PRESS RELEASE

January 18 , 2005

MADISON IN PROCESS OF FINALISING DRILL PROGRAM

Vancouver , British Columbia - Madison Explorations Inc. (“Madison” or the “Company”) ( MDEX : OTC other) is pleased to report it is in the process of reviewing bids for its drill program at Scout Lake.

Several bids have been received and it is expected that a contract will be awarded for its Scout Lake drill program over the next week. Madison intends to drill several targets over its Scout Lake property in mid February.

The Scout Lake property includes a north easterly – trending structure about 12.8 km long and up to 500 meters wide. It is cut by north westerly-trending faults which have displaced the indicated dyke dextrally up to 200 meters.

Madison Explorations, Inc. is a progressive mineral exploration company focusing on the discovery of diamonds. The Company has a portfolio of three highly prospective diamond properties located in one of Canada 's newest diamond exploration regions in Southern Saskatchewan.

For further information please contact Kevin Stunder or Joel Haskins @ 604-974-0568

On behalf of Madison Explorations, Inc. :

Kevin Stunder
President and Director

Joel Haskins
Chairman and Director

Safe Harbour Statement:

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts, contained in this release which are not historical facts, may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the company to generate cash flow from operations and the ability of the company to manage its operations.