UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

 /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006.

                                       OR
 / / TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                                     OF 1934

                  FOR THE TRANSITION FROM _______ TO ________.

                        COMMISSION FILE NUMBER 000-51302

                           MADISON EXPLORATIONS, INC.
        _________________________________________________________________
        (Exact Name of Small Business Issuer as Specified in its Charter)

            NEVADA
_______________________________                              ___________________
  (State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                            Identification No.)

     525 Seymour Street, Suite 807
         Vancouver, BC, Canada                                         V6B 3H7
________________________________________                              __________
(Address of principal executive offices)                              (Zip code)


                    Issuer's telephone number: (604) 974-0568
                       Issuer's fax number: (604) 974-0569

                                       N/A
                 ______________________________________________
                 (Former name, former address and former fiscal
                      year, if changed since last report.)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes /X/ No / /

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes / / No /X/

Indicate by check mark whether the  registrant is a shell company (as defined in
12b-2 of the Exchange Act). Yes /X/ No / /

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

At March 31, 2006, and as of the date hereof, there were outstanding 115,520,000
shares of the Registrant's Common Stock, $.001 par value.

Transitional Small Business Disclosure Format: Yes / / No /X/


<PAGE>


                                     PART I
                              FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)

                        CONSOLIDATED FINANCIAL STATEMENTS
                                    UNAUDITED

                                 MARCH 31, 2006
                                DECEMBER 31, 2005











<PAGE>


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                             MANAGEMENT CERFICATION


The financial statements attached are prepared in accordance with U.S. generally
accepted  accounting  principles (U.S. GAAP). The financial  statements have not
been audited.  The Company's  Treasurer  certifies  that the  statements and the
notes thereto,  present fairly, in all material respects, the financial position
of the issuer and the results of its  operations  and cash flows for the periods
presented,  in conformity with accounting  principles  generally accepted in the
United States, consistently applied.




Joel Haskins
Madison Explorations Inc.
Treasurer


                                       3


<PAGE>


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)

                                    CONTENTS









FINANCIAL STATEMENTS

   Consolidated Balance Sheets                                               F-1

   Consolidated Statements of Operations                                     F-2

   Consolidated Statements of Stockholders' Equity (Deficit)                 F-3

   Consolidated Statements of Cash Flows                                     F-4

   Notes to Consolidated Financial Statements                              F-5-7
________________________________________________________________________________











                                       4


<PAGE>

<TABLE>
<CAPTION>

                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

                                                         March 31,      December 31,
                                                              2006              2005
                                                         _________      ____________
<S>                                                      <C>             <C>
                                     ASSETS

CURRENT ASSETS
     Cash                                                $  97,531       $  56,288
                                                         _________       _________
            Total current assets                         $  97,531       $  56,288
                                                         _________       _________

                   Total assets                          $  97,531       $  56,288
                                                         =========       =========

                     LIABILITIES AND STOCKHOLDERS' (DEFICIT)

CURRENT LIABILITIES
     Accounts payable and accrued liabilities            $   2,752       $   2,500
     Note payable and accrued interest                      27,297          26,797
     Deferred revenue                                       94,000          94,000
     Officers loans and advances                            28,100          27,895
                                                         _________       _________
            Total current liabilities                    $ 152,149       $ 151,192
                                                         _________       _________

STOCKHOLDERS' (DEFICIT)
     Common stock: $.001 par value;
        authorized 500,000,000 shares;
        issued and outstanding:  115,320,000 shares
        at December 31, 2005 and 115,520,000
        shares at March 31, 2006                         $ 115,520       $ 115,320
     Additional paid-in capital                            (59,598)       (109,398)
     Accumulated other comprehensive income                 (3,023)         (2,998)
     Accumulated deficit during development stage         (107,517)        (97,828)
                                                         _________       _________
            Total stockholders' (deficit)                $ (54,618)      $ (94,904)
                                                         _________       _________
                   Total liabilities and
                   stockholders' (deficit)               $  97,531       $  56,288
                                                         =========       =========

          See Accompanying Consolidated Notes to Financial Statements.

</TABLE>

                                      F-1


<PAGE>

<TABLE>
<CAPTION>

                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                                                      June 15, 1998
                                          Three months ended         (inception) to
                                       March 31,         March 31,        March 31,
                                            2006              2005             2006
                                    ____________      ____________   ______________
<S>                                 <C>              <C>               <C>

Revenues                            $          -      $          -     $          -

Cost of revenue                                -                 -                -
                                    ____________      ____________     ____________
           Gross profit             $          -      $          -     $          -
Operating expenses
   Exploration and development      $      3,766      $     21,026     $     53,976
   General and administrative              4,978             5,302           48,318
                                    ____________      ____________     ____________
           Operating (loss)         $     (8,744)          (26,328)    $   (102,294)

Other expense                                945               105            5,223
                                    ____________      ____________     ____________
   Net loss                         $     (9,689)     $    (26,433)    $   (107,517)
                                    ============      ============     ============

   Net loss per share, basic
   and diluted                      $      (0.00)     $      (0.00)
                                    ============      ============
   Average number of shares
   of common stock outstanding       115,322,222       115,320,000
                                    ============      ============


         See Accompanying Consolidated Notes to Financial Statements.

</TABLE>

                                      F-2


<PAGE>

<TABLE>
<CAPTION>

                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
            CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
                                   (UNAUDITED)

                                                                              Accumulated
                                                                                Deficit        Accumulated
                                                                Additional      During           Other
                                        Common Stock             Paid in      Development     Comprehensive
                                    Shares         Amount        Capital         Stage           Income        Total
                                 ____________     _________     __________    ___________     ____________   _________
<S>                                <C>            <C>           <C>            <C>              <C>          <C>

June 15, 1998, issue
  common stock                     56,250,000     $  56,250     $  (55,800)    $        -       $      -     $     450
Net loss, December 31, 1999
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 1999         56,250,000     $  56,250     $  (55,800)             -       $      -     $     450

Net loss, December 31, 2000
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2000         56,250,000     $  56,250     $  (55,800)    $        -       $      -     $     450

Net loss, December 31, 2001
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2001         56.250.000     $  56,250     $  (55,800)    $        -       $      -     $     450

Net loss, December 31, 2002
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2002         56.250.000     $  56,250     $  (55,800)    $        -       $      -     $     450

Net loss, December 31, 2003
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2003         56.250.000     $  56,250     $  (55,800)    $        -       $      -     $     450

Issuance of common stock           59,070,000        59,070        (58,598)                                        472

June 14, 2004 forward stock split
   5000:1
Capital contribution                                                 5,000                                       5,000
Foreign currency translation
   adjustments                                                                                    (2,554)       (2,554)
Net loss, December 31, 2004                                                       (49,108)                     (49,108)
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2004        115,320,000     $ 115,320     $ (109,398)    $  (49,108)      $ (2,554)    $ (45,740)

Foreign currency translation
   adjustments                                                                                      (444)         (444)
Net loss, December 31, 2005                                                       (48,720)                     (48,720)
                                 ____________     _________     __________     __________       ________     _________
Balance, December 31, 2005        115,320,000     $ 115,320     $ (109,398)    $  (97,828)      $ (2,998)    $ (94,904)

Issuance of common stock              200,000           200         49,800                                      50,000
Foreign currency translation
   adjustments                                                                                       (25)          (25)
Net loss, three month period
   ended March 31, 2006                                                            (9,689)                      (9,689)
                                 ____________     _________     __________     __________       ________     _________
Balance, March 31, 2006           115,520,000     $ 115,520     $  (59,598)    $ (107,517)      $ (3,023)    $ (54,618)
                                 ============     =========     ==========     ==========       ========     =========

          See Accompanying Consolidated Notes to Financial Statements.

</TABLE>

                                      F-3


<PAGE>

<TABLE>
<CAPTION>

                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                                                              Dec. 3, 1998
                                                                 Three months ended         (inception) to
                                                              March 31,      March 31,           March 31,
                                                                   2006           2005                2006
                                                              _________      _________      ______________
<S>                                                           <C>            <C>              <C>

Cash Flows From
Operating Activities
    Net loss                                                  $  (9,689)     $ (26,433)       $ (107,517)
    Adjustments to reconcile net loss
    to cash used in operating activities:
    Changes in assets and liabilities
    (Increase) in advances to consultant                              -                                -
    Increase (decrease) in accounts payable and accruals            752         (2,595)            5,049
Increase in deferred revenue                                          -              -            94,000
                                                              _________      _________        __________
         Net cash used in
            operating activities                              $  (8,937)     $ (29,028)           (8,468)
                                                              _________      _________        __________
Cash Flows From
Investing Activities
         Net cash provided used in
            investing activities                              $       -      $       -                 -
                                                              _________      _________        __________
Cash Flows From
Financing Activities
    Issuance of common stock                                  $  50,000      $       -        $   50,922
Capital contribution                                                  -              -             5,000
    Officer loans and advances                                      321              -            24,568
Note payable                                                          -         25,000            25,000
                                                              _________      _________        __________
         Net cash provided by
            financing activities                              $  50,321      $  25,000        $  105,490
                                                              _________      _________        __________
Effect of exchange rate changes on cash and
    cash equivalents                                          $    (141)     $    (217)       $      509
                                                              _________      _________        __________
         Net increase (decrease)
            in cash                                           $  41,243      $  (4,245)       $   97,531

Cash, beginning of period                                        56,288         30,841                 -
                                                              _________      _________        __________
Cash, end of period                                           $  97,531      $  26,596        $   97,531
                                                              =========      =========        ==========


          See Accompanying Consolidated Notes to Financial Statements.

</TABLE>

                                      F-4


<PAGE>


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS


NOTE 1. BASIS OF PRESENTATION

The accompanying  unaudited Consolidated Financial Statements have been prepared
in accordance with accounting principles generally accepted in the United States
for interim financial information and with the instructions to Form 10-QSB. They
do not  include  all  information  and  notes  required  by  generally  accepted
accounting  principles for complete  financial  statements.  However,  except as
disclosed herein, there has been no material change in the information disclosed
in the notes to the  consolidated  financial  statements  included in the Annual
Report on Form 10-SB of Madison  Explorations,  Inc. for the year ended December
31, 2005.  When used in these notes,  the terms  "Company,"  "we," "us" or "our"
mean Madison  Explorations,  Inc. In the opinion of management,  all adjustments
(including  normal  recurring   accruals)   considered   necessary  for  a  fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 2006 are not  necessarily  indicative of the results that may be
expected for the year ending December 31, 2006.

NOTE 2. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

GOING CONCERN

The accompanying  financial  statements have been prepared  assuming the Company
will continue as a going concern.  These financial  statements show that Madison
Explorations,  Inc. had a substantial working capital deficiency and that it has
suffered losses since inception. Management believes that the Company will still
need additional financing of approximately  $2,000,000 to continue to operate as
planned  during the  twelve-month  period  subsequent  to March 31, 2006.  These
conditions raise  substantial doubt about the Company's ability to continue as a
going concern.  These  financial  statements  have been prepared on the basis of
generally  accepted  accounting  principles as  applicable  to a going  concern,
however the future of Madison Explorations,  Inc. will depend upon the company's
ability to obtain  adequate  financing,  successfully  resolve  any  outstanding
contingencies  and  attain  profitable   operations.   Although  the  successful
resolution of these  uncertainties is not assured,  management is of the opinion
that current negotiations for financing and ultimate satisfactory  settlement of
any contingencies will allow the company to continue its operations.

Management  plans to obtain such financing  through private and public offerings
of debt and equity securities. However management cannot assure that the Company
will be able to obtain any or all of the  additional  financing  it will need to
continue to operate through at least March 31, 2007 or that, ultimately, it will
be able to generate any profitable commercial mining operations.  If the Company
is unable to obtain the required financing,  it may have to curtail or terminate
its operations and liquidate its remaining assets and liabilities.

The accompanying  financial statements do not include any adjustments related to
the   recoverability   and   classifications   of  assets  or  the  amounts  and
classification  of  liabilities  that might be  necessary  should the Company be
unable to continue its operations as a going concern.


                                      F-5


<PAGE>


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS


NOTE 2. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

RECENT ACCOUNTING PRONOUNCEMENTS

In May  2005,  the FASB  issued  SFAS No.  154,  "Accounting  Changes  and Error
Corrections,  a replacement  of APB No. 20 and FASB  Statement No. 3" ("SFAS No.
154").  SFAS No.  154  requires  retrospective  application  to  prior  periods'
financial  statements of a voluntary change in accounting principle unless it is
impracticable. APB Opinion No. 20 "Accounting Changes," previously required that
most voluntary changes in accounting principle be recognized by including in net
income of the period of the change the cumulative  effect of changing to the new
accounting principle.  This statement is effective for our Company as of January
1, 2006.  The Company  does not believe  that the  adoption of SFAS No. 154 will
have a material impact on our consolidated financial statements.

In November  2005,  the FASB issued FASB Staff Position FAS 115-1 and FAS 124-1,
"The Meaning of  Other-Than-Temporary  Impairment and Its Application to Certain
Investments"  ("FSP  115-1"),   which  provides  guidance  on  determining  when
investments  in certain  debt and equity  securities  are  considered  impaired,
whether  that  impairment  is   other-than-temporary,   and  on  measuring  such
impairment loss. FSP 115-1 also includes accounting considerations subsequent to
the  recognition  of an other-than  temporary  impairment  and requires  certain
disclosures   about   unrealized   losses  that  have  not  been  recognized  as
other-than-temporary  impairments.  FSP  115-1  is  required  to be  applied  to
reporting  periods  beginning  after  December  15,  2005.  We do not expect the
adoption of FSP 115-1 will have a material impact on our consolidated  financial
condition or results of operations.

In February 2006, the Financial  Accounting Standards Board ("FASB") issued SFAS
No. 155,  "Accounting for Certain Hybrid Financial  Instruments-an  Amendment of
FASB Statements No. 133 and 140" ("SFAS No. 155"). SFAS No. 155 allows financial
instruments that contain an embedded derivative and that otherwise would require
bifurcation  to be  accounted  for as a  whole  on a fair  value  basis,  at the
holders'  election.  SFAS No.  155  also  clarifies  and  amends  certain  other
provisions of SFAS No. 133 and SFAS No. 140. This statement is effective for all
financial  instruments  acquired  or  issued  in fiscal  years  beginning  after
September 15, 2006. We do not expect that the adoption of SFAS No. 155 will have
a  material  impact  on our  consolidated  financial  condition  or  results  of
operations.

In March  2006,  the FASB  issued SFAS No. 156,  "Accounting  for  Servicing  of
Financial  Assets-an Amendment of FASB Statement No. 140" ("SFAS No. 156"). SFAS
No. 156 provides guidance on the accounting for servicing assets and liabilities
when an entity undertakes an obligation to service a financial asset by entering
into a servicing  contract.  This statement is effective for all transactions in
fiscal years  beginning  after  September  15,  2006.  We do not expect that the
adoption  of SFAS will have a  material  impact  on the  consolidated  financial
conditions or results of operations.

NOTE 3. STOCKHOLDERS' EQUITY

On March 30, 2006 the Company entered into a private placement agreement whereby
the Company issued 200,000 Reg-S shares in exchange for $50,000.



                                      F-6


<PAGE>


                           MADISON EXPLORATIONS, INC.
                        (A Development Stage Enterprise)
                   CONSOLIDATED NOTES TO FINANCIAL STATEMENTS


NOTE 4. NOTE PAYABLE

The Company has a note payable in the amount of $25,000 from Pale Face Holdings,
Ltd. The note provides for interest payable at 8% annually.  Accrued interest on
the note  payable  was $2,297 as at March 31, 2006 and $1,797 for the year ended
December  31, 2005.  The note payable  balance  including  accrued  interest was
$27,297 at March 31, 2006

NOTE 5. RELATED PARTY TRANSACTIONS

The  officers  of the  Company  have  advanced  funds to the Company to continue
ongoing  operations.  On June 25, 2004, two officers executed demand notes at 5%
interest for $15,000 in CAD ($12,479 USD) each. Also, funds were advanced to the
Company to form its  subsidiary.  A total of $147 in US dollars was advanced for
this purpose.  Since all funds advanced are due on demand,  this amount has been
classified as a liability in the accompanying financial statements. The officers
of the  Company  also  submit  expense  reports on a regular  basis of  expenses
incurred on behalf of the  Company in the normal  performance  of their  duties.
These  payable to the officers for  unreimbursed  expenses  totaled $0 and $0 in
Canadian funds at March 31, 2006 and December 31, 2005, respectively.

Exploration and development expenses were paid to Montgomery Consultants,  Ltd.,
a related party  controlled  by a director of the Company,  for the three months
ended March 31, 2006 of $0 and for the year ended December 31, 2005 of $4,868.

Interest on the notes payable for the quarter ended March 31, 2006, was $321 and
$1,257 for the year ended  December 31, 2005. As of March 31, 2006,  the officer
advances in USD was $27,953, including $2,267 in accrued interest.

NOTE 6. COMPREHENSIVE INCOME


Accumulated other comprehensive income consists of the following:

                                                 March 31,     Dec. 31,
                                                      2006         2005
                                                 _________     ________

     Foreign currency translation adjustment     $  (3,023)    $ (2,998)
                                                 =========     ========

The components of other  comprehensive  income for the three-month  period ended
March 31, 2006 and the year ended December 31, 2005:

<TABLE>
<CAPTION>


                                                 March 31,     Dec. 31,     Inception
                                                      2006         2005      to date
                                                 _________     ________     _________
<S>                                              <C>           <C>          <C>

     Foreign currency translation adjustment     $     (25)    $ (444)      $ (3,023)
                                                 =========     ======       ========

</TABLE>


                                      F-7



<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The following  discussion  regarding the Company and our business and operations
contains "forward-looking statements." These statements consist of any statement
other than a recitation of  historical  fact and can be identified by the use of
forward-looking terminology such as "may," "expect," "anticipate," "estimate" or
"continue" or its negative or other  variations or comparable  terminology.  All
forward-looking  statements are  necessarily  speculative  and there are certain
risks and  uncertainties  that could  cause  actual  events or results to differ
materially from those referred to in such forward-looking statements.

PLAN OF OPERATION

The Company was  incorporated in June of 1998 under the name of  "Madison-Taylor
General  Contractors,  Inc." and intended to engage as a general  contractor for
constructing temporary buildings at exploratory mining locations. Madison-Taylor
General  Contractors,  Inc.  was unable to  implement  the business and remained
inactive  from 1998 until  2004.  The  Company  commenced  operations  under its
current name in April of 2004. After  implementing the Company's current plan of
operation,  the Company has relied on advances and  contributions  of capital of
approximately $28,100 from our principal stockholders, an additional shareholder
loan of $25,000 and  proceeds of  approximately  $94,000  from the sale of a 20%
interest  in one of the  Company's  claims  (Bulls  Eye)  and the  sale of a 15%
interest in another claim (Bronco) to support its limited operations. During the
three  months  ended March 31,  2006,  the Company  also  entered into a private
placement  agreement  whereby the Company  issued  200,000  Regulation  S Common
shares in exchange  for  $50,000.  As of March 31,  2006,  we had  approximately
$97,531 of cash. The Company will need additional equity or debt financing of up
to $2,000,000 to use for the second phase of its exploration program.

GEOLOGICAL REPORT: SOUTHERN SASKATCHEWAN

Dr.  Joseph  Montgomery  has prepared a geological  report on the Wood  Mountain
District.  The  report  summarizes  the  Company's  claims  in the  area and the
geological  formations on the claims that have been  identified by  aeromagnetic
survey and other mineral exploration activities done in the past.

In his report,  Dr. Joseph Montgomery has recommend to us that we proceed with a
three-phase,  staged exploration  program in the Wood Mountain District based on
his conclusion that prospecting,  geophysical surveys and soil and rock sampling
are the  exploration  techniques  that have been the most  successful in diamond
bearing kimberlite rock in the region.

The Company has several specific exploration objectives:

(1)  To locate one or more Kimberlite/Lamproite pipes, dykes or sills;
(2)  To determine whether the Kimberlite/Lamproite contains Diamonds; and
(3)  To  determine  if  the  diamond-bearing  pipe  could  be the  source  of an
     economically viable mine.

Even if the Company locates Kimberlite, the finding of diamonds in Kimberlite is
rare and the finding of a commercial grade of diamonds is rarer.

We  believe  that  exploration  is by its  very  nature  is  evolutionary.  Each
subsequent step is based on the foundation established by previous results. Even
then,  diverse  factors affect the process.  Weather and seasons  influence when
work can be commissioned.  Previous  results  determine the direction for future
exploration and the availability of funds dictates what work can be budgeted for
each phase of exploration.

The Company has completed its initial phase of work on the Scout Lake properties
and now  intends  to  continue  the  initial  phase of work on some of its other
properties  in the  Wood  Mountain  District.  The  results  at our  Scout  Lake
properties  do not warrant  spending  further  time and money at this  location.
Phase one work should consist of a ground  magnetometer  survey at approximately
500 meter  line-spacing.  At the same time,  surface  samples should be taken of
till for heavy  mineral  evaluation.  About 50 samples would cover the grid area
satisfactorily.  If results warrant, a few lines of gravimetric  surveying could
be done.  Two or three RC drill  holes  (about  500  meter)  would then test the
anomaly.


                                       5


<PAGE>


Phase 1 - Initial Wood Mountain Evaluation

- Ground Magnetometer - 1 month Instrument Rental                          1,800
- 50 Sample Collections - Processing @ $50 each                            2,500
- Gravimetric Survey - Instrument Rental                                     600
- Chemical Analysis - 50 @ $10 each                                          500
- Personnel - Geologist 2 weeks @ $300/day                                 4,200
- Personnel - Assistant 2 weeks @ $200/day                                 2,800
- Accommodation - $100/day x 2                                             2,800
- Transportation - Truck Rental, Maintenance                               2,000
       Engineering & Supervision
- Engineering & Supervision                                                2,000
- Contingencies approximately 5%                                             900

Phase 1 Total                                                            $20,100

Phase Two - Regional Program

The  regional  program of  exploration  is being  proposed to locate  kimberlite
diatremes.  At present, we have regional to detailed heavy mineral anomalies and
regional  to  detailed  magnetic  anomalies.  Unfortunately,  the heavy  mineral
dispersion  is too  widespread  and the magnetic  anomalies  are too numerous to
allow reasonable drill target selection.  The following  systematic approach may
help us to alleviate this problem:

Regional Structural Study

Kimberlite pipe emplacement is governed by deep-seated structures that penetrate
stable  Archean  Cratons  and allow the rapid  rise of lower  mantle  ultramafic
magmas through  diamond-bearing strata. Some of the major structures in southern
Saskatchewan are known, but it appears that a satellite imagery  interpretation,
in particular of radar data, would be of value to us.

Regional Heavy Mineral Study

Heavy  mineral  data is already  available to us from the  government  and other
available for purchase proprietary  surveys.  However, a large proportion of the
area of our interest remains without data.

It is proposed that a detailed  heavy mineral  survey be conducted over the area
with one  sample  being  taken  per  township  to  start.  The  usual  method of
processing  heavy mineral  samples,  which includes,  washing,  sizing,  gravity
separation  by jig,  tables  or  heavy  liquids,  microscopic  hand-picking  and
microprobe analysis would be prohibitively  expensive.  Therefore, the following
processing methodology is suggested:

(a)  Sample till or stream sediments (about 20 kg).
(b)  Wash and sieve sample in the field or nearby portable equipment to obtain a
     clean, sized fraction suitable for hydrosizing.
(c)  Use a  laboratory-sized  elutriator  (hydrosizer) to obtain a sized,  heavy
     mineral fraction. Adjust density to retain all indicator minerals.
(d)  Analyze for  chromium  and nickel and other trace  elements by total fusion
     and ICP. This will provide an indicator for ultramafic rocks.
(e)  Plot results and evaluate for trends.
(f)  Some detailed HM testing, - microprobing grain-picking.

Wood Mountain Formation Study

Heavy minerals including  standard  indicator  minerals and micro-diamonds  have
been  recovered  from the  unconsolidated  sand and gravel  deposits of the Wood
Mountain formation.  We believe that a heavy mineral study of this formation and
a paleo-current  study should be undertaken.  The samples should be processed in
the same manner as in the "Regional Heavy Mineral Study."


                                       6


<PAGE>


Compilation of Geophysical Data

(a)  Aeromagnetic
(b)  Ground magnetic
(c)  Gravimetric
(d)  Seismic

G.I.S. Compilation of all Data

A G.I.S.  (Geographic  Information  Systems)  compilation  of the following data
should be undertaken in order to select the best drill targets:

(a)  Bedrock Geology
(b)  Surficial Geology (i.e. land surface to approximately 5 feet below)
(c)  Our HM Surveys
(d)  Government surveys
(e)  Federal-provincial geochem and HM
(f)  Aeromagnetic Data surveys
(g)  Gravity Data
(h)  Seismic Data
(i)  Ground Magnetic Data
(j)  Cratonic Age Data
(k)  Satellite Radar Imagery Interpretation

Phase 2 - Regional Program

Regional Structural Study
- Satellite Photos - 10 @ $200 each                                        2,000
- Interpretation - 10 hours @ $500                                         5,000
  - Digitizing                                                             3,000

Regional Heavy Mineral Study
- Sample collection - 600 samples @ $15 each                               9,000
- Vehicle  - FWD - 3 months @ $2,000/month                                 6,000
- Detail Sample Collection - 1000 samples @ $15 each                      15,000
- Initial Processing                                                      24,000
- Washer/Sieve rental - 3 months @ $2,000/month                            6,000
- Sample Bags - 1,600 20Kg bags @ $1 each                                  1,600
- Sample Bags - 1,600 2Kg bags @ $1 each                                   1,600
- Elutriation (Hydraulic Separation of HM) - 1600 @ $18.75 each           30,000
- ICP (Induced Coupled Polarization) (total) - 1600 @ $10 each            16,000
- Digitizing                                                               3,000

Regional Surficial Geology Study
- Data Interpretation                                                      4,000
- Digitizing                                                               3,000

Compilation of Geophysical Data
- Data Collection                                                          2,500
- Data Interpretation                                                      5,000
- Digitizing                                                               4,000

G.I.S. Compilation
- Additional Data Collection                                               5,000
- Data Interpretation                                                      5,000
- Digitizing                                                               5,000

Engineering & Supervision
- Engineering & Supervision                                               15,000
- Contingencies approximately 5%                                           7,800

Phase 2 Total                                                           $178,500

Phase Three - Drilling and Confirmation

The goal of this  phase will be to locate  anomalous  areas by the use of ground
magnetic surveys, and to prioritize each for test drilling.


                                       7


<PAGE>


Gravimetric  Surveys will be completed over the ground magnetic anomalies - 1 or
2 lines per  anomaly.  Test  Drilling  will then be  conducted  to test the best
targets.

Phase 3 - Drilling and Confirmation

Ground Magnetic Surveys
- Instrument Rental - 3 months @ $1,600/month                              4,800
- Field computer Rental - 3 month @ $300/month                               900
- Operator/Assistant - 70 Days @ $300/day                                 21,000

Gravimetric Survey
- Instrument Rental - 3 months @ $1,600/month                              3,000
- Operator/Assistant - 70 Days @ $300/day                                 21,000
- Surveying                                                                6,000

Test Drilling
- 5,000 ft. @ $10                                                         50,000
- Cutting Analysis - 50 samples @ $500 each                               25,000

Engineering & Supervision
- Engineering & Supervision                                               13,000
Contingencies approximately 5%                                             6,700

Phase 3 Total                                                           $151,400

24 Month Exploration Budget on new and future claims

The Company  intends to option  additional  property by way of claim  staking or
acquiring  companies  with  promising  mineral  claims  in the area of  Southern
Saskatchewan and Northern Montana

________________________________________________________________________________

Planned Exploration on future Claims           Year 1            Year 2
________________________________________________________________________________

Claim Staking/property acquisition             50,000            50,000
________________________________________________________________________________

Property Exploration Expenditures             500,000           650,000
________________________________________________________________________________

                                             $550,000          $700,000
________________________________________________________________________________

The  Company's  business  plan  for  the  year  2006  will  consist  of  further
exploration on the properties over which we hold mineral  exploration claims and
options.  As part of Phase  Two,  the  Company  also plans to  continue  staking
strategically important areas as more information becomes available with respect
to the geology of Southern  Saskatchewan.  The Company intends to continue using
Montgomery  Consulting Ltd. and third party contractors to collect soil samples,
process  and analyze  the  results,  plot drill  targets,  drill the  identified
targets and other  exploration  related  work.  The Company  completed its drill
program at Scout Lake in 2005.  The results of the drill  program do not warrant
spending further time and money at this location. The main thrust of our program
will now be in the Val Marie  area of the Wood  Mountain  district  in  Southern
Saskatchewan.  As of April  28,  2006,  the  Company  has 25  mineral  claims in
Southern Saskatchewan.

The  combination  of  numerous  indicator  minerals  (pyrope  garnets and chrome
diopsides) and magnetic  anomalies make this area a prime target.  The indicator
mineral suite is identical  chemically to that of the Fort a la Corne  district.
An early drilling  program is anticipated for this area.  Additional  targets in
the Wood Mountain  district and other areas will also be  investigated.  Keating
analysis of existing  geophysical  data over the  Company's  claim  holdings has
identified  6  potential  diamond  targets,  including  the 3 targets  that were
previously designated as high priority drill targets.  Preliminary investigation
of these  targets  will be  carried  out to assess  the  possibility  of diamond
deposits existing on the Company's properties.


                                       8


<PAGE>


The Company estimates that we will require approximately  $2,000,000 Canadian to
conduct its full exploration program over a two year period. This amount will be
used to pay for prospecting and geological  mapping,  airborne surveys,  lodging
and food for  workers,  transportation  of workers  to and from the work  sites,
fuel,  pick-up truck rentals,  assays,  drilling,  equipment rental,  additional
claim staking, and supervision, including a daily rate payable to Dr. Montgomery
of $400 per day in Canadian funds  (approximately  US $332),  plus out of pocket
expenses, for time spent in the field.

The officers and  directors  have agreed to pay all costs and expenses of having
us comply with the federal  securities  laws (and being a public company) should
the  Company  be  unable  to do  so.  We  estimate  that  these  costs  will  be
approximately  $20,000 per year.  Our officers and directors have also agreed to
pay the other expenses of the Company, excluding those direct costs and expenses
of data  gathering and mineral  exploration,  should the Company be unable to do
so. To implement  our business  plan,  we will need to secure  financing for our
business development. We have no source for funding at this time.

If we are unable to raise additional funds to satisfy our reporting obligations,
investors will no longer have access to current  financial and other information
about our business affairs.

Additional  funding to conduct either our full exploration  program or a partial
exploration  program  will  depend  upon our  ability to secure  loans or obtain
either private or public  financing.  We have had some preliminary  negotiations
for funding that have been unsuccessful and we currently have not undertaken any
further negotiations.  There is no assurance that we will be able to obtain such
funding on any terms or terms  acceptable  to us and if  adequate  funds are not
available,  we believe that our business development will be adversely affected.
Accordingly, there is no assurance that we will be able to continue in business.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance  sheet  arrangements  that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial  condition,  revenues or expenses,  results of  operations,
liquidity,  capital  expenditures  or  capital  resources  that is  material  to
stockholders.

ITEM 3. CONTROLS AND PROCEDURES.

We carried out an evaluation,  under the supervision and with the  participation
of our  management,  including our Chief  Executive  Officer and Chief Financial
Officer,  of the  effectiveness  of our disclosure  controls and procedures,  as
defined in Rules 13a-15(e) and 15d-15(e) of the Securities  Exchange Act of 1934
as of the end of the period  covered by this report.  Based on that  evaluation,
our Chief Executive  Officer and Chief Financial Officer have concluded that our
disclosure  controls  and  procedures  as of March 31, 2006 were  effective at a
level that provides reasonable  assurance to ensure that information required to
be  disclosed  by us in  reports  that we file or submit  under  the  Securities
Exchange Act of 1934 is recorded, processed,  summarized and reported within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms.

There have been no changes in our internal controls over financial  reporting or
in other  factors that could  materially  affect,  or are  reasonably  likely to
affect, our internal controls over financial  reporting during the quarter ended
March 31, 2006.


                                       9


<PAGE>


                                     PART II
                                OTHER INFORMATION


ITEM 1 - LEGAL PROCEEDINGS

None

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The  following  discussion  describes  unregistered  securities  sold by Madison
Explorations for the three months ended March 31, 2006.

During the three months ended March 31, 2006 we entered into a private placement
agreement  whereby we issued 200,000  Regulation S Common shares in exchange for
$50,000.  No  underwriters  were involved and no fees were paid. We relied on an
exemption from  registration  provided by Section 903 of Regulation S. All sales
were offshore  transactions,  with no direct selling in the United  States,  the
shares are  restricted  securities and cannot be sold to or for the account of a
United  States  citizen  without   registration  or  unless  an  exemption  from
registration exists.

ITEM 3 - DEFAULTS BY THE COMPANY ON ITS SENIOR SECURITIES

None

ITEM 4 - SUBMISSION OF MATTER TO VOTE OF SECURITY HOLDERS

None

ITEM 5. OTHER INFORMATION.

BOARD MEETING.

Our board held one  meeting  during  the  current  quarter,  which was a special
meeting by written consent.

AUDIT COMMITTEE.

Our board of directors has not established an audit committee.  In addition,  we
do not have any other compensation or executive or similar  committees.  We will
not, in all  likelihood,  establish  an audit  committee  until such time as the
Company  generates a positive cash flow of which there can be no  assurance.  We
recognize that an audit committee,  when established,  will play a critical role
in our financial reporting system by overseeing and monitoring  management's and
the independent  auditors'  participation in the financial reporting process. At
such time as we establish an audit  committee,  its additional  disclosures with
our auditors and management may promote investor  confidence in the integrity of
the financial reporting process.

Until such time as an audit  committee has been  established,  the full board of
directors will undertake those tasks normally associated with an audit committee
to include,  but not by way of limitation,  the (i) review and discussion of the
audited  financial  statements with  management,  and (ii)  discussions with the
independent  auditors the matters  required to be discussed by the  Statement On
Auditing Standards No. 61 and No. 90, as may be modified or supplemented.

Our board of directors consistent with our intent to enhance the reliability and
credibility of our financial statements, have submitted the financial statements
included in this Form 10-QSB to our  independent  auditor prior to the filing of
this report.


                                       10


<PAGE>


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

There were no reports on Form 8-K filed during the quarter for which this report
is filed. The following exhibits are filed with this report:

     31.1 Certification of Chief Executive Officer.


     31.2 Certification of Chief Financial Officer.


     32.1 Section 906 Certification of Chief Executive Officer.


     32.2 Section 906 Certification of Chief Financial Officer.


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



Dated:   May 18, 2006                   MADISON EXPLORATION, INC.



                                        By: /s/ KEVIN M. STUNDER
                                               _________________________________
                                                Kevin M. Stunder
                                                Chief Executive Officer
                                                and Director



                                        By: /s/ JOEL HASKINS
                                               _________________________________
                                                Joel Haskins
                                                Chief Financial Officer
                                                and Director


                                       11