NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: MADISON ENTERPRISES CORP.
VSE SYMBOL: MNP
APRIL 7, 1999
PNG Provincial Governments Given the Right to Buy Shares
of Madison
VANCOUVER, BRITISH COLUMBIA--The Mt. Kare Joint Venture ("MKJV"),
in which Madison Enterprises Corp. ("Madison") has a 65 percent
interest, is pleased to report that it has signed a memorandum of
understanding with the Honourable Masket Iangalio CBE MP, Minister
for Mineral Resources for the Independent State of Papua New
Guinea ("PNG") regarding the MKJV's Mt. Kare property.
In order to solidify the relationships between the MKJV, the
various levels of government and the Mt. Kare landowners, Madison
and its joint venture partner, Carpenter Pacific Resources NL,
have agreed to grant to the governments of Southern Highlands and
Enga Provinces the right to purchase from treasury, at any time
until 31 December 1999 at the market price, a sufficient number of
shares of either or both companies which would constitute a 5
percent indirect interest in Mt. Kare. The proceeds from any sale
of shares to these provincial governments would be used to
accelerate exploration at Mt. Kare.
During discussions with the Minister regarding the MKJV's ongoing
exploration of Mt. Kare, the Minister stressed his commitment to
removing any impediments to the speedy development of Mt. Kare and
to improve the attitude of international investors to mining
investment in PNG. For its part, the MKJV has agreed to use its
best endeavours to accelerate both exploration at Mt. Kare and the
completion of the genealogical and land-ownership studies which
are currently in process.
On behalf of the Board of Directors of MADISON ENTERPRISES CORP.
Nell Dragovan, Chairman
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