) at 1 877 525-0337

Hail, Hail, the Gang’s All Here

The Pirates of Penzance

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.

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 2, 2007

The Ties That Bind

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


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 : – which remained on this blog for 14 hours 48 mins 23 secs – which remained on this blog for 22 hours 57 mins 25 secs

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