Mega Provides Review of 2011 Exploration Results and 2012 Outlook for the Monument Bay Gold Camp

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
provide a review of the 2011 exploration results and the 2012 outlook of
continued exploration plans for the 100% owned, Monument Bay Gold Camp
in North Eastern Manitoba.

As a result of the June 2011 review of all geological data (dating back
to 1990) the upcoming resource estimate will include an enlarged
mineralized footprint of the burn zone. The zone is > 1700 m in strike
and > 390 metres in depth and ranges from approximately 14 ? 95 m in
width. The burn zone continues to be open west along strike and down
dip. See Monument Bay Plan View Map below:

http://www.usetdas.com/pr/mega02022012006.jpg

The current mineralization is now more than 4 km′s in length and open
along strike, down dip and with new mineralized zones parallel to the
current mineralization.

http://www.corebox.net/properties/monument-bay-project

During 2011, Mega drilled > 27,000 metres in 76 holes at the Monument
Bay Gold Camp, mainly in step out drilling and successfully extended the
open pit and high grade mineralization associated with the Burn Zone by
increasing the size of the Burn Zone mineralization by over 300%.

The property hosts multiple high-grade gold mineralized zones within the
Stull Lake greenstone belt which is along strike of the Stull Wunnummin
Fault zone, one of the main controls for mineralization at Goldcorp′s
Musselwhite mine in Northern Ontario.

Highlights from the 2011 and previous drill programs include:

• 
  2011 Burn Zone:
  
  
  • 
    Drill hole TL 11-434 intersecting 1.70 g/t gold over 24.0 m
    
  • 
    Drill hole TL 11-439 intersecting 0.63 g/t gold over 15.50 m and
    0.43 g/t gold over 24.0 m
    
  • 
    Drill hole TL 11-440 intersecting 0.91 g/t gold over 15.0 m
    
• 
  2011 previously released Burn Zone drill intercepts not included in
  the June resource (see section 503200E):
  
  
  • 
    Drill hole TL 11-411 intersecting 2.20 g/t gold over 30.0 m
    
  • 
    Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m
    
  • 
    Drill hole TL 11-421 intersecting 2.60 g/t gold over 19.9 m
    
  • 
    Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m
    
  • 
    Drill hole TL 11-409 intersecting 1.73 g/t gold over 19.0 m
    
  • 
    Drill hole TL 11-417 intersects 2.56 g/t gold over 10.90 m
    
• 
  Previous drilling back to 1990 that will be included in the upcoming
  Q1 2012 resource update include (see section 503400E and 503600E):
  
  
  • 
    Drill hole TL 06-328 intersecting 1.04 g/t gold over 101.0 m
    
  • 
    Drill hole TL 91-60 intersecting 7.63 g/t gold over 48.6 m
    
  • 
    Drill hole TL 90-43 intersecting 0.82 g/t gold over 53.9 m
    
  • 
    Drill hole TL 02-93 intersecting 0.96 g/t gold over 37.0 m
    
  • 
    Drill hole TL 02-88 intersecting 0.86 g/t gold over 62.8 m
    
  • 
    Drill hole TL 02-89 intersecting 0.72 g/t gold over 46.0 m
    

Jim Rogers, CEOcommented, 'Last year, Mega′s exploration and
mine development team successfully expanded the overall footprint of
mineralization. Based on Mega′s compilation of pre-existing regional
geophysical and soil geochemical data, the team has also delivered over
30 new exploration targets. The expanse of these coincident geophysical,
geochemical anomalies and multidirectional structures within our 256 km²
Monument Bay property support the theory of a major gold bearing system
that could become an emerging gold camp in Manitoba. Progress over the
past year since Mega acquired the property is remarkable.

Mega believes that the inclusion of the 2011 drilling and the lowering
of the cutoff grade for the near surface mineralization can add
substantially to the deposit. The new resource is expected to be
completed by March 2012 and will include a large open pit and a more
selective, higher grade under ground gold resource.?

* Drill holes not previously released

Note: True Width is approximately 80% of Intersection Width. Minimum
Reported Interval using a cut-off grade of 0.5 g/t.

Regional Exploration of the Monument Bay Camp:

Mega′s exploration team has also recently encountered two new parallel
mineralized zones that are in the foot wall of the current resources.
The SB zone is located approximately 80 m in the footwall (FW) of the
Burn Zone and is open along strike and dip.

The SB Zone drill results include (See section 503200 E):

• 
  Drill hole TL 11-423 intersecting 4.43 g/t gold over 7.0 m
  
• 
  Drill hole TL 11-404 intersecting 1.84 g/t gold over 1.0 m
  

A further discovery was the early winter surface mapping and rock chip
sampling of the AZ zone located approximately 600 m in the FW of the
Twin Lake Shear zone. This shear structure, located under a coincident
soil geochemical and geophysical anomaly, is mineralized and has very
good potential for additional high grade vein and bulk disseminated gold
mineralization. The current AZ zone outcrops on surface and can
currently be traced for 30 m along strike and is open along strike and
dip. Please see section (504300E and AZ Plan view).

The AZ Zone:

Operational Improvement Efficiencies

In 2011 and 2012, Mega is completing a series of operational
improvements at its Monument Bay Camp.

These include:

• 
  Installed wood and pellet stoves for heating the camp (a savings of
  greater than $20,000 per week)
  
• 
  Installing an onsite geochemical facility, run by Accurassay
  Laboratories
  
• 
  Installing bulk fuel storage
  
• 
  Installed a 5,000 foot airstrip on the ice at Twin Lakes
  
• 
  Established an academic partnership with the University of Manitoba
  
• 
  Current Camp has 3 drills and one backhoe in camp which includes 2
  track based drills capable of drilling all year around
  

Collectively these improvements will continue to reduce our operational
costs by > $100/m drilled and further improve our discovery costs to <
$8/ounce.

2012 Exploration Plans

Mega plans an aggressive 50,000 m surface exploration drill program to
continue to increase our current resource footprint along strike of our
current resource and test over 30 new exploration targets that have been
encountered by previous geochemical sampling with a goal of proving that
multiple parallel gold bearing systems exist on Mega′s 256 km² land
package.

Approximately 70% of this drilling will be directed at step-out and
in-fill holes within and around the Burn Zone with the goal of
continuing to expand the resource.

Additional drilling will test the 30 new targets identified by
geophysical and geochemical soil sampling methods and confirmed by
recent detailed structural/geological mapping conducted on the property.
The combination of this information has highlighted multiple targets
that have similar characteristics to those observed in the current
resource area.

Please click on the following link to view the Monument Bay 'Plan View?
Map: http://www.usetdas.com/pr/mega02022012006.jpg

Please click on the following link to view Monument Bay - Section 503200
E: http://www.usetdas.com/pr/mega02022012001.jpg

Please click on the following link to view Monument Bay - Section 503400
E: http://www.usetdas.com/pr/mega02022012002.jpg

Please click on the following link to view Monument Bay - Section 503600
E: http://www.usetdas.com/pr/mega02022012003.jpg

Please click on the following link to view Monument Bay - AZ Zone -
Section 504300 E: http://www.usetdas.com/pr/mega02022012004.jpg

Please click on the following link to view Monument Bay - AZ Zone - Plan
View: http://www.usetdas.com/pr/mega02022012005.jpg

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