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News Release
November 5, 2002

Private Placement Closes

Further to its news release of September 25, 2002, Madison Enterprises Corp. ("Madison") is pleased to report that it has closed a brokered private placement of 4,003,333 units at a price of $0.15 per unit to generate gross proceeds of $600,500. 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 $0.18 per share during the first year and at a price of $0.20 during the second year. Canaccord Capital Corporation acted as Madison's agent in respect of this placement and received a commission of 8% of the gross proceeds, payable half in cash and half in units, and a broker's warrant entitling the purchase of up to 600,500 shares of Madison at a price of $0.18 per share during the first year and at a price of $0.20 during the second year.

The common shares which comprise a part of the units and any common shares acquired on exercise of the warrants which comprise a part of the units or on exercise of the broker's warrants are subject to a hold period which expires on March 5, 2003.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

"Chet Idziszek"
Chet Idziszek, President

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

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