Madison closes ownership gap at Mt. Kare

Madison Enterprises (MNP-V) has boosted its stake in the Mt. Kare project in Papua New Guinea to 90% in a share purchase for a 25% indirect interest held by joint-venture partner Carpenter Pacific Resources.

The deal involves the purchase of all the shares of two Carpenter subsidiaries, Frontier Mining & Exploration and Oakland Pty., for 10 million shares and 3.1 million 3-year share purchase options. The options are exercisable at $1 for two years and $1.50 in the third year. Madison is currently trading at about 70 cents. Carpenter is listed in Australia.

The remaining 10% interest in the project is held by Kare-Puga Development, which represents Mt. Kare landowners.

Last November, consulting firm Watts, Griffis & McOuat calculated a resource of 20.4 million tonnes grading 5.6 grams gold and 28.7 grams silver per tonne. Madison has since released results from an additional 72 holes.

The deal will increase the value of the deposit and make financing for ongoing exploration easier to obtain, says Madison. The company says it is in negotiations with a major gold miner to form a joint venture there.

Additionally, the company has completed a private placement worth $1.75 million.

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