Madison news release (November 11, 1998):
Canada Stockwatch
Madison Enterprises Corp -
Resource calculation on Mt. Kare project nearing completion
Madison Enterprises Corp
MNP
Shares issued 22,962,569
1998-11-11 close $1.84
Thursday Nov 12 1998
Ms. Nell Dragovan reports
The resource calculation currently being prepared by Watts, Griffis & McOuat on
the company's Mt. Kare gold project is nearing completion.
Madison is the operator and 65 per cent majority owner of the Mt. Kare project
which is 15 kilometres from Placer Dome's Porgera mine, one of the world's
largest gold deposits, containing more than 25 million ounces of gold (including
past production).
Watts, Griffis & McOuat is currently completing a resource calculation on those
portions of the Mt. Kare gold deposits which have been drilled in sufficient detail
to allow a block model to be constructed. The resource calculation is based on all
data available up to Sept. 10, 1998, including Madison drill holes No. 1 through
to No. 108 and hole No. 110 and the 32 holes drilled at Mt. Kare by CRA
Explorations from 1989 to 1991.
Madison believes that only a fraction of the total area thought to contain significant
gold mineralization at Mt. Kare has been explored in detail to date. Consequently,
Madison believes that this initial resource calculation will only reflect a fraction of
Mt. Kare's total mineral potential.
The resource calculation, which is expected to be released in late November
1998, will state the gold resource outlined to date by exploration at Mt. Kare and
will indicate the future exploration potential of Mt. Kare. Results from a further 20
holes, not included in the resource calculation, are expected to be available by
early December.
Madison intends to continue its aggressive exploration of Mt. Kare. Two diamond
drills will continue the continuing drilling program with the objective of expanding
the gold resource estimates at Mt. Kare. Madison has also engaged WGM to
update its initial resource calculation in the future.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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