Mega Confirms Large - Scale Gold Resource; 1.05M Measured and Indicated at a Grade of 2.5 G/T and 1.73M Inferred Ounces at a Grade of 3.78 G/T for the Monument Bay Gold Camp

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is very pleased to
announce that an updated National Instrument (NI) 43-101 compliant
mineral resource estimate has been completed by Wardrop, a Tetra Tech
Company ('Tetra Tech?) for its 100%-owned Monument Bay Project, located
in North Eastern Manitoba.

Monument Bay Project - Measured, Indicated & Inferred Mineral
Resources

Note: due to rounding, some totals may not appear to total properly

• Current resource calculation used USD $1271/Troy ounce
• Mineral resources which are not mineral reserves do not have
  demonstrated economic viability. The estimate of mineral resources may
  be materially affected by environmental, permitting, legal, title,
  socio-political, marketing, or other relevant issues.

Sensitivity Analysis

Tables 3 and 4 below, present the tonnes and grades from the block model
used for the Mineral Resource estimate at a range of cut-off grades in
order to demonstrate the sensitivity of the estimates. The analysis
indicates the robust nature of the overall resource and potential to
optimize the grade and maximize margins.

Table 3: Sensitivity of the 'Potential Open Pit? Resource Estimates
at Various Cutoff Grades

Table 4: Sensitivity of the Potential Underground Resource Estimates
at Various Cutoff Grades

* Cut-off off used for February 22, 2012 resource estimate

The cut-off value of 0.40 g/t Au for 'potential open pit? and 2.20 g/t
Au for deeper, potential underground mineralization, was derived using
the parameters listed in Table 2 below. If we use a gold price of $1700
our cut-off value for the potential open pit would decrease to 0.2 Au
g/t and the potential underground would reduce to a 1.0 Au g/t cut-off.
This would translate into a resource of 1.37 million Measured and
Indicated Au ounces and the Inferred would increase to 2.89 million Au
ounces.

Table 2: Parameters

Highlights of the updated mineral resource estimate by Tetra Tech
include:

• 1.05M Measured and Indicated at a grade of 2.5 g/t and 1.73M
  Inferred ounces at a grade of 3.78 g/t;
• 
  Since January 2011, Mega has substantially increased the overall
  resource;
• 
  All final data available as of December 20, 2011 was used in
  completing the estimate which includes all updated resources from the
  previous estimate issued June 2011;
  
• 30 additional gold anomalies outside this current resourceare
  being explored in 2012; and
  
• All of the 18 mineralized zones outlined in this updated
  resource model remain open for expansion and are the subject of an
  ongoing drill program in 2012.
  

Mega President & CEO, Jim Rogers states 'This robust mineral resource
estimate at Monument Bay is the result of a great team effort and over
12 months of very aggressive exploration. With just over 1 million
ounces in Measured and Indicated categories and 1.7 million ounces in
the inferred category, we have established a very solid base in line
with our goal of developing a significant deposit that is capable of
mid-tier gold production. Completing the updated resource for Monument
Bay is a very important step for our company. As more work has been
completed our understanding of the Monument Bay deposit has greatly
increased from the time of the previous resource estimate. This new
resource has been calculated based on our reinterpretation of drill
results, increased knowledge gained as a result of focused surface
exploration and from the results of additional infill and step out
drilling of the deposit. We are making significant investments in camp
infrastructure and diamond drilling in 2012 in order to continue to
convert resources. With 3 drills currently active on the property and
multiple zones open for expansion, Mega will continue to deliver
considerable upside in this resource.?

In 2012, more than 50,000 metres of drilling is planned to continue to
expand and upgrade the current resources and to focus on the 30
additional gold anomaly targets that have not been included in this
current resource estimate.

This updated NI 43-101 report will support the delivery of a preliminary
economic assessment (PEA) that will further evaluate the potential for a
future mining operation to be established at the Monument Bay Gold Camp.
Based on these robust margins Mega is currently reviewing the delivery
date of a completed PEA in 2012.

Resource Statement

The mineral resource estimates in this press release use the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared by
CIM Standing Committee on Reserve Definitions and adopted by CIM Council
on November 27, 2010. The mineral resource estimates provided in this
report are classified as 'measured?, 'indicated?, or 'inferred? as
defined by CIM.

According to the CIM definitions, a Mineral Resource must be potentially
economic in that it must be 'in such form and quantity and of such grade
or quality that it has reasonable prospects for economic extraction?.

For the Monument Bay deposit, a gold cut-off grade was assigned based on
economic assumptions and was used in the resource estimations. Table 2
above shows the economic parameters used in the gold cut-off grade
calculation.

At a gold price of USD$1271.00/Troy ounce, the estimated costs for the
Monument Bay Deposit, mined as an open pit, are equal to $21.47/t milled
which works out to an estimated gold cut-off of 0.40 g/t.

At a gold price of USD$1271.00/Troy ounce, the estimated costs for the
Monument Bay Deposit, mined as an underground, equal to $78.54/t milled
which works out to an estimated gold cut-off of 2.20 g/t.

Resources reported in this press release use a cut off of .40 g/t for a
potential open and a gold cut-off of 2.20 g/t for potential underground.

The mineral resources were estimated using a block model with parent
blocks of 10 X 5 X 5 and using ordinary Kriging methods for grade
estimation. A total of 18 individual mineralized domains were identified
and estimated using an average top cut of 88 g/t Au.

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 the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council November 27, 2010.

The geological model and corresponding sections and plans were generated
by Mega personnel and then audited by Tetra Tech. 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 greater than 900 metres and over a
strike length of more than 2000 metres. Tetra Tech 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.

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

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 Tetra Tech, was based on
more than 128,000 metres of diamond drilling in 444 diamond drill holes
carried out between Q4-1990 and December 15, 2011. The assay data was
reviewed and a composite interval of 1.0 metres was used. Statistical
and Variogram analysis was performed to determine the 'nugget effect?
and a parent block size of (10X5X5 m) was carried out.

Monument Bay Gold Project Technical Presentation

Mega Precious Metals Inc. will be delivering a Technical Presentation
for the updated resource to all interested parties February 22, 2012 at
4:30pm (doors open at 4:00pm) at the Toronto Board of Trade, Room A,
located at First Canadian Place, 77 Adelaide Street in Toronto, Ontario.
RSVP′s not required.

Further to this, parties unable to attend the Technical Presentation are
invited to participate in a question and answer teleconference call with
Jim Rogers, President & CEO along with Glen Kuntz, COO on February 23,
2012 at 9:00am EST. Participants can dial in to 1-866-384-4004 and enter
participant code 5478706.

Qualified Person Comments/Quality Control Procedures

This press release has been prepared and revised by Glen Kunz P. Geo.,
Chief Operating Officer (COO), Mr. Todd McCracken P.Geo. of Tetra Tech
and Daniel Gagnon P.Eng of Tetra Tech all of which 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