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

Madison Minerals Inc.

October 13, 2006 14:45 ET

Madison Closes $5,355,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Further to its news release dated September 13, 2006 Madison Minerals Inc. ("Madison") (TSX VENTURE:MMR)(OTCBB:MMRSF) is pleased to report that it has closed the private placement of 6,300,000 units at a price of $0.85 per unit to generate gross proceeds of $5,355,000.00. The funds will be used primarily for the next phase of work on Madison's Lewis Property, Nevada and for funding working capital. Each unit consists of one share and one half share purchase warrant; every whole warrant entitling the purchase of one additional share of Madison at a price of $1.20 per share until October 11, 2008. Four month following the closing and until the expiry date of the warrants, if the weighted average trading price of Madison's shares exceeds $2.40 for 15 consecutive trading days, Madison may, within 30 days of such 15 consecutive trading day period, provide notice that the warrants will expire 30 days following the provision of such notice.

Bolder Investment Partners, Ltd. assisted Madison in the placement of 1,707,000 units and received a commission of 7% of $1,450,950.00 and a broker's warrant entitling the purchase of up to 170,700 shares on the same terms as the warrants included in the units.

All securities issued pursuant to this placement are subject to a four-month hold period expiring on February 12, 2007.

To find out more about Madison Minerals Inc. (TSX VENTURE:MMR), please visit our website at www.madisonminerals.com.

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

Chet Idziszek, President


The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.

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