Bedford Metals Advances Exploration Plans at Ubiquity Lake Amid Global AI Boom and Associated Energy Demand

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VANCOUVER, British Columbia, September 2, 2024 (GLOBE NEWSWIRE) — Bedford Metals Company Bedford Corporation (TSX-V: BFM, FWB: O8D, ISIN: CA0762301012) (the “Company” or “Bedford”) is pleased to announce that it has contracted Grander Exploration to assist in planning the fall exploration program at the Ubiquiti Lake Uranium Project. The Company believes that its strategic focus on uranium exploration and development is exceptionally timely, as nuclear power is expected to play a critical role in greening the global energy grid and meeting the significant energy demands of rapidly advancing AI technologies.

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Recognizing the right timing, Bedford Obiquiti Lake is progressing steadily towards its next exploration plans at Obiquiti Lake. The company is preparing for another exploration program in the coming weeks, with final details to be determined once the analysis results from the recently taken samples are received. This upcoming program is intended to further explore and define the potential of the Obiquiti Lake Project.

Recent article by The New York Times On August 23, 2024, Delger Erdenisana highlighted the massive electricity consumption expected from AI in the coming years. The article notes that “OpenAI’s ChatGPT burst onto the scene nearly a year ago, reaching an estimated 100 million users in two months, sparking a boom in AI. Behind the scenes, the technology relies on thousands of specialized computer chips. In the coming years, it could consume massive amounts of electricity.” The analysis estimates that by 2027, new AI servers could require between 85 and 134 terawatt-hours per year, comparable to the annual electricity use of countries like Argentina or Sweden.

As AI continues to become more integrated into everyday life, the energy needed to power AI systems will become a significant factor in global electricity consumption. The article argues that the source of this electricity—either fossil fuels or renewables—will have a significant impact on global carbon emissions. Nuclear power, known for its reliability and low carbon footprint, is increasingly seen as a viable energy source that can support the growing demand for AI while contributing to the global transition to sustainable energy.

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Peter Bourne, President Bedford“The explosion of AI and its associated energy demands underscores the growing need for reliable, low-carbon energy sources such as nuclear power,” he said. “Our focus on uranium exploration and development is not only timely, it is critical. As the world turns to nuclear power to meet green energy goals and AI technologies increasingly demand electricity, we are strategically positioned to capitalize on these trends. Initial results from our recent exploration program at Lake Obiquiti have been promising, so we are beginning to plan a fall work program there.”

Bedford The company remains committed to advancing exploration and development projects in the Athabasca Basin, an area known for its high-grade uranium deposits. Recent developments in the energy market only strengthen our determination to continue exploring these projects.

Bedford The Company conducts all exploration activities with a focus on environmental stewardship and in close collaboration with local communities and stakeholders. The Company’s goal is to develop our projects responsibly and sustainably, ensuring that the areas in which we operate benefit from our operations.

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Dr. Peter Born, P.Geo., is the Qualified Person Designated as defined in National Instrument 43-101 and the President of the Company and is responsible for and has approved the technical information contained in this release.

About Bedford Metals Corp.

Bedford Metals Company We are a mineral exploration company. We create value for our shareholders by identifying and developing highly promising mineral exploration opportunities. Our strategy is to develop our projects from discovery to production.

the Nearby Uranium Lake Project Located on the eastern side of the Athabasca Basin, adjacent to claims held by Cameco, the world’s largest uranium producer. The claim is approximately 245 hectares and lies within the primary exploration corridor, which hosts the Keys Lake Mine, Cigar Lake Mine and MacArthur River Mine. The property is accessed by a network of roads and trails.

the Lake Obiquiti Uranium ProjectThis 1,382-hectare area is located just south of the lower lip of the Athabasca Basin, adjacent to ALX Uranium’s Carpenter Lake project to the east. The area is adjacent to the Cable Bay shear zone, parallel to the Virgin River shear zone, which hosts Cameco’s centennial uranium deposit, The project The area has huge potential. Moreover, it is located 100 kilometers west of Cameco’s Lake Kai uranium mine, underscoring the strategic importance of its location.

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the Shepherd Lake Uranium Project It covers an area of ​​approximately 2,250 hectares and adjoins the Lake Obiquiti Project to the southeast. The project The area is characterized by mudgatic-scale rocks, where uranium ore is typically found at the base, within shears or faults, and formed by hydrothermal redistribution of dissolved minerals and subsequent oxidation-reduction reactions.

For more information, please contact the company at info@bedfordmetals.com or 604-622-1199 or visit the company’s website. www.bedfordmetals.com.

On behalf of the Board of Directors,

Bedford Metals Company

Peter Bourne
president

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

This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements contained herein, other than statements of historical fact, should be deemed to be forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments could differ materially from those contained in the forward-looking statements. No assurance can be given that such statements will prove to be accurate and, therefore, readers are advised to rely on their own assessment of such uncertainties. We undertake no obligation to update any forward-looking statements except as required by applicable law.

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