Bedford eliminates Ubiquity, Sheppard option payments

Mr. Peter Born reports BEDFORD METALS REACHES AGREEMENTS TO ACQUIRE 100% OWNERSHIP OF UBIQUITY LAKE AND SHEPPARD LAKE URANIUM PROJECTS Bedford Metals Corp. has negotiated settlements with the optionors of both the Ubiquity Lake and Sheppard Lake uranium projects. The settlements eliminate all remaining obligations under their respective option agreements and give Bedford the right to acquire 100-per-cent ownership interest in each project, subject to continuing royalty obligations, in consideration for completion of one-time share issuances to the optionors. Under the terms of the settlements, the company can complete the acquisition of each project through completion of the following share issuances: 1.9 million consideration shares, issuable at a deemed price of 22.5 cents per consideration share, to settle all remaining obligations under the Ubiquity Lake option agreement, which consist of cash payments totalling $480,000; 1.15 million consideration shares, issuable at a deemed price of 22.5 cents per consideration share, to settle all remaining obligations under the Sheppard Lake option agreement, which consist of cash payments totalling $285,000. With this consolidation, upon completion of the settlements, Bedford will hold full ownership of the entire 13,092-hectare land package, which includes the Ubiquity Lake, Sheppard Lake and the wholly owned Cable Lake uranium projects. Moving forward, this expanded land position will be unified under the newly designated Sheppard Lake uranium project. The consolidation will simplify the company's asset structure, aligns with its long-term strategic goals and enhances the value of the project by eliminating future payment obligations related to the options. "This is an important development for Bedford," said Peter Born, president of Bedford. "Securing 100-per-cent ownership across the entire Sheppard Lake project allows us to advance exploration and development with full flexibility, without any remaining earn-in commitments. This transaction reflects our long-term confidence in the uranium potential of this region and positions us to aggressively explore one of the most compelling land packages on the southern edge of the Athabasca basin." The company is at arm's length from the optionors, and the issuance of the settlement shares to the optionors will not result in the creation of a new insider of the company. Issuance of the settlement shares remains subject to the approval of the TSX Venture Exchange. Upon issuance, the settlement shares will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws. We seek Safe Harbor.