MADISON ENTERPRISES
QUARTERLY REPORT

July 31, 1999
[Unaudited]

SCHEDULE A
CONSOLIDATED FINANCIAL INFORMATION

Madison Enterprises
Consolidated Balance Sheet as at July 31, 1999

1999 1998 ASSETS Current   Cash and term deposits $ 1,178,302 $ 10,902,420   Joint venture's cash 708,556 1,341,255   Accounts receivable 23,442 95,931   Prepaid expense 25,291 48,359     1,935,591 12,387,965   Resource properties 28,471,665 20,536,523 Capital assets, net 177,217 79,414 $ 30,584,473 $ 33,003,902 LIABILITIES Current   Accounts payable $ 351,038 $ 801,697   Advamce from joint venture 708,556 1,341,255 1,059,594 2,142,952 SHAREHOLDER'S EQUITY Capital stock 37,483,699 37,547,191 Deficit (7,958,820) (6,686,241) 29,524,879 30,860,950 $ 30,584,473 $ 33,003,902

Approved by the Board

Director: "Chet Idziszek"
Director: "James G. Stewart"

Unaudited
Prepared by Management

CONSOLIDATED STATEMENT OF LOSS
for the nine months ended July 31, 1999

1999 1998 Revenue   Property Revenue $ 188,288 $ 71,455   Interest 134,153 196,944 322,441 268,399 Expenses   Accounting and audit 5,467 17,544   Bank charges and interest 2,863 1,381   Capital tax - 18,934   Consulting fees 46,765 51,000   Depreciation 55,040 13,801   Filing fees 5,531 11,343   Foreign exchange gain 227,502 (323,072)   Insurance 44,452 49,142   Legal fees 79,657 122,164   Office 110,487 119,537   Public relations and travel 119,527 1,165,692   Rent 78,591 12,105   Shareholder's information 11,860 44,317   Transfer agent's fees 5,883 11,316   Wages 226,601 229,004   1,020,226 1,544,208   Net loss for the period $ (697,785) $ (1,275,809)   Loss per share $ (0.03) $ (0.07)

Unaudited
Prepared by Management

CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POITION
for the nine months ended July 31, 1999

1999 1998 Operating activities   Net loss for the period $ (697,785) $ (1,275,809)   Item not involving cash       Depreciation 55,040 13,801   Change in non-cash operating working capital (505,914) 516,061   (1,148,659) (745,947)   Financing actitity   Capital stock issued for cash - 10,320,290   Capital stock issued for resource property             - 446,969               - 10,767,259   Investing activities   Resource property expenditures (5,677,983) (5,423,165)   Purchase of capital assets (35,621) (35,658)   (5,713,604) (5,458,823) Decrease (increase) in cash and term deposits during the period (6,862,263) 4,562,489 Cash and term deposits at beginning of period 8,040,565 6,339,931 Cash and term deposits at end of period $ 1,178,302 $ 10,902,420

Unaudited
Prepared by Management

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