MEGA’S STEPOUT DRILLING OUTLINES TWO NEW MINERALIZED ZONES AND FURTHER EXPANDS THE QUARTZ TOURMALINE AND DISSEMINATED ZONES AT THE NORTH MADSEN PROJECT IN RED LAKE, ONTARIO

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce results from 13 additional core holes totaling 4304.7 m from its second phase step out drilling program which has defined two new zones. Additionally drilling has further expanded the high grade quartz (qtz) tourmaline veins and the large disseminated mineralized gold structures at the North Madsen Project. Each of these drill holes continues to enhance the open pit potential of this large gold bearing system and each of the zones remains open along strike and down dip.

Mega’s focused exploration program continues to demonstrate that additional higher grade gold mineralization occurs outside the existing resource boundary or in areas that are currently estimated as low grade and classified in the inferred category. To view previous drilling results from North Madsen see news release dated April 23, 2012.

None of the results from the 2012 drill program are included in the NI 43-101 resource which was released September 2011 and contained a NI 43-101 compliant Measured resource of 19,638,140 tonnes grading 1.27 g/tonne for 803,886 ounces, plus an Indicated resource of 3,838,000 tonnes grading 1.08 g/tonne for 133,281 ounces plus an Inferred resources of 11,486,000 tonnes grading 1.03 g/tonne for 379,026 ounces using a 0.50 g/tonne cut off grade.
 
Consolidated figures of the long sections are available below and the full series is available at http://www.megapmi.com/nm_project_presentations
 
HIGHLIGHTS:
 
Disseminated Zone
 •MM1213 intersected, 53.0 metres at 0.66 g/t gold
•MM1223 intersected, 26.0 metres at 1.57g/t gold, including 2.0 metres at 9.98 g/t gold
•MM1224 intersected, 70.0 metres at 0.86 g/t gold 
•MM1225 intersected 99.0 metres at 0.74 g/t gold, including 11.0 metres at 3.96 g/t gold
 
Quartz Tourmaline Zone
 •MM1212 intersected, 23.0 metres at 1.37 g/t gold, including 5.0 metres at 5.75 g/t gold
•MM1213 intersected, 29.6 metres at 3.21 g/t gold, including 8.0 metres at 4.61 g/t gold
 
Central Zone
•MM1215 intersected, 105.0 metres at 0.66 g/t gold, including 36.0 metres at 1.06 g/t gold
 
South Zone
•MM1219 intersected, 3.0 metres at 0.96 g/t gold
 
A summary of the drilling results are listed below. -- Mega precious metals press continues at the link below.

 Source:  Mega Precious Metals
http://www.megapmi.com/releases/28-aug-2012_nm_step_out_drilling  

 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.