Witte bounces back with Royal Oak Res.

Undaunted by losing the huge Northwest Territories project to Northgate Exploration, the former president of Neptune Resources has found a Toronto-listed vehicle in which to base her activities.

After securing a 2.8-million share control block of Calgary-based Royal Oak Resources (TSE) for $700,000, Witte is setting out to look for another development project to get her teeth into.

“We have several things on the go but we had to get the corporate entity straightened out first before we could start looking for exploration and development opportunities,” said Witte.

Royal Oak fit the bill because it had about seven million shares outstanding, $1.2 million in the treasury and no liabilities, according to Witte who persuaded Teck Corp. (TSE) to take down 1.25 million Royal Oak shares at 30 cents each.

Royal Oak’s other assets include a gold exploration project near Thunder Bay, Ont., and a small silver producer in British Columbia’s Slocan mining division.

With Witte’s consulting firm Witteck Development holding 40% of Royal Oak’s outstanding shares and Teck having an 18% interest, the company will be run by former Neptune executives Witte, Ross Burns and Bill Sheridan. Teck Exploration President John May is also slated to be on the company’s board of directors.

“This is the first step in starting over,” said Witte.

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