Madison Closes Non-Brokered Private Placement

Further to its news release of September 24, 2009, Madison Minerals Inc. (TSX
VENTURE:MMR)(OTCBB:MMRSF) is pleased to report that it has closed a portion of
the non-brokered private placement, issuing a total of 1,969,667 units at a
price of $0.15 per unit generating gross proceeds of $295,450. Each unit
consists of one common share and one half warrant, with every whole warrant
entitling the purchase of an additional share of Madison at $0.25 per share
until October 29, 2010. Madison does not intend to close the balance of the
placement.


A cash finder's fee of 7% of $52,950 has been paid to an arm's length third
party in respect of this private placement along with finders' warrants
entitling the purchase of up to 24,710 shares at $0.25 until October 29, 2010.


All securities issued pursuant to this placement are subject to a four-month
hold period expiring on March 1, 2010.


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