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News Release
February 28, 2002

Private Placement to Fund Resumption of Exploration

Madison Enterprises Corp. (“Madison”) is pleased to report that it has, subject to regulatory approval, arranged a non-brokered private placement of 8,000,000 units at a price of $0.10 per unit to generate gross proceeds of $800,000. 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 $0.12 per share for a period of eighteen months.

Madison has agreed to pay a finder’s fee of 8% of the proceeds in respect of this placement, such fee to be payable half in cash and half in units. Madison has also agreed to issue brokers warrants entitling the purchase of up to 700,000 units in consideration of the assistance of Canaccord Capital Corporation and Bolder Investment Partners in arranging this placement.

The proceeds of this private placement will be used to fund the resumption of exploration of Madison’s Mt. Kare gold property in Papua New Guinea. Exploration work will consist of prospecting, trenching and regional geochemical sampling to identify and refine drill targets.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

"Chet Idziszek"
Chet Idziszek, Chairman of the Board

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

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