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

Madison Minerals Inc.

November 02, 2009 14:11 ET

Madison Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - 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

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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