RESEARCH

Madison Explorations, Inc. (MDEX.PK; 0.36) S.T. Target 2.75

There are those rare times when the decision to invst in a particular 
stck or industry is a no-brainer: homeland security in the wake of 9-11, 
gold in the fall of 2001, and China in early 2002, for example, to name a 
few prescient calls. The Canadian diamond industry and diamond explorer 
Madison Explorations present us with just such a unique opportunity.

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Canadian Diamonds: An Industry in the Rough Canada is entering only its 
sixth year as a diamond player, but already it's the world's #3 diamond 
producer, behind Botswana and Russia. From 2002 to 2003, Canadian diamond 
production more than doubled to 11.2 million carats. In a very short time, 
Canada has gone from a non-entity in the diamond biz to a supplier of about 
15% of the world's rough diamonds. Today, nearly half of all funding for 
diamond exploration goes to Canada.

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Even more impressive than the huge growth itself is the fact that that huge 
growth has come on the strength of just two active diamond mines: Ekati, 
jointly operated by Dia-Met and BHP, and Diavik, jointly operated by 
Aber and Rio Tinto. Tahera's Jericho Mine will go online next year. Snap 
Lake, a joint venture between De Beers and Winspear - is slated for full 
production in 2007. It will propel Canada passed Russia into the #2 spot 
amongst the world's diamond producers - with just four active mines! In 
terms of end-market, Canadian diamonds have a crucial advantage over the 
competition: Unlike diamonds from Angola, Liberia, and Sierra Leone, for 
instance - "blood diamonds" used to finance bloody political conflict, 
Canadian diamonds are "clean." Consumers' preference for clean diamonds 
is one of the reasons Tiffany struck a deal with Tahera to buy or market 
all the diamonds Tahera's Jericho Mine produces. Tiffany refuses to sell 
"blood diamonds."

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Madison Explorations: An Invstor's Best Friend:
The Northwest Territories has been the preferred target area for diamond 
explorers. Shore Gold's discovery of a 19.7 carat rock at its Star Diamond 
Project last year intensified exploration in Saskatchewan, the second most 
active exploration area in the Northwest Territories as measured by money 
inflows. Madison Explorations is the most active explorer in Southern Saskatchewan. 
That includes the De Beers-Kensington partnership. Madison's primary area 
of exploration is Scout Lake, which, according to the Saskatchewan Geological 
Survey, is one of the two most promising diamond areas in the province. 
That conclusion confirms the work of Dr. Joseph Montgomery, the director 
of five mining companies and Madision's lead diamond explorer. Dr. Montgomery 
has spent more than a decade surveying the area. He is a person of considerable 
expertise and is exceptionally well regarded in the metals and minerals 
discovery business. Dr. Montgomery has been involved in more than 300 
prosperous mineral explorations all over the world, including projects for 
Diamond Fields. Based on his ten years surveying Scout Lake, Dr. Montgomery 
believes it is one of the most promising diamond locations he's ever seen 
and that the area could be home to the largest diamond deposit in the province 
Madison is the only active explorer in Scout Lake, which, from a geological 
standpoint, has many of the same characteristics as Fort à la Corne, where 
Shore Gold made last year's spectacular discovery. Madison is currently 
exploring two other potential diamond properties in Southern Saskatchewan, 
Bulls-eye and Bronco. The results of early indicator studies at both properties
have been very favorable.Winspear, Dia-Met, and Aber each partnered with a 
more senior diamond producer. Madison is currently the only active explorer 
in one of the most potentially diamond-rich regions within a national industry 
that is experiencing dazzling growth and whose full potential is only 
just now being tapped. We would not be surprised to see Madison follow 
the trend and partner up with a De Beers, for instance. In the meantime, 
look for additional diamond property acquisitions and discoveries by 
this aggressive upstart - and for substantial share price appreciation 
over the mid- to long-term.

Shres trade in New York under the ticker symbol MDEX. Current price per share 
is just 0.36 cents, nearly 300% above its September low. Opportunities as 
clear and sparkling as this one come along rarely. 

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