March 7, 2024 – Bedford Metals Inc. (TSX-V: BFM) (the “Company” or “Bedford”) is pleased to announce that the Company has entered into letters of intent (the “LOIs”), each dated effective March 1, 2024, with certain arms-length parties, to evaluate three strategic uranium projects located in the Athabasca Basin, Saskatchewan.  The Close Lake Project, Ubiquity Lake Project, and Sheppard Lake Project represent promising opportunities for the expansion of Bedford’s’ existing mineral project portfolio in Canada.

The Close Lake Project spans an area of 245 hectares in the primary discovery corridor of the Athabasca Basin, strategically positioned 11.8 km northeast of the Cigar Lake Mine, a producing uranium mine operated by Cameco Corporation. The Ubiquity Lake Project, covering 1,382 hectares, is situated just south of the southern rim of the Athabasca Basin, adjoining ALX Resources’ Carpenter Lake Uranium Project. The Sheppard Lake Project, spanning 2,250 hectares, adjoins the Ubiquity Lake Project to the northwest.

Peter Born, Chief Executive Officer of Bedford, expressed enthusiasm about the potential for these projects, stating, “We see these uranium properties as a tremendous opportunity to augment our existing mineral projects in Canada. The Athabasca Basin is renowned for its uranium potential, and we believe these projects align with our long-term vision to create shareholder value.”

The projects boast promising geological features, such as the magnetic low at Close Lake, the Cable Shear Zone at Ubiquity Lake, and the subsurface conductor at Sheppard Lake. These features, identified through various surveys conducted by reputable entities, contribute to the overall appeal of these exploration opportunities.

In parallel with these developments, Bedford continues to advance plans for its 2024 summer exploration program on the Margurete Gold Project. The company remains committed to delivering value to its shareholders through strategic acquisitions and successful exploration initiatives.

Bedford remains dedicated to its mission of unearthing the potential that lies beneath, all while maintaining an unwavering commitment to environmental stewardship.

Letters of Intent 

Each LOI contemplates a transaction in which the Company would be granted an option (each, an “Option”) to acquire a particular project in consideration for completing a series of cash payments and incurring certain exploration expenditures over a three-year term.  In each case, upon exercise of an Option, the Company would acquire all right, title and interest to a particular project, subject to a three percent royalty on net smelter returns from commercial production which may be redeemed at any time through a cash payment of $1,000,000.

The Options will be exercisable through completion of the following cash payments and exploration expenditures:

Close Lake Project 

Ubiquity Lake Project 

Sheppard Lake Project 

The LOIs were entered into for the purposes of facilitating due diligence on the projects.  The grant of an Option in respect of any particular project remains subject to the satisfactory completion of due diligence along with the negotiation of definitive documentation and the receipt of any required third-party approvals.  The LOIs are not contingent upon each other, and there is no guarantee that the Company will elect to proceed with an Option on any particular project.

No finders’ fees or commissions are payable by the Company in connection with any of the Options, nor do any of the Options contemplate that any securities of the Company would be issued.  The Company does not anticipate devoting the majority of its working capital or resources to the development of any particular project subject to an Option.   The primary focus of the Company at this time remains the advancement of its exploration program on the Margurete Gold Project.

About Bedford Metals Inc. 

Bedford Metals Corp. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery to production, allowing Bedford to achieve exceptional shareholder value through the entire life-cycle of mining. 

Margurete Gold Project. Bedford owns a one-hundred percent interest in the Margurete.  The primary target at the Margurete Gold Project is the FB Zone, where Falconbridge encountered gold-bearing mineralization at shallow depths.  An initial exploration program was completed on the Margurete property in 1986 by Falconbridge.  This program consisted of geochemical surveys, ground-based geophysics, and a diamond drilling program, which was successful in identifying gold-bearing veins, which are believed to be genetically related to the same mineralizing events responsible for the nearby Doratha Morton and Alexandria Gold mines.  

Dr. Peter Born, PGeo, is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release. 

For further information, contact the Company at [email protected] or 604-622-1199 or visit the Company’s website at www.bedfordmetalscorp.com. 

On behalf of the Board,
Bedford Metals Corp.
“Peter Born” 
Chief Executive Officer 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.