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Gold/Mining/Energy : Madison Enterprise, MNP/VSE -- Ignore unavailable to you. Want to Upgrade?

To: Dan P who wrote (208)	11/19/1999 9:29:00 AM
From: Eagle	Read Replies (1) \| Respond to of 285

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MADISON ENTERPRISES CORP. VSE SYMBOL: MNP NOVEMBER 19, 1999 Madison Announces Acquisition from Carpenter Pacific Resources Completed VANCOUVER, BRITISH COLUMBIA--Madison Enterprises Corp. ("Madison") is pleased to report that it has now completed its acquisition from Carpenter Pacific Resources NL ("Carpenter") of Carpenter's 25% indirect interest in the Mt. Kare Joint Venture. This acquisition was effected by the sale to Madison of all of the issued shares of two Carpenter subsidiaries, Frontier Mining & Exploration NL and Oakland Limited, and which has resulted in Madison owning an effective 90% interest in the Mt. Kare property. The remaining 10% interest is held in trust by Madison for the Mt. Kare landowners. Madison is also pleased to report that, in connection with the closing of this acquisition, Dr. Alistair Cowden, Carpenter's managing director, has been appointed as a director of Madison. Madison plans to release an updated resource calculation for Mt. Kare and the results of the current metallurgical program early in the new year. Exploration at Mt. Kare in the upcoming year will focus on the completion of all preliminary work necessary in order to begin preparation of a feasibility report for the project and will include drill testing of Madison's five highest priority targets: the Black Zone North/Realgar Zone, Black Zone South, C-9 Deep Feeder Zone and the Pinuni Creek and Orosa targets. These targets include potential significant expansions to the known deposits as well as highly prospective peripheral targets. Madison believes that the consolidation of ownership of Mt. Kare enhances the overall value of the project and paves the way for the participation of a strategic senior partner in the exploration and development of Mt. Kare. On behalf of the Board of Directors of MADISON ENTERPRISES CORP. Chet Idziszek, Chairma of the Board -30- FOR FURTHER INFORMATION PLEASE CONTACT: Madison Enterprises Corp. Chet Idziszek Chairman (604) 331-8772 (604) 331-8773 (FAX) No stock exchange has approved or disapproved the information contained herein. INDUSTRY: PCS SUBJECT: TMN