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News Release
January 22, 2003

News Release

Madison Enterprises Corp. ("Madison") reports that it has, subject to regulatory approval, agreed to issue a total of 42,613 shares at a deemed price of $0.22 per share to a key employee as a result of the reduction of his salary 25%. In an effort to reduce costs during the continuing market slump in the junior resource sector, key employees and geological consultants of Madison have agreed to reduce the cash portion of their remuneration by 25% and to accept shares of Madison to cover this reduction.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

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

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

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