MEGA’S NORTH MADSEN PROJECT CONTINUES TO DELIVER EXCITING RESULTS

Thunder Bay, Ontario
June 7, 2010 Shares Issued: 44,068,780

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce continued drilling success on the Company’s North Madsen Project. Preliminary target assessment and reconnaissance drilling has intersected two new prospective Gold Zones on the East My-Ritt Property, confirmed additional potential on the Laverty Main and Hanging Wall (HW) zones, and has intersected a high grade vein structure in the north western portion of the Property. Additionally, holes MM1016 and MM1017 intersected multiple potentially open pit-style zones in the south eastern portion of the East My-Ritt property that are believed to be related to the Historical Buffalo Zone found on the adjacent Claude Resources Property. The North Madsen Drill Hole Location Map with Histograms can be viewed in the photo gallery at
http://www.megapmi.com/north_madsen_gallery.

Jim Rogers, President and CEO of Mega states, “These new discoveries on the East My-Ritt Property and success on the Laverty Property continue to demonstrate the near surface Gold Potential of the North Madsen Project. Our exploration model and business plan is consistent with that of Goldcorp, who during their May 20^th, 2010 Investor Day presentation discussed “District Optimization” and confirmed the evaluation of a Red Lake (Balmertown) Open Pit as a strategic priority.”

A summary of the results for the Recent My-Ritt and Laverty drilling are listed below.

MEGA 2010 East My-Ritt Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
MM1014	N-W Target	93.3	94.3	1.0	8.32 vg
MM1015	N/A	-	-	-	-
MM1016	Buffalo W	23.1	54.5	31.4	1.02
incl	Buffalo W	42.5	54.5	12.0	2.0
MM1016	Buffalo W	144.7	158.0	13.3	2.56
incl	Buffalo W	144.7	146.5	1.8	15.7 vg
MM1016	Buffalo W	233.0	244.0	11.0	1.85
incl	Buffalo W	234.0	242.0	8.0	2.44
MM1017	Buffalo W	26.5	60.0	33.5	1.94
incl	Buffalo W	40.5	60.0	19.5	2.74
MM1017	Buffalo W	155.5	156.5	1.0	7.82 vg
MM1017	Buffalo W	171.0	175.0	4.0	2.55
MM1017	Buffalo W	195.0	203.5	8.5	1.15
MM1017	Buffalo W	230.0	235.0	5.0	1.74
MM1017	Buffalo W	256.5	265.0	8.5	1.43

Note: True Width is Approximately 60% of Intersection Width
Minimum reported interval of ≥ 5 gram-metres using a variable cut-off grade of 0.4 g/t to 0.2 g/t

MEGA 2010 Laverty Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
ML1050	N/A	29.0	32.0	3.0	2.93
ML1050	N/A	137.0	142.1	5.1	1.72
incl	N/A	138.5	140.0	1.5	4.10
ML1051	Main / HW	26.0	33.6	8.5	0.87
ML1051	Main / HW	57.5	72.5	15.0	0.59
ML1051	Main / HW	80.0	81.9	1.9	1.97
ML1051	Main / HW	89.0	96.5	7.5	0.62
ML1051	Main / HW	119.8	200.0 (EOH)	81.0	0.66
incl	Main / HW	119.8	129.5	9.7	0.93
incl	Main / HW	131.8	137.0	5.2	1.55
incl	Main / HW	150.3	158.0	7.7	0.85
incl	Main / HW	160.2	176.0	15.8	0.52
incl	Main / HW	192.5	198.5	6.0	1.79
ML1052	N/A	71.0	72.5	1.5	2.64
ML1053	Main/HW	140.0	143.0	3.0	1.88
ML1053	Main/HW	194.0	200.0 (EOH)	6.0	1.02
ML1054	Main/HW	156.5	174.0	17.5	1.56
incl	Main/HW	157.5	163.54	6.0	3.48

Note: True Width is Approximately 65% of Intersection Width
Minimum reported interval of ≥ 5 gram-metres using a variable cut-off grade of 0.4 g/t to 0.2 g/t

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 property mineralization hosts two styles of gold mineralization, including the near surface, steeply dipping north-northwest striking diabase Dyke Zone, and the east-west trending, steeply dipping gold mineralization in sheared granodiorite.

Mega has compiled historic geological and geophysical work on the East My-Ritt and Laverty Properties and has completed geological mapping, outcrop stripping, channel sampling and INSIGHT Induced Polarization geophysical surveys. The Dyke Gold Zone was the first target to be tested (NI-43101 resource pending). Red Lake drilling continues to test other North Madsen targets with a planned 2010 diamond drilling program of at least 14,000m. The focus of that program will continue to confirm and extend other historic and new geophysical targets. Based on the results to date, Mega is considering the addition of up to 2 more drill rigs to accelerate resource delineation within the 1000 m long Laverty Main and Hanging Wall Corridor and the new Buffalo West zone. Mega continues to work towards the consolidation of adjacent properties.

The first 3000m deep Headway drill hole is currently at a depth of 2,059m. The hole has been in what Mega believes to be Balmer Rocks that consist of sericitic, quartz and feldspar phyric crystal tuff volcanics since 1935m. Between 655m and 1935m, the hole consisted of folded greywacke to polymictic conglomerate. The program has progressed slower than anticipated, however we are in the right place and seeing rocks that are consistent with our model. Success in this drill hole will be defined by biotite, arsenopyrite and silica alteration, ± Gold in Balmer rocks. http://www.megapmi.com/headway gallery.

The drill programs are being conducted under NI 43-101 quality assurance and quality control reporting standards. QA/QC procedures include the insertion of blind independent gold standards and blank samples in the sample stream. Assay results from channel samples were received from Accurassay Laboratories, mineral analysis laboratory in Thunder Bay, Ontario, accredited for preparation and mineral analysis utilizing both fire assay and screen metallic methods. A Chain of Custody protocol for the handling and shipping of samples is being rigorously followed.

Mr. Gord Yule, P.Geo., Vice President Exploration for Mega Precious Metals Inc. is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101.

Jim Rogers, President and CEO, is former Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Red Lake Mine complex and most recently Regional Exploration Manager for Goldcorp in the Red Lake gold camp.

The prolific Red Lake camp has produced more than 23 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.

Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Nunavut and the Yukon. 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.
Jim Rogers, President and 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.

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