CORRECTING and REPLACING Mega Announces Upgrade and 47% Increase of Gold Resource at the Monument Bay Project in Manitoba

Please replace the release with the following corrected version due to
multiple revisions.

The corrected release reads:

MEGA ANNOUNCES UPGRADE AND 47% INCREASE OF GOLD RESOURCE AT THE
MONUMENT BAY PROJECT IN MANITOBA

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
present an updated calculation of mineral resources at the Monument Bay
Project, North Eastern Manitoba. Recent Surface diamond drilling
targeted potential extensions of gold bearing mineralization similar to
those that were outlined during historical drilling campaigns. The goal
of this drilling was to upgrade portions some of the inferred resources
to the measured and indicated resource categories and add additional
mineralized zones.

Following a comprehensive due-diligence study of the historical drill
core and a compilation of all technical data available which includes
the results of the winter drill campaign, the Monument Bay deposit is
now estimated to contain: NI 43-101 compliant Measured Resource of
221,510 tonnes grading 12.48 g/tonne, plus an Indicated Resource of
2,199,100 tonnes grading 7.12 g/tonne plus Inferred Resources of
6,147,000 tonnes grading 6.01 g/tonne using a 3.0 g/tonne cut off grade.

This upgrade equates to a 47% increase of gold in all categories
compared to the previously reported Inferred Resource of 6,300,000
tonnes grading 5.98 g/tonne at a 3 g/tonne cut off grade which equates
to 1,294,999 contained ounces (click
here to view the Preliminary Economic Study filed in February 1, 2009).

Mr. Rogers commented: 'We are very pleased that the results of the
updated resource modeling has extended known zones, upgraded the
resource quality, discovered new zones and increased the quantity of
gold resources at the Monument Bay Project. We have extended the known
mineralization to depth and added greater than 350 metres along strike
of the previously known mineralization.We intend to continue to
test the deposit along strike and down dip for additional resource
expansion potential during the 2011 summer / fall exploration program.Another positive result of the detailed modeling is that in addition
to underground resources there are also multiple opportunities to
outline near surface open pittable resources.Mega continues on
track to advance the project towards underground (UG) development in
2012 with the goal to achieve positive cash flow by 2014.?

Mineral Resources

Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues. The quantity and
grade of reported inferred resources in this estimation are uncertain in
nature and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource and it
is uncertain if further exploration will result in upgrading them to an
indicated or measured mineral resource category. The mineral resources
in this press release were estimated using CIM Standards.

Resource Calculation Methodology

The construction of the geological and block model was a product of
collaboration between Mega and Wardrop, A Tetra Tech Company (Wardrop).
Mega personnel included Glen Kuntz P.Geo, Chief Operating Officer, Sean
Butler P.Geo., Senior Project Geologist and Daana Magi Senior Project
Geologist. All data in the resource evaluation were reviewed by Wardrop,
with Mr. Todd McCracken P.Geo. assuming responsibility for the resource
estimate upon which the statements reported herein are based.

Mineral Resource calculation

The geological model and corresponding sections and plans were generated
by Mega personnel and then audited by Wardrop. Sections were selected at
a tight spacing of 25 metres through the mineralized system and were
based on all available geological and assay information. They show that
major rock types and corresponding mineralized structures can be
correlated on section to depths of >900 metres and over a strike length
of > 2000 metres. Wardrop reviewed selected drill core from the
mineralized system, reviewed geological logging and sampling protocols
used by project staff and agrees with the geological interpretation
derived from the combination of the historical and current geological
interpretation. Mega prepared >1g/t assay composites tables in Gemcom
Software Version 6.3 to allow inspection of the distribution of
significant gold mineralized intervals excluding a large number (>2000)
lower grade intercepts (<1 g/t gold).

The QAQC protocols and corresponding sample preparation and shipment
procedures for the Monument Bay Project have been reviewed and approved
by Wardrop.

The resource estimate was based on geological data provided by
representatives from Mega Precious Metals and the most recent 2011
drilling analytical analysis was provided by Accurassay Labs. The update
incorporates drilling conducted from surface during the first 4 months
of 2011 consisting of 18 holes for a total of 8,845m.

The determination technique of the mineral resource is based on the
combination of geological modeling, geostatistics and conventional block
modeling using the ordinary kriging method of grade interpolation. The
block model resource estimate prepared by the Wardrop, was based on
115,897 metres of diamond drilling in 438 diamond drill holes carried
out between Q4-1990 and April 30 2011. The assay data was reviewed and a
composite interval of 0.5 metres was used. Statistical and Variogram
analysis was performed to determine the 'nugget effect? and a parent
block size of (10X1X10 m) was carried out.

The search ellipse parameters are the following:

The present geological interpretation of gold mineralization in the Twin
Lakes area recognizes 18 discrete mineralized zones that have an
orientation of 100 azimuth and dip to the northeast at about 70 º. The
veins are distributed over an east-west distance of > 5 KM.

The variogram results are generally consistent with the geological model
used in the ordinary kriged estimation method having two axes that
approximate the observed geological and mineralized trend of the
mineralized structures and support the observed plunge of the second
axis in the geological model to the east at about (30-40 degrees). These
shoots range from 300 to > 600 metres in length.

The estimation method involved a three pass search method, with each
pass increasing the search parameters by a factor of two followed by a
factor of eight and is consistent with standard block model methodology
for measured, indicated and inferred mineral resources. A minimum of two
samples and maximum of ten samples with no more than four samples from a
single borehole were selected as requirements for populating each block.

The block model was constrained utilizing surfaces for the following:

• 
  The river and lake bottom;
  
• 
  The overburden boundary
  
• 
  The mineralized zones and geological model
  
• 
  The claim boundary
  

Qualified Person Comments/Quality Control Procedures

This press release has been prepared and revised by Glen Kunz P. Geo.,
Chief Operating Officer (COO) and Mr. Todd McCracken P.Geo. of Wardrop,
a Tetra Tech Company both of whom are Qualified Persons under the NI
43-101 guidelines. The resource estimate has been prepared in compliance
with National Instrument 43-101 and form NI 43-101F1, which requires
that the estimate be prepared in accordance with the 'CIM Definition
Standards on Mineral Resources and Mineral Reserves as prepared by the
CIM Standing Committee on Reserve Definitions and as adopted by CIM
Council, December 11, 2005.

Glen Kuntz, Chief Operating Officer (COO), is the Qualified Person for
the information contained in this press release and is a Qualified
Person defined by National Instrument 43-101. Glen was Sr. Resource
Geologist at the Campbell Gold Mine and Global Spatial Data Systems
Coordinator for Placer Dome, Vice President Enterprise Mining Solutions
for Runge Ltd., and most recently, Vice President Global Operations for
GMC Global.

Mega Precious Metals Inc. is a well financed Canadian-based
mineral exploration company with several projects in Northwestern
Ontario, Manitoba and Nunavut. The Company is committed to an
accelerated growth strategy and is backed by a team of experienced
mining experts and a strong financial position. The Company is poised
for rapid expansion through quick response to new opportunities and
changes in the market. Mega′s common shares trade on the TSX Venture
Exchange under the symbol MGP.

For further information and presentation material, please review the
Mega website at www.megapmi.com

Forward-looking Statements

Certain statements in this press release relating to the Company′s
exploration activities, project expenditures and business plans are
'forward-looking statements' within the meaning of securities
legislation.The Company does not intend, and does not assume any
obligation, to update these forward-looking statements.These
forward-looking statements represent management′s best judgment based on
current facts and assumptions that management considers reasonable. The
Company makes no representation that reasonable business people in
possession of the same information would reach the same conclusions.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements.In particular,
fluctuations in the price of gold or in currency markets could prevent
the Company from achieving its targets.Readers should not place
undue reliance on forward-looking statements. More information about
risks and uncertainties affecting the Company and its business is
available in Mega Precious Metal′s filings which are posted on sedar at www.sedar.com.

There is no guarantee that drill results reported in this news
release will lead to the identification of a deposit that can be mined
economically, and further work is required to identify a reserve or
resource.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Mega Precious Metals Inc.

Jim Rogers, President and Chief Executive
Officer

O: 807-766-3380

TF: 877-592-3380

info@megapmi.com