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News Release
November 2, 2000

Next Phase of Diamond Drilling Begins at Madison’s Mt. Kare Gold Exploration Project in Papua New Guinea.

Madison Enterprises Corp. (“Madison”) is pleased to announce that the next phase of drilling has commenced on its Mt. Kare Gold Project in Papua New Guinea.

As announced in Madison’s news release of February 10, 2000, the current resource for Mt. Kare is estimated by the independent engineering firm of Watts Griffis & McOuat to be 25.5 million tonnes grading 2.2 g/t gold and 29.0 g/t silver (using a 1.0 g/t gold equivalent cut-off and with the cutting of high grade gold assays to 30 g/t). This equates to 2.24 million ounces contained gold equivalent.

The planned 2,500 foot (760 m) exploration program is designed to test: interpreted high-grade structures in the area of the main deposits; the southern extension of the Black Zone mineralization; and magnetic and gold geochemical anomalies associated with silicification in the Middle Maratani area.

In addition, Madison will be carrying out a program of surface geochemical sampling over high-priority peripheral targets utilizing the Mobile Metal Ion (MMI) technique.

The multi-million ounce Mt. Kare deposit is next door to the Porgera mine where Placer Dome recently announced that its share of gold production (Placer Dome owns 50% of Porgera) for the first nine months of 2000 was 333,260 ounces at cash and total costs per ounce of $134 and $229, respectively.

On behalf of the Board of Directors of
MADISON ENTERPRISES CORPORATION

"David Laudrum"
David Laudrum, President

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

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