Mega Closes Its Acquistion of the Headway Property in Red Lake, Ontario

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce that it has made the final option payment to complete the
acquisition of a 100% interest in the Headway property in Red Lake,
Ontario, which consisted of the issue of 3,600,000 common shares to
Kings Bay Gold Corporation and 400,000 common shares to Palomino Mining
and Exploration Ltd for the Headway Property. The 4,000,000 common
shares issued by Mega are subject to a four month hold period under
Canadian securities laws which expires on March 23, 2013.

The Headway property is located along the Red Lake mine trend, adjacent
to Hwy 105 and just South of Goldcorp's high grade Red Lake and Campbell
mines that are located in Balmertown, Ontario. The property consists of
six (6) patented claims and one (1) unpatented claim totaling
approximately 320 acres. The definitive agreement to acquire the 100%
interest in the Headway Property was first announced October 5, 2009: http://www.megapmi.com/2009-releases/content/2009-releases/article/nr_5-10-2009_headway_da.

Glen Kuntz President and Interim Chief Executive Officer stated: 'We are
pleased to complete the acquisition of a 100% interest in the Headway
Gold project; we believe the property will prove to be an important and
valuable asset in our holdings?.

Since October 5, 2009, the company has drilled 3 deep holes that have
tested a geological model to a depth of 2,601 m. Hole MH1103 is
currently at 2,543 m and is located in the Balmer Assemblage that is the
known host rock for the gold deposits that are being mined by Goldcorp′s
Red Lake Mine.

Based upon the current drill locations, Mega has increased the potential
mineralized footprint and in the process has acquired much needed
geological/geotechnical information that is essential to future drilling
which will continue to test for zones similar to Goldcorp′s High Grade
Zone mineralization.

The Company is currently evaluating its options on how best to continue
exploring the property′s potential during 2013.

Please click on the following link to view a plan view at 2300 m showing
location of MH 1103 in relation to the High Grade target area:

http://www.usetdas.com/maps/mega/meganov29002.gif

The Company believes that an opportunity exists on the Headway claims to
encounter high grade mineralization.

Glen Kuntz, President and Interim Chief Executive Officer (CEO), is the
Qualified Person for the information contained in this press release and
is a Qualified Person defined by National Instrument 43-101.

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

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.

Forward-looking Information

This news release includes certain information that may constitute
'forward-looking information' under applicable Canadian securities
legislation. Forward-looking information includes, but is not limited
to, statements about the magnitude or quality of mineral deposits,
anticipated advancement of mineral properties or programs, future
operations, results of exploration, prospects, commodity and precious
metals prices, future work programs, anticipated financial and
operational results, capital expenditures and objectives.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are subject
to known and unknown risks, uncertainties, and other factors which may
cause the actual results and future events to differ materially from
those expressed or implied by such forward-looking information,
including the risks identified in the Corporation's disclosure documents
which are available on SEDAR at www.sedar.com.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is given as
of the date hereof and is based upon the opinions and estimates of
management and information available to management as at the date
hereof. The Corporation disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.

Mega Precious Metals Inc.

Glen Kuntz, 807-766-3380

President
and Interim Chief Executive Officer

TF: 877-592-3380

info@megapmi.com