« Back to news list...

News Release
March 23, 2000

Madison to resume drilling at Mt. Kare gold deposit in April

• Drilling to focus on significant expansions to the known zones and high priority targets in undrilled areas

Madison Enterprises Corp. ("Madison"), is pleased to report that it is in the final stages of prioritizing drill targets in preparation for the mobilization of drill crews to its Mt. Kare gold exploration project in Papua New Guinea during April.

Madison's last round of drilling confirmed the excellent continuity and consistent grade of individual zones and showed that the known zones merge together at depth. Madison plans to target future drilling on outlining significant expansions to the known mineralized zones as well as exploration drilling on the six highest priority targets in the Black Zone North/Realgar, Black Zone South, Middle Maratani, Pinuni Creek, Orosa and C9 zone areas.

On February 26th this year, Madison closed a brokered private placement of $5.6 million to fund additional drilling at Mt. Kare.

As announced in Madison's February 10th news release, the current resource estimate for Mt. Kare is 25.5 million tonnes grading 2.2 g/t gold and 29.0 g/t silver (using a 1.0 g/t Au(equiv) cut-off and with the cutting of high grade Au assays to 30 g/t). This equates to 2.24 million ounces contained gold equivalent. Without the cutting of high grade Au assays the estimate of contained gold equivalent exceeds 3 million ounces.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

"David C. Laudrum"
President

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

« Back to news list...