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

Madison Minerals Inc.

September 22, 2009 12:58 ET

Madison Minerals Inc.: Letter From the Chief Executive Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2009) - Madison Minerals (TSX VENTURE:MMR)(OTCBB:MMRSF) is a growth-oriented company focused on acquiring, exploring and developing precious metals projects in geological districts with the potential to host world-class deposits. Precious metals (stand-alone gold deposits, gold-silver deposits and gold-copper deposits) are of primary interest because of the positive fundamentals and price outlook for these important metals.

Led by an experienced management team with an impressive record for creating shareholder value, Madison's strategy for growth is to identify, acquire, explore and develop quality projects in proven world-class mineral districts, either independently or through joint ventures with industry partners. Madison's key management is credited with important roles in the discovery and development of two of Canada's richest precious metals deposits, which later became the Eskay Creek gold-silver mine in northwestern British Columbia, and the world-famous Hemlo gold camp in Ontario.

Madison is presently actively exploring the advanced Lewis Property, situated in the prolific Battle Mountain-Cortez gold district of Nevada. Nevada is the world's third largest gold-producing area, accounting for 85% of US production mainly from the Carlin mineral trend (180 million ounces) and the subparallel Battle Mountain-Cortez trend (70 million ounces).

Madison operates and owns a 60% interest in the Lewis Property, with the remainder held by joint venture partner Great American Minerals, a wholly owned subsidiary of Golden Predator Royalty & Development Company.

The 5,500 acre Lewis property is contiguous with Newmont's 8.5 million ounce Phoenix Gold-Copper mine that resumed production in late 2006. Historically, most exploration on the Lewis Property was focused on the Virgin zone, a major structural-stratigraphic corridor which extends from the adjacent Phoenix mine site north for at least 4.5 km across the Lewis property. Only the southern kilometre has been drill tested by Madison.

Since acquiring the Lewis Property in 2002, Madison has completed extensive geological mapping and sampling along with 20 kilometres of induced polarization (IP) geophysics. It has also drilled 36,100 metres in 29 core holes and 145 reverse circulation drill holes, primarily to evaluate the Virgin zone.

A few of the more significant results are as follows:



High Grade Structural Mineralization

Gold
Equivalent
From - To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-5 53.3-85.3 32.0 17.6 31.4 18.0
199.6-233.1(ii) 33.5 1.46 4.1 1.46
RCMAD-81 85.4-99.1 13.7 9.43 34.2 9.87
149.4-160.1 10.7 9.21 13.9 9.39
182.9-228.7(ii) 45.7 2.16 4.9 2.16
(i) Gold equivalent values - $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au
(ii) Ended in mineralization


Sub-horizontal Disseminated Mineralization

Gold
Equivalent
From - To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-06 51.8-76.2 24.4 1.35 13.0 1.52
RCMAD-105 76.2-85.3 9.1 1.85 54.1 2.55
RCMAD-154 33.5-36.5 3.0 ---- 96.4 1.25
103.6-114.3 10.6 1.01 40.2 1.53
(i) Gold equivalent values - $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au


Results from Madison's exploration compare favourably with previously reported styles and grades of mineralization, including steeply oriented structurally controlled high-grade mineralization and sub-horizontal lower grade disseminated mineralization hosted by favourable Antler stratigraphy. Precious metal mineralization encountered during the 2008 drilling contained significantly higher silver values and may indicate a mineral zonation with higher silver values to the north and west. Virgin zone mineralization has been defined along a 750 metre north-south strike, 350 metre east-west extent, to a depth of 240 metres and remains open to expansion to the north and west.

Seven drill holes have tested a 550 metre north-south strike extent of the subparallel Buena Vista mineral zone, located 500 metres southeast of the Virgin area within Newmont's ultimate proposed pit-push back area. A few of the more significant results are as follows:



Gold
Equivalent
From - To Interval Gold Silver (i)
Hole # (m) (m) (g/t) (g/t) (g/t)
RCMAD-64 12.2-19.8 7.6 5.44 286.0 9.15
42.7-47.3 4.3 1.70 39.0 2.21
RCMAD-67 10.7-18.3 7.6 1.45 66.6 2.31
30.5-33.5 3.0 3.44 15.4 2.64
RCMAD-70 158.5-169.2 10.7 2.82 8.7 2.93
(i) Gold equivalent values - $12/oz Ag & $900/Au or 1 g/t Ag equals
0.013 g/t Au


During the remainder of 2009 Madison plans to focus on aggressively advancing the Lewis Project by completing a 43-101 compliant resource estimate on the Virgin gold zone and completing additional drilling the adjacent subparallel Buena Vista zone.

Several of the other many interesting Lewis property exploration targets, which require further evaluation, include the northerly extension of the Virgin - Hider-White & Shiloh structural zone and the easterly subparallel Plumas-Trinity structural zone, both of which have had local historic high-grade production.

We look forward to continuing our successful exploration of the Lewis Property and building shareholder value with this excellent gold asset.

Yours truly,

MADISON MINERALS INC.

Chet Idziszek, President & Chief Executive Officer

Contact Information