Building Shareholder Value Through Exploration Success

Madison Minerals Inc. is a growth-oriented company focused on acquiring, exploring and developing precious metals projects in geological districts with potential for world-class deposits. The company is led by a management team with broad industry experience and expertise and a long and impressive track record of creating shareholder value through major new discoveries and exploration success.

Madison operates and holds a 60% interest in the advanced Lewis Property in Lander County, Nevada, with the remainder held by joint venture partner Great American Minerals. The 5,500-acre Lewis project is strategically located within the Battle Mountain Belt and is directly contiguous with the Phoenix-Fortitude open-pit mine project owned and operated by Newmont Mining. The newly revived and expanded Phoenix-Fortitude mine hosts 8.5 million ounces of gold and 660 million pounds of copper in reserves and is expected to produce between 300,000 and 350,000 ounces of gold annually over at least a 15-year mine life.

Madison and partner Great American Minerals have expanded the initially proposed 22,000-foot drilling program to 50,000 feet in order to test extensions of a structural zone hosting mineralization at the adjacent Phoenix-Fortitude property and a series of associated structural splays from previous drilling program completed by Madison. One of these splays returned 105 feet grading 0.512 oz. gold per ton (17.5 grams gold over 32 metres) from a previous drilling program.

Madison has conducted exploration programs over a number of years that have significantly enhanced the Mt. Kare Property in Papua New Guinea. In late 2005, Buffalo Gold Ltd. entered into an option agreement to acquire the high-grade bulk-tonnage project through staged exploration expenditures and other commitments. Work completed by Madison outline preliminary resources of 1,800,000 ounces of gold.

Mt. Kare is contiguous to the the world-class Porgera gold mine owned and operated by Barrick Gold. Buffalo Gold is presently conducting an infill drilling program aimed at advancing the Mt. Kare gold-silver project to pre-feasibility.

Madison also holds a 31.12% interest in the Belencillo Project in Panama. The large concession lies within the world-class Petaquilla Mineral District, which hosts several advanced large-scale projects, notably the Petaquilla copper deposit and the Molejon gold deposit held by Petaquilla Copper and Petaquilla Minerals, respectively.

About Madison: Corporate Profile

Madison Minerals is managed by experienced industry professionals 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.

The company'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. 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.

Madison is actively exploring the Lewis Property situated in a prolific gold district of Nevada, and has exposure to the Mt. Kare Project in Papua New Guinea, currently being advanced to pre-feasibility by operator Buffalo Gold Ltd. The company also holds a 31.12% interest in the Belencillo project in Panama. The property is situated in the Petaquilla Mineral District, which hosts several large copper and gold deposits.

Madison Minerals will continue to evaluate and possibly acquire additional properties considered prospective for world-class deposits as part of its long-term growth strategy to build shareholder value through discovery and exploration success.