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News Release
February 3, 2003

Private Placement to Fund Exploration in Papua New Guinea and Nevada

Madison Enterprises Corp. ("Madison") is pleased to report that it has, subject to regulatory approval, arranged a brokered private placement of 10,000,000 units at a price of $0.20 per unit to generate gross proceeds of $2,000,000. 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 $0.25 per share for one year. Canaccord Capital Corporation ("Canaccord") has agreed to act as Madison’s agent in respect of this placement and will receive a commission of 8% of the gross proceeds, such fee to be payable half in cash and half in units at Canaccord’s election, and a broker’s warrant entitling it to purchase common shares of Madison equal to 15% of the units sold at a price of $0.25 per share for one year.

The proceeds of this private placement will be used primarily to fund ongoing exploration of Madison's Mt. Kare Property in Papua New Guinea and its Lewis Property in central Nevada.

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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