| [ X ] | QUARTERLY REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|-----------------------------------------------------------------------------------|

| [    ] | TRANSITION REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------------------|------------------------------------------------------------------------------------|

| MADISON EXPLORATIONS, INC.                             |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Nevada (State or other jurisdiction of incorporation or organization)                                                    | 00-0000000 (I.R.S. Employer Identification No.)   |
|--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|
| 1100 E. 29th Street, Suite 153, North Vancouver, British Columbia, Canada (Address of principal executive offices)  | V7K 1C2 (Zip Code)                                          |
| 778-928-7677 (Registrant’s telephone number, including area code)                                                  |
|  n/a (Former name, former address and former fiscal year, if changed since last report)                             |

| Larger accelerated filer                                           [     ]                                                        | Accelerated filer                                                                [     ] |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Non-accelerated filer                                              [     ](Do not check if a smaller reporting company) | Smaller reporting company                                                                [ X ]                    |

| Class                      | Outstanding at May 15, 2011 |
|---------------------------------|-----------------------------|
| Common Stock - $0.001 par value | 113,020,000                 |

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|                                                               |  Index |
|--------------------------------------------------------------------|-------------|
|                                                               |        |
|  Consolidated Balance Sheets                                  |  F-1   |
|  Consolidated Statements of Operations                        |  F-2   |
|  Consolidated Statements of Stockholders’ (Deficiency)  |  F-3   |
|  Consolidated Statements of Cash Flows                        |  F-5   |
|  Notes to Consolidated Financial Statements    |  F-6   |
|                                                               |        |

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MADISON EXPLORATIONS, INC.

|                                                  |   | March 31, |     |   | December 31, |   |
|-------------------------------------------------------|--------|-----------|----------|--------|--------------|--------|
|                                                  |   | 2011      |     |   | 2010         |   |
|                                                  |   |      |     |   |         |   |
| ASSETS                                                |   |
|                                                  |   |      |     |   |         |   |
| CURRENT ASSETS                                        |   |      |     |   |         |   |
| Cash                                                  |   | $         | 10,983   |   |         | $      | 1,812 |   |
|                                                  |   |      |     |   |         |   |   |   |
| Total assets                                          |   | $         | 10,983   |   |         | $      | 1,812 |   |
|                                                  |   |      |     |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS DEFICIENCY               |   |
|                                                  |   |      |     |   |         |   |   |   |
| CURRENT LIABILITES                                    |   |      |     |   |         |   |   |   |
| Accounts payable and accrued liabilities              |   | $         | 18,531   |   |         | $      | 14,228 |   |
| Notes payable and accrued interest – Note 4     |   |      | 73,859   |   |         |   | 72,494 |   |
| Convertible note payable – Note 5               |   |      | 27,000   |   |         |   | 24,000 |   |
| Related party advance                                 |   |      | 561      |   |         |   | 561 |   |
|                                                  |   |      |     |   |         |   |   |   |
| Total current liabilities                             |   |      | 119,771  |   |         |   | 111,283 |   |
|                                                  |   |      |     |   |         |   |   |   |
| STOCKHOLDERS’ DEFICIENCY                        |   |      |     |   |         |   |   |   |
| Common stock – Note 6                           |   |      |     |   |         |   |   |   |
| $.001 par value                                       |   |      |     |   |         |   |   |   |
| Authorized 500,000,000 shares                         |   |      |     |   |         |   |   |   |
| Issued and outstanding:  113,020,000 shares |   |      |     |   |         |   |   |   |
| (December 31, 2010 and 2009)                          |   |      | 113,020  |   |         |   | 113,020 |   |
| Additional paid-in capital                            |   |      | 12,882   |   |         |   | 2,882 |   |
| Accumulated other comprehensive loss                  |   |      | (8,901   | )      |         |   | (8,395 | ) |
| Accumulated deficit during exploration stage          |   |      | (225,789 | )      |         |   | (216,978 | ) |
|                                                  |   |      |     |   |         |   |   |   |
| Total stockholder’s deficiency                  |   |      | (108,788 | )      |         |   | (109,471 | ) |
|                                                  |   |      |     |   |         |   |   |   |
| Total liabilities and stockholders’ deficiency  |   | $         | 10,983   |   |         | $      | 1,812 |   |

----

MADISON EXPLORATIONS, INC.

|                                |   |                   |        |   |           |   |        | June 15, 1998 |   |
|-------------------------------------|--------|------------------------|-------------|--------|----------------|--------|-------------|---------------|--------|
|                                |   | For the 3 Months Ended |        |   | (inception) to |   |
|                                |   | March 31,              |        |   | March 31,      |   |        | March 31,     |   |
|                                |   | 2011                   |        |   | 2010           |   |        | 2011          |   |
|                                |   |                   |        |   |           |   |        |          |   |
|                                |   |                   |        |   |           |   |        |          |   |
| Revenue                             |   | $                      | -           |   |           | $      | -           |          |   | $ | 144,000 |   |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Operating expenses                  |   |                   |        |   |           |   |        |          |   |   |   |   |
| Exploration and development         |   |                   | -           |   |           |   | -           |          |   |   | 109,040 |   |
| General and administrative          |   |                   | 4,947       |   |           |   | 2,752       |          |   |   | 211,737 |   |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
|                                |   |                   | (4,947      | )      |           |   | (2,752      | )             |   |   | (320,777 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Income (loss) before other expense  |   |                   | (4,947      | )      |           |   | (2,752      | )             |   |   | (176,777 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Other expense  - interest |   |                   | (3,864      | )      |           |   | (2,860      | )             |   |   | (49,012 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Net income (loss)                   |   |                   | (8,811      | )      |           |   | (5,612      | )             |   |   | (225,789 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Other comprehensive income (loss)   |   |                   |        |   |           |   |        |          |   |   |   |   |
| Transaction gain (loss)             |   |                   | (506        | )      |           |   | (980        | )             |   |   | (8,901 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Total comprehensive loss            |   | $                      | (9,317      | )      |           | $      | (6,592      | )             |   | $ | (234,690 | ) |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Net Income (loss) per share         |   |                   |        |   |           |   |        |          |   |   |   |   |
| basic and diluted                   |   | $                      | (0.00       | )      |           | $      | (0.00       | )             |   |   |   |   |
|                                |   |                   |        |   |           |   |        |          |   |   |   |   |
| Average number of shares            |   |                   |        |   |           |   |        |          |   |   |   |   |
| of common stock outstanding         |   |                   | 113,020,000 |   |           |   | 113,020,000 |          |   |   |   |   |

----

MADISON EXPLORATIONS, INC.

|                                                          | Common Stock             |    AdditionalPaid -inCapital |   AccumulatedOtherComprehensiveIncome |  AccumulatedDeficitDuringExplorationStage                                   |                                               |
|---------------------------------------------------------------|--------------------------|---------------------------------------------|-------------------------------------------------|----------------------------------------------------------------------------------|----------------------------------------------------|
|                                                          |    Shares |    Amount                    |    Total                         |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| June 15, 1998,issue of common stock (.000008 per sh.)         | 53,750,000               | $  53,750                         | $  (53,320)                           | -                                                                                | -                                                  |  $       430 |
| Net Loss                                                      |                     | -                                           | -                                               | -                                                                                | -                                                  | - |
| Balance, December 31, 1999                                    | 53,750,000               |   53,750                          |   (53,320)                            | -                                                                                | -                                                  | 430 |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | -                                                  | - |
| Balance, December 31, 2000                                    | 53,750,000               |   53,750                          |   (53,320)                            | -                                                                                | -                                                  | 430 |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | -                                                  | - |
| Balance, December 31, 2001                                    | 53,750,000               |   53,750                          |   (53,320)                            | -                                                                                | -                                                  | 430 |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | -                                                  | - |
| Balance, December 31, 2002                                    | 53,750,000               |   53,750                          |   (53,320)                            | -                                                                                | -                                                  | 430 |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | -                                                  | - |
| Balance, December 31, 2003                                    | 53,750,000               |   53,750                          |   (53,320)                            | -                                                                                | -                                                  | 430 |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Issuance of common stock for cash ($.000008 per sh.)          | 59,070,000               | 59,070                                      | (58,598)                                        |                                                                             |                                               | 472 |
| Capital contribution                                          |                     |                                        | 5,000                                           |                                                                             |                                               | 5,000 |
| Foreign currency adjustments                                  |                     |                                        |                                            | (2,554)                                                                          |                                               | (2,554) |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | (49,088)                                           | (49,088) |
| Balance, December 31, 2004                                    | 112,820,000              | 112,820                                     |  (106,918)                                 |             (2,554)  |        (49,088) |  (45,740) |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Foreign currency adjustments                                  |                     |                                        |                                            | (444)                                                                            |                                               | (444) |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | (48,720)                                           | (48,720) |
| Balance, December 31, 2005                                    | 112,820,000              | 112,820                                     |  (106,918)                                 |             (2,998)  |        (97,808) |  (94,904) |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Issuance of common stock for cash ($.25 per sh.)              | 200,000                  | 200                                         | 49,800                                          |                                                                             |                                               | 50,000 |
| Foreign currency adjustments                                  |                     |                                        |                                            | (1,297)                                                                          |                                               | (1,297) |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | (38,511)                                           | (38,511) |
| Balance, December 31, 2006                                    | 113,020,000              | 113,020                                     |   (57,118)                            |             (4,295)  |      (136,319)            |  (84,712) |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Foreign currency adjustments                                  |                     |                                        |                                            | (3,445)                                                                          |                                               | (3,445) |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | 24,651                                             | 24,651 |
| Balance, December 31, 2007                                    | 113,020,000              | 113,020                                     |   (57,118)                            |             (7,740)  |      (111,668)            |  (63,506) |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |
| Foreign currency adjustments                                  |                     |                                        |                                            | 5,639                                                                            |                                               | 5,639 |
| Convertible debt of $40,000 Issued for cash – Note 2(i) |                     |                                        | 40,000                                          |                                                                             |                                               | 40,000 |
| Net loss                                                      |                     | -                                           | -                                               | -                                                                                | (29,696)                                           | (29,696) |
| Balance, December 31, 2008                                    | 113,020,000              | $113,020                                    | $  (17,118)                           | $            (2,101) | $     (141,364)           | $(47,563) |
|                                                          |                     |                                        |                                            |                                                                             |                                               |   |

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|                                        | Common Stock             |   AdditionalPaid -inCapital |  AccumulatedOtherComprehensiveIncome | AccumulatedDeficitDuringExplorationStage                                         |                                     |
|---------------------------------------------|--------------------------|---------------------------------------|-------------------------------------------|----------------------------------------------------------------------------------|------------------------------------------|
|                                        |    Shares |    Amount              |    Total                   |
|                                        |                     |                                  |                                      |                                                                             |                                     |   |
| Balance, December 31, 2008                  | 113,020,000              | $113,020                              | $  (17,118)                     | $            (2,101) | $     (141,364) | $(47,563) |
|                                        |                     |                                  |                                      |                                                                             |                                     |   |
| Foreign currency adjustments                |                     |                                  |                                      | (4,578)                                                                          |                                     | (4,578) |
| Net loss                                    |                     | -                                     | -                                         | -                                                                                | (37,798)                                 | (37,798) |
| Balance, December 31, 2009                  | 113,020,000              | 113,020                               |   (17,118)                      |             (6,679)  |      (179,162)  |  (89,939) |
|                                        |                     |                                  |                                      |                                                                             |                                     |   |
| Foreign currency adjustments                |                     |                                  |                                      | (1,716)                                                                          |                                     | (1,716) |
| Convertible debt of $20,000 Issued for cash |                     |                                  | 20,000                                    |                                                                             |                                     | 20,000 |
| Net loss                                    |                     |                                  |                                      |                                                                             | (37,816)                                 | (37,816) |
| Balance, December 31, 2010                  | 113,020,000              | 113,020                               |       2,882 |             (8,395)  |      (216,978)  |  (109,471) |
|                                        |                     |                                  |                                      |                                                                             |                                     |   |
| Foreign currency adjustments                |                     |                                  |                                      | (506)                                                                            |                                     | (506) |
| Convertible debt of $10,000 Issued for cash |                     |                                  | 10,000                                    |                                                                             |                                     | 10,000 |
| Net loss                                    |                     |                                  |                                      |                                                                             | (8,811)                                  | (8,811) |
|  Balance, March 31, 2011               | 113,020,000              | $113,020                              |      $ 12,882    |            $ (8,901)      |     $(225,789)       | $ (108,788) |
|                                        |                     |                                  |                                      |                                                                             |                                     |   |

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MADISON EXPLORATIONS, INC.

|                                                                    |   | For the 3 Months Ended |   |   |                 |   |
|-------------------------------------------------------------------------|--------|------------------------|--------|--------|----------------------|--------|
|                                                                    |   |  March 31,2011    |   |   |  March 31, 2010 |   |   | June 15, 1998(inception) toMarch 312011 |   |
| Cash Flows From Operating Activities                                    |   |                   |   |   |                 |   |   |   |   |
| Net income (loss)                                                       |   | $                      | (8,811 | )      |                 | $      | (5,612 | ) |   | $ | (225,789 | ) |
| Amortization of convertible debt discount recorded as interest          |   |                   | 3,000  |   |                 |   | 2,000 |   |   |   | 27,000 |   |
| Adjustments to reconcile net loss to cash used in operating activities: |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Changes in assets and liabilities                                       |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Increase (decrease) in accounts payable and accruals                    |   |                   | 4,123  |   |                 |   | 2,679 |   |   |   | 18,351 |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Net cash used in operating activities                                   |   |                   | (1,688 | )      |                 |   | (933 | ) |   |   | (180,438 | ) |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Cash Flows From Investing Activities                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Net cash provided (used in) investing activities                        |   |                   | -      |   |                 |   | - |   |   |   | - |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Cash Flows From Financing Activities                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Issuance of common stock                                                |   |                   | -      |   |                 |   | - |   |   |   | 113,020 |   |
| Capital contribution                                                    |   |                   | -      |   |                 |   | - |   |   |   | (57,118 | ) |
| Notes payable                                                           |   |                   | 1,365  |   |                 |   | 1,834 |   |   |   | 73,859 |   |
| Proceeds of convertible note payable                                    |   |                   | 10,000 |   |                 |   | - |   |   |   | 70,000 |   |
| Related party advances                                                  |   |                   | -      |   |                 |   | - |   |   |   | 561 |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                     |   |                   | 11,365 |   |                 |   | 1,834 |   |   |   | 200,322 |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Effect of foreign currency translation on cash and cash equivalents     |   |                   | (506   | )      |                 |   | (980 | ) |   |   | (8,901 | ) |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Net increase (decrease) in cash                                         |   |                   | 9,171  |   |                 |   | (79 | ) |   |   | 10,983 |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Cash, beginning of period                                               |   |                   | 1,812  |   |                 |   | 2,826 |   |   |   | - |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Cash, end of period                                                     |   | $                      | 10,983 |   |                 | $      | 2,747 |   |   | $ | 10,983 |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE                                                 |   |                   |   |   |                 |   |   |   |   |   |   |   |
|                                                                    |   |                   |   |   |                 |   |   |   |   |   |   |   |
| Interest and taxes paid                                                 |   | $                      | 3,864  |   |                 | $      | 2,868 |   |   | $ | 31,451 |   |

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MADISON EXPLORATIONS, INC.

|   | The Company was incorporated on June 15, 1998 in the State of Nevada, USA and the Company’s common shares are publicly traded on the OTC Bulletin Board. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Company is in the business of diamond exploration. Management plans to further evaluate, develop and exploit their interests in diamond mineral properties. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | These interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  At March 31, 2011, the Company had not yet achieved profitable operations, has accumulated losses of $225,789 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern.  The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.  Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | Year end |
|----------------|----------|

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|   | Note 3 | Summary of Significant Accounting Policies (continued) |
|--------|--------|--------------------------------------------------------|

| a)   | $25,000 note with annual interest payable at 8%. |
|----------------|--------------------------------------------------|

| b)   | $30,468 ($30,000 CDN) with annual interest payable at 5% |
|----------------|----------------------------------------------------------|

|                                          |                                                                                                    |                                                   |   |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------|--------------------------------------------------------|--------|
| Proceeds from promissory note                 |                                                                                                    |  $     40,000            |
| Value allocated to additional paid-in capital |                                                                                                    |         40,000 |
|                                          |                                                                                                    |                                                   |   |
| Balance allocated to convertible note payable |                  - |
| Amortized discount                            |                                                                                                    |         24,000 |
|                                          |                                                                                                    |                                                   |   |
| Balance, convertible note payable             |                                                                                                    |  $     24,000            |
|                                          |                                                                                                    |                                                   |   |

----

| Proceeds from promissory note                 |                                                                                                    |  $     20,000                       |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| Value allocated to additional paid-in capital |                                                                                                    |         20,000            |
|                                          |                                                                                                    |                                                              |   |
| Balance allocated to convertible note payable |                  - |
| Amortized discount                            |                                                                                                    |           3,000 |
|                                          |                                                                                                    |                                                              |   |
| Balance, convertible note payable             |                                                                                                    |  $       3,000            |
|                                          |                                                                                                    |                                                              |   |

| Proceeds from promissory note                 |   |  $       10,000                                                 |
|-----------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|
| Value allocated to additional paid-in capital |   |           10,000                                      |
|                                          |   |                                                                                                    |   |
| Balance allocated to convertible note payable |   |                  - |
| Amortized discount                            |   |                  - |
|                                          |   |                                                                                                    |   |
| Balance, convertible note payable             |   |  $              -            |
|                                          |   |                                                                                                    |   |

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MADISON EXPLORATIONS, INC.

| Note 6 | Related Party Advance |
|--------|-----------------------|

|   | In 2008 the President advanced the Company $561 repayable without interest or any other terms.  There were no related party transactions in the three months ended March 31, 2011. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note 7 | Common Stock |
|--------|--------------|

----

----

| ·   | Management anticipates spending approximately $2,500 in ongoing general and administrative expenses per month for the next 12 months, for a total anticipated expenditure of $30,000 over the next 12 months.  The general and administrative expenses for the year will consist primarily of professional fees for the audit and legal work relating to Madison’s regulatory filings throughout the year, as well as transfer agent fees, annual mineral claim fees and general office expenses. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Management anticipates spending approximately $15,000 in complying with Madison’s obligations as a reporting company under the Securities Exchange Act of 1934 and as a reporting issuer in Canada.  These expenses will consist primarily of professional fees relating to the preparation of Madison’s financial statements and completing and filing its annual report, quarterly report, and current report filings with the SEC and with SEDAR in Canada. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |  For theThree MonthsEndedMarch 31,2011$ |  For theThree MonthsEndedMarch 31,2010$ | Accumulated fromJune 15, 1998(Date of Inception)to March 31, 2011$ |
|--------------------------------|----------------------------------------------|----------------------------------------------|--------------------------------------------------------------------|
|                           |                                         |                                         |                                                               |   |
| Revenue                        |                                         | –                                      | 144,000                                                            |
|                           |                                         |                                         |                                                               |
| Operating expenses             |                                         |                                         |                                                               |
|                           |                                         |                                         |                                                               |
| Exploration and Development    | -                                            | -                                            | 109,040                                                            |
| General and administrative     | 4,947                                        | 2,752                                        | 211,737                                                            |
| Other expense – interest | 3,864                                        | 2,860                                        | 49,012                                                             |
| Net income (Loss)              | (8,811)                                      | (5,612)                                      | (225,789)                                                          |
|                           |                                         |                                         |                                                               |
| Translation gain (loss)        | (506)                                        | (980)                                        | (8,901)                                                            |
|                           |                                         |                                         |                                                               |
| Total Expenses                 | (9,317)                                      | (6,592)                                      | (234,690)                                                          |

----

----

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| (a)   | Index to and Description of Exhibits |
|-----------------|--------------------------------------|

| Exhibit | Description                                                                                                                                                                                                         | Status   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| 3.1     | Articles of Incorporation, filed as an exhibit to Madison’s registration statement on Form 10-SB filed on May 4, 2005, and incorporated herein by reference.                                                  | Filed    |
| 3.2     | By-Laws, filed as an exhibit to Madison’s registration statement on Form 10-SB filed on May 4, 2005, and incorporated herein by reference.                                                                    | Filed    |
| 10.1    | Mineral Property Agreement Contract dated June 16, 2004, filed as an exhibit to Madison’s registration statement on Form 10-SB filed on May 4, 2005, and incorporated herein by reference.                    | Filed    |
| 10.2    | Amendment to Property Agreement dated September 1, 2005, filed as an exhibit to Madison’s registration statement on Form 10-SB/A filed on November 4, 2005, and incorporated herein by reference.             | Filed    |
| 10.3    | Option Agreement dated September 14, 2005 with Echo Resources, Inc., filed as an exhibit to Madison’s registration statement on Form 10-SB/A filed on November 4, 2005, and incorporated herein by reference. | Filed    |
| 31      | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                           | Included |
| 32      | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                             | Included |

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|                                                                                                                     |         |  MADISON EXPLORATIONS, INC.            |
|--------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------|
|                                                                                                                     |         |                                        |
|                                                                                                                     |         |                                        |
|  Dated:           May 16, 2011      |  By:    |  /s/ Joseph Gallo                      |
|                                                                                                                     |  Name:  |  Joseph Gallo                          |
|                                                                                                                     |  Title: |  President and Chief Executive Officer |
|                                                                                                                     |         |  (Principal Executive Officer)         |
|                                                                                                                     |         |                                        |
|                                                                                                                     |         |                                        |
|  Dated:           May 16, 2011           |  By:    |  /s/ Steven Cozine                     |
|                                                                                                                     |  Name:  |  Steven Cozine                         |
|                                                                                                                     |  Title: |  Chief Financial Officer               |
|                                                                                                                     |         |  (Principal Financial Officer)         |

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Exhibit 31

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Exhibit 32

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|   | (1)  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (1)  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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