| [ 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                                                                                                                                                      | 00-0000000                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|
|  (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                       |  (I.R.S. Employer Identification No.) |
| 1100 E. 29th Street, Suite 153, North Vancouver, British Columbia, Canada                                                                                                                                                                                                                                                                                                                                                       | V7K 1C2                                    |
|  (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                             |  (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 November 15, 2010 |
|---------------------------------|----------------------------------|
| Common Stock - $0.001 par value | 113,020,000                      |

----

|                                                                    |  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   |

----

|                                                                                                         | September 30, |     |   | December 31, |   |
|--------------------------------------------------------------------------------------------------------------|--------------------|----------|--------|--------------|--------|
|                                                                                                         | 2010               |     |   | 2009         |   |
|   ASSETS                                                                                                |               |     |   |         |   |
|                                                                                                         |               |     |   |         |   |
|  CURRENT ASSETS                                                                                         |               |     |   |         |   |
|      Cash                                                                           | $                  | 3,663    |   |         | $      | 2,826 |   |
|                                                                                                         |               |     |   |         |   |   |   |
|         Total assets                                                 | $                  | 3,663    |   |         | $      | 2,826 |   |
|                                                                                                         |               |     |   |         |   |   |   |
|   LIABILITIES AND STOCKHOLDERS' DEFICIENCY                                                              |               |     |   |         |   |   |   |
|                                                                                                         |               |     |   |         |   |   |   |
|  CURRENT LIABILITIES                                                                                    |               |     |   |         |   |   |   |
|      Accounts payable and accrued liabilities                                       | $                  | 4,297    |   |         | $      | 10,879 |   |
|      Notes payable and accrued interest – Note 4                              |               | 70,557   |   |         |   | 67,325 |   |
|      Convertible notes payable – Note 5                                       |               | 21,000   |   |         |   | 14,000 |   |
|      Related party advance – Note 6                                           |               | 561      |   |         |   | 561 |   |
|                                                                                                         |               |     |   |         |   |   |   |
|         Total current liabilities                                    |               | 96,415   |   |         |   | 92,765 |   |
|                                                                                                         |               |     |   |         |   |   |   |
|  STOCKHOLDERS’ DEFICIENCY                                                                         |               |     |   |         |   |   |   |
|      Common stock – Note 7                                                    |               |     |   |         |   |   |   |
|     $.001 par value;                                                                     |               |     |   |         |   |   |   |
|           Authorized 500,000,000 shares;                        |               |     |   |         |   |   |   |
|           Issued and outstanding:  113,020,000 shares |               | 113,020  |   |         |   | 113,020 |   |
|      Additional paid-in capital                                                     |               | 2,882    |   |         |   | (17,118 | ) |
|      Accumulated other comprehensive loss                                           |               | (7,325   | )      |         |   | (6,679 | ) |
|      Accumulated deficit during exploration stage                                   |               | (201,329 | )      |         |   | (179,162 | ) |
|                                                                                                         |               |     |   |         |   |   |   |
|         Total stockholders’ deficiency                    |               | (92,752  | )      |         |   | (89,939 | ) |
|                                                                                                         |               |     |   |         |   |   |   |
|         Total liabilities and stockholders’ deficiency         | $                  | 3,663    |   |         | $      | 2,826 |   |
|                                                                                                         |               |     |   |         |   |   |   |

----

|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   | June 15, 1998 |        |
|------------------------------------------------------------|--------|--------------------|-------------|---------|-------------------|--------|-------------|----------------|--------|--------|---------------|---------|--------|---------------|-------------|
|                                                       |   | Three months ended |        |    | Nine months ended |   |        | (inception) to |   |
|                                                       |   | September 30,      |        |    | September 30,     |   |        | September 30,  |   |   | September 30, |    |   | September 30, |        |
|                                                       |   | 2010               |        |    | 2009              |   |        | 2010           |   |   | 2009          |    |   | 2010          |        |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |
| Revenues                                                   |   | $                  | -           |    |              | $      | -           |           |   | $      | -             |    |   | $             | -           |   |   | $ | 144,000 |   |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|  Operating expenses                                   |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|     Exploration and development        |   |               | -           |    |              |   | -           |           |   |   | -             |    |   |          | -           |   |   |   | 109,040 |   |
|     General and administrative              |   |               | 1,968       |    |              |   | 7,857       |           |   |   | 12,577        |    |   |          | 20,582      |   |   |   | 195,016 |   |
|                                                       |   |               | (1,968      | )       |              |   | (7,857      | )              |   |   | (12,577       | )       |   |          | (20,582     | )   |   |   | (304,056 | ) |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|  Income (loss) before other expense                   |   |               | (1,968      | )       |              |   | (7,857      | )              |   |   | (12,577       | )       |   |          | (20,582     | ) |   |   | (160,056 | ) |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|  Other expense                                        |   |               | (3,866      | )       |              |   | (2,845      | )              |   |   | (9,590        | )       |   |          | (8,470      | ) |   |   | (41,273 | ) |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      Net income (loss)            |   |               | (5,834      | )       |              |   | (10,702     | )              |   |   | (22,167       | )       |   |          | (29,052     | ) |   |   | (201,329 | ) |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|  Other comprehensive income (loss)                    |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      Translation gain (loss)      |   |               | 623         |    |              |   | 1,866       |           |   |   | 646           |    |   |          | 3,488       |   |   |   | 7,325 |   |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|  Total comprehensive loss                             |   | $                  | (6,457      | )  |              | $      | (12,568     | )              |   | $      | (22,813       | )  |   | $             | (32,540     | ) |   | $ | (208,654 | ) |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      Net income (loss) per share, |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      basic and diluted            |   | $                  | (0.00       | )       |              | $      | 0.00        |           |   | $      | (0.00         | )       |   | $             | 0.00        |   |   |   |   |   |
|                                                       |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      Average number of shares     |   |               |        |    |              |   |        |           |   |   |          |    |   |          |        |   |   |   |   |   |
|      of common stock outstanding  |   |               | 113,020,000 |    |              |   | 113,020,000 |           |   |   | 113,020,000   |    |   |          | 113,020,000 |   |   |   |   |   |

----

|                                          |         |        |   |    |   |    |          |   |   |        |   |   | Accumulated |   |    |   |   |
|-----------------------------------------------|--------------|-------------|--------|---------|--------|---------|---------------|--------|--------|-------------|--------|--------|-------------|--------|---------|--------|--------|
|                                          |         |        |   |    |   |    |          |   |   | Accumulated |   |   | Deficit     |   |    |   |   |
|                                          |         |        |   |    |   |    | Additional    |   |   | Other       |   |   | During      |   |    |   |   |
|                                          | Common Stock |        |   | Paid-in |   |    | Comprehensive |   |   | Exploration |   |   |        |   |
|                                          | Shares       |        |   | Amount  |   |    | Capital       |   |   | Income      |   |   | Stage       |   |    | Total  |   |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |
|  June 15, 1998, issue of                 |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |
|  common stock (.000008 per sh.)          |         | 53,750,000  |   |    | $      | 53,750  |          |   | $      | (53,320     | )      |   | $           | -      |    |   | $      | - |   |   | $ | 430 |   |
|  Net loss, December 31, 1999             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | - |   |   |   | - |   |
|  Balance, December 31, 1999              |         | 53,750,000  |   |    | $      | 53,750  |          |   | $      | (53,320     | )      |   |        | -      |    |   | $      | - |   |   | $ | 430 |   |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |   |   |   |   |   |   |
|  Net loss, December 31, 2000             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | - |   |   |   | - |   |
|  Balance, December 31, 2000              |         | 53,750,000  |   |    | $      | 53,750  |          |   | $      | (53,320     | )      |   | $           | -      |    |   | $      | - |   |   | $ | 430 |   |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |   |   |   |   |   |   |
|  Net loss, December 31, 2001             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | - |   |   |   | - |   |
|  Balance, December 31, 2001              |         | 53,750,000  |   |    | $      | 53,750  |          |   | $      | (53,320     | )      |   | $           | -      |    |   | $      | - |   |   | $ | 430 |   |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |   |   |   |   |   |   |
|  Net loss, December 31, 2002             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | - |   |   |   | - |   |
|  Balance, December 31, 2002              |         | 53,750,000  |   |    | $      | 53,750  |          |   | $      | (53,320     | )      |   | $           | -      |    |   | $      | - |   |   | $ | 430 |   |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |   |   |   |   |   |   |
|  Net loss, December 31, 2003             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | - |   |   |   | - |   |
|  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, December 31, 2004             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | (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, December 31, 2005             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | (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, December 31, 2006             |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | (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 income, December 31, 2007           |         | -           |   |    |   | -       |          |   |   | -           |   |   |        | -      |    |   |   | 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 3(i) |         | -           |   |    |   | -       |          |   |   | 40,000      |   |   |        | -      |    |   |   | - |   |   |   | 40,000 |   |
|  Net loss, December 31, 2008             |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   | (29,696 | ) |   |   | (29,696 | ) |
|  Balance, December 31, 2008              |         | 113,020,000 |   |    | $      | 113,020 |          |   | $      | (17,118     | )      |   | $           | (2,101 | )  |   | $      | (141,364 | ) |   | $ | (47,563 | ) |
|                                          |         |        |   |    |   |    |          |   |   |        |   |   |        |   |    |   |   |   |   |   |   |   |   |

----

|                                          |         |        |   |    |   |    | Accumulated   |   |   |        |    |
|-----------------------------------------------|--------------|-------------|--------|---------|--------|---------|---------------|--------|--------|-------------|---------|
|                                          |         |        |   |    |   |    |          |   |   | Accumulated |    |   | Deficit |   |   |   |   |
|                                          |         |        |   |    |   |    | Additional    |   |   | Other       |    |   | During |   |   |   |   |
|                                          | Common Stock |        |   | Paid-in |   |    | Comprehensive |   |   | Exploration |    |   |   |   |
|                                          | Shares       |        |   | Amount  |   |    | Capital       |   |   | Income      |    |   | Stage |   |   | 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, December 31, 2009             |         | -           |   |    |   | -       |          |   |   | -           |    |   |   | - |   |   |   | (37,798 | ) |   |   | (37,798 | ) |
|   Balance, December 31, 2009        |         | 113,020,000 |   |    | $      | 113,020 |          |   | $      | (17,118     | )  |   | $ | (6,679 | )  |   | $ | (179,162 | ) |   | $ | (89,939 | ) |
|                                          |         |        |   |    |   |    |          |   |   |        |    |   |   |   |   |   |   |   |   |   |   |   |   |
|  Foreign currency adjustments            |         | -           |   |    |   | -       |          |   |   | -           |    |   |   | (646 | ) |   |   | - |   |   |   | (646 | ) |
|  Convertible debt of $20,000             |         |        |   |    |   |    |          |   |   |        |    |   |   |   |   |   |   |   |   |   |   |   |   |
|  Issued for cash – Note 3(i)20,000 |         | -           |   |    |   | -       |          |   |   | 20,000      |    |   |   | - |   |   |   | - |   |   |   | - |   |
|  Net loss, September 30, 2010            |         | -           |   |    |   | -       |          |   |   | -           |    |   |   | - |   |   |   | (22,167 | ) |   |   | (22,167 | ) |
|  Balance, September 30, 2010             |         | 113,020,000 |   |    | $      | 113,020 |          |   | $      | 2,882       |    |   | $ | (7,325 | ) |   | $ | (201,329 | ) |   | $ | (92,752 | ) |

----

|                                                                                                                         |              |    |    |           |   |    | June 15, 1998 |   |
|------------------------------------------------------------------------------------------------------------------------------|-------------------|---------|---------|----------------|--------|---------|---------------|--------|
|                                                                                                                         | Nine Months Ended |    |    | (inception) to |   |
|                                                                                                                         | September 30      |    |    | September 30   |   |    | September 30  |   |
|                                                                                                                         | 2010              |    |    | 2009           |   |    | 2010          |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |
| Cash Flows From                                                                                                              |              |    |    |           |   |    |          |   |
|  Operating Activities                                                                                                   |              |    |    |           |   |    |          |   |
|      Net income (loss)                                                                              | $                 | (22,167 | )       |           | $      | (29,052 | )             |   | $ | (201,329 | ) |
|      Amortization of convertible debt discount                                                      |              |    |    |           |   |    |          |   |   |   |   |
|         recorded as interest                                                         |              | 7,000   |    |           |   | 6,000   |          |   |   | 21,000 |   |
|      Adjustments to reconcile net loss                                                              |              |    |    |           |   |    |          |   |   |   |   |
|      to cash used in operating activities:                                                          |              |    |    |           |   |    |          |   |   |   |   |
|         Changes in assets and liabilities                                            |              |    |    |           |   |    |          |   |   |   |   |
|            Increase (decrease) in accounts payable and accruals  |              | (6,582  | )       |           |   | 2,793   |          |   |   | 4,297 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|         Net cash used in operating activities                                        | $                 | (21,749 | )  |           | $      | (20,259 | )        |   |   | (176,032 | )  |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  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                                                                                  |              | 3,232   |    |           |   | 5,891   |          |   |   | 70,557 |   |
|      Proceeds of convertible note payable                                                           |              | 20,000  |    |           |   | -       |          |   |   | 60,000 |   |
|      Related party advances                                                                         |              | -       |    |           |   | -       |          |   |   | 561 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|      Net cash provided by (used in) financing activities                                            | $                 | 23,232  |    |           | $      | 5,891   |          |   | $ | 187,020 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  Effect of foreign currency translation                                                                                 |              |    |    |           |   |    |          |   |   |   |   |
|      on cash and cash equivalents                                                              | $                 | (646    | )  |           | $      | (3,488  | )        |   | $ | (7,325 | )  |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|      Net increase (decrease) in cash                                                                | $                 | 837     |    |           | $      | (17,856 | )        |   | $ | 3,663 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  Cash, beginning of period                                                                                              |              | 2,826   |    |           |   | 26,467  |          |   |   | - |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  Cash, end of period                                                                                                    | $                 | 3,663   |    |           | $      | 8,611   |          |   | $ | 3,663 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  SUPPLEMENTAL DISCLOSURE                                                                                                |              |    |    |           |   |    |          |   |   |   |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  Interest                                                                                                               | $                 | 1,447   |    |           | $      | 8,470   |          |   | $ | 15,129 |   |
|                                                                                                                         |              |    |    |           |   |    |          |   |   |   |   |
|  Taxes                                                                                                             | $                 | -       |    |           | $      | -       |          |   | $ | - |   |

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|   | 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. |
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|   | The Company is in the business of diamond exploration. Management plans to further evaluate, develop and exploit their interests in diamond mineral properties. |
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|   | 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 September 30, 2010, the Company had not yet achieved profitable operations, has accumulated losses of $201,329 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. |
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| a)   | Year end |
|----------------|----------|

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| h)   | Fair Value Measurements |
|----------------|-------------------------|

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| i)   | Financial Instruments – (Continued) |
|----------------|-------------------------------------------|

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

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

| b)   | $26,423 ($30,000 CDN) with annual interest payable at 5% |
|----------------|----------------------------------------------------------|

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| Proceeds from promissory note                 |   | $      | 40,000 |   |
|-----------------------------------------------|--------|--------|--------|--------|
| Value allocated to additional paid-in capital |   |   | 40,000 |   |
|                                          |   |   |   |   |
| Balance allocated to convertible note payable |   |   | -      |   |
| Amortized discount                            |   |   | 20,000 |   |
|                                          |   |   |   |   |
| Balance, convertible note payable             |   | $      | 20,000 |   |

| Proceeds from promissory note                 |   |  $      20,000                                                 |
|-----------------------------------------------|--------|---------------------------------------------------------------------------------------------------|
| Value allocated to additional paid-in capital |   |          20,000                                      |
|                                          |   |                                                                                              |   |
| Balance allocated to convertible note payable |   |                 - |
| Amortized discount                            |   |            1,000                           |
|                                          |   |                                                                                              |   |
| Balance, convertible note payable             |   |  $        1,000                                      |

| 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 nine months ended September 30, 2010. |
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| · | 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. |
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| · | 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 MonthsEndedSeptember 30, 2010$ |   For theThree MonthsEndedSeptember 30, 2009$ |   For theNine MonthsEndedSeptember 30, 2010$ |   For theNine MonthsEndedSeptember 30, 2009$ | Accumulated fromJune 15, 1998(Date of Inception)to September 30, 2010$ |
|-----------------------------|---------------------------------------------------------|---------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------|------------------------------------------------------------------------|
|                        |                                                    |                                                    |                                                   |                                                   |                                                                   |   |
| Revenue                     | –                                                 | –                                                 | –                                                | –                                                | 144,000                                                                |
|                        |                                                    |                                                    |                                                   |                                                   |                                                                   |
| Operating expenses          |                                                    |                                                    |                                                   |                                                   |                                                                   |
|                        |                                                    |                                                    |                                                   |                                                   |                                                                   |
| Exploration and Development | –                                                 | –                                                 | –                                                | –                                                | 109,040                                                                |
| General and administrative  | 1,968                                                   | 7,857                                                   | 12,577                                                 | 20,582                                                 | 195,016                                                                |
| Other expense               | 3,866                                                   | 2,845                                                   | 9,590                                                  | 8,470                                                  | 41,273                                                                 |
| Net income (Loss)           | (5,834)                                                 | (10,702)                                                | (22,167)                                               | (29,052)                                               | (201,329)                                                              |
|                        |                                                    |                                                    |                                                   |                                                   |                                                                   |
| Translation loss            | 623                                                     | 1,866                                                   | 646                                                    | 3,488                                                  | 7,325                                                                  |
|                        |                                                    |                                                    |                                                   |                                                   |                                                                   |
| Total Expenses              | (6,457)                                                 | (12,568)                                                | (22,813)                                               | (32,540)                                               | (208,654)                                                              |

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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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|   | (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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