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News Release
September 30, 1999

Formal Agreement to Increase Mt. Kare Interest from 65% to 90% Signed

Madison Enterprises Corp. (“Madison”) is pleased to report that it has, together with its joint venture partner, Carpenter Pacific Resources NL (“Carpenter”), now signed all formal documentation respecting Madison’s acquisition from 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.

The purchase price for Carpenter’s 25% interest will be satisfied by the issuance of 10,000,000 shares of Madison and 3,175,000 three year share purchase options exercisable at $1.00 for two years and at $1.50 in the third year.

Madison has convened a general meeting of its shareholders for October 15 to approve the acquisition. Carpenter has called a meeting of its shareholders for November 11 to do the same.

Madison and Carpenter believe that the consolidation of ownership of Mt. Kare will enhance the overall value of the project and facilitate financing to enable Madison to vigorously pursue its ongoing exploration of Mt. Kare. The recent dramatic upswing in gold prices will only serve to further enhance the value of the project.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

“J.G. Stewart”
J.G. Stewart, Secretary

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

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