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News Release
February 24, 2003

Private Placement Closes

Further to its news release of February 4, 2003, Madison Enterprises Corp. (“Madison”) is pleased to report that its private placement of 11,000,000 units at a price of $0.20 per unit closed today. Each unit is comprised 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 until February 24, 2004. The shares which comprise part of the units and any shares acquired on the exercise of the warrants which comprise part of the units are subject to a hold period which expires on June 24, 2003.

Sprott Securities Inc. and Goldcorp Inc. each acquired 5,000,000 units under the private placement, resulting in each of those companies owning 11% of the issued and outstanding shares of Madison on a partially diluted basis. Sprott Securities Inc. is an employee-owned institutional brokerage boutique focusing on small-to-mid capitalization companies and is one of the top independent brokerage firms in the Canadian investment industry. Goldcorp Inc. was the most profitable North American gold company on the per share basis in 2001 and is in excellent financial condition with strong cash flow and earnings, no debt and a treasury of US$261 million in cash and US$67 million in gold bullion to the end of 2002; it is also the second largest unhedged gold producer in the world. Madison is pleased to have investors of this calibre participating in its business growth.

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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