Madeira Minerals Ltd. Provides Corporate Update

Madeira Minerals Ltd. ("Madeira" or the "Company") (TSX VENTURE:MDE.H) is
pleased to provide the following update in connection with its application for
reinstatement to trading on the NEX board ("NEX") of the TSX Venture Exchange
(the "TSX-V").


The Company's common shares were initially halted from trading on April 15, 2009
pending clarification of certain corporate matters identified by the TSX-V. Such
issues have been addressed by the Company by, among other things, the
appointment of new officers and directors.


In March 2010, the Company entered into a Letter of Intent ("LOI") with Upper
Canada Explorations Limited for the acquisition of certain assets. The
transaction was intended to constitute the Company's Qualifying Transaction
within the meaning of TSX-V Policy 2.4. The LOI was subsequently terminated by
mutual agreement in November 2010.


On June 10, 2010, as a result of failing to complete a qualifying transaction
within the time period prescribed by the TSX-V and pursuant to the requisite
shareholder approval having been obtained at the Company's Annual and Special
Meeting held on May 13, 2010, Madeira's listing was transferred to NEX. An
aggregate of 1,000,000 shares originally issued to non-arms length parties were
cancelled in order to qualify for the listing transfer. Following such escrow
share cancellation, the Company currently has an aggregate of 3,000,000 shares
issued and outstanding.


Currently, the Company continues to work toward the identification of a
Qualifying Transaction.