Option Expires for Oracle Res.

Western Quebec Mines says that Oracle Exploration’s option to acquire a 45% interest in the Joubi property near Val d’Or, Que., has expired as a result of Oracle’s failure to provide the required funds.

Oracle consequently has no further right to acquire an interest in the property, Western Quebec says.

The company adds that its recent rights offering was oversubscribed. Under the terms of the offering, shareholders had a right to acquire one share at $1.50 for each five shares held. A total of 1,615,514 shares will be issued for a total of $2,422,731.