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

Madison Minerals Inc.

November 15, 2006 17:11 ET

Madison Minerals Inc.: Drilling Expands Lewis Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Madison Minerals Inc. (TSX VENTURE:MMR)(OTCBB:MMRSF) -

Highlights

- Newly discovered splay structures within the Virgin Structural Zone shown to host third style of gold mineralization including 6.35 g/t gold over 12.2 metres within 42.6 metres grading 2.62 g/t gold

- Drilling confirms continuity of both steeply oriented and sub-horizontal gold zones

Madison Minerals Inc. is pleased to report results for the initial set of sixteen reverse circulation drill holes from its 2006 drilling program at its Lewis Property in Nevada. Madison, and its joint venture partner, Great American Minerals, Inc., has completed forty-nine drill holes (both in-fill and step-out) totalling 31,690 feet during this most recent exploration program.

Drill results received to date have confirmed a third style of gold mineralization as splay structures associated with the Virgin Structural Zone. Of the current drill results available, holes MAD-43 and MAD-57 have successfully intersected one such mineralized splay, while MAD-45 has intersected a separate, sub-parallel mineralized splay structure 400 feet to the north.

As indicated within the following tables, gold results from the current set of available drill holes (MAD-34 to MAD-46 and MAD-55 to MAD-57) compare favourably with previous drilling results that had partially outlined two distinct mineralization styles within the extensive Virgin Structural Zone: steeply oriented, higher grade mineralization and sub-horizontal, lower-grade mineralization, all hosted by favourable stratigraphy. A third style of mineralization, discovered by recent drilling, is steeply oriented mineralized splays or cross structures that intersect the N-S trending Virgin Structural Zone.

STEEPLY ORIENTED MINERALIZED ZONE



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Hole # Location (N/E) Azimuth/Dip From - To (m) Interval (m) Gold (g/t)
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MAD-36 28750/4650 090/-70 222.5-231.6 9.1 4.88
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MAD-39 28900/4750 090/-70 89.9-96.0 6.1 4.54
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MAD-55 28800/4750 090/-70 161.5-170.7 9.2 2.17
incl.161.5-164.5 3.0 4.94
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MAD-56 28650/4750 090/-70 134.1-135.6 1.5 7.33
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These results compare favourably to previously released results from drill intercepts of this mineralized zone, including:



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Hole # Location (N/E) Azimuth/Dip From - To (m) Interval (m) Gold (g/t)
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MAD-05 29100/4715 090/-75 53.3-85.3 32.0 17.50
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MAD-08 28850/4730 090/-70 106.7-115.8 9.1 7.00
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MAD-17 29150/4700 090/-70 41.1-44.1 3.0 8.20
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MAD-20 29200/4700 090/-85 50.3-57.9 7.6 7.10
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SUB-HORIZONTAL MINERALIZED ZONES



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Hole # Location (N/E) Azimuth/Dip From - To (m) Interval (m) Gold (g/t)
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MAD-40 28950/4800 090/-70 54.9-71.7 16.8 1.13
incl.56.4-59.4 3.0 2.09
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MAD-42 29150/4350 090/-80 129.5-143.2 13.7 1.44
incl.134.1-140.2 6.1 2.39
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These results compare favourably to previously released results from drill intercepts of these mineralized zones, including:



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Hole # Location (N/E) Azimuth/Dip From - To (m) Interval (m) Gold (g/t)
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MAD-06 29050/4720 090/-75 51.8-76.2 24.4 1.35
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MAD-19 29150/4700 090/-80 44.2-70.1 25.9 1.90
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MAD-23 29200/4605 090/-80 115.8-143.3 27.5 1.93
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MAD-28 29050/4710 090/-82 166.1-182.9 16.8 1.28
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NEWLY DISCOVERED SPLAY STRUCTURES ZONES



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Hole # Location (N/E) Azimuth/Dip From - To (m) Interval (m) Gold (g/t)
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MAD-43 29150/4500 045/-70 137.2-179.8 42.6 2.62
incl.138.7-150.9 12.2 6.35
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MAD-45 29500/5000 360/-70 13.7-22.99 9.2 2.51
7.5-102.1 4.6 1.22
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MAD-57 29150/4625 045/-70 121.9-147.8 25.9 1.47
incl.128.0-131.0 3.0 2.37
and 140.2-146.3 6.1 2.07
172.2-175.2 3.0 1.56
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The intervals reported above use a 0.5 g/t gold cut-off and true widths have not been determined.

Madison anticipates that a second set of drill hole results will be available within two to three weeks for all three styles of mineralization at the Lewis Property. Seven of the sixteen holes for which results are presently available did not intersect significant mineralization.

Fieldwork was carried out under the supervision of Gerald McArthur P. Geol., a "qualified person" for the purposes of National Instrument 43-101, who has also verified the data disclosed in this news release. ALS Chemex in Vancouver and TSL Laboratories in Saskatoon, Saskatchewan carried out all assaying.

The Lewis Property is being explored by the Phoenix Joint Venture, comprised of Madison as to a 60% interest and Great American Minerals, Inc. as to a 40% interest. Madison is the operator of the Phoenix Joint Venture.

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

Cautionary note to U.S. investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The company uses certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure contained in the company's Form 20-F Registration Statement, File No. 000-29250. The company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtml. 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 SEC's mining guidelines strictly prohibit information of this type in documents files with the SEC. U.S. investors are cautioned that mineral deposits on adjacent 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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