MEGA’S WINTER STEP OUT DRILL PROGRAM AT THE MONUMENT BAY GOLD CAMP EXPANDS OPEN PIT POTENTIAL

• DISCOVERS KEY GOLD MINERALIZATION CONTROLS AND OUTLINES A SATELLITE GOLD DEPOSIT WITHIN 2.2 KM OF THE CURRENT RESOURCE

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce initial step out drilling results from 30 core holes totaling 9,162 m.

This program successfully expanded the current foot print of the near surface open pit mineralization (previously announced Feb 22, 2012) and added a new satellite gold deposit, the Mid East Zone (Figure 1), within its 292 km² land package at the Monument Bay Gold Camp.

HIGHLIGHTS:

Burn Zone – Open Pit Expansion Drilling (Figure 2 and 3)

• TL 12-446 intersected 34.0 metres at 1.08 g/t gold and 17.0 metres at 0.96 g/t gold
• TL 12-448 intersected 94.0 metres at 0.98 g/t gold and 45.0 metres at 0.90 g/t gold
• TL 12-454 intersected 26.0 metres at 1.60 g/t gold
• TL 12-473 intersected 131.0 metres at 0.80 g/t gold
• TL 12-475 intersected 64.0 metres at 1.59 g/t gold
• TL 12-484 intersected 94.0 metres at 1.00 g/t gold

A, B, GK and C Zones – Open Pit Expansion Drilling (Figure 2)

• TL 12-478 intersected:
  • A Zone 7.0 metres at 1.03 g/t gold
  • B Zone 5.9 metres at 2.19 g/t gold
• TL 12-481 intersected:
  • A Zone 11.1 metres at 2.13 g/t gold
  • B Zone 7.0 metres at 0.52 g/t gold
  • C Zone 11.5 metres at 0.50 g/t gold
• TL 12-485 intersected:
  • GK Zone 42.0 metres at 0.37 g/t gold
  • C Zone 63.0 metres at 0.52 g/t gold

Mid East Zone – Open Pit Satellite Resource (Figure 4 and 5)

• TL 12-468 intersected 6.0 metres at 1.70 g/t gold
• TL 12-471 intersected 9.0 metres at 0.73 g/t gold
• TL 12-476 intersected 10.0 metres at 0.54 g/t gold

The significant assay results from the recent phase of drilling are listed in Table 1, on the corresponding plans/sections accompanying this news release and are also available on Mega’s website at www.megapmi.com.

With over 25 near surface targets outlined, Mega’s field team is currently working on the conversion of these targets as they will substantially increase the overall inventory, targeting near surface open pit bulk tonnage mineralization and potentially provide a longer mine life.

Many of the largest Archean gold camps (greater than 10 M ounces) have strong proximal correlations between Tungsten and Gold mineralization. All of the current mineralization in the open pit resource has a strong proximal correlation between Tungsten (Scheelite) and Gold mineralization. High grade gold mineralization is less than 10 metres away from tungsten anomalies found in drill core. As such, the samples are reviewed under UV lights to highlight the Scheelite which is providing a low cost field analytic tool that is a cost reduction in terms of analytical turnaround times and associated costs (Figure 6).

The satellite gold mineralization is also enriched with Scheelite and is composed of 3 distinct parallel mineralized structures that have a minimum strike length of 700 m with the potential for expansion in several directions. Exploration target areas 1 and 2 (Figure 7 and 8) are of particular interest, for they are directly west of the known gold mineralization with enriched tungsten (32.6 g/t/1.0 m and 3.24 g/t/3.0 Wynne Bay Zone) that was recently drilled by North Superior Resources along the Stull Lake Wunnummin Shear Zone. – Mega Precious Metals press continues at the link below.

Source: Mega Precious Metals

http://www.megapmi.com/releases/nr_2012-june-19_mbregpgm

Disclosure:  Mega Precious Metals is a Vulture Bargain Candidate of Interest (VBCI).  Members of the GGR team are actively accumulating and may hold long positions in MGP.V.