Mega′s Step out Drilling Program at Monument Bay Project Continues to Extend the Open Pit Potential onto New Ground Drilling 30.0 Metres at 2.20 G/T Au and 26 Metres at 1.56 G/T Au

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce assay results from its next 23 diamond drill holes of a planned 17,000 metre (m) multi phased fall drill program. To date, this step out drill program has successfully extended the open pit potential of the burn zone by extending this zone an additional 200 metres along strike, approximately 20 metres in width and is open both below 125 metres of vertical depth and along strike.

This current drill program has also expanded the open pit potential of the GK, 146 and C zones plus intersected 2 new mineralized structures bringing the total to 21 discrete mineralized zones.

Twenty three holes from the fall drill program are tabled below.


Highlights:

Burn Zone expands with:
- Drill hole TL 11-407 intersecting 1.56 g/t gold over 26.0 m which includes 2.94 g/t gold over 12.0 m

- Drill hole TL 11-409 intersecting 1.73 g/t gold over 19.0 m which includes 16.5 g/t gold over 1.0 m

- Drill hole TL 11-411 intersecting 2.20 g/t gold over 30 m which includes 36.04 g/t gold over 1.0 m

- Drill hole TL 11-417 intersects 2.56 g/t gold over 10.90 m

- Drill hole TL 11-421 intersects 2.11 g/t gold over 17.7 m which includes 52.81 g/t gold over 0.4 m


GK Zone expands with:

- Drill hole TL 11 398 intersecting 1.5 g/t gold over 5.4 m which includes 4.01 g/t gold over 0.90 m


To date, Mega has completed a total of 8,884 metres of this planned 17,000 metre fall drill program that is focused on the western lateral extensions of the burn zone beyond the current resource outline of the June 2011 resource estimate. These initial drill results along with previous exploration drilling indicate that the burn zone may continue for an additional > 600 m in strike length and > 15 m wide with multiple drill holes from this current program intercepting visible gold.

Back in June 2011, using 116,000 m of core, Mega compiled an upgraded resource that added significant ounces to the project. Monument Bay now hosts an estimated 2.4 million measured and indicated tonnes at 7.61 grams gold for 592,000 ounces contained ounces gold, plus 6.2 million inferred tonnes at 6.01 grams gold for a further 1.19 million contained ounces, both using a 3 gram gold cut off.

As such, this step out drill program has been designed to extend known mineralization and upgrade current inferred resources into the measured and indicated categories for incorporation into an updated resource estimate being scheduled for early Q1, 2012.


MEGA 2011

Monument Bay Drill Results

HOLE#   ZONE  FROM (m)  TO (m) INTERCEPT  (m)  Au Grade (g/t)
TL-11-398	GK	162.6	168.0	5.40	1.50
incl	 	162.6	163.5	0.90	4.01
TL-11-399	GK	163.0	175.0	12.00	1.24
Incl	 	172.0	175.0	3.0	2.43
TL-11-400	146	449.0	452.0	3.0	1.49
TL-11-401	GK	233.0	236.0	3.00	1.95
TL-11-402	New zone	207.6	209.0	1.4	2.51
 	New zone	333.8	335.6	1.8	2.70
 	GK	250.0	253.0	3.00	1.36
 	C	287.0	291.0	4.00	2.06
TL-11-403	BURN	205.00	211.0	6.0	1.52
TL-11-404	BURN	149.5	156.5	7.00	0.68
TL-11-405	BURN	81	95	14.00	1.00
TL-11-406	BURN	72	84	12.00	0.89
TL-11-407	BURN	91	117	26	1.56
TL-11-408	BURN	74	81	7	1.94
TL-11-409	BURN	100	119	19	1.73
Incl	 	108	109	1.0	16.47
TL-11-410	BURN	89.00	96.00	7.00	1.56
TL-11-411	BURN	90	120	30	2.20
Incl	 	106	107	1.0	36.04
TL-11-412	BURN	92	119	30.0	1.26
TL-11-413	BURN	91	109	18.0	0.92
TL-11-415	BURN	112	131	18	1.02
TL-11-416	BURN	117	123.7	6.7	0.93
TL-11-417	BURN	95.1	106	10.9	2.59
TL-11-418	BURN	78	85	7	2.02
TL-11-419	BURN	83	92	9	2.49
TL-11-420	BURN	68	78	10	1.45
TL-11-421	BURN	71	88.7	17.7	2.11
incl	 	88.3	88.7	0.4	52.81

Note: True Width is approximately 75% of Intersection Width
Minimum Reported Interval of ≥ 5 gram-metres using a variable cut-off grade of 0.4 g/t to 0.2 g/t
TL – 11-414 waiting for results


Mr. Jim Rogers commented “We are extremely pleased that the ongoing drill results continue to expand the size and quality of the Monument Bay Project Resource. The broad intersections within the burn zone demonstrate the open pit potential which can be very significant to the overall economics of the project. Our exploration focus is to continue to expand and define new resources within the western portion of the main mineralized corridor. Mega’s goal is to quickly outline sufficient resources to model and evaluate the Monument Bay Gold Deposit as a combined underground and large bulk-tonnage open pit mine.”

All of the drilling Mega has completed to date continues to deliver robust widths and grades and significantly expand the mineralization.

The Monument Bay deposit is open in all directions and Mega management firmly believes that their Monument Bay property is part of a much larger gold system that encompasses the Twin Lakes/Stull Lake gold bearing structures.

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



For further information, please contact:

Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive Officer
O: 807-766-3380
TF: 877-592-3380
info@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.