Mr. Jim Rogers reports

MEGA PROVIDES REVIEW OF 2011 EXPLORATION RESULTS AND 2012 OUTLOOK FOR THE MONUMENT BAY GOLD CAMP

Mega Precious Metals Inc. is providing a review of the 2011 exploration results and the 2012 outlook of continued exploration plans for the 100-per-cent-owned Monument Bay gold camp in northeastern Manitoba.

As a result of the June, 2011, review of all geological data (dating back to 1990), the coming resource estimate will include an enlarged mineralized footprint of the Burn zone. The zone is more than 1,700 metres in strike and more than 390 metres in depth and ranges from approximately 14 to 95 metres in width. The Burn zone continues to be open west along strike and downdip.

The current mineralization is now more than four kilometres in length and open along strike, downdip and with new mineralized zones parallel to the current mineralization.

During 2011, Mega drilled more than 27,000 metres in 76 holes at the Monument Bay gold camp, mainly in step-out drilling, and extended the open pit and high-grade mineralization associated with the Burn zone by increasing the size of the Burn zone mineralization by over 300 per cent.

The property hosts multiple high-grade gold-mineralized zones within the Stull Lake greenstone belt, which is along strike of the Stull Wunnummin fault zone. It is one of the main controls for mineralization at Goldcorp's Musselwhite mine in Northern Ontario.

Highlights from the 2011 and previous drill programs include:

Year 2011 Burn zone*:

• Drill hole TL 11-434 intersecting 1.70 grams per tonne gold over 24.0 metres;
• Drill hole TL 11-439 intersecting 0.63 g/t gold over 15.50 m and 0.43 g/t gold over 24.0 m;
• Drill hole TL 11-440 intersecting 0.91 g/t gold over 15.0 m.

Year 2011 previously released Burn zone drill intercepts not included in the June resource*:

• Drill hole TL 11-411 intersecting 2.20 grams per tonne gold over 30.0 metres;
• Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m;
• Drill hole TL 11-421 intersecting 2.60 g/t gold over 19.9 m;
• Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m;
• Drill hole TL 11-409 intersecting 1.73 g/t gold over 19.0 m;
• Drill hole TL 11-417 intersecting 2.56 g/t gold over 10.90 m.

Previous drilling back to 1990 that will be included in the coming first quarter 2012 resource update include*:

• Drill hole TL 06-328 intersecting 1.04 grams per tonne gold over 101.0 metres;
• Drill hole TL 91-60 intersecting 7.63 g/t gold over 48.6 m;
• Drill hole TL 90-43 intersecting 0.82 g/t gold over 53.9 m;
• Drill hole TL 02-93 intersecting 0.96 g/t gold over 37.0 m;
• Drill hole TL 02-88 intersecting 0.86 g/t gold over 62.8 m;
• Drill hole TL 02-89 intersecting 0.72 g/t gold over 46.0 m.

Jim Rogers, chief executive officer, commented: "Last year, Mega's exploration and mine development team successfully expanded the overall footprint of mineralization. Based on Mega's compilation of pre-existing regional geophysical and soil geochemical data, the team has also delivered over 30 new exploration targets. The expanse of these coincident geophysical, geochemical anomalies and multidirectional structures within our 256-square-kilometre Monument Bay property support the theory of a major gold-bearing system that could become an emerging gold camp in Manitoba. Progress over the past year since Mega acquired the property is remarkable.

"Mega believes that the inclusion of the 2011 drilling and the lowering of the cut-off grade for the near-surface mineralization can add substantially to the deposit. The new resource is expected to be completed by March, 2012, and will include a large open pit and a more selective, higher-grade underground gold resource."

                      YEAR 2011
             MONUMENT BAY DRILL RESULTS

Hole ID        Zone    From     To Intercept   Au grade
                         (m)    (m)       (m)      (g/t)

TL-11-422      Burn    74.0   78.0      4.70       1.99
TL-11-423      Burn   102.4  114.0      11.6       1.30
               Burn   256.9  263.9       7.0       4.44
TL-11-424      Burn    92.3   99.3       7.0       2.10
TL-11-425      Burn        Hole abandoned
TL-11-426      Burn   230.0  245.0      25.0       0.88
TL-11-427      Burn     233    243      10.0       6.20
Incl                    240    241         1      28.77
Incl                    242    243         1       8.48
TL-11-428                  NSV
TL-11-429      Burn     142    145       3.0       8.83
Incl                    142    143         1       25.0
TL-11-430      Burn     172  192.0        20       1.10
Incl                    187  192.0         5       1.89
                        237  257.5      20.5       1.21
TL-11-431*   Burn 2     110    114         4       1.57
TL-11-432*   Burn 2      88     94         6       1.06
               Burn     144    152         8       0.62
TL-11-433*   Burn 2      65     66         1       2.02
TL-11-434*   Burn 2     128    140        12       1.14
               Burn     165    189        24       1.70
TL-11-435*   Burn 2     117    121         4       2.05
TL-11-436*                 No significant assays
TL-11-437*   Burn 2     222    225         3       1.20
TL-11-438*   Burn 2     251    252         1        1.9
TL-11-439*     Burn     188    194         6       1.23
               Burn     216    221         5       0.52
               Burn     232    256        24       0.43
               Burn     266  281.4      15.5       0.63
               Burn     320    359      39.0       0.55
TL-11-440*     Burn      99    114        15       0.91
TL-11-441-444              Assays pending

True width is approximately 80 per cent of 
intersection width. Minimum reported interval 
using a cut-off grade of 0.5 gram per tonne.

Regional exploration of the Monument Bay camp

Mega's exploration team has also recently encountered two new parallel mineralized zones that are in the footwall of the current resources. The SB zone is located approximately 80 metres in the footwall of the Burn zone and is open along strike and dip.

The SB zone drill results include:

• Drill hole TL 11-423 intersecting 4.43 grams per tonne gold over 7.0 metres*;
• Drill hole TL 11-404 intersecting 1.84 g/t gold over 1.0 m*.

A further discovery was the early winter surface mapping and rock chip sampling of the AZ zone located approximately 600 m in the FW of the Twin Lake shear zone. This shear structure, located under a coincident soil geochemical and geophysical anomaly, is mineralized and has very good potential for additional high-grade-vein and bulk-disseminated gold mineralization. The current AZ zone outcrops on surface and can currently be traced for 30 metres along strike and is open along strike and dip.

                    THE AZ ZONE

                 Type   From     To Intercept    Au grade
Hole/channel              (m)    (m)       (m)       (g/t)

MP-11-001        Grab                               12.97
MP-11 004     Channel      0      2         2        0.97
TL-06-312       Drill   91.8  101.1      9.30        0.46
TL-06-315       Drill  106.8  108.6      1.80        1.30

Operational improvement efficiencies

In 2011 and 2012, Mega is completing a series of operational improvements at its Monument Bay camp.

These include:

• Installed wood and pellet stoves for heating the camp (a savings of greater than $20,000 per week);
• Installing an on-site geochemical facility, run by Accurassay Laboratories;
• Installing bulk fuel storage;
• Installed a 5,000-foot airstrip on the ice at Twin Lakes;
• Established an academic partnership with the University of Manitoba;
• Current camp has three drills and one backhoe in camp, which includes two track-based drills capable of drilling year-round.

Collectively, these improvements will continue to reduce the company's operational costs by more than $100 per metre drilled and improve further the company's discovery costs to more than $8 per ounce.

Year 2012 exploration plans

Mega plans an aggressive 50,000-metre surface exploration drill program to continue to increase the company's current resource footprint along strike of its current resource and test over 30 new exploration targets that have been encountered by previous geochemical sampling with a goal of proving that multiple parallel gold-bearing systems exist on Mega's 256-square-kilometre land package.

Approximately 70 per cent of this drilling will be directed at step-out and infill holes within and around the Burn zone with the goal of continuing to expand the resource.

Additional drilling will test the 30 new targets identified by geophysical and geochemical soil-sampling methods and confirmed by recent detailed structural/geological mapping conducted on the property. The combination of this information has highlighted multiple targets that have similar characteristics to those observed in the current resource area.

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.

* Drill holes not previously released.

We seek Safe Harbor.