Mt. Kare Property, Papua New Guinea

The Mt. Kare Gold Project covers 220 square kilometers of highly prospective ground in the central Highlands of Papua New Guinea. The property is contiguous with and shares a similar geological and structural setting as the world-class Porgera Mine (8.2 million ounces of gold in reserves) owned and operated by Barrick Gold.

Madison Minerals presently owns a 100% interest in the Mt. Kare Property, which includes a 10% interest held in trust for local landowners.

Madison Minerals initially operated the Mt. Kare Property and conducted extensive exploration and drilling programs from 1996 to 2004. Buffalo Gold explored and drilled the project in 2006 and 2007 after securing rights to earn a majority interest through exploration expenditures and other commitments. In 2009 Buffalo returned its interest to Madison, and we are currently seeking to sell the project on the most favourable terms obtainable.

Mt. Kare hosts an NI 43-101 compliant indicated resource of 1.4 million ounces of gold contained in 18.83 million tonnes grading 2.31 g/t gold and 17.31 g/t silver, using a 1 gram gold-equivalent cutoff grade, plus another 288,000 ounces contained within an inferred resource of 5.75 million tonnes at 1.56 g/t gold and 9.5 g/t silver.