MADISON Suite 2000, Guinness Tower, 1055
West Hastings Street, Vancouver, B.C. Canada V6E 2E9
ENTERPRISES CORP. Tel: (604) 331-8772 * Fax:
(604) 331-8773
June 24, 2004
Trading Symbols: TSX Venture –
MNP
OTC\BB-MDSEF
Web Site: www.Madison-Enterprises.com
MT. KARE
EXPLORATION UPDATE
Madison Enterprises Corp.
(TSX-V:MNP) is pleased to
announce that it has completed its induced polarization (“IP”) geophysical
survey at its Mt. Kare Project in Papua New Guinea. Madison extended the IP survey from 30 kilometres to over
40 kilometres of coverage because of successful results identified in the early
part of the survey. In addition, two of
the newly identified IP targets have been tested by drilling. Drilling has been stopped temporarily to
allow Madison’s geophysical contractor, RDF Consulting, to
complete its final geophysical report and to allow Madison to complete its final interpretation and
compilation of the new IP geophysical data in order to prioritize drill targets
at Mt. Kare. Drilling is scheduled to
resume in mid-July.
Madison’s IP survey was designed to identify the
chargeability and resistivity IP geophysical characteristics of the known
mineralization previously outlined at Mt. Kare and to expand the survey grid well beyond the area of known
mineralization to search for similar features, using the IP geophysical
characteristics of the known mineral resource as a comparative interpretive
guide.
The
independent engineering firm of Watts Griffis & McOuat have estimated a
current mineral resource, at Madison’s Mt.
Kare Project, of 14.68 million tonnes grading 2.36 g/t gold and 33.7 g/t silver
and inferred mineral resources of 10.85 million tonnes grading 1.98 g/t gold
and 22.7 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) representing approximately 1.8
million ounces of gold and 23.8 million ounces of silver. For the methodology used in the resource
calculation, please refer to Madison’s March 19, 2004 news release that is posted on Madison’s web-site at www.Madison-Enterprises.com.
The
known mineral resource at Mt. Kare covers a surface area measuring approximately 600 metres by 800
metres and is characterized by a series of coincident high chargeability and
high resistivity anomalies. The IP
survey successfully showed that the geophysical signatures associated with this
mineralization directly extend well beyond the current resource outline. Based on contoured results of the IP survey,
the total area of coincident high chargeability and resistivity features has
increased three-fold and now measures a minimum of 800 metres by 2,400 metres,
most of which has not been drill tested.
In addition to new targets located in this expanded area,
chargeability/resistivity targets also occur within the area of Madison’s current mineral resource
outline that have not yet been drilled.
These
IP geophysical trends remain open to further expansion to the south as well as
northward towards, and within, the extensive Pinuni Creek structural
corridor. These geophysical features
contain numerous targets that will be the focus of upcoming drilling programs.
To find out more about Madison Enterprises Corp. (TSX-V: MNP),
visit our website at www.Madison-Enterprises.com.
On behalf of the Board of
Directors of
MADISON ENTERPRISES CORP.
“Chet Idziszek”
Chet Idziszek, President
NO STOCK
EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN