Mega Discovers Significant Mineralization within the Proposed Open Pit at the Monument Bay Gold Camp

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce the discovery of additional gold mineralization from 12 diamond
drill holes totaling 5,378 m as part of its ongoing old core assay
program (OCAP).

The OCAP program has been designed to assay previously unassayed
mineralized core intervals from a library of over 75,000 m of historical
core as the previous operators were testing only for narrow high grade
veins. Material previously classified as waste is being converted into
economic mineralization, subsequently increasing resource material and
potentially grade within the proposed open pit. As such, each of these
drill holes continues to enhance the open pit potential of this large
gold bearing system and each of the zones remains open along strike and
down dip.

Results from this OCAP program have not been included in the NI 43-101
resource which was released in February 2012 estimated to contain a NI
43-101 compliant Measured Resource of 1.4M tonnes grading 3.3 g/tonne
for 143,785 ounces, plus an Indicated Resource of 11.6M tonnes grading
2.43 g/tonne for 902,225 ounces plus Inferred Resources of 14.2M tonnes
grading 3.78 g/tonne for 1,726,674 ounces. Mega plans to continue the
OCAP program by testing the remaining 70,000 m of core throughout 2012
and 2013 followed by an updated NI 43-101.

HIGHLIGHTS:

• TL 11-369 pre OCAPintersected, 1.0metres at
  6.34 g/t gold
  
  
  • 
    Post OCAP intersected, 22.0metres at 0.71 g/t gold,
    16.0 metres at 0.99 g/t gold
• TL 11- 376 pre OCAP intersected, 15.0 metres at 2.06 g/t gold
  
  
  • 
    Post OCAP intersected, 37.0 metres at 1.04 g/t gold
• TL 11- 383 pre OCAP intersected 1.9metres at 5.00 g/t gold
  • 
    Post OCAP intersected, 30.8 metres at 0.93 g/t gold, 27.7 metres
    at 0.94 g/t gold
    
• TL 11-384 pre OCAP intersected No significant values
  
  
  • 
    Post OCAP intersected, 67.0 metres at 0.45 g/t gold

• TL 11-385 pre OCAP intersected 11.0 metres at 1.90 g/t gold
  • 
    Post OCAP intersected 3 mineralized zones:
    
    
    • 15.0 metres at 0.47 g/t gold
    • 29.0 metres at 1.04 g/t gold
    • 3.31 metres at .87 g/t gold

• TL 11-387 pre OCAP intersected 5.0metres at 2.29 g/t
  gold
  
  
  • 
    Post OCAP intersected, 70.0 metres at 0.82 g/t gold
• TL 11-389 preOCAPintersected, 10.0metres
  at 2.06 g/t gold
  
  
  • 
    Post OCAP intersected, 49.4 metres at 0.83 g/t gold

A summary of the OCAP results are listed below.

Mega′s President, Interim CEO, Glen Kuntz commented 'The OCAP program is
on track to convert greater than 20% of the previously outlined waste
into economic mineralization. These excellent results in terms of their
widths and grade consistency are delivering on the promise that this
program will continue to significantly add ounces to the existing NI
43-101 resource and reconfirm the existence of an extensive mineralized
system.

This is an exciting time for Mega shareholders as we are set to continue
to test the 7 newly discovered regional targets at Monument Bay and
expand the footprints of our known main and satellite deposits in the
coming months. The company remains focused on its Monument Bay and Red
Lake properties, where we believe that we will generate substantial
corporate shareholder value in the near term.?

Mega′s focused exploration program continues to demonstrate that
additional gold mineralization occurs both within the current pit and
outside the existing resource boundary or in areas that are currently
estimated as low grade and classified in the inferred category. To view
previous drilling results from Monument Bay refer to news releases dated
April 12, June 13 & August 2, 2011.

A selection of consolidated figures for the OCAP cross sections are
available below and the full series is available at http://www.megapmi.com/mb_project_presentations.

Please click on the following link to view the Plan View:

http://www.usetdas.com/maps/mega/mgpsept24002.jpg

Please click on the following links to view the Cross Sections:

http://www.usetdas.com/maps/mega/mgpsept24003.jpg

http://www.usetdas.com/maps/mega/mgpsept24004.jpg

Technical Information

The design of Mega′s drilling programs, Quality Assurance/Quality
Control and interpretation of results is under the control of Mega′s
geological staff including qualified persons employing a QA/QC program
consistent with NI 43?101 and industry best practices. A detailed review
of Mega′s QA/QC procedures is filed in the NI 43-101 report dated March
19, 2012 filed on SEDAR.

The drill core is logged and split with half?core samples shipped to
Accurassay Laboratories of Thunder Bay, Ontario and analyzed employing
the appropriate gold fire assaying technique. For QA/QC purposes the
Company as well as the lab submits standards and blanks every 20 samples.

Mega Precious Metals has conducted over 40,000 metres of drilling at the
Monument Bay Gold Camp since January 2011, making it one of the most
active mineral exploration projects in the region.

Management believes success from these exploration programs will
continue to demonstrate that additional gold mineralization occurs
outside the existing resource boundary and can be a very meaningful
scale for outlining multiple satellite gold deposits to support ongoing
resource growth in the Monument Bay Gold Camp.

Glen Kuntz, President, Interim Chief Executive Officer (CEO), 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, Chief Operating Officer
with Mega Precious Metals Inc.

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.

For further information:

Mega Precious Metals Inc.

Glen
Kuntz, President, Interim Chief Executive Officer

O: 807-766-3380

TF:
877-592-3380

info@megapmi.com