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

Madison Minerals Inc.

May 01, 2007 09:02 ET

Madison Minerals Inc.: Buffalo Gold Reports Additional Gold Intersections at Mt. Kare

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Madison Minerals Inc. (TSX VENTURE:MMR)(OTCBB:MMRSF) is pleased to report that it has been advised by Buffalo Gold Ltd. ("Buffalo") of additional drilling results from Buffalo's 2007 exploration program on Madison's Mt. Kare Property in Papua New Guinea. In a release issued today, Buffalo reported:

Assay results from its drill program at the Mt. Kare gold project, including:

- 22.5 metres of 3.34 g/t gold in hole MK07-92, including 13.9 metres of 4.95 g/t gold

- 27.5 metres of 5.40 g/t gold in hole MK07-97, including 11.0 metres of 12.73 g/t gold

- 6.0 metres of 55.95 g/t gold in hole MK07-103, including 1.5 metres of 222 g/t gold

So far this year Buffalo has drilled 4711 metres in nineteen holes, as part of the $11.4 million on-going exploration program at Mt. Kare to test objectives both in the vicinity of known mineralization and at existing targets. Significant results received to date are summarized below in Table 1.

Hole MK07-90 targeted an untested area of the Southern Western Roscoelite Zone (SWRZ) and intersected 1.59 g/t gold reported over 74 metres including 28 metres of 2.53 g/t gold starting at a depth of 88 metres. On the eastern flank of the SWRZ, holes MK07-91 and MK07-97 encountered mainly patchy mineralization near surface but significant intersections of gold occurred at depth, most notably 27.5 metres of 5.40 g/t gold including 11 metres of 12.73 g/t gold, starting at 219 metres depth. MK07-96 also tested the eastern flank of the SWRZ and intersected significant mineralization below 123 metres, including 33.0 metres of 1.76 g/t gold. This hole was abandoned at 208 metres due to problems with the drill. Hole MK07-99 was an infill hole drilled in the southern portion of the SWRZ. Mineralization was encountered in this hole, including 17.2 metres of 0.95 g/t gold.

MK06-92 is an infill hole in the southern Central Zone that intersected 22.5 metres of 3.34 g/t gold at a starting depth of just over 200 metres. The hole was stopped prematurely due to problems with the drill rig. MK07-95 lies to the east and was drilled to test the eastern extension of historical hole MK00-239.

Additional infill drilling in the Northern Western Roscoelite Zone (NWRZ) included holes MK07-93, aimed at the down-dip extension of the NWRZ, and MK07-94 that intersected 53.9 metres of 1.20 g/t gold at a shallow depth of 54 metres. The eastern extension of the NWRZ was tested in hole MK07-98, down-dip from MK06-73. Mineralization was encountered at depth, including 17 metres of 1.19 g/t gold at 237 metres. Hole MK07-100 was drilled to test for a possible northern extension of the NWRZ at depth but no significant intersections were returned.

A possible down-plunge extension of the Black Zone towards the C9 Zone was tested in hole MK07-101. Below 170 metres the hole intersected a sequence of strongly mineralized zones of brecciated intrusive and sandstone hosted semi massive to massive pyrite veining/disseminations, rare chalcopyrite-sphalerite-galena and antimony sulphide veins and fractures. Analysis of the hole returned 81 metres of 1.26 g/t gold and 4.68 g/t silver including 10 metres of 4.85 g/t gold and 21.12 g/t silver. Hole MK07-102 was testing the same area and encountered very high grade gold at approximately 100 metres depth, returning a 6 metre intersection of 55.95 g/t gold and 105.68 g/t silver, including 1.5 metres of 222.0 g/t gold and 385 g/t silver.



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Table 1. Summary of Mt. Kare Drill Hole Intersections
Received from January12(th) 2007 to April 18(th) 2007
-------------------------------------------------------------
Drill Hole No. From To Intercept Gold Silver
(m) (m) (m) (g/t) (g/t)
-------------------------------------------------------------
MK07-90 88.0 162.0 74.0 1.59 11.52
Including 88.0 116.0 28.0 2.53 15.58
-------------------------------------------------------------
MK07-91 1.7 5.0 3.3 2.41 13.87
278.0 283.0 5.0 5.40 138.08
-------------------------------------------------------------
MK07-92 205.4 227.9 22.5 3.34 5.06
Including 214.0 227.9 13.9 4.95 6.83
-------------------------------------------------------------
MK07-93 190.0 204.0 14.0 0.71 4.26
-------------------------------------------------------------
MK07-94 54.3 108.1 53.8 1.20 39.25
Including 65.1 73.5 8.4 4.44 32.66
-------------------------------------------------------------
MK07-95 145.0 153.0 8.0 0.69 17.60
-------------------------------------------------------------
MK07-96 128.0 161.0 33.0 1.76 10.31
Including 130.0 136.0 6.0 3.35 10.87
-------------------------------------------------------------
MK07-97 22.0 28.0 6.0 2.06 15.63
130.0 133.0 3.0 2.82 40.80
219.0 246.5 27.5 5.40 31.59
225.0 236.0 11.0 12.73 72.42
Including 228.7 231.7 3.0 43.78 56.17
-------------------------------------------------------------
MK07-98 237.0 254.0 17.0 1.19 4.79
Including 245.0 254.0 9.0 1.46 4.28
-------------------------------------------------------------
MK07-99 143.0 144.0 1.0 5.63 64.90
170.8 188.0 17.2 0.95 13.43
Including 177.0 181.0 4.0 2.29 35.08
-------------------------------------------------------------
MK07-100 No significant intersections
-------------------------------------------------------------
MK07-101 165.0 246.0 81.0 1.26 4.68
Including 219.0 244.0 25.0 2.37 9.46
Including 234.0 244.0 10.0 4.85 21.12
-------------------------------------------------------------
99.5 105.5 6.0 55.95 105.68
MK07-102
102.5 104.0 1.5 222.0 385.0
-------------------------------------------------------------
MK07-103 No significant intersections
-------------------------------------------------------------


All samples were analysed for gold by PT Intertek Utama Services in Jakarta, part of an internationally recognized lab testing group with ISO 17025 accreditation at the Jakarta facility. Samples were analysed using a 50g fire assay with AA finish for gold and an aqua regia digestion, ICP-OES finish for silver.

"We continue to be encouraged by the results at Mt. Kare," commented Buffalo Chairman and CEO Damien Reynolds. "Based on results of our recent aeromagnetic survey and drilling we have applied for additional exploration licenses in the area."

Mr. Brian McEwen, P.Geol., President and COO of Buffalo, is the qualified person for the Mt. Kare project and has approved the contents of this news release.

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

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

Chet Idziszek, President

Cautionary note to U.S. Investors - this news release contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the S.E.C.'s mining guidelines strictly prohibit information of this type in documents filed with the S.E.C. U.S. Investors are cautioned that mineral deposits on adjacect properties are not indicative of mineral deposits on our properties.

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

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