Madison Minerals Inc. - Financials

MADISON ENTERPRISES

SCHEDULE B
SUPPLEMENTARY INFORMATION

Madison Enterprises Corp.
DEFERRED RESOURCE PROPERTY EXPENDITURES BREAKDOWN
for the six months ended April 30, 1999

	Belencillo, Panama	Mt. Kare, Papua New Guinea	TOTALS
Balance October 31/98	$2,268,022	$20,525,660	$22,793,682

Assays	-	233,316	233,316
Camp	(160)	128,695	128,695
Camp Mgmt.Contractors	-	61,424	61,424
Camp-Port Moresby	-	62,926	62,926
Communications	-	138,109	138,109
Community Relations	-	120,648	120,648
Computer/Drafting	-	43,152	43,152
Consulting-Geology	-	265,514	265,514
Consulting-Geophysics	-	1,226	1,226
Drilling	-	1,255,053	1,255,053
Evaluation - Alluvial Res.	-	79,235	79,235
Food Supplies/Catering	-	191,128	191,128
Fuel Supplies	-	108,986	108,986
Genealogy Study/Land Grp.	-	50,6199	50,6199
Geology Supplies/Equip.	-	8,247	8,247
Helicopter	-	880,103	880,103
Insurance	-	67,340	67,340
Land & Legal	-	38,265	38,265
Landowner Company	-	50,001	50,001
Lawyer fees	-	78,285	78,285
License fees	-	9,494	9,494
Local Labour-Wages	-	324,949	324,949
Medical	-	41,169	41,169
Ore Reserves	-	39,1773	39,1773
Report/Map	-	3,231	3,231
Security	-	37,148	37,148
Surveying	-	13,630	13,630
Transport & Travel	-	127,679	127,679
TOTALS	$2,267,862	$24,984,405	$27,252,267

BREAKDOWN OF LEGAL EXPENSES
for the six months ended April 30, 1999

General and Corporate	$ 44,547
Incorporation of B.V.I. Subsidary	2,840

	$ 47,387

BREAKDOWN OF PUBLIC RELATIONS & TRAVEL
for the six months ended April 30, 1999

Printing & Mailing	$ 3,402
Print & Broadcast Media	270
Expenses	5,295
Travel	13,408
Investor Relations Consultants	31,692
Fax Charges	14,518
Investment Conferences	3,490
	$ 72,075

EXPENDITURES TO NON-ARMS LENGTH PARTIES
for the six months ended April 30, 1999

Total

$ 125,659

SECURITIES ISSUED DURING QUARTER ENDED APRIL 30, 1999

Date of Issue	Type of Security	Type of Issue	Number of Shares	Price	Total Proceeds	Type of Consideration	Commision
No securities were issued during the quarter ended April 30, 1999

OPTIONS GRANTED DURING QUARTER APRIL 30, 1999

Date Granted	Number	Type	Name	Exercise Price	Expiry Date
April 8, 1999	50,000	Employee	Jeff Cocks	$1.53	April 8, 2004
April 8, 1999	50,000	Employee	David Scott	$1.53	April 8, 2004
April 8, 1999	50,000	Employee	David Laudrum	$1.53	April 8, 2004

AUTHORIZED AND ISSUED SHARE CAPITAL AS AT APRIL 30, 1999

			Issued
Class	Par Value	Authorized	Number	Amount
Common	N.P.V.	100,000,000	22,962,569	$37,483,699

OPTIONS AND WARRENTS OUTSTANDING AS AT APRIL 30, 1999

Security	Number or Amount	Exercise or convertible price	Expiry Date
Options	186,601	$2.00	July 23, 2001
Options	377,500	$2.00	August 23, 2001
Options	445,000	$2.00	January 20, 2002
Options	100,000	$2.00	April 2, 2002
Options	40,000	$2.00	May 15, 2002
Options	618,399	$2.00	December 18, 2002
Options	50,000	$2.00	December 19, 2002
Options	1,000,000	$2.00	October 21,2003
Options	150,000	$2.00	April 8, 2004
Warrents *	5,264,037	$2.30	June 2, 1999
Agents Warrents	526,400	$3.00	December 2, 1999
** One warrent to purchase one share at $2.30 until June 2, 1999 (March 2, 1999 expiry date amended) after which two warrents will be required to purchase one share at $2.30 until December 2, 1999.

SHARES IN ESCROW OR SUBJECT TO POOLING RESTRICTIONS AS AT APRIL 30, 1999

	Number of Shares
Escrow	NIL

LIST OF DIRECTORS AS AT APRIL 30, 1999

Dr. Abdullah Basodan
Douglas Brown
Nell Dragovan
Chet Idziszek
Donald Kohls
Daniel Matthews
Robert Sibthorpe
Catherine McLeod-Seltzer
James G. Stewart

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