Mega Files NI 43-101 Technical Report for the Gold Resources at the North Madsen Project in Red Lake, Ontario

Mega Precious Metals Inc. (TSX-V:MGP) ("Mega”) announces that, further to the news release of September 21, 2011, it has filed the National Instrument 43-101 Technical Report entitled "Technical Report and Resource Estimate on the North Madsen Property, Red Lake, Ontario" dated Oct 24, 2011, on SEDAR at http://www.sedar.com. The report has also been posted on the Company's website at http://www.megapmi.com. There is no material differences between the results of the Technical Report filed today and the disclosure provided in the September 21, 2011 news release.

Highlights of our Wardrop, A Tetra Tech Company new mineral resource estimate include:

• A >2,700% increase in Measured and Indicated resources to 937,167 ounces.
• A >11,000% increase in Inferred resources to 379,026 ounces.
• Some 85% of the Measured and Indicated resource ounces are categorized as Measured.
• Sensitivity analysis indicates robust economics, excellent potential to improve resource grades at lower gold prices and higher cut off grades;
• Resources remain open at depth and along strike;
• Additional targets not currently included in this resource estimate will be followed up this coming fall/winter and
• Potential for further resource additions in nearby areas is excellent.

The estimates are in-situ and undiluted and figures are rounded

Resource model is using a 0.5 g/tonne cut off for Main Zone, Laverty and Buffalo West Extension zones

Mr. Rogers commented "This robust resource estimate is the result of great team synergies towards aggressive exploration and represents a more than 2,700% increase (in M & I) over our previously reported resource, demonstrating the size and strength of gold mineralization within the mineralized structures. The extension of known zones and discovery of new zones continues to demonstrate the near surface gold potential of the project and further supports my belief that open pit potential exists in Red Lake. This resource update is in line with Mega’s goal of developing a very significant open pit deposit that is potentially capable of mid tier gold production in the near future. Mega continues to be one of the most exciting advanced gold exploration companies in Canada with excellent potential to continue to add high quality gold ounces at our projects.

Mineral Resources

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.

2. The geological model and corresponding sections and plans were generated by Mega personnel and then audited by Tetra Tech.

a. Sections were selected at a tight spacing of 20 metres through the mineralized system and were based on all available geological and assay information.

b. They show that major rock types and corresponding mineralized structures can be well correlated on section and plan. Tetra Tech reviewed selected drill core from the mineralized system, reviewed geological surface mapping, trenches and logging and sampling protocols used by project staff and agrees with the geological interpretation derived from the combination of the historical and current geological interpretation.

c. Mega prepared > 0.25g/t assay composites tables in Gemcom Software Version 6.3 to allow inspection of the distribution of significant gold mineralized intervals.

3. The block model resource estimate prepared by the Tetra Tech for the Main (includes Main, South and West Zone extension) mineralized zone was based on > 23,000 metres of diamond drilling in 127 diamond drill holes and 37 channel samples

4. The mineral resources were estimated using a block model with parent blocks of 15x15x15 sub-blocked using Ordinary kriging method for grade interpolation for the Main and Laverty Dyke zones and Inverse Distance method for the Buffalo West Extension quartz tourmaline and disseminated zones.

5. A total of 6 individual mineralized domains were identified and estimated using an average top cut of 46.6 g/t Au.

6. For a "potential open pit" mineral resource a cut-off grade of 0.5 g/t Au was used.

7. The QAQC protocols and corresponding sample preparation and shipment procedures for the North Madsen Project have been reviewed and approved by Tetra Tech.

8. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

9. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council November 27, 2010.

Table 1 presents the tonnes and grades from the block model used for the Mineral Resource estimate at a range of cut-off grades in order to demonstrate the sensitivity of the estimates. The cut-off value of 0.50 g/t Au was used for the "potential open pit".

Table 1 - Sensitivity of the "Potential Open Pit" Resource Estimates at Various Cutoff Grades

Resource Calculation Methodology

The construction of the geological and block model was a product of collaboration between Mega and Wardrop, A Tetra Tech Company (Tetra Tech). Mega personnel included Glen Kuntz P.Geo, Chief Operating Officer, Rory Ritchie Project Geologist and Seija Saarinen Geological Technician. All data in the resource evaluation were reviewed by Tetra Tech, with Mr. Todd McCracken P.Geo. assuming responsibility for the resource estimate upon which the statements reported herein are based.

Qualified Person Comments/Quality Control Procedures

This press release has been prepared and revised by Glen Kunz P. Geo., Chief Operating Officer (COO) and Mr. Todd McCracken P.Geo. of Tetra Tech, both of whom are Qualified Persons under the NI 43-101 guidelines. The resource estimate has been prepared in compliance with National Instrument 43-101 and form NI 43-101F1, which requires that the estimate be prepared in accordance with the "CIM Definition Standards on Mineral Resources and Mineral Reserves as prepared by the CIM Standing Committee on Reserve Definitions and as adopted by CIM Council, December 11, 2005.

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 and President North America 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

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.