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News Release
February 3, 2000

Private Placement Increased to $5.6 Million

Further to its news release of February 1, 2000, Madison Enterprises Corp. ("Madison") is pleased to report that, subject to regulatory approval, the brokered private placement has been increased to 8,477,310 units at a price of $0.65 per unit to generate gross proceeds of $5,510,251.50. In addition, Madison has arranged a non-brokered subscription for 153,847 units to generate proceeds of $100,000.55. Each unit will consist of one common share of Madison and one half warrant, every full warrant entitling the purchase of an additional common share of Madison at a price of $0.70 per share during the first year and at a price of $0.90 during the second year.

In respect of the non-brokered subscription, Madison has, subject to regulatory approval, agreed to pay a finder's fee of 10% to David Scott of Vancouver, B.C.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

Signed: "Chet Idziszek"
Chet Idziszek, Chairman of the Board

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

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