Mega Precious Metals has Identified Potential New Mineralization at Its Monument Bay Gold Camp and Recommences Drilling

Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce that the company has commenced its 2013 exploration & drill
program and discovered high grade concentrations of Tungsten at its high
grade multimillion (see resource table below) ounce gold deposit at the
Monument Bay Gold Camp, in Manitoba.

In mid-2012, Mega′s geological team, in conjunction with the University
of Manitoba, determined that the gold mineralized zones have highly
elevated concentrations of tungsten in the form of a mineral called
Scheelite. The Gold/Scheelite association was determined using a UV
light and has outlined the mineralized zones to be broad and continuous.
These Scheelite veins occur within the current gold mineralized
footprint at Monument Bay and could become a significant economic
by-product (University
of Manitoba Presentation Nov 2012). Mega′s geological team has been
reviewing in excess of 130,000 m of drill core to continue to outline
these mineralized structures.

Mega is pleased to announce its first preliminary analytical Tungsten
assay results for core previously assays in 2011 only for Au
mineralization has shown the potential for an economic by-product
credit. The initial results have indicated Tungsten values in excess of
2.01% over 1m with a broad lower grade halo. A grade of 2.01% Tungsten
equates to 20.1 kg of Tungsten per tonne. The current average January
spot price of tungsten is $52.90/kg. As a point of reference, current
Tungsten only mines have resource grades between 0.09 and 1.1% Tungsten
with the average being ~0.49% Tungsten http://www.itia.info/minerals-deposits.html.
There are currently over 17 holes with over 600 Tungsten assays pending
for the initial program.

A summary of the 2013 Tungsten assaying results are listed below with
previously released gold grades.

^{Note: * Gold equivalent grade is calculated by multiplying the
January Average Spot Tungsten price of $52,900/tonne by the %WO3 and
then dividing by the Gold Spot price $52.05/gram ($1650/ounce), then
adding the Gold grade.}

Mega′s planned 7000 m step out drill program will focus on expanding the
stockwork style high grade gold mineralization of the existing Twin
Lakes Deposit, expand the new Mid East and AZ satellite deposits and
test the newly found regional exploration gold targets such as the
Connector and Gold Pond zones. All of these mineralized zones occur
within 7 kms of the existing Twin Lakes Gold Deposit.

In addition, Mega has commenced an update of its National Instrument
('NI?) 43-101 Resource Estimate for the Twin Lakes Deposit & area within
the Monument Bay Gold Camp. During 2012 work completed included 40 new
drill holes (> 12,500 m), over 30 Old Core Assay Program ('OCAP?) holes
(> 11,568 m) and multiple kilometers of surface mapping and sampling
which will be included in the updated resource estimate.

Mega′s President & Interim CEO, Glen Kuntz commented 'These initial
Tungsten results are very exciting as they demonstrate our ability to
make new discoveries while continuing to expand the size and extent of
the known mineralized zones and with the potential to greatly enhance
the economics of our project. The very strong presence of tungsten in
the form of scheelite throughout each of our gold bearing structures has
demonstrated the polymetallic nature of our deposit will have a
significant cost advantage after by-product credit compared to many of
our mining peers. The addition of 0.25% tungsten equates to increasing
the Au grade equivalent by 2.5 gpt.

This winter′s drill program is a combination of infill and step out
drilling which is designed to refine the resource model and test
regional targets that are outside the current resource boundary. The
gold/tungsten knowledge and other mineralization controls that we have
gained over the past 12 months is valuable and provides encouragement
that the large high grade mineralized systems that we are exploring
along the 120 kilometer long trends will contribute to demonstrate the
large scale potential of the system and provide strong growth in
resources at our Monument Bay Gold Camp.

Additional Gold and Tungsten results are pending from both our current
drill program and our ongoing OCAP that will continue to add more
resource ounces to this asset backed investment. We expect these
programs to be complete by the end of April.?

Testing Shallow Targets ? More Near Term Potential for Success

It is management′s view that our systematic approach continues to
provide potential for significant value creation and plans to continue
to test the near surface targets and believes that all of the new
mineralization outlined since 2011 will potentially increase the areas
for potential pits and High Grade underground mines. Mega is committed
and focused with its exploration activities beyond the existing resource
boundary to establish potential for future resource growth by outlining
multiple gold targets along the 120 kms of prospective mineralized
corridors.

The current project is easily accessible by air and the Manitoba
Government continues to initiate the development of infrastructure in
the region, including upgradable power lines, low electricity rates
($0.2-0.4/kWh) and the construction of all season roads within the
region in the next 5 years.

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 and on SEDAR.

All drill core is transported by Company personnel from drill site to
our camp for logging, sampling preparation are completed. Sampling
intervals are defined after core logging and determination of scheelite
content by examination under short?wave UV?light. One half of the core
is sent for analysis, while the other half is retained in the core boxes
for future reference. All samples are shipped to Accurassay Laboratories
in 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. Samples are analyzed for
W by XRF and Assay results for tungsten are reported by the laboratory
as W%. WO3 values are calculated using a conversion factor of 1.2611.

Glen Kuntz, President and 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.

Monument Bay Gold Camp - Measured, Indicated & Inferred Mineral
Resources

^{Note: due to rounding, some totals may not appear to total
properly.Resource calculation used USD $1271/Troy ounce.}

Mineral Resources

Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues. 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. The mineral resources
in this press release were estimated using CIM Standards.

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

For further information, please contact:

Mega Precious
Metals Inc.

Glen Kuntz, President and Interim Chief Executive
Officer

O: 807-766-3380

TF: 877-592-3380

info@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.

To view this press release as a webpage, please click on the
following link: http://www.usetdas.com/pr/megapreciousfeb62013.htm

Mega Precious Metals Inc.

Glen Kuntz, 877-592-3380

President
and Interim Chief Executive Officer

O: 807-766-3380

info@megapmi.com