Mega Completes Phase 1 Drilling of the North Madsen, Buffalo Extension

Mega Precious Metals Inc. (TSX-V:MGP) ('Mega?) is pleased to
announce results for 8 more diamond drill holes from the summer drill
program at the North Madsen Project. The 2011 program to date has
completed over 8800 metres of diamond drilling on the North Madsen
property and Mega continues to work on further defining the Buffalo West
Extension. Recent results have significantly expanded the Buffalo
Extension mineralization both laterally and vertically.

A summary of the current drill results are listed below. Some of the
highlights include 12.0 metres (m) of 7.25 grams per tonne (g/t)
including 4.8m of 16.85 g/t followed by 19.5m of 1.35 g/t on the Buffalo
West zone.

Previously reported drill results are listed below.

Mega′s disciplined and proven exploration model continues to focus 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 . See isometric view and drill plan of the Buffalo West
Extension Mineralization at www.megapmi.com/north_madsen_gallery.

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

Mr. Jim Rogers commented 'Were pleased with the result of this ongoing
work program, the exploration upside continues. The drilling indicates
that extensions to mineralization remain consistent with previously
delineated mineralization of the deposit. Furthermore, the deposit
currently remains open in a number of directions, including the
potential for additional resource expansion on 4 of the 7 mineralized
structures. In addition to the expanded resources, we anticipate ongoing
announcements on additional project development milestones once we
finalize an updated NI 43-101 report for the property.?

Mega management believe that their Laverty and East My-Ritt properties
are all part of a much larger gold system that encompasses the adjacent
Howey, Hasaga and Gold Shore mines which historically produced
approximately 640,000 ounces of gold. Mega has an option to acquire a
100% interest in both Laverty and East My-Ritt properties.

The prolific Red Lake camp has produced more than 25 million ounces of
gold and production of about 700,000 ounces of gold per year continue as
the district's production base from Goldcorp's Red Lake Gold Mines. When
compared to other camps, Red Lake is still a young and developing camp
where consolidation, mechanization, 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