MADISON MINERALS INC

Madison Minerals reported 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.