Mega Significantly Expands the Known Mineralization of the North Madsen, Buffalo Extension

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce results for 5 additional diamond drill holes at the North
Madsen Project.

Highlights include 21.0 metres (m) of 4.40 grams per tonne (g/t)
followed by 21.3m of 0.94 g/t and 15.9 m of 1.65 g/t on the Buffalo West
zone.

A summary of the drilling results are listed below.

Note: True Width is approximately 65% 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

Jim Rogers, President and CEO of Mega commented 'In 2010 I shared my
belief that the future of Red Lake will include open pits and a large
central milling facility. Our exploration model and business plan for
the North Madsen Project, which is based on this belief, is consistent
with that of Gold Corp. who during their May 20,2010
Investor Day presentation discussed 'District Optimization? and
confirmed the evaluation of a Red Lake (Balmertown) open pit as a
strategic priority. Mega′s 2011 results and ongoing success at North
Madsen have demonstrated the near surface gold potential of the project,
supports my belief in regard to open pit potential, and raises the
possibility of near term production from a smaller facility located at
the project?.

Mega′s exploration program for the North Madsen project involved a
comprehensive due-diligence study of historical drill core and a
compilation of the technical data available for the Project. Based on
the study Mega initiated a multiphase program focused on: (1) defining
the economic potential and ultimate size of the mineralized systems by
systematic drilling along strike and down plunge; and (2) searching for
new gold zones within the auriferous grantic pluton complex.

Diamond drilling to date in relation to this multiphase exploration
program has outlined a total of 7 mineralized structures that host two
different styles of mineralization. In June 2010 Mega released an NI
43-101 resource on the first of these mineralized structures, the
'Laverty Dyke Zone?. The 2011 program to date has completed over 8800
metres of diamond drilling and has significantly expanded the Buffalo
Extension mineralization both laterally and vertically. Continued
exploration success on the project has indicated that the deposit
remains open in a number of directions, highlighting the potential for
additional resource expansion on 4 of the 7 mineralized structures.

See the plan
and isometric
views at www.megapmi.com/north_madsen_gallery
showing the current and planned drill holes of the Buffalo West
Extension Mineralization.

In 2011, Mega will be completing an updated NI 43-101 resource that will
include the Laverty Dyke Zone and the 6 other mineralized structures
located within the North Madsen Project.

The North Madsen property lies within the Madsen Mine Trend, home to 5
past producing mines. Mega believes that the property is part of a much
larger gold system that encompasses the adjacent Howey, Hasaga and Gold
Shore mines. The Madsen Mine Trend is located in the prolific Red Lake
Gold Camp which has produced more than 25 million ounces of gold to date
and continues to produce approximately 700 thousand ounces of gold per
year from the district's production base at Goldcorp's Red Lake Gold
Mine. When compared to other camps, Red Lake is a young and developing
camp where consolidation and improvements to processing technology and
'Big Picture' economics will improve margins and drive future success

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