TMX group

Mega's Stepout Drilling Delivers its Highest Grades Yet with High Grade Intervals up to 185.44 G/T Gold over .46m Within Broader 7.0 M Interval Of 15.65 G/T Gold at its North Madsen Project in Red Lake, Ontario

Thunder Bay, Ontario CANADA, April 23, 2012 /FSC/ - Mega Precious Metals Inc.  (MGP - TSX Venture), ("Mega") is pleased to announce results from 10 additional core holes totaling 3,564 m from its step out drilling program focusing on the high grade quartz (qtz) tourmaline veins and the large disseminated mineralized structures at the North Madsen Project.
  
Latest results continue to intersect multiple visible gold drill core intercepts in 9 of these holes and expand the quartz tourmaline veins along strike and dip by approximately 40% and the disseminated zones by 30%.

Mega's geological team has also discovered a new mineralized zone; "Malard Zone" located approximately 50 metres south of the known quartz tourmaline veins. This promising new high grade mineralized zone has very distinct geological characteristics that are similar to other productive veins in the district.

Collectively these holes continue to demonstrate that additional high 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.  

Consolidated figures of the long sections are available below and the full series is available at http://www.megapmi.com/nm_project_presentations/nm_long_sections_april_2012.

HIGHLIGHTS:

Malard Zone

* MM1210 intersected, 7.00 metres at 15.65 g/t gold, including 0.46 metres at 185.44 g/t gold, 0.28 metres at 23.32 g/t and 0.43 metres at 19.00 g/t

Quartz Tourmaline Zone

* MM1202 intersected, 3.55 metres at 2.74 g/t gold, including 0.55 metres at 13.64 g/t gold
* MM1207 intersected, 8.00 metres at 3.24 g/t gold, including 1.00 metres at 22.74 g/t gold
* MM1211 intersected, 11.15 metres at 1.99 g/t gold, including 0.43 metres at 18.49 g/t gold

Disseminated Zone

* MM1202 intersected, 23.00 metres at 0.59 g/t gold
* MM1208 intersected, 23.00 metres at 2.10 g/t gold including 1.00 metres at 8.96 g/t gold
* MM12011 intersected, 41.00 metres at 1.17 g/t gold  

A summary of the drilling results are listed below.  

-***-
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                                    MEGA 2012                                
                             North Madsen Drill Results                        
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HOLE#           ZONE          FROM        TO     INTERCEPT    AU GRADE
                                 (m)       (m)        (m)       (g/t)                      
-------------------------------------------------------------------------
MM1202   DISSEMINATED ZONE     136.00    159.00     23.00       0.59    
-------------------------------------------------------------------------
        Quartz Tourmaline Zone  259.00    262.55     3.55        2.74    
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INCLUDES                        261.45    262.00     0.55       13.64    
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MM1203  Quartz Tourmaline Zone  322.00    325.88     3.88        1.08    
-------------------------------------------------------------------------
MM1204  Quartz Tourmaline Zone  311.00    315.00     4.00        1.74    
-------------------------------------------------------------------------
MM1205  Quartz Tourmaline Zone  383.00    387.00     4.00        2.51    
-------------------------------------------------------------------------
MM1206  Quartz Tourmaline Zone  242.00    251.3      9.30        0.86    
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MM1207  QUARTZ TOURMALINE ZONE  202.00    210.00     8.00        3.24    
-------------------------------------------------------------------------
INCLUDES                        208.00    209.00      1.0       22.74    
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MM1208   DISSEMINATED ZONE      149.00    172.0     23.00        2.10    
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INCLUDES                        164.00    165.00     1.00        8.96    
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          Disseminated Zone        206       216    10.00        0.45    
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        QUARTZ TOURMALINE ZONE   326.5    327.00     0.50       26.95    
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MM1209                            NSV                             NSV      
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MM1210      MALARD ZONE         235.00    242.00     7.00       15.65    
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INCLUDES                        235.83    236.26     0.43       19.00    
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INCLUDES                        236.26    236.72     0.46      185.44    
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INCLUDES                        236.72    237.00     0.28       23.32    
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        QUARTZ TOURMALINE ZONE     312       313        1       10.67    
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MM1211   DISSEMINATED ZONE      157.00    198.00    41.00        1.17    
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                                202.00    223.00    21.00        1.12    
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        QUARTZ TOURMALINE ZONE  371.00    382.15    11.15        1.99    
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includes                        380.00    380.43     0.43       18.49    
-------------------------------------------------------------------------

-****-

Minimum reported interval is >5 metre grams using a fringe cutoff grade of 0.3 g/t

Mega CEO Jim Rogers commented: "Mega's drill program at the North Madsen project continues to expand the mineralization on the Buffalo Extension area and has also discovered new high grade targets such as the Malard Zone. Thanks to the focused efforts of our experienced technical team, the drilling is consistently returning high grades and we are confident that this trend can continue. These results will have a favorable impact on the next resource statement as we continue to prove that we have one of the top potential open pit projects of its kind in Ontario."

Mega Precious Metals has conducted over 35,565 meters on the North Madsen Project since 2010 making it the third most active mineral exploration company in the region. Due to these latest results, an additional 3,000 meters has been budgeted, for a total of 8,000 metres with one active drill on site.


Long Sections:

Please click on the following link to view the Longitudinal Section of Disseminated Mineralization & Malard Zone Within the Buffalo Zone Extention Including 2012 Results:
www.usetdas.com/maps/mega/mgpapr23001.jpg

Please click on the following link to view the Longitudinal Section of Qtz-Tourmaline Mineraliation Within the Buffalo Zone Extention Including 2012 Results:
www.usetdas.com/maps/mega/mgpapr23002.jpg

Technical Information:

Diamond drilling was NQ cored. Sampling of core (by Mega personnel) and sample preparation and analytical analysis was provided by Accurassay Labs, Thunder bay Ontario were carried out under the same strict protocols that are outlined in the NI 43-101 Technical Report dated October 2011 on North Madsen Project.
  
The property has been explored since 1925 by Red Lake Mines Limited followed by various other companies with numerous trenches, ground geophysical surveys and diamond drilling. The diamond drilling to date shows the emergence of two types of structural and lithological features typical of known world class gold camps.

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 prolific Red Lake camp has produced more than 25 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.

Glen Kuntz, Chief Operating Officer (COO), is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101.  Glen was Sr. Resource Geologist at the Campbell Gold Mine and Global Spatial Data Systems Coordinator for Placer Dome, Vice President Enterprise Mining Solutions for Runge Ltd., and most recently, Vice President Global Operations for GMC Global.

Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Manitoba and Nunavut. 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, 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.

To view this press release as a web page, click onto the link below:
www.usetdas.com/PR/megaprecious23042012.htm









Source: Mega Precious Metals Inc. (MGP - TSX.V) http://www.megapmi.com
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