MEGA REPORTS INITIAL RESULTS FROM THE WINTER PROGRAM ON THE MONUMENT BAY PROJECT

Thunder Bay, Ontario
April 12, 2011 Shares Issued: 74,281,980

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce initial drill results from its multi-phased drill program at the Monument Bay Property, located in northern Manitoba.

Eighteen diamond drill holes, totaling >8,800 metres (m), have been drilled to date and the results from eight of these holes in the Monument Bay Project have confirmed the extension of the A,B,C and G zones to a depth in excess of 600 m. The higher grade C zone returned gold values up to 7.3 grams per tonne (g/t) over 1 m in TL11-369 and the B zone returned grades of 1.3 g/t over 31 m in TL 11-367 and 2.06 g/t over 15 m in TL 11-376. A summary of the drilling results are listed below.

MEGA 2011 Monument Bay Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)

TL-11-366	B	534.00	536.00	2.00	3.58
TL-11-367	B	288.50	319.50	31.00	1.29
Incl	B	288.50	289.50	1.00	9.37
TL-11-368	G	354.00	357.00	3.00	2.42
TL-11-368	A1 11	378.10	379.10	1.00	5.10
TL-11-369	A1 11	335.00	336.00	1.00	6.34
TL-11-369	B	425.3	430	4.7	2.31
TL-11-370	A 10	139.00	144.00	5.00	1.78
Incl	A 10	139.00	140.00	1.00	4.97
TL-11-370	B	280.7	282.2	1.5	4.08
TL-11-370	C	296.7	301.1	4.4	2.99
Incl	C	300.10	301.10	1.0	6.22
TL-11-371	A1 11	381.20	392.20	11.0	1.08
TL-11-372	B	490.00	508.00	18.00	1.49
Incl	B	490.00	497.00	7.00	1.90
TL-11-373	A	498.00	513.00	15.0	1.94
Incl	A	502.00	506.00	4.0	3.47
Incl	A	512.00	513.00	1.0	9.06
TL-11-374	G	344.00	346.00	2.00	3.62
TL-11-376	B	275.00	290.00	15.0	2.06
TL-11-377	B	221.00	223.0	2.0	5.91
Incl	B	221.00	222.00	1.0	9.01
TL 11- 374 to TL 11-383	Pending

Note: True Width is approximately 75% of Intersection Width Minimum Reported Interval of ≥ 5 gram- metres

The next phase drill and trenching programs will focus on deepening and laterally extending the high grade C zone, new zones and related structures.

On February 17, 2009 Rolling Rock Resources reported the results from the preliminary economic assessment study (the "Study" or, the "PEA") of the Monument Bay gold property. The assessment was completed by Beacon Hill Consultants (1988) Ltd. ("Beacon Hill") of Vancouver, B.C. to the standards of NI-43-101. “The Study includes over 95,000 metres of diamond drilling and some $28 million of expenditures since 2000 and comprises an inferred resource estimate and a conceptual mining plan. The inferred resource estimate at a 3g/t cut-off grade (ID³ math) is 6.3 million tonnes at 5.98g/t for 1,212,000 ounces of gold.

Mega has begun updating its resource statement and has contracted Wardrop Engineering Inc. to review and finalize our NI 43-101 statement for release by late summer 2011.

The Monument Bay deposit appears to be open in all directions and Mega management firmly believes that their Monument Bay property is part of a much larger gold system that encompasses the Twin Lakes/Stull Lake gold bearing structures.

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

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.