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News Release
March 5, 2002

Private Placement to Fund Resumption of Exploration

Madison Enterprises Corp. (“Madison”) is pleased to report that it has, subject to regulatory approval, increased the non-brokered private placement announced in its news release of February 28, 2002 by a further 700,000 units. Each of these additional 700,000 units 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 $0.14 per share for a period of eighteen months, rather than $0.12 per share.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

Signed "J.G. Stewart"
J.G. Stewart, Secretary

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

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