Madison Minerals Inc.
OTC Bulletin Board : MMRSF
TSX VENTURE : MMR

Madison Minerals Inc.

September 24, 2009 17:20 ET

Madison Arranges Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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