OREA Board Moves - ?VANCOUVER, BC, Feb. 2, 2023 /PRNewswire/ - Orea Mining Corp. ("Orea") (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) is pleased to announce that Rock Lefranois, Orea's former President & CEO, has been appointed to Orea's board of directors, replacing outgoing director Marie-Hlne Brard. Robert Giustra, Chairman of Orea, commented: "The appointment of Mr. Lefranois to the board of Orea is vital in ensuring technical continuity at Montagne d'Or." Mr. Giustra further stated: "Nobody knows the Montagne d'Or gold deposit better than Rock…Mr. Lefranois served as CEO of Orea from March 2019 to August 2022. Orea also reports that Marie-Hlne Brard has resigned from the board of directors. Over her 10 years on the board, Marie-Hlne made invaluable contributions to the success and growth of Orea, with her in-depth knowledge of the French administrative system and regulatory framework. Interesting board moves by OREA.
Questions –
Why did Mr. Lefrancois recently leave the OREA board after so many years with the company and during the present transition to Montagne d’Or as a 100% OREA holding? He is a geologist with a focus on project exploration and development. Did he leave because of OREAs 2022 dumping of both the Maripa and Suriname projects? If so, then why is he back now? OREA is simply a project for sale and/or joint venture sitting waiting in the ground and beset by politics. Is this move to help with basically a new BFS, but then wasn’t Jebrak already recently added to the board as a leading geologist?
Further, why did Marie Helene Berard after years with OREA now leave? She was originally brought into provide that connection between the company and the French Admin’. Apparently, she missed or underplayed the seriousness of Macron’s switch to ‘no’ for Montagne d'Or from 2019 on. However, now she leaves when you would think such French political connections would be even more vital to OREA.
Further, note CFO Yau was recently cut loose for apparently not being able to speak French. I am assuming that Berard can, so again, why did she leave now with that skill (Jebrak, I assume also speaks French)?
Hence, some unclear management moves by OREA at a time when increasing the geologist background vs extending French political savvy/connections seems counterintuitive.
GLTA - https://twitter.com/EarthsRare