Mega Files NI 43-101 Technical Report for the Gold Resources at the Monument Bay Project in Manitoba

Mega Precious Metals Inc. (TSX-V:MGP) ('Mega?) announces that,
further to the news release of June 27, 2011, it has filed the National
Instrument 43-101 Technical Report entitled 'Technical Report and
Resource Estimate on the Monument Bay Project, Northern Manitoba' dated
August 10, 2011, on SEDAR at http://www.sedar.com.
The report has also been posted on the Company's website at http://www.megapmi.com.
There is no material differences between the results of the Technical
Report filed today and the disclosure provided in the June 27 news
release.

The construction of the geological and block model was a product of
collaboration between Mega and Wardrop, A Tetra Tech Company (Wardrop).
All data in the resource evaluation were reviewed by Wardrop, with Mr.
Todd McCracken P.Geo. assumes responsibility for the resource estimate
upon which the statements reported herein are based.

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.

The estimates are in-situ and undiluted and figures are rounded

Resource model is using a 3 g/tonne cut off

Mega is aggressively pursuing the NI 43-101 report recommendations below
to rapidly add value to the Monument Bay Project.

PHASE 1MONUMENT BAY RESOURCE EXPANSIONS

Phase 1 is designed to improve the viability of the project. Mega has
undertaken a detailed, focused drill program that will concentrate on
the extending the western portion of the mineralized deposit and further
define the open pit potential of the deposit. This will entail a diamond
drilling program of approximately 15,000 m. This phase of the program
commenced June 2011 and is schedule to run until December 2011.

PHASE 2ENGINEERING DESIGN AND ENVIROMENTAL PERMITTING

Phase 2 of the program will be run concurrently with Phase 1 and will be
completed between

July 1 and December 31, 2011. The objectives of Phase 2 of the program
will be to:

• 
  initiate a detailed mine design (both open pit and underground)
  
• 
  commence the development of a PEA (Preliminary Economic Assessment)
  
• 
  complete ongoing environmental studies.
  

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