Mr. Peter Born reports

BEDFORD METALS ANNOUNCES DEBT SETTLEMENT

Bedford Metals Corp. has reached an agreement with an arm's-length creditor to settle outstanding indebtedness totalling $389,559.21. The indebtedness represents funds previously advanced to the company by the creditor, along with accrued interest, and utilized by the company for general working capital purposes.

The indebtedness will be settled through the issuance of an unsecured convertible debenture in the principal amount of the indebtedness, along with 3,895,592 detachable common share purchase warrants. The convertible debenture will mature 60 months following issuance and will bear interest at a rate of 8 per cent per annum, payable upon the maturity date. Each warrant will entitle the holder to purchase one common share of the company at a price of 10 cents for a period of 60 months following issuance. The principal amount of the convertible debenture will be convertible into common shares of the company, at the option of the holder, at a rate of one conversion share for every 10 cents of outstanding indebtedness.

All securities issued in connection with the debt settlement will be subject to a statutory hold period for four months and one day in accordance with applicable securities laws. Completion of the debt settlement remains subject to the approval of the TSX Venture Exchange.

We seek Safe Harbor.