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News Release
October 15, 1999

Shareholders Approve Carpenter Acquisition Interim Financing Closed

Madison Enterprises Corp. ("Madison") is pleased to report that its shareholders voted overwhelmingly in favour at Madison's extraordinary general meeting this morning to approve Madison's acquisition from Carpenter Pacific Resources NL ("Carpenter") of Carpenter's 25% indirect interest in the Mt. Kare Joint Venture. This acquisition will result in Madison owning an effective 90% interest in the Mt. Kare property. The remaining 10% interest will be held in trust by Madison for the Mt. Kare landowners.

Carpenter has called a meeting of its shareholders for November 11 to approve the sale to Madison and Madison expects that the transaction will close shortly thereafter, subject to the receipt of all necessary regulatory approvals.

Madison is also pleased to report that the interim financing announced in Madison's news release of August 25, 1999 has now closed. A total of 3,066,036 units were issued at a price of $0.53 per unit, to generate proceeds of $1,625,000. Each unit consists of one share and one warrant, each such warrant entitling the purchase of an additional share of Madison until October 15, 2001 at a price of $0.53 per share until October 15, 2000 and thereafter at a price of $0.61 per share in the case of 2,688,678 such warrants and at a price of $0.80 per share until October 15, 2000 and thereafter at a price of $0.92 per share in the case of 377,358 such warrants. The proceeds from this interim financing will be used to fund Madison's ongoing exploration of its Mt. Kare property in Papua New Guinea.

Madison paid a finder's fee of 23, 584 shares in connection with a portion of the interim financing. The finder's fee shares as well as all shares forming part of the units are subject to a hold period and may not be traded before February 16, 2000.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

Signed: "Chet Idziszek"
Chet Idziszek, President

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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