Mega Files NI 43-101 Technical Report and Resource Estimate Update for Its Monument Bay Project in Manitoba

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) announces that,
further to the news release of February 22, 2012, Mega has filed the
National Instrument 43-101 Technical Report entitled 'Technical Report
and Resource Estimate Update on the Monument Bay Project, Northern
Manitoba' dated March 19, 2012, 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 February 22, 2012
news release.

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

• 
  Since January 2011, Mega has substantially increased the overall
  resource;
  
  
  • > 87% of the resource has been upgraded to a measured or
    indicated resource classification
    
  • Substantial increase in Measured and Indicated resources to
    1.05 million ounces at a grade of 2.5 g/t
    
    
    • 51 % is located inside the potential pit shell
      
  • 42% increase in Inferred resources to 1.73 million ounces
    at a grade of 3.78 g/t
    
    
    • 15% is located inside the potential pit shell
      
  • 30 additional gold anomalies outside this current resource
    are being explored in 2012
    
  • All of the 18 mineralized zones outlined in this updated
    resource model remain open for expansion and are the subject of an
    ongoing drill program in 2012; and
    
  • Sensitivity analysis indicates the robust nature of the
    overall resource and potential to significantly optimize grade and
    maximize margins.
    

Jim Rogers commented, 'This robust mineral resource estimate at Monument
Bay is the result of a great team effort and over 12 months of very
aggressive exploration. With just over 1 million ounces in Measured and
Indicated categories and 1.7 million ounces in the inferred category, we
have established a very solid base in line with our goal of developing a
significant deposit that is capable of mid-tier gold production.
Completing the updated resource for Monument Bay is a very important
step for our company. As more work has been completed our understanding
of the Monument Bay deposit has greatly increased from the time of the
previous resource estimate. This new resource has been calculated based
on our reinterpretation of drill results, increased knowledge gained as
a result of focused surface exploration and from the results of
additional infill and step out drilling of the deposit. We are making
significant investments in camp infrastructure and diamond drilling in
2012 in order to continue to convert resources. With drills currently
active on the property and multiple zones open for expansion, Mega will
continue to deliver considerable upside in this resource.?

Monument Bay Project - Measured, Indicated & Inferred Mineral
Resources

Note: due to rounding, some totals may not appear to total properly

• Current resource calculation used USD $1271/Troy ounce
• 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.

To view the Potential pit shell with select mineral zones, please
click on the following link:

http://www.usetdas.com/pr/mega04042012002.gif

Sensitivity Analysis

Tables 1 and 2 below, present 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 analysis
indicates the robust nature of the overall resource and potential to
optimize the grade and maximize margins.

Table 1: Sensitivity of the 'Potential Open Pit? Resource Estimates
at Various Cut-off Grades

Table 2: Sensitivity of the Potential Underground Resource Estimates
at Various Cut-off Grades

* Cut-off off used for February 22, 2012 resource estimate

The cut-off value of 0.40 g/t Au for 'potential open pit? and 2.20 g/t
Au for deeper, potential underground mineralization, was derived using
the parameters listed in Table 3 below. If we use a gold price of $1700
our cut-off value for the potential open pit would decrease to 0.2 Au
g/t and the potential underground would reduce to a 1.0 Au g/t cut-off.
This would translate into a resource of 1.37 million Measured and
Indicated Au ounces and the Inferred would increase to 2.89 million Au
ounces.

Table 3: Parameters

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, Sean Butler P.Geo. Senior Project Geologist. 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.

To view the Resource Block Model Inside the Potential Pit Shell with
the Gold Grade Distribution, please click on the following link:

http://www.usetdas.com/pr/mega04042012004.gif

To view the Resource Classification of the Resource Model Inside the
Potential Pit Shell, please click on the following link:

http://www.usetdas.com/pr/mega04042012006.gif

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.

Shares Issued: 111,387,376

Mega Precious Metals Inc.

Jim Rogers, President and Chief
Executive Officer

O: 807-766-3380

TF: 877-592-3380

info@megapmi.com