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News Release
October 16, 2003

Drilling Resumes at Lewis Property

Madison Enterprises Corp. (“Madison”) is pleased to announce the resumption of drilling at its Lewis Property in Lander County, Nevada.

The current drill program will be comprised of 10,000 feet of reverse circulation drilling, designed primarily to evaluate the upper portion of the Virgin Structural Zone, the lateral extent of the subhorizontal, stratigraphic mineralized zones and the projected intersections of these two mineralized features. The Virgin Structural Zone acts as a major ore-bearing host and mineralization conduit to the favourable Antler Peak Sequence on both the Lewis and the adjacent Phoenix-Fortitude Property.

The objective of the current and subsequent drill programs is to enable Madison to calculate a preliminary resource estimate for the Virgin Structural Zone and the sub-horizontal, stratigraphic mineralized zones.

The Lewis Property is strategically located within the Battle Mountain Mineral Belt, immediately adjacent to the north and northwest of Newmont Mining Corporation’s Phoenix-Fortitude Property. As reported by Newmont in its September 24, 2003 Five Year Business Plan Update: current mineable reserves at the Phoenix-Fortitude Property are 174 million tons grading 0.034 oz/t gold, containing 6,000,000 ounces of gold, assuming a gold price of US$300 per ounce; estimated average gold recovery is between 80% and 84% with total cash costs between US$200 and US$225 per ounce; and production is estimated to resume in 2007 with a mine life of thirteen years.

Madison is also preparing to begin an IP geophysical survey at its Mt. Kare Property in Papua New Guinea. This survey will cover between twenty and thirty line kilometres and will focus on the area north of previous drilling and geophysical surveying. The objective of this work is to refine drill targets along the Pinuni Creek structural corridor.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

Signed: "Chet Idziszek"
Chet Idziszek, President

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

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