Mega Precious Metals Reports Consistent Tungsten Credits Significantly Increasing Gold-Equivalent Assay Values at Its Monument Bay Gold Camp

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce further tungsten results from its 2013 exploration and drill
program at its Monument Bay gold deposit, in NE Manitoba.

Mega′s geological framework has verified that all 17 drill holes have
continued to intersect broad intervals of significant Gold and Tungsten
concentrations in the form of a mineral called Scheelite. The current
program has increased the overall gold- equivalent grade by an average
of 32% with smaller intercepts increasing up to 198%. Collectively these
Tungsten results continue to demonstrate the potential for an economic
by-product credit due to the consistent nature of the Gold/Tungsten
association throughout the Twin Lakes Deposit.

HIGHLIGHTS:

• TL 12-484 intersected, 94.0metres at 1.50 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 94.0metres at 1.00 g/t gold
    
  • 40% increase in Gold Equivalent Grade
    
• TL 11-368 intersected, 30.0metres at 0.94 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 30.0metres at 0.69 g/t gold
    
  • 31% increase in Gold Equivalent Grade
    
• TL 11-388 intersected, 33.1metres at 0.86 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 33.1metres at 0.57 g/t gold
    
  • 40% increase in Gold Equivalent Grade
    
• TL 11-390 intersected, 41.0metres at 2.75 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 41.0metres at 2.26 g/t gold
    
  • 20% increase in Gold Equivalent Grade
    
• TL 11-393 intersected, 5.3metres at 2.61 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 5.3metres at 1.99 g/t gold
    
  • 27% increase in Gold Equivalent Grade
    
• TL 11-437 intersected, 12.0metres at 0.99 g/t Gold
  Equivalent
  
  
  • 
    Previous reported intercept was 12.0metres at 0.36 g/t gold
    
  • 95% increase in Gold Equivalent Grade
    

A summary of the 2013 Tungsten (W) assay results and an updated plan
view map are found below with previously released gold grades.

Note:* Gold equivalent grade is calculated by multiplying the
3 year average Tungsten price of $50,300/tonne by the %WO₃
then dividing by the Gold Spot price $50.64/gram ($1575/ounce), then
adding the Gold grade. MZTLD equates to Main Zone Twin Lakes Deposit

Mega′s President & Interim CEO, Glen Kuntz commented 'The Monument Bay
gold deposits are unique assets in terms of size and polymetallic
nature. Recent drilling has indicated elevated, potentially recoverable
tungsten values along with the gold mineralization. This discovery has
exceeded our expectations by enriching the gold-equivalent grades
overall by an average of 30%.

Exploration to date has demonstrated a strong correlation between Gold
and Tungsten. The upcoming 2013 drill program will continue to test the
large scale potential of the 120km gold/tungsten system and potentially
provide strong growth in gold and gold-equivalent resources at our
Monument Bay Gold Camp.

These high grade Gold/Tungsten results are a game changer for Mega; they
have the potential to deliver a significant cost advantage after
by-product credit and clearly underscore the potential of our Monument
Bay Project.?

To determine the association between gold and tungsten, Mega has
completed the following work over the past 18 months:

• 
  Thin section analysis has confirmed tungsten is associated with gold
  mineralization and not in separate discrete veins UOM
  Presentation November 2012
• 
  Thin section analysis has confirmed the tungsten is in its purest end
  state (Scheelite) ITIA
  Newsletter June 2012
• 
  Occurring in its purest form, Scheelite is of high density and can be
  enriched with standard gravitational methods and is amenable to
  flotation circuits ITIA
  Newsletter June 2012

As such, Mega will be conducting metallurgical testing of Tungsten in
2013 to determine the recoverability of the Tungsten component.

Drill core from the Monument Bay Gold Camp will be displayed Sunday,
March 3 and Monday, March 4, 2013 at the PDAC Convention in Toronto,
Investors Exchange Booth 2418A.

As a point of reference, a grade of 0.10% Tungsten equates to 1 kg of
Tungsten per tonne. The current average January spot price of tungsten
is $50.30/kg. Current Tungsten-only mines have resource grades between
0.06% and 1.1% Tungsten with the average being ~0.49% Tungsten http://www.itia.info/minerals-deposits.html

Mega is currently completing both an infill and stepout drill program
and started the second phase of its Gold/Tungsten Old Core Assay Program
(OCAP) program. These programs are focused on expanding the
stockwork-style high grade gold mineralization of the existing Twin
Lakes Deposit, the new Mid-East and AZ satellite deposits and test the
newly found regional exploration gold targets such as the Connector and
Gold Pond zones. All of these mineralized zones occur within 7 kms of
the existing Twin Lakes Gold Deposit.

In addition, Mega has commenced an update of its National Instrument
('NI?) 43-101 Resource Estimate for the Twin Lakes Deposit & Area within
the Monument Bay Gold Camp. During 2012 work completed included 40 new
drill holes (> 12,500 m), over 30 OCAP holes (> 11,568 m) and multiple
kilometers of surface mapping and sampling which will be included in the
updated resource estimate.

Additional Gold and Tungsten results are pending from both the current
2013 drill program and the ongoing OCAP that is expected to add more
resource ounces to the project. We expect these programs to be complete
by the end of April, 2013.

Plan View

Please click on the following link to view the Plan View:

http://www.usetdas.com/maps/mega/megfeb252013001.jpg

Testing Shallow Targets ? More Near Term Potential for Success

Mega will also test targets beyond the existing resource boundary to
establish potential for future resource growth by outlining multiple
gold targets along the 120 kms of prospective mineralized corridors.

The current project is easily accessible by air and the Manitoba
Government continues to initiate the development of infrastructure in
the region, including upgradable power lines, low electricity rates
($0.2-0.4/kWh) and the construction of all season roads within the
region in the next 5 years.

Technical Information

The design of Mega′s drilling programs, Quality Assurance/Quality
Control and interpretation of results is under the control of Mega′s
geological staff including qualified persons employing a QA/QC program
consistent with NI 43?101 and industry best practices. A detailed review
of Mega′s QA/QC procedures is filed in the NI 43-101 report dated March
19, 2012 and on SEDAR.

All drill core is transported by Company personnel from drill site to
our camp for logging, sampling preparation are completed. Sampling
intervals are defined after core logging and determination of scheelite
content by examination under short?wave UV?light. One half of the core
is sent for analysis, while the other half is retained in the core boxes
for future reference. All samples are shipped to Accurassay Laboratories
in Thunder Bay, Ontario and analyzed employing the appropriate gold fire
assaying technique. For QA/QC purposes the Company as well as the lab
submits standards and blanks every 20 samples. Samples are analyzed for
W by XRF and Assay results for tungsten are reported by the laboratory
as W%. WO₃ values are calculated using a conversion factor of
1.2611. BC
Energy & Mines

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. 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, Chief Operating Officer
with Mega Precious Metals.

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.

Glen Kuntz, President and Interim Chief
Executive Officer

O: 807-766-3380

TF: 877-592-3380

info@megapmi.com