21.05.2024 08:00:06 - dpa-AFX: GNW-Adhoc: Bedford Metals Completes Close Lake Uranium Project Option Agreement
VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Bedford Metals
Corp. (http://www.bedfordmetals.com) (TSX-V: BFM) (the "Company" or "Bedford")
is pleased to announce that following a successful diligence review, it has
elected to enter into a definitive option agreement (the "Agreement") with an
arm's-length party pursuant to which it has been granted the rights to acquire
the Close Lake Uranium Project, a further addition to the Company's mineral
project portfolio.
The Close Lake Uranium Project lies on the eastern side of the Athabasca Basin,
adjoining claims held by Cameco Corporation, the largest uranium producer in the
world. The Project is approximately 245 hectares and lies within the primary
exploration corridor, which hosts the Keys Lake mine, the Cigar Lake Mine and
the McArthur River Mine. The property is accessible through a network of roads
and trails.
After completing due diligence, Bedford (http://www.bedfordmetals.com) elected
to proceed with a definitive agreement, recognizing the potential of the Project
to contribute to the Company's strategic objectives. The Project's promising
attributes align with Bedford commitment to creating shareholder value through
the development of high-quality mineral projects.
Peter Born, President of Bedford (http://www.bedfordmetals.com), commented "We
are thrilled to move forward with the Close Lake Uranium Project, which marks
another step in our journey to build a world-class mineral project portfolio. I
want to extend my gratitude to the entire team for their hard work through the
diligence process and ongoing effort to unlock value for our shareholders."
Bedford remains committed to providing further updates on its exploration plans
for the Close Lake Uranium Project, as well as its other exploration programs.
In line with its core values, Bedford is dedicated to conducting environmentally
sensitive exploration activities and fostering collaborative relationships with
local communities and indigenous nations. Environmental stewardship is paramount
to the company's operations, and it is committed to upholding the highest
standards of responsible resource development.
For further information regarding the Close Lake Uranium Project, and the terms
by which the Company can acquire the Project, readers are encouraged to review
the news release issued by the Company on March 7, 2024. No finders' fees or
commissions are payable by the Company in connection with the Agreement, nor
does the Agreement contemplate that any securities of the Company would be
issued.
About Bedford Metals Corp.
Bedford Metals Corp. (http://www.bedfordmetals.com) 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
(http://www.bedfordmetals.com) to achieve shareholder value through the entire
mining life cycle.
Close Lake Uranium Project lies on the eastern side of the Athabasca Basin,
adjoining claims held by Cameco Corporation, the largest uranium producer in the
world. The claim is approximately 245 hectares and lies within the primary
exploration corridor, which hosts the Keys Lake mine, the Cigar Lake Mine and
the McArthur River Mine. Access to the property is very good, through a network
of roads and trails.
Ubiquity Lake Uranium Project, covering 1382 hectares, lies just south of the
bottom lip of the Athabasca Basin, adjacent to ALX Uranium's Carpenter Lake
Project to the east. Situated near the Cable Bay Shear Zone, parallel to the
Virgin River Shear Zone, which hosts Cameco's Centennial uranium deposit, the
project (https://bedfordmetals.com/ubiquity-lake-uranium-project/) holds immense
potential. Furthermore, it is located 100 km west of Cameco's past-producing Key
Lake uranium mine, underscoring the strategic significance of its location.
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, please contact the Company at info@bedfordmetals.com or
604-622-1199 or visit the Company's website at www.bedfordmetals.com
(http://www.bedfordmetals.com/).
On behalf of the Board,
Bedford Metals Corp.
"Peter Born"
President
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.
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