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

Mega Precious Metals Inc. (MGP:TSX-V) ('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.

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

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