Madison Arranges Non-Brokered Private Placement

Madison Minerals Inc. (TSX VENTURE:MMR)(OTCBB:MMRSF) is pleased to report that
it has, subject to regulatory approval, arranged a non-brokered private
placement of 3,500,000 units at a price of $0.15 per unit to generate proceeds
of $525,000. Each unit will consist of one common share of Madison and one half
warrant, every whole warrant entitling the purchase of an additional share at a
price of $0.25 per share for a period of twelve months. A cash commission of 7%
will be paid on the placement and Madison has agreed to grant brokers' warrants
for 7% of the units sold.


The proceeds of the placement will be used to fund the preparation of a National
Instrument 43-101 compliant resource estimate for Madison's Lewis Property,
located adjacent to Newmont's 8.5 million ounce Phoenix gold-copper mine in the
prolific Battle Mountain-Cortez gold district of Nevada, and for working
capital.


To find out more about Madison Minerals Inc., please visit our website at
www.madisonminerals.com.


On behalf of the Board of Directors of MADISON MINERALS INC.

Chet Idziszek, President