Mega′s Stepout Drilling Increases the Strike Length of the High Grade Mineralization by 20% at the North Madsen Project in Red Lake, Ontario

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce the beginning of a minimum 5,000 metre step out drilling
program on the East My-Ritt Property at the North Madsen Project.

The first holes of the 2012 drilling program continue to confirm the
model for both the high grade quartz tourmaline and large disseminated
mineralized structures. The tourmaline veins are now over 230 m in
strike length and the disseminated zone is 520 m of strike length.

HIGHLIGHTS

Quartz Tourmaline and Disseminated Mineralized Zones

• 
  MM1201 intersected, 51.00 metres at 0.82 g/t gold, including 25
  metresat 1.14 g/t gold, and 0.3 metres at 60.81 g/t
• 
  7 further step-out holes to test the extension of the quartz
  tourmaline and disseminated mineralized zones have been completed
  

This multi phase diamond drilling program was designed to continue to
expand the known mineralization along the high grade intersections that
were announced in the press releases dated (2012-January-09,
2011-September-09,
2011-July-12).

In 2011 and 2012, Mega has continued to intersect visible gold in
multiple drill core intercepts. The ongoing results from this phase of
drilling will be integrated into the geological model to maximize the
mineralized foot print on the East My-Ritt claims. The North Madsen Plan
View is available at http://www.megapmi.com/north_madsen_gallery.

A summary of the drilling results are listed below.

For the first half of 2012 the North Madsen exploration program will
focus on the following:

• Upgrading and extending the Buffalo Extension open pit
  mineralization.
  
  
  • 
    Current Buffalo Extension resource estimate includes 152,419
    inferred ounces;
    
  • 
    Results to date demonstrate that excellent potential remains to
    substantially increase the amount of ounces and outline the high
    grade mineralized systems.
    
• Step out and definition drilling of previously released high
  grade South and Central Mineralized zones. These are located at the
  junction of the D2 Fault Structure and the main structure controlling
  mineralization at the Hasaga Mine.
  
  
  • 
    Some of the historical drilling results were: 18.21 g/t over
    3.65 m, 7.43 g/t over 1.0 m and 3.64 g/t over 5.6 m, 1.58 g/t over
    6 m and 1.0 g/t over 9.0 m.
    • 
      None of South and Central mineralized zone intercepts were
      included in the
      
      NI 43-101 resource statement.
      

Selected portions of the core from the E. My-Ritt hole announced above
as well as that from the Monument Bay Gold Camp will be displayed
Tuesday, March 6, 2012 & Wednesday, March 7, 2012 at the PDAC Convention
Core Shack booth 5024

Mr. Rogers commented, 'Mega is committed to finding and making
mines.Red Lake and the North Madsen area have a rich history of
underground mining.Mega′s approach to unlock the economic
potential of the North Madsen Project is to compile and analyze the
drilling and historical mining done throughout the years.I
believe that when one steps back and considers the advances in mining
technology, large scale equipment and improvements to milling,
metallurgy and recovery that the North Madsen property is very
comparable to districts where open pit mining is common place.'

North Madsen Project:

Diamond drilling to date in relation to Mega′s multiphase exploration
program has outlined a total of 7 mineralized structures that host two
different styles of mineralization.

Some of the key 2011 North Madsen developments and results include:

• Executed > 12,000 metres of definition and step out drilling
  representing 52 drill holes
  
• Updated NI 43-101 compliant resource statement.
  
  
  • 
    Sensitivity analysis indicates excellent potential to improve
    resource grades at lower gold prices and higher cut off grades.
    

• Outlined 3 additional open pit and high grade mineralized
  structures that host two different styles of mineralization.
  
• Identified multiple new targets along the D2 Fault Structure
  that is believed to directly relate to the emplacement of high grade
  gold in Red Lake (B. Dube Geological Survey of Canada).
  
• Engaged a minimum 5,000 m drilling contract with Forthright
  Drilling Services Inc. Drilling commenced January 2012.
  

Figure below represents the current North Madsen Mineral Resource
Estimate distribution:

http://www.usetdas.com/pr/megaprgraphicmar62012.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 21, 2011 on North Madsen
Project. After photographing and logging, core intervals (drilling
advances, averaging one metre in length) were cut in half, yielding
samples of two to three kilogram mass.

The following is a brief description of the sample preparation at
Accurassay (prep code ALP1):

• 
  ? Samples are sorted into numerical order and then dried.
  
• 
  ? Once dried, the material was crushed to 70% passing -8 mesh (2 mm).
  
• 
  ? The sample is then split to get a 500 g sample for pulverizing.
  
• 
  ? The total 500 g of split sample is pulverized to 90% passing 106 ?m.
  
• 
  ? Silica abrasive was used to clean between each sample.
  

Gold was assayed by fire assay fusion of 50 g with an atomic absorption
(AA) finish (Accurassay code ALFA2). The resulting values were reported
in parts per billion. If any of the assays returned values above the
threshold limits, the sample would be re-assayed using a 50 g fire assay
with a gravimetric finish (Accurassay core ALFA7) with the results
reported in grams per tonne. The final assay methodology for samples
that exceed the gravimetric finish threshold or that contain visible
gold was gold pulp metallic (Accurassay core ALPM1).

Accurassay Lab assay results for blanks, duplicates, replicates and also
all reference materials were well within generally accepted QA/QC
measures.

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.

The rocks in the South Eastern corner of the East My-Ritt claim block
consists of greenschist-facies mafic volcanic units and a
tholeiitic-komatiitic meta-volcanic unit and a sequence of calc-alkalic
meta-volcanic rocks. Mega has also confirmed the emergence of the
unconformity between the Balmer and Confederation Assemblage which is
one of the primary controls of mineralization in the area.

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

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.

Mega Precious Metals Inc.

Jim Rogers, President and Chief
Executive Officer

O: 807-766-3380

TF: 877-592-3380

info@megapmi.com