Mr. Jim Rogers reports

MEGA'S ONGOING STEP OUT DRILLING PROGRAM AT THE MONUMENT BAY PROJECT CONTINUES TO CONFIRM THE BROAD AND EXTENSIVE BURN ZONE MINERALIZATION; IDENTIFIES 30 NEW EXPLORATION TARGETS

Mega Precious Metals Inc. has provided an exploration update from the continuing activities at its wholly owned Monument Bay project. These drill holes are part of a continuing exploration program within the Monument Bay camp which commenced in June, 2011, ensuing to the last resource estimate cut-off date of May, 2011, and will continue throughout 2012.

This drilling program is aimed at expanding the current open pit footprint of the mineralization trend both along strike and confirming the higher-grade shoots within these open pit potential areas of the deposit.

Drilling continues to successfully extended the broad Burn zone mineralization by over 200 metres along strike and over 200 metres in depth; the grade and thickness along strike continue to be consistent with previously released results, and the grade is slightly improving at depth where it remains wide open for expansion.

Highlights:

• The combination of narrow high-grade zones and wider low-grade gold mineralization continues to indicate a very broad and extensive gold system making up the Monument Bay camp;
• Over 90 per cent of the current resource is large, well-defined, broad high-grade mineralized zones that are predictable along strike and dip, with each zone containing a well-defined, high-grade plunging core;
  • Strike lengths range from 450 metres to 2,425 metres;
  • Dip lengths range from 212 metres to 925 metres;
  • Widths range from 1.9 metres to 15.9 metres;
• The gold mineralization has been confirmed over a strike length of over 6.5 kilometres, open along strike;
• Results indicate that gold mineralization is associated with induced polarization, magnetic, soil and geochemical anomalies, coupled with some previous diamond drilling; an additional 30 new targets have been identified within a 3.5-kilometre-by-1.5-kilometre area;
• Visible gold continues to be noted in multiple drill holes throughout the 2011 drill program;
• The Burn zone continues to expand with the following:
  • Drill hole TL-11-427 intersected 6.2 grams per tonne gold over 10 metres which includes 28.8 grams per tonne gold over one metre;
  • Drill hole TL-11-429 intersected 8.8 grams per tonne gold over three metres which includes 25.0 grams per tonne gold over one metre;
  • Drill hole TL-11-430 intersected two broad mineralized zones:
    • 1.10 grams per tonne gold over 20 metres;
    • 1.21 grams per tonne gold over 20.5 metres.

Jim Rogers commented: "Drilling results from Monument Bay continue to provide consistently strong results. The very high hit rate of the Burn zone is an excellent indication of the persistent nature of the gold mineralization throughout the Monument Bay gold camp for these results continue to expand the known resource both in size and quality, and demonstrate the open pit potential of the mineralized corridor at our Monument Bay project in a relatively short period of time.

"The continuity of this gold deposit is well established and we are very confident that we will continue to achieve strong results as we further delineate the Monument Bay camp. Our geological team is currently planning the next stage of drilling of approximately 50,000 metres which is aimed to continue delineating mineral resources to form the basis of a mining reserve and a positive preliminary economic study in 2012."

Further nine more holes of the 16,546-metre summer/fall drill program are shown in the attached table.

                                                                                                                                                          
                    MEGA 2011 MONUMENT BAY DRILL RESULTS    
                                                         
Hole No.                  From          To        Intercept        Au grade
                            (m)         (m)              (m)           (g/t)

TL-11-422                 74.0        78.0             4.70            1.99
TL-11-423                102.4       114.0             11.6            1.30
                         256.9       263.9              7.0            4.44
TL-11-424                 92.3        99.3              7.0            2.10
TL-11-425                  Hole abandoned
TL-11-426                230.0       245.0             25.0            0.88
TL-11-427                  233         243             10.0            6.20
incl                       240         241                1           28.77
incl                       242         243                1            8.48
TL-11-428                  No significant values
TL-11-429                  142         145              3.0            8.83
incl                       142         143                1            25.0
TL-11-430                  172       192.0               20            1.10
incl                       187       192.0                5            1.89
                           237       257.5             20.5            1.21
TL-11-431 to TL-11-444     Assays pending

Notes: 
- True width is approximately 75 per cent of intersection width.
- Minimum reported interval of five gram-metres using a variable cut-off 
  grade of 0.4 gram per tonne to 0.2 gram per tonne.

The Monument Bay deposit is being evaluated in an upcoming NI 43-101 update that will be completed for release in the first quarter of 2012 and will be incorporating all additional exploration resources discovered after the May, 2011, cut-off date.

Mega's 2011 exploration success has discovered and converted targets into a resource estimate in less than six months. Over the past 10 months, Mega has completed the following:

• Executed 26,482 metres of definition and step-out drilling;
• Converted over 592,000 ounces into measured and indicated categories;
• Discovered an additional 989,000 inferred ounces;
• Discovery ounce cost equalling $6 per ounce;
• Identified more than 30 new discoveries that are not in current resource estimate;
• Completed initial work for heritage and environmental baseline studies;
• Upgraded camp facilities and installed infrastructure to handle multiphased exploration programs for 2012;
• Mobilized heavy equipment to camp to accelerate exploration development.

      MEGA'S JUNE 27, 2011, MONUMENT BAY MINERAL RESOURCE ESTIMATE
                          
Classification             Tonnes         Gold grade     Contained ounces
                                                (g/t) 

Measured                  221,510              12.48               88,905
Indicated               2,199,100               7.12              503,188
Measure and indicated
subtotal                2,420,610               7.61              592,093
Inferred                6,147,000               6.01            1,187,091

Notes: 
- The estimates are in situ and undiluted, and figures are rounded. 
- The resource model is using a three-gram-per-tonne cut-off.

The Monument Bay deposit is open in all directions and Mega management firmly believes that the company's Monument Bay camp is part of a much larger gold system that encompasses the Twin Lakes/Stull Lake gold-bearing structures.

Glen Kuntz, chief operating officer, is the qualified person for the information contained in this press release and is a qualified person defined by National Instrument 43-101. Mr. Kuntz was senior resource geologist at the Campbell gold mine and global spatial data systems co-ordinator for Placer Dome, vice-president of enterprise mining solutions for Runge Ltd., and most recently, vice-president of global operations for GMC Global.

We seek Safe Harbor.