Mar. 29, 2010 (Filing Services Canada) -- Mega Precious Metals Inc. (MGP - TSX Venture), ("Mega") is pleased to announce the discovery of a broad zone of anomalous gold mineralization, between 450m-750m southwest of the Dyke Zone. Holes ML1043 and ML1044 were drilled immediately west of the Laverty Dyke Zone contained narrow gold intercepts. Holes ML1045 and ML1046 are located 450m to the southwest of the Dyke Zone and were drilled grid west and grid north. Holes ML1047 and ML1048 are located 750m to the southwest and were drilled grid east and grid north. The Laverty Mineralization Summary Map can be viewed at http://www.megapmi.com/north_madsen_gallery.
A summary of the results for the recent Laverty drilling are listed below.
MEGA 2010 Laverty Drill Results
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HOLE# ZONE FROM TO INTERCEPT Au Grade
(m) (m) (m) (g/t)
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ML1043 NA NSV
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ML1044 NA 142.6 143.0 0.4 5.03
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183.0 185.0 2.0 2.55
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ML1045 West of Main 15.7 234.1 218.5 0.38
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Incl. 15.7 20.5 4.8 1.02
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Incl. 29.0 36.1 7.1 1.34
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Incl. 30.5 31.3 0.8 9.26
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Incl. 38.0 48.4 10.4 0.39
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Incl. 54.2 68.6 14.4 1.51
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Incl. 56.8 58.2 1.4 9.48
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Incl. 78.4 96.5 18.1 0.55
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Incl. 101.0 119.3 18.3 0.34
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Incl. 189.5 230.5 41.0 0.40
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ML1046 West of Main 25.4 202.9 177.5 0.59
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Incl. 53.0 63.0 10.0 4.93
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Incl. 58.5 60.3 1.8 14.83
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Incl. 116.0 147.2 31.2 0.55
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ML1047 West of Main 4.8 116.0 111.2 0.33
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ML1048 West of Main 25.0 65.1 40.1 1.33
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Incl. 25.0 43.3 16.4 1.87
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ML1049-ML1053 ASSAYS PENDING
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Note that True Width is approximately 65% of Intersection Width, weighted average grade using a lower interval cut off >0.2 g/t.
Jim Rogers, President and CEO of Mega states "This latest Laverty discovery is consistent with our exploration model and begins to demonstrate the potential to find and build near surface resources on the North Madsen properties."
Mega management believe that their Laverty and East My-Ritt properties are all part of a much larger gold system that encompasses the adjacent Howey, Hasaga and Gold Shore mines which historically produced approximately 640,000 ounces of gold. Mega has an option to acquire a 100% interest in both Laverty and East My-Ritt properties. The property mineralization hosts two styles of gold mineralization, including near surface, steeply dipping north-northwest striking diabase Dyke Zone, and the east-west trending, steeply dipping gold mineralization in sheared granodiorite similar to the near-by Howey and Hasaga mines.
Mega has compiled historic geological and geophysical work on the East My-Ritt and Laverty Properties and has completed geological mapping, outcrop stripping, channel sampling and INSIGHT Induced Polarization geophysical surveys. The Dyke Gold Zone was the first target to be tested. Red Lake drilling continues to test other North Madsen targets with a planned 2010 diamond drilling program that consists of up to 14,000m. The focus of that program will be to continue to confirm and extend other historic drill intercepts and to test new areas where geophysics and structural mapping support interpreted potential for litho-structural traps that may host economic mineralization. Mega continues to work towards the consolidation of adjacent properties.
The Headway Project deep drill hole encountered problems between 1422m and 1477m. In order to ensure this portion of the hole does not cause any future problems, the bottom of the hole has been cemented and re-drilling has commenced at 1415m. This represents an approximate delay of one month, to the completion of the hole. Consistent with Mega's model of the Headway deep drill, the rock type at 1422m is conglomerate but as a result of navigational drilling no core was recovered from 1422m to 1467m. Mafic volcanics were encountered between 1467m to 1477m. The schematic cross section has been updated to illustrate the relationship between the drill core logged and the geological exploration model to view visit the website at http://www.megapmi.com/headway_gallery.
The drill programs are being conducted under NI 43-101 quality assurance and quality control reporting standards. QA/QC procedures include the insertion of blind independent gold reference standards and blank samples into the sample stream. Assay results from samples were received from Accurassay Laboratories, a mineral analysis laboratory in Thunder Bay, Ontario, accredited for preparation and mineral analysis utilizing both fire assay and screen metallic methods. A Chain of Custody protocol for the handling and shipping of samples is being rigorously followed.
Mr. Gord Yule, P.Geo., Vice President Exploration for Mega Precious Metals Inc. is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101.
Jim Rogers, President and CEO, is former Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Goldcorp Red Lake Mine complex and most recently Regional Exploration Manager for Goldcorp in the Red Lake gold camp.
The prolific Red Lake camp has produced more than 23 million ounces of gold and production of about 700,000 ounces of gold per year continue as the district's production base from Goldcorp's Red Lake Gold Mines. When compared to other camps, Red Lake is still a young and developing camp where consolidation, mechanization, improvements to processing technology and "Big Picture" economics will improve margins and drive future success.
Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Nunavut and the Yukon. 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
For further information, please contact:
Mega Precious Metals Inc.
Jim Rogers, P.Geo
President and Chief Executive Officer
O: 807-766-3380
TF: 877-592-3380
info@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.
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