Mega Precious Metals Inc. Announces Grant of Options

Mega Precious Metals Inc. (MGP:TSX-V) (the 'Company?) announces
that a total of 1,900,000 options to purchase common shares of the
Company have been granted to directors, officers, employees and
consultants at an exercise price of $0.27 per share, expiring on June
26, 2017. The grant is subject to regulatory approval.

Mega is also pleased to announce that at the Annual and Special Meeting
held June 26, 2012, Mario Stifano was appointed as Chairman of the Board
and Lance Dyll joined Mega as Chief Financial Officer, replacing Steve
Filipovic. Ewan Downie will remain on the board as a director continuing
to work closely with fellow directors Mario Stifano, Abraham Drost,
Michael Sweatman and Richard Patricio and Mega′s senior management team.

Mega would like to thank Steve Filipovic for his contributions to the
company and wishes him the best in his future endeavours.

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